What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana is a government-backed savings scheme launched in 2015 as part of the "Beti Bachao, Beti Padhao" campaign. It aims to promote gender equality and empower girls by providing a secure financial future.
Key Features:
- Account opening age: 0-10 years (girl child)
- Maturity period: 21 years from account opening
- Interest rate: 7.6% per annum (compounded annually)
- Minimum deposit: ₹250
- Maximum deposit: ₹1,50,000 per year
- Deposit frequency: Monthly or in a lump sum
- Withdrawal: 50% of deposit amount after account holder turns 18
- Tax benefits: Exempt from income tax under Section 80C
Benefits:
- High interest rate
- Tax benefits
- Low minimum deposit
- Flexible deposit options
- Secure and government-backed
- Encourages savings for girls' education and marriage
Eligibility:
- Resident Indian
- Girl child below 10 years
- Only one account per girl child
- Parents or legal guardians can open the account
Documents Required:
- Birth certificate of the girl child
- Identity proof of the parent or legal guardian
- Address proof
- Passport-sized photographs
*How to Open an Account:*
- Visit a nearby post office or authorized bank branch
- Fill out the application form
- Submit required documents
- Make the initial deposit
How to Deposit:
- Cash, cheque, or demand draft
- Online transfer (in some banks)
- Standing instructions for monthly deposits
Withdrawal Rules:
- 50% of deposit amount after account holder turns 18
- For education or marriage expenses only
- Account closure allowed after maturity or in case of account holder's death
Account Closure:
- On maturity (21 years from account opening)
- In case of account holder's death
- Premature closure allowed with penalty
Tax Benefits:
- Exempt from income tax under Section 80C
- Interest earned is tax-free
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Conclusion:
Sukanya Samriddhi Yojana is a valuable investment opportunity for parents or legal guardians to secure their girl child's future. With its attractive interest rate, tax benefits, and flexible deposit options, it's an ideal way to save for education and marriage expenses.
Please note that this information is subject to change, and you should verify with the relevant authorities or financial institutions for the latest details.