The government of India has introduced the Sukanya Samriddhi Yojana (SSY) scheme to secure the future of the girl child. The Sukanya Samriddhi Yojana was launched as part of the “Beti Bachao, Beti Padhao” campaign, with the goal of promoting the education and financial security of the girl child. The scheme provides several benefits to parents who open an account in the name of their daughter.
Eligibility Criteria for Opening a Sukanya Samriddhi Account:
- The account can be opened by the natural or legal guardian of a girl child who is below the age of 10 years.
- Only one account is allowed per girl child, and a maximum of two accounts are allowed per family.
- The account must be opened in the name of the girl child, and the deposit must be made in her name.
Investing in Sukanya Samriddhi Yojana:
- The minimum deposit to open the account is INR 250, and the maximum deposit is INR 1.5 lakhs per financial year.
- Deposits can be made in cash, demand draft, cheque, or electronic transfer.
- Deposits can be made until the girl child turns 18, and the account matures when the girl turns 21 years old.
Process of Application:
- The account can be opened at any authorized post office or bank branch.
- A guardianship certificate and the birth certificate of the girl child are required for opening the account.
- The account can also be opened online using the e-Sukanya portal.
Sukanya Yojana Interest Rates:
- The interest rate for the current financial year is 7.6%.
- The interest rate is determined by the government and is subject to change every quarter.
- The interest is compounded annually and credited to the account on 31st March of every year.
Invest in Sukanya Samriddhi Yojana to secure your daughter’s financial future and provide her with a solid foundation for higher education and marriage expenses. Start small and watch your investment grow over time.
How many years do you need to pay for Sukanya Samriddhi Yojana?
The account under the Sukanya Samriddhi Yojana can be opened until the girl child reaches the age of 10 years. After that, contributions can be made to the account until the girl child reaches the age of 18 years. The account matures when the girl child turns 21 years old.
What are the benefits of Sukanya Samriddhi Yojana?
- Tax Benefits: Contributions made to the SSY account are eligible for tax benefits under Section 80C of the Income Tax Act.
- Guaranteed Returns: The government offers a guaranteed rate of interest on the deposits made under the SSY scheme.
- Maturity Benefits: On maturity, the depositor can withdraw the entire corpus along with the accumulated interest.
- Loan Facility: A loan can be availed from the account after the girl child turns 18 years old.
- Nomination Facility: A nomination can be made at the time of opening the account, and can be changed later as per the requirement.
Can the girl withdraw money from the Sukanya Samriddhi Account?
The account under the Sukanya Samriddhi Yojana can only be closed when the girl child reaches the age of 21 years. In case of the death of the depositor or the girl child, the account can be closed, and the entire corpus along with the accumulated interest can be claimed by the nominee.
Conclusion
The Sukanya Samriddhi Yojana is a great opportunity for parents to secure the future of their daughter. With its attractive interest rates, tax benefits, and maturity benefits, the scheme provides a secure and convenient way to invest for the future. Parents should take advantage of this scheme and contribute to their daughter’s future financial security. The scheme is an excellent way to ensure that the girl child has a secure future and the resources she needs to fulfill her dreams.
