SUKANYA SAMRUDDHI YOJANA

BANKING FOR THE GIRL CHILD

saving for a better future

SSY FOR THE GIRL CHILD

The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme by the Ministry of Finance exclusively for a girl child. SSY was launched by the Hon’ble Prime Minister on 22nd January 2015 as a part of the Beti Bachao Beti Padhao campaign.The scheme is meant to meet the education and marriage expenses of a girl child. Notified by the Government of India on 14th December 2014, this scheme encourages parents to build a fund for the future education and marriage expenses of their female child.One can apply for SSY through Post Offices or through the branches of Public Sector Banks and three Private Sector Banks viz. HDFC Bank, Axis Bank, and ICICI Bank. The account can be opened by a parent or legal guardian of the girl child. The girl child must be below the age of 10 years. Only one account is allowed for a girl child.

A family can open only two SSY accounts. The Minimum Investment is ₹250 per annum; The Maximum Investment is ₹1,50,000 per annum. The Maturity Period is 21 years. At present, SSY has several tax benefits and the highest rate of interest among all the Small Savings Schemes i.e. 7.6%. The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt. The principal amount is deductible under section 80C up to ₹1,50,000. Since the inception of the scheme, around 2.73 crore accounts have been opened under the scheme, having nearly ₹ 1.19 Lakh Crore deposits.

BENEFITS AND ELIGIBILITY of sukanya samruddhi yojana

The Minimum Investment is ₹250 per annum; The Maximum Investment is ₹1,50,000 per annum. The Maturity Period is 21 years. At present, SSY has several tax benefits and the highest rate of interest among all the Small Savings Schemes i.e. 7.6%. The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt under Section 80C.The account can be transferred anywhere in India from one post office/Bank to another. Interest payment even after maturity if the account is not closed.A premature withdrawal of up to 50% of investment is allowed after the child gains the age of 18 years even if she is not getting married.

The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.Every account holder shall have a single account under this Scheme.An account under this Scheme may be opened for a maximum of two girl children in one family: Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family. Provided further that the above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.

A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch. To open the account, complete the steps outlined below:

APPLICATION PROCESS UNDER Sukanya Samruddhi Yojana

  1. Go to the bank or Post Office where you want to open the account.
  2. Fill out the application form with the necessary information and attach any supporting papers.
  3. Pay the first deposit in cash, check, or demand draft. The payment can range between Rs.250 and Rs.1.5 lakh.
  4. Your application and payment will be processed by the bank or the Post Office.
  5. After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening.

Documents Required

Birth certificate of the girl childPhoto ID of applicant parent or legal guardian. Address proof of applicant parent or legal guardian .Other KYC proofs such as PAN, and Voter ID. , SSY A

Account opening form .A medical certificate has to be submitted in case multiple children are born under one order of birth. Any other documents that are requested by the bank or post office.

Frequently Asked Questions

What Is The Relaxation In Age Limit Given To Girl Child Under The Sukanya Samriddhi Scheme? Since, Sukanya Samriddhi scheme is a newly launched scheme, the government does not want few people to miss availing it due to reasons pertaining to age. Hence, any girl child who has attained the age of 10 years, exactly 1 year prior to the launch of scheme is also eligible to avail the scheme. So, any girl child born between 2nd December 2003 and 1st December 2004 is eligible to avail the Sukanya Samriddhi Scheme

Can A Non-Resident Indian Avail The Sukanya Samriddhi Scheme? No . The scheme is applicable to Indian Citizens only

Who All Can Open Sukanya Samriddhi Account? Any Legal guardian or parent on behalf of the girl child

What Happens In The Case The Girl Child Who Is The Beneficiary Meets With An Unexpected Death? In case of death of legal guardian or parent of girl child, the scheme is either closed and the proceeds are given to the family or girl child. Or, the scheme is continued with the deposited amount until the maturity period and the deposited amount continues to earn interest till the girl child attains the age of 21 years

Can I Convert My Normal Bank Deposit Account To Sukanya Samriddhi Account ?

No. A new Account must be opened.

Can I Withdraw Money From My Sukanya Samriddhi Account, Prematurely?

No. Withdrawl is possible to the extent of 50% when the girl reaches the age of 18 years.

Is this scheme available throughout India and is transfer to another location possible.?

YES. This Scheme is applicable throughout India. The Account may be transferred to another town or place .

Where Can I Open Sukanya Samriddhi Account For My Daughter

Sukanya Samriddhi account can be opened at any of your nearest post offices or at any branch of the authorized banks. These banks include almost all top and most popular public sector and private sector banks like State Bank of India, ICICI, HDFC, Punjab National Bank etc

SYNOPSIS

Sukanya Samriddhi Yojana is a savings scheme launched by the Government of India in 2015 as a part of the Beti Bachao, Beti Padhao campaign to promote the welfare of girl children in the country. This scheme provides a safe and secure investment option for parents to accumulate funds for the education and marriage expenses of their daughters.

Here are the benefits of Sukanya Samriddhi Yojana:

  1. High Interest Rate: The scheme offers an attractive interest rate of 7.6% per annum (as of July-Sept 2021), which is higher than most other fixed income instruments such as bank fixed deposits, recurring deposits, and public provident fund (PPF).
  2. Tax Benefits: Contributions made to the scheme are eligible for tax deduction under Section 80C of the Income Tax Act, up to a maximum of Rs. 1.5 lakh per annum. The interest earned and the maturity amount are also tax-free.
  3. Safe and Secure: The scheme is backed by the government, making it a safe and secure investment option. The funds are locked-in until the girl child reaches the age of 21 years, ensuring that the money is utilized only for her education and marriage expenses.
  4. Flexible Contributions: Parents or legal guardians can open an account for a girl child below the age of 10 years, and they can make contributions towards the account until she turns 15. The minimum contribution is Rs. 250 per annum, and the maximum contribution is Rs. 1.5 lakh per annum.
  5. Partial Withdrawal: The scheme allows partial withdrawal of up to 50% of the balance in the account after the girl child attains the age of 18 years, for the purpose of her education or marriage.
  6. Long-term Investment: The scheme has a long-term investment horizon, making it ideal for parents to accumulate funds for their daughter’s future expenses.

In conclusion, Sukanya Samriddhi Yojana is an excellent investment option for parents to save for the education and marriage expenses of their daughter. It offers a high interest rate, tax benefits, and is a safe and secure investment option backed by the government. The scheme encourages long-term investment and helps in securing the financial future of girl children in the country

Apna Samaaj

Our mission at Apna Samaaj is to connect underprivileged communities in India with the resources and opportunities they need to thrive. We aim to create a comprehensive platform that provides access to welfare schemes from government bodies and NGOs, as well as private organizations, helping to bridge the gap between those in need and those who can provide support. Through our efforts, we strive to empower individuals and communities, drive economic growth, and make a positive impact on society.