Sukanya Samriddhi Yojana account is a Government of India backed scheme. A Sukanya Samriddhi Yojana account can be opened at any time after the birth of a girl child till she turns 10 with a minimum deposit of Rs 250. The objective of the Sukanya Samriddhi Yojana is to encourage people invest in this saving scheme, that enables the parents save for the girl child’s future.
The maximum of Rs 1.5 Lakh a year can be deposited in SSY scheme. Currently, the scheme is offering an attractive interest of 8.1% a year as well as provides tax exemption under Section 80C of the income tax act, 1961. The interest earned under SSY scheme is tax free.
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Listed below are some of the important features of the Sukanya Samriddhi Account:
Listed below are some of the important documents that must be submitted by the parents of the girl child to open the Sukanya Samriddhi Yojana Account:
Address proof of the guardian or the parents of the beneficiary girl child like Aadhaar card, Ration card, PAN card and so on.
To open a Sukanya Samriddhi Yojana Account, follow the steps mentioned below:
The objective of Sukanya Samriddhi Yojana Scheme is to ensure the financial independence of women, by encouraging them invest in a savings scheme that would enable the achievement of long-term financial goals like higher education and marriage for financial stability. Parents or a legal guardian of a girl child aged less than 10 years can open the account on behalf of the beneficiary.
Under the Sukanya Samriddhi Scheme, the parents of the girl child can hold two accounts simultaneously for two girl children. A maximum of three accounts can be held in case the parents have twins along with the second girl child.
The minimum annual deposit that has to be made towards Sukanya Samriddhi Yojana is Rs 250 with the maximum annual limit being Rs 1,50,000. The minimum limit was Rs 1,000, but has been reduced to make the scheme accessible to the masses.
Sukanya Samriddhi Yojana Scheme has tenure equal to the time the girl child is 21 years of age or on her marriage (This must be 18 years). However, contributions must only be made for 15 years. Thereafter, the account continues to earn interest until maturity, even if no deposits are made.
Follow the simple steps given below to open Sukanya Samriddhi Account:
The scheme allows the account holder, the option of availing premature withdrawal facility, which is not more than 50% of the balance in the Sukanya Samriddhi Account. This amount can only be withdrawn by the beneficiary girl child when she attains the age of 18 years. To make sure the money is not used for other purpose, the bank requires authentic documents, of the purpose of withdrawal.
The government has offered certain tax benefits to the account holders under this scheme. The tax benefits are mainly offered to encourage the ‘Beti Bachao Beti Padhao’ scheme and also to promote the scheme:
Given below is the list of the banks from where you can open a Sukanya Samriddhi Account:
Sukanya Samriddhi Yojana is a great initiative taken up by the Government of India to empower the girl child. It is a part of the ‘Beti Bachao Beti Padhao Yojana’ which aims to save and educate the girl child. The scheme provides an avenue for the parents to make contributions and build a corpus for future expenditure, enabling them fulfil the dreams of the girl child.
The scheme offers funds not only for the education of the girl child, but also for marriage. The scheme is very affordable and is currently one of the best savings schemes in terms of interest rate.
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