Sukanya Samriddhi Yojana (SSY): Empowering the Girl Child: Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India aimed at securing the future of girl children. It is part of the "Beti Bachao, Beti Padhao" campaign, focusing on supporting higher education and marriage expenses for the girl child. Here are the key details and benefits of this scheme.
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Introduction to Sukanya Samriddhi Yojana
Deposit Limits:
- Minimum: ₹250 per year
- Maximum: ₹1.5 lakh per year
Eligibility for Account Opening:
- The account can be opened in the name of a girl child before she turns 10 years old.
- Each girl child can have only one account.
Account Setup:
- The account can be opened at any authorized bank or post office.
- It is transferrable across India between banks and post offices.
Key Features of SSY
Tenure:
- The account matures after 21 years from the date of opening.
- It can also be closed upon the girl’s marriage after she turns 18.
Investment Flexibility:
Deposits can range from as low as ₹250 to a maximum of ₹1.5 lakh annually.
Interest Rate:
The current interest rate is 8.2%, compounded annually. Rates are subject to periodic revision by the government.
Tax Benefits:
Deposits qualify for tax deductions under Section 80C of the Income Tax Act.
Interest earned is completely tax-free under Section 10 of the Income Tax Act.
Partial Withdrawals:
Up to 50% of the account balance can be withdrawn for higher education after the girl child turns 18.
Premature Closure:
Permitted in cases of the account holder’s demise, life-threatening illness, or other exceptional circumstances.
The account can also be closed for marriage after the girl child reaches 18 years of age.
Transfer Facility:
The account is transferrable between post offices and authorized banks anywhere in India.
Benefits of Sukanya Samriddhi Yojana
Secured Future: Provides financial security for the girl child’s higher education and marriage expenses.
Tax Savings: Significant tax benefits on deposits and interest earned.
High Returns: Offers a competitive interest rate with annual compounding for optimal growth.
Nationwide Access: Flexibility to manage the account across different locations in India.
Empowerment: Encourages savings for girl children as part of a broader initiative for their welfare.
How to Open an SSY Account
Eligibility: Parents or legal guardians of a girl child aged below 10 years are eligible to open the account.
Documents Required:
Birth certificate of the girl child
Proof of identity and address of the guardian
Recent passport-sized photographs
Procedure: Visit a nearby post office or authorized bank, fill out the SSY application form, and submit the required documents along with the initial deposit.
Important Links for Sukanya Samriddhi Yojana
- Click for Scheme Rule( 2014 and 2016 and 2019)
- Click for Scheme Forms.
- Click for Interest Rate.
Conclusion
Sukanya Samriddhi Yojana is a visionary scheme that helps parents secure their daughter’s future while also offering attractive financial and tax benefits. By investing in this scheme, you contribute not only to your child’s bright future but also to the collective effort of empowering girl children across India.
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