Sukanya Samriddhi Yojana

 

📝 Table of Content

 SUKANYA SAMRIDDHI YOJANA (SSY)

ELIGIBILITY

BENEFITS

APPLICATION PROCESS

DOCUMENTS REQUIRED

In anticipation of the 2024 Lok Sabha elections, the Central Government increased interest rates on the Sukanya Samriddhi Yojana (SSY) plan by 20 basis points for the January–March quarter. A circular from the finance ministry stated that the interest rate on deposits made under the Sukanya Samriddhi scheme would increase from the current 8 percent to 8.2 percent. Every quarter, the government announces the interest rate on small savings plans, which are mostly run by post offices.

SUKANYA SAMRIDDHI YOJANA (SSY)

The Ministry of Finance offers a small deposit scheme called Sukanya Samriddhi Yojana (SSY) that is only available to girls. The Hon'ble Prime Minister introduced SSY on January 22, 2015, as a component of the Beti Bachao Beti Padhao initiative. The program is designed to cover a girl child's schooling and marriage costs. This programme, which was announced by the Indian government on December 14, 2014, encourages parents to save aside money for their female child's future education and marriage. Applications for SSY can be submitted through Post Offices, Public Sector Bank branches, and three private sector banks: ICICI Bank, HDFC Bank, and Axis Bank.A girl child's parent or legal guardian may open the account. The girl child has to be younger than ten years old. A girl child is only allowed to have one account. A household is limited to two SSY account openings. The annual Maximum Investment is ₹1,50,000; the Annual Minimum Investment is ₹250. A 21-year maturity period is included. The rate of interest is 8.0% for the period of April 1, 2023, to June 30, 2023. Tax exemptions apply to the principle amount deposited, interest accrued during the full term, and maturity advantages. Under section 80C, the principal amount is deductible up to ₹1,50,000. Approximately 2.73 crore accounts with deposits of nearly ₹ 1.19 lakh crore have been opened under the initiative since its commencement.

ELIGIBILITY

1. One of the guardians may open the account on behalf of a girl child who is under ten years old on the opening date of the account.Under this Scheme, each account holder will have a single account.

2. A family may open an account under this scheme for up to two female children: As long as the guardian submits an affidavit supporting the birth certificates of the twins or triplets regarding the birth of such multiple girl children in the first two orders of birth in a family, more than two accounts may be opened in the family if the children are born in either the first or second order of birth, or in both. As long as the first order of birth in the family produces two or more surviving girl children, the aforementioned proviso will not apply to the girl child of the second order of birth.

BENEFITS

The annual Maximum Investment is ₹1,50,000; the Annual Minimum Investment is ₹250. A 21-year maturity period is included. Currently, SSY offers the highest interest rate of 8.0% (for the period of 01.04.2023 to 30.06.2023) among all Small Savings Schemes, in addition to a number of tax benefits.Under Section 80C, the original amount deposited, interest accrued throughout the full term, and maturity benefits are all tax-exempt.Anywhere in India, accounts can be moved from one post office or bank to another. Interest is paid on an open account even after maturity.Even if the child is not getting married, a premature withdrawal of up to 50% of the investment is permitted once the child reaches the age of 18.

APPLICATION PROCESS

OFFLINE

Open an account at any participating bank or Post Office branch to participate in the Sukanya Samriddhi Yojana (SSY). Follow the instructions listed below to open the account:

1. To open an account, visit the bank or post office of your choice.Provide the required information on the application form and affix any supporting documentation.

2. Make the initial deposit with a demand draft, cheque, or cash. The amount payable may vary from Rs. 250 to Rs. 1.5 lakh.

3. The bank or the Post Office will handle the processing of your application and payment.Your SSY account will be enabled following processing.

4. To mark the occasion of the account's opening, a passbook will be provided.

DOCUMENTS REQUIRED

Birth certificate of the girl child

Photo 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 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.

OTHER SCHEMES RELATED TO THE GIRL EDUCATION:

CBSE Single Girl Child Scholarship
National Scheme of Incentive to Girls for Secondary Education
Pragati Scholarship For Girl