Prime Minister Narendra Modi launched Sukanya Samriddhi Yojana (SSY) scheme under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child. Sukanya Samriddhi Account scheme is a Government of India backed saving scheme targeted at the parents of girl children. The governtment started this scheme on 22 January 2015 to encourage parents to build a fund for the future education of their female child. The Sukanya Samriddhi Yojana scheme is aimed at betterment of girl child in the India and offer a means of saving to the girl child in every family.
How To Open A SSY Account:
- Visit your Bank or nearest post office.
- Fill the application form of SSY and also download the form and fill it beforehand.
- Submit the necessary documents such as Birth certificate of the girl child, Identity Proof, Address Proof etc.
- Pay your first deposit minimum amount of Rs 250 or you can deposit up to Rs 1.5 lakhs.
- After verification, your SSY account will be opened.
Official Website: Sukanya Samriddhi Yojana (SSY) Scheme 2023
Notification Page: Sukanya Samriddhi Yojana (SSY) Scheme 2023
Application Form: Sukanya Samriddhi Yojana (SSY) Scheme 2023
Sukanya Samriddhi Yojana (SSY) Scheme 2023 – Notification, Child Insurance Plan, Tax benefits, Guaranteed Maturity Benefits, Interest Rates, Apply Form Online
The Tenure of Sukanya Samriddhi Yojana is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years and that Investments made towards the scheme can be used for the girl child’s marriage and education. This is secure government Investment scheme and once the duration of the account has been completed the girl child can be withdrawn the entire amount that is available in the account including the interest. The interest rate of Sukanya Samriddhi Yojana was reduced from 8.4% to 7.6% currently and it is compounded on a yearly basis.
In case girl attains the age of 18 years old and is getting married, SSY premature withdrawal is allowed and to avail this benefit application must be submitted at least one month before marriage and 3 months after the marriage. The Sukanya Samriddhi Yojana accounts can be opened anytime between the birth of a girl child and the time she attains 10 years of age by the parent/guardian at any India Post office or a branch of some authorized commercial banks and Sukanya Samriddhi Account can be transferred to anywhere in India.
Sukanya Samriddhi Yojana (SSY) Scheme 2023 Details – Eligibility, Required Documents, Withdrawal Rules
- Eligibility For Sukanya Samriddhi Yojana:
- The girl child must be a resident Indian to avil the benefit of Sukanya Samriddhi Yojana.
- The parent or legal guardian can open an Sukanya Samriddhi account on behalf of a girl child until she reaches the age of 10.
- Up to two accounts can be opened for two girls in a family.
- A third Sukanya Samriddhi account can be opened in case of twin girls.
- Documents to open an SSY account:
- The birth certificate of the girl child.
- ID proof.
- Address proof.
- A medical certificate in case multiple children are born under one order of birth.
- Citizenship documents.
- Withdrawal Rules of Sukanya Samriddhi Yojana:
- The entire amount including interest available in the account can be withdrawn by the girl child after the duration of the account has been completed.
- Premature withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed 10th standard.
- Receipt must be submitted Documents such as admission to the university or college as well as the fee when applying for the withdrawal.
- The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year and the amount can be withdrawn in 5 installments or in a lump sum.
Sukanya Samriddhi Yojana Tax benefits:
- Sukanya Samriddhi Yojana is a saving Central Government scheme of investment which comes under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.
- In Sukanya Samriddhi Yojana the interest amount that is generated is also exempt from tax.
- In Sukanya Samriddhi Yojana the Tax benefits are also provided for the maturity amount or the withdrawal amount.
Key Features of Sukanya Samriddhi Account:
- Deposit Limit: Minimum Deposit is Rs 250 (Initial Deposit) or maximum deposit is Rs 1,50,000.
- Account Holder: Parent or guardian of the girl handled the account if the girl child is below the age of 10 years.
- Interest Rates:
- Currently, The rate of interest that you will receive in your SSY account currently stands at 7.6% p.a.
- Once Girl turns 18, she can take control of the account.
- Maturity: You have to deposit for at least 15 years and it will be mature 21 years after opening the account.
- Documents Required: Birth Certificate of the girl child, Form-1, PAN/AADHAR of the Parent or Guardian.
- Deposits: Deposits can be made through online transfer/NEFT, demand draft, cash or cheque.
Sukanya Samriddhi Yojana (SSY) Vs Other Small Savings Schemes:
- Public Provident Fund (PPF).
- Mahila Samman Savings Certificate (MSSC).
- Senior Citizens Small Savings Scheme (SCSS).
- National Savings Certificate (NSC)
Prior, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity similar to that of the Public Provident Fund. If you are thinking for a safe and secure long term investment then Sukanya Samriddhi Yojana is a one of the best option for you, you can blindly deposit your money in this scheme because it is a Central Government Risk-Free Investment scheme including Guaranteed Returns.