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Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India in 2015, aimed at encouraging parents to save money for the future education and marriage expenses of their girl child. The scheme provides a safe and secure investment avenue to parents or guardians of the girl child, ensuring a better financial future for them. In this blog, we will discuss the details of the scheme, its benefits, eligibility criteria, and how to invest in it.
Scheme: on the sukanya samriddi yojana
Sukanya Samriddhi Yojana is a small savings scheme, which can be opened by parents or guardians for their girl child, who is below the age of 10 years. The account can be opened in any post office or authorized banks across the country, and the minimum investment amount required is Rs. 250. The maximum investment limit is Rs. 1.5 lakhs per annum. The account can be opened with a birth certificate of the girl child and the identity proof of the parent or guardian. The account can be operated by the parent or guardian until the girl child reaches the age of 18 years. After that, the girl child can operate the account herself.
The account has a tenure of 21 years, and the interest rate is revised every quarter by the government. As of April 2023, the interest rate is 7.6% per annum, which is compounded annually. The interest earned on the investment is tax-free, and the contribution to the account is eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
Benefits of the Scheme for the sukanya samriddi yojana
Sukanya Samriddhi Yojana offers several benefits to parents or guardians of the girl child, some of which are
Safe and secure investment
The scheme is backed by the government, making it a safe and secure investment option for parents or guardians.
The interest rate offered by the scheme is higher than most savings schemes in India, making it a lucrative investment option.
The investment made in the scheme is eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
Education and marriage expenses
The scheme provides a corpus for the future education and marriage expenses of the girl child.
To open an account under the Sukanya Samriddhi Yojana, the following eligibility criteria must be fulfilled:
- The girl child should be below the age of 10 years.
- The parent or guardian should be a resident of India.
- Only one account can be opened for a girl child.
- The account can be opened for up to two girl children in a family.
How to Invest in the Scheme
To invest in the Sukanya Samriddhi Yojana, follow the steps given below:
- Visit any post office or authorized bank.
- Fill up the application form and provide the necessary documents such as the birth certificate of the girl child and the identity proof of the parent or guardian.
- Deposit the minimum amount of Rs. 250.
- The account will be opened, and the passbook will be issued.
Sukanya Samriddhi Yojana is a government-backed savings scheme aimed at promoting the education and marriage of the girl child. The scheme provides a safe and secure investment avenue, high-interest rates, and tax benefits. Parents or guardians can open the account for their girl child, and the account can be operated until the girl child reaches the age of 18 years. The scheme is an excellent initiative by the government to empower