Sukanya Samriddhi Yojana (SSY) is one of the most popular and beneficial saving schemes launched by the Government of India in 2015 under the ‘Beti Bachao, Beti Padhao’ campaign.
This scheme is designed to encourage parents to build a fund for the future education and marriage expenses of their girl child.
In 2024, the Sukanya Samriddhi Yojana continues to be a preferred option for parents looking for a secure, tax-saving investment with attractive returns.
Overview: Sukanya Samriddhi Yojana
| Feature | Details |
|---|---|
| Eligibility | Indian girl child below 10 years of age |
| Account Opening Age Limit | Up to 10 years |
| Maximum Deposit per Year | ₹1.5 lakh |
| Minimum Deposit per Year | ₹250 |
| Tenure | 21 years from the date of account opening |
| Interest Rate (2024) | 8.0% (subject to change as per government announcements) |
| Tax Benefits | Exempt under Section 80C of the Income Tax Act |
| Official Website | https://www.india.gov.in/sukanya-samriddhi-yojna |
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a government-backed savings scheme targeted at the parents of girl children. The primary aim of the scheme is to help parents save for the future financial needs of their daughters, such as higher education or marriage. The account offers a high interest rate, along with tax benefits, making it an attractive option for long-term savings.
Eligibility Criteria
To open a Sukanya Samriddhi Yojana account, the following eligibility conditions must be met:
- Gender: The account can be opened only for a girl child.
- Age Limit: The girl child must be below 10 years of age at the time of account opening.
- Residency: The girl child must be an Indian citizen. Non-resident Indians (NRIs) are not eligible to open an SSY account.
- Number of Accounts: Only one account per girl child is allowed. However, a family can open up to two accounts for two girl children. In the case of twins or triplets, exceptions are made.
Also Read: Nandini Sahakar Yojana: Empowering Women Cooperatives in 2024
How to Apply for Sukanya Samriddhi Yojana?
Opening a Sukanya Samriddhi Yojana account is a straightforward process. Here’s a step-by-step guide:
- Visit a Bank or Post Office:
- You can open an SSY account at authorized banks or any post office. Most major public and private sector banks offer this facility.
- Collect and Fill the Application Form:
- Obtain the Sukanya Samriddhi Yojana application form from the bank or post office. You can also download it from their official websites.
- Submit the Necessary Documents:
- Birth Certificate: Provide the birth certificate of the girl child.
- Identity Proof: Submit identity proof of the parent or guardian (Aadhaar, PAN, Voter ID).
- Address Proof: Provide address proof (Aadhaar, Passport, Utility Bills).
- Photographs: Passport-sized photographs of both the child and the parent/guardian.
- Initial Deposit:
- Make an initial deposit (minimum of ₹250) to open the account. The maximum deposit allowed per year is ₹1.5 lakh.
- Receive the Passbook:
- Upon successful submission and verification, you will receive a passbook that contains the details of the SSY account. This passbook is essential for all future transactions and withdrawals.
Benefits of Sukanya Samriddhi Yojana
- High Interest Rate:
- The interest rate for Sukanya Samriddhi Yojana is among the highest offered by any government-backed savings scheme. As of 2024, the interest rate stands at 8.0%, which is compounded annually.
- Tax Benefits:
- Investments made under SSY are eligible for tax deduction under Section 80C of the Income Tax Act. Moreover, the interest earned and the maturity amount are also tax-free.
- Flexible Deposit Options:
- You can start with as little as ₹250 per year, with the flexibility to deposit up to ₹1.5 lakh annually. This allows parents from different financial backgrounds to participate in the scheme.
- Long-Term Security:
- The scheme matures after 21 years from the date of opening or upon the marriage of the girl child after she turns 18. This ensures a substantial amount is available when the girl child needs it the most.
- Partial Withdrawal Facility:
- You can make a partial withdrawal of up to 50% of the account balance once the girl child turns 18, provided the account has been active for at least 14 years. This can be used to meet educational expenses.
- Government Guarantee:
- Being a government-backed scheme, Sukanya Samriddhi Yojana offers a sovereign guarantee, making it one of the safest investment options available.
Important Points to Remember
- Premature Closure: The account can only be closed prematurely in the event of the death of the account holder or in cases of extreme compassionate grounds, such as medical treatment for life-threatening diseases.
- Account Transfer: The SSY account can be transferred from one post office or bank to another anywhere in India, making it convenient for parents who may need to relocate.
- Penalty for Default: A penalty of ₹50 per year is levied if the minimum deposit of ₹250 is not made in a financial year. However, the account can be revived by paying the penalty along with the minimum required deposit.
Conclusion
Sukanya Samriddhi Yojana is a powerful tool for parents looking to secure their daughter’s future, offering a mix of high returns, tax benefits, and safety.
By understanding the eligibility criteria, knowing how to apply, and being aware of the numerous benefits, you can make an informed decision that will pay off when your daughter needs it the most.
In 2024, Sukanya Samriddhi Yojana continues to be a top choice for financially planning for your daughter’s education and marriage. So, don’t wait—start investing today in the future of your girl child!
