The Sukanya Samriddhi Yojana (SSY Yojana), a small deposit scheme of the Government of India, was launched by Prime Minister Narendra Modi in 2015 under the Vajit Bachao-Beti Padao Abhiyan. Sukanya Samriddhi Yojana (SSY) was introduced as a strategic investment scheme designed to secure the future of the girl child in the country.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana allows parents to open an account for their daughters from birth to 10 years, with the account maturing after 21 years. After termination, the entire amount can be withdrawn to support daughter’s education or marriage expenses.
A key feature of the scheme is the provision of tax benefit up to Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. This makes Sukanya Samriddhi Yojana an attractive option for parents concerned about their daughter’s future.
Benefits of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana offers many tax benefits and has the highest interest rate among all small savings schemes, at 8.2 percent per annum.
Interest accrued over the tenure of the scheme is exempt from tax under Section 80C.
SSY account can be transferred seamlessly between post offices and banks across India.
After the beneficiary attains 18 years of age, up to 50 percent of the total balance accumulated in the account is eligible for premature withdrawal.
Sukanya Samriddhi Yojana Eligibility Criteria
As the child is less than ten years of age on the date of opening the account, parents or any legal guardian can open an SSY account in the name of the girl child.
Each account holder can open maximum one account under Sukanya Samriddhi Yojana
Only two daughters of a family can open an account under this scheme.
These documents are mandatory to open Sukanya Samriddhi Yojana account.
- These documents are mandatory to open Sukanya Samriddhi Yojana account.
- Birth certificate of girl child
- Aadhaar card of girl child
- Portrait of a baby girl
- PAN card
- Address record of parents
- Aadhaar card
- Portrait of parents
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How to apply for Sukanya Samriddhi Yojana?
Eligible people can apply for an SSY account at a post office or bank of their choice. Applicants can complete the application form after providing all the required details and submitting the necessary documents.
Further, applicants can make an initial deposit of Rs 250 to Rs 1.5 lakh through cash, check or demand draft. The bank or post office then processes the application and payment.
Once processed, the SSY account will be operational and the applicant will receive a passbook to mark the opening of the account.