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Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India in January 2015, with the aim of empowering the girl child in the country. The scheme is designed to encourage parents to save for their girl child’s education and marriage expenses and to promote the welfare of the girl child.
The scheme offers an attractive interest rate, tax benefits, and other incentives to make it an attractive savings option for parents. The scheme has been successful in promoting the education and financial security of the girl child in the country and has helped in improving the gender ratio by promoting the welfare of the girl child.
Benefits of the Scheme for the sukanya samriddi yojana
The Sukanya Samriddhi Yojana is a savings scheme that is specifically designed to help parents secure their daughter’s future. It offers many benefits that make it a great option for parents who want to save for their girl child’s education or marriage expenses.
One of the main benefits of this scheme is that it offers a high interest rate that is revised by the government every quarter. As of April-June 2021, the interest rate is 7.6% per annum, which is higher than most other savings schemes in the country.
In addition, contributions made to the account are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Moreover, the interest earned on the account is tax-free, making it a great way to save money without having to worry about paying taxes on the interest earned.
The account matures when the girl child turns 21 years old or gets married, whichever is earlier. This means that parents can save for their child’s future and ensure that the money is available when needed. Additionally, partial withdrawals are allowed from the account for the education and marriage expenses of the girl child, but the withdrawal amount cannot exceed 50% of the balance in the account.
The account can be transferred from one post office or authorized bank branch to another, anywhere in the country, without any charge. This makes it easy for parents to manage their child’s savings, even if they move to a different city.
The scheme also allows nomination facility to ensure that the money is transferred to the nominee in case of the account holder’s unfortunate demise. This provides parents with peace of mind knowing that their child’s savings are protected.
Overall, the Sukanya Samriddhi Yojana promotes social security for the girl child by encouraging parents to save for their education and marriage expenses. It offers attractive interest rates, tax benefits, long-term savings, partial withdrawals, transferability, and nomination facility, making it an attractive option for parents looking to secure their girl child’s future.
Eligibility Criteria SSY
The Sukanya Samriddhi Yojana account can only be opened for a girl child who is below 10 years of age at the time of opening the account. This means that if the girl child is over 10 years of age, she will not be eligible for the scheme.
To be eligible for the scheme, the girl child must be a citizen of India. Additionally, only one account can be opened for each girl child. If more than one account is opened, the subsequent accounts will be considered as invalid.
The account can be opened by the parent or legal guardian of the girl child. They must provide the required documentation, including identity proof, address proof, and birth certificate of the girl child, to open the account.
The account can be opened with a minimum deposit of Rs. 250 and a maximum of Rs. 1.5 lakh in a financial year. The deposit amount can be made in multiples of Rs. 100. This means that parents can start saving for their girl child’s future with a small amount and continue to add more over time.
The account can be opened in any post office or authorized bank branches across the country. This makes it easy for parents to open and manage the account, regardless of where they live. Overall, the Sukanya Samriddhi Yojana is a great savings scheme for parents looking to secure their girl child’s future.
Frequently Asked Question’s
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a savings scheme initiated by the Government of India as part of the Beti Bachao Beti Padhao campaign. It aims to encourage parents to save for their girl child’s future expenses, such as education and marriage.
What is the minimum and maximum deposit amount for a Sukanya Samriddhi Yojana account?
The minimum deposit amount for a Sukanya Samriddhi Yojana account is Rs. 250, and the maximum deposit amount is Rs. 1.5 lakh per financial year.
What is the maturity period for a Sukanya Samriddhi Yojana account?
The maturity period for a Sukanya Samriddhi Yojana account is 21 years from the date of opening the account.
Can I withdraw money from a Sukanya Samriddhi Yojana account before the maturity period?
Yes, partial withdrawals up to 50% of the balance in the account can be made after the girl child attains the age of 18 years for the purpose of her higher education or marriage.
Can I transfer my Sukanya Samriddhi Yojana account from one bank/post office to another?
Yes, Sukanya Samriddhi Yojana account can be transferred from one bank/post office to another within the same city or across different cities.
Can NRIs open a Sukanya Samriddhi Yojana account?
No, NRIs are not eligible to open a Sukanya Samriddhi Yojana account.