What is Sukanya Samriddhi Yojana for Girl Child

Sukanya Samriddhi Yojana is a Government of India-backed saving scheme. The scheme was launched on 22/01/2015 for the better future of female children under the Prime Minister of India 'Beti Bachao-Beti Padhao' campaign.

This scheme helps parents to raise funds for their daughter's education and marriage expenses.

Sukanya Samriddhi Yojana account is designed to provide a bright and secure future for your girl child.

It provides a high-interest rate and tax benefits on money deposited under the scheme. 

Some important points related to Sukanya Samriddhi Yojana are:

Eligibility Criteria For Sukanya Samriddhi Yojana Account 

1. Sukanya Samriddhi Yojana is merely for the girl child. 

2. This account can be opened before the girl child attains the age of 10 years. 

3. Sukanya Samriddhi Yojana account can be opened by the parents or legal guardian of the girl child in the name of girl child in any bank or post office for just ₹  250.

4. Just one account is opened within the name of a girl child.

The account can be opened under this scheme for two girls from one family. 

In twins or triplets, the parent or legal guardian can open up to three accounts. 

5. To open an account under the scheme, the girl child (account holder) must be an Indian citizen.

If, after opening the account, the girl child (account holder) moves to another country and takes citizenship, then from the day of taking citizenship, the interest on the amount deposited in the Sukanya Samriddhi Yojana account will stop. 

Documents Required For SSY Account 

The following documents are required to open an account under the scheme. 

(A) Birth certificate of the girl child (account holder).

The (B) Identity certificate of the parent or legal guardian. 

(C) Permanent or residential certificate of a parent or legal guardian.

Maximum and Minimum Limit for Deposits in SSY Account 

1. A maximum of Rs 1.5 lakh is often deposited during a fiscal year. 

It is mandatory to deposit a minimum of Rs 250 in a fiscal year. 

If the minimum amount is not deposited in a fiscal year, the account is closed, in which case the account is reopened after the parent has given Rs 50 as a penalty.

2. Money can be deposited in the account through internet banking, cash, check or demand draft. 

3. Money can be deposited in the account opened under the scheme up to 14 years from the date of opening the account, and the account will be matured only after the completion of 21 years from the date of opening the account. 

4. SSY account can be transferred anywhere in India only under the transfer rules of the account. 

5. After opening the account under the scheme, a passbook will be given to the parent or legal guardian. 

It is mandatory to submit the passbook to the bank or post office while depositing the amount in the account while withdrawing the money deposited from the account at maturity while closing the account. 

Maturity Criteria For SSY Account 

1. Up to 50% of the amount of higher education can be withdrawn from the account by the girl child (account holder) when she is 18 years of age or after passing 10th (whichever is earlier).

2. After opening an account under the scheme, it can be operated till the girl child turns 21 or she is married after the age of 18 years. 

After this, the account will be closed, and after showing the marriage certificate and other important documents, the amount deposited in the account will be given to the account holder. 

3. In case of death of the account holder, on submission of the death certificate, the account will be closed immediately, and the amount deposited in the account will be provided to the parent legal guardian along with interest. 

4. In case of the death of a parent or legal guardian, the account will be closed, and maturity benefits will be given to the girl child (account holder).

5. The rate of interest in this scheme varies from time to time. 

Tax Benefits of SSY Account 

1. Sukanya Samriddhi Yojana account is an investment option that falls under the Exempt-Exempt-Exempt tax category. 

This, in other words, means that all deposits made in the SSY are deductible u/s 80C of the income tax Act.

Furthermore, the accumulated amount and interest are additionally exempt from tax at the time of withdrawal. 

Disclosure: 

Before investing in the scheme, you can get more information about its interest rate from its official website.

Whether or not to invest in the scheme will be your own decision, not the authors. 

The author's purpose is only to inform the scheme.