What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Indian government in 2015 as part of its ‘Beti Bachao, Beti Padhao’ campaign.
The scheme is aimed at promoting the education and financial security of a girl child in India.
The scheme is open to all parents/guardians having a girl child below 10 years of age, and the girl child is considered the account holder.
Eligibility Criteria For Sukanya Samriddhi Account:
- The girl child should be below 10 years of age at the time of opening the account.
- Only one account can be opened per girl child. In the case of a twin girl child, a separate account can be opened for each of them.
- The maximum deposit that can be made in a financial year is 1.5 lakh rupees.
Deposit and Interest in Sukanya Account:
- The minimum deposit that can be made in a financial year is 250 rupees.
- The deposit can be made for a period of 14 years from the date of opening the account.
- The interest rate is declared by the Indian government every quarter and is currently (Q2-2024-25) at 8.2% p.a.
- Premature withdrawal is allowed after the completion of 5 years, but with a penalty.
Tax Benefits:
- Deposits made under the scheme are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
- The interest earned and the maturity amount are also exempt from income tax.
Maturity and Withdrawal:
- The SSY account matures after 21 years from the date of opening the account or when the girl child turns 18 years of age, whichever is earlier.
- The girl child can use the amount for her higher education or marriage.
Sukanya Account Operation Criteria:
- The SSY account can be opened in any designated post office or authorized branch of commercial banks in India.
- The girl child or the guardian can operate the account on her behalf once she turns 10.
- The deposit can be made by cash, cheque, or demand draft.
- The deposit can also be made through standing instructions or automatic transfer from the account holder’s bank account.
- The account holder can also avail loan facility against the deposit made under the scheme.
Documentation Required for Sukanya Samriddhi Account:
- The following documents are required to open the SSY account:
- Birth certificate of the girl child
- Address proof of the guardian
- ID proof of the guardian
- A recent passport-sized photograph of the girl child and guardian
Transfer of Account:
- The SSY account can be transferred from one post office to another post office or from a commercial bank to another commercial bank if the account holder or guardian changes the place of residence.
- The account can also be transferred at the request of the account holder or guardian.
Nomination Facility:
- The guardian can nominate a person who will receive the amount in case of his/her death.
- The nomination can be changed at any time by the guardian.
Penalty for Premature Withdrawal in Sukanya Account:
- If the account holder makes a premature withdrawal before the completion of 5 years, a penalty of 1.5% of the deposit will be levied.
- If the premature withdrawal is made after 5 years but before the completion of 10 years, a penalty of 1% of the deposit will be levied.
- No penalty is levied on premature withdrawal after the completion of 10 years.
Sukanya Samriddhi Yojana is a great savings scheme for the financial security of a girl child in India.
It offers attractive interest rates, tax benefits, and a secure future for the girl child.
Parents/guardians are encouraged to take advantage of this scheme and secure the future of their girl child.
Sukanya Samriddhi Yojana Calculator | Monthly EMI Calculator |
Leave a Comment