Sukanya Samriddhi Yojana or SSY scheme was introduced to address the issue of declining sex ratio of the girl child in India. The scheme aims to encourage parents of the girl child, save money for marriage and education. The scheme aims to stop gender discrimination, empower girls through financial independence and inspire them seek higher education.
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The SSY application form is available on various websites. You can visit the websites of the following institutions to download the SSY application form:
To avail the benefits of SSY scheme, the girl child, as well as her parents, must fulfil certain eligibility criteria as specified by the government.
The scheme allows the guardian or the parents of the girl child secure her future and build an attractive corpus by depositing money in this scheme (SSY). The scheme offers an avenue for parents of the girl child to plan and save for her future, as well as avail tax benefits.
High-Interest Rate: SSY scheme currently offers an interest rate of 8.5% on deposits. The SSY scheme earns higher interest vis-à-vis most other fixed income investments. The rates are revised each quarter and are subject to change.
Attractive Returns: SSY scheme has a lock-in period i.e. from the date of availing the scheme, till the beneficiary turns 21 years. However, the contributions can be made only for 15 years. Thereafter the deposits continue to earn interest, even if no further deposits are made. The interest is compounded on a yearly basis and allows the principal grow. You enjoy attractive returns on maturity.
Maturity Benefits: The amount accumulated is handed over to the beneficiary at maturity. The maturity proceeds consist of the principal along with the interest accumulated over the tenure of the plan. The amount is directly transferred to the account of the girl child either to fund higher education or for marriage. The scheme aims to empower the girl child and help achieve dreams through financial independence.
Partial Withdrawal: Partial withdrawal is allowed when the girl child attains the age of 18 years. A maximum of 50% of the SSY account balance can be withdrawn by furnishing the necessary proof and documents.
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