Sukanya Samriddhi Yojana (SSY)

SSY / Sukanya Samriddhi Yojana:

Sukanya Samriddhi Account is a government-supported savings initiative in India, specifically designed for the benefit of the girl child.

The scheme was launched by the Government of India as part of the “Beti Bachao, Beti Padhao” campaign to promote the welfare of the girl child and encourage parents to save for their daughters’ forthcoming educational pursuits and marriage-related expenditures.

Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana calculator helps estimate the maturity amount and interest earned under the SSY scheme.

Banks List offering SSY

To open the account at any post office or authorized branches of either of below listed commercial banks in India:

Eligibility:

Parents or legal guardians can open an SSY account for a girl child below the age of 10 years.

Documents Required:

To open an SSY account, the parent or guardian needs to provide identity proof, address proof, and the girl child’s birth certificate.

Benefits:

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India, primarily designed to promote the financial well-being of the girl child. Here are some benefits of opening a SSY account:

1. High Interest Rates:

SSY offers attractive high interest rates, which are generally higher than those provided by many other savings instruments. The interest rates are notified by the government and are usually compounded annually.

2. Tax Benefits:

Contributions made towards Sukanya Samriddhi Yojana are eligible for income tax benefits under Section 80C of the Income Tax Act. Both the deposit amount and the interest earned are exempt from tax.

3. Long-Term Savings:

The scheme is design for long-term savings, providing a disciplined approach to building a corpus for significant financial needs such as education and marriage expenses for the girl child.

4. Flexible Deposit Options:

The account can be open with a minimum deposit, and subsequent contributions can be made in multiples of the minimum deposit amount. This flexibility allows account holders to contribute based on their financial capacity.

5. Partial Withdrawals:

SSY allows partial withdrawals after the girl child reaches the age of 18 years or after she completes the 10th standard, whichever is earlier. This feature can be beneficial for meeting educational expenses.

6. Maturation Period:

The account matures after 21 years from the date of opening or when the girl child gets married after the age of 18. The maturity amount can be used for the girl’s higher education or marriage.

7. Guardianship and Operation:

SSY account is usually operate by the natural or legal guardian of the girl child until she attains the age of 10 years. After that the girl child gains the authority to manage the account.

8. No Maximum Limit on Deposit:

While there is a minimum deposit requirement, there is no maximum limit on the amount that can be deposited in a Sukanya Samriddhi Yojana account, allowing parents to contribute as per their financial capability.

To Open a Sukanya Samriddhi Yojana online account in India, you can follow these steps:

1. Eligibility Criteria:

The account may be opened for a girl child below 10 years of age. The depositor (parent or legal guardian) should be a resident Indian.

2. Visit a Participating Bank or Post Office:

SSY accounts can be open at designated banks and post offices. Some of the authorized banks include State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), and others.

3. Collect the SSY Account Opening Form:

Obtain the account opening form for Sukanya Samriddhi Yojana directly from your chosen bank or post office. This form is also available online on the official website of the Ministry of Finance.

4. Fill in the Form:

Complete the SSY account opening form with accurate details. The form usually requires information such as the girl child’s name, date of birth, guardian’s details, and address.

5. Submit Required Documents:

Along with the filled form, you will need to submit some essential documents. Commonly required documents include: Birth certificate of the girl child.

Identity proof and address proof of the guardian/parent. Passport-size photographs of the girl child and guardian.

6. Deposit the Initial Amount:

Make an initial deposit in cash or through a cheque. The minimum deposit amount varies, and you should check with the specific bank or post office for the current requirements.

7. Collect Passbook:

Once all documents are submit, and the initial deposit is made, a passbook will be provided. The passbook will contain details of the account, including the account number.

8. Keep Track of Deposits:

Regularly deposit the amount into the SSY account as per the scheme rules. The account has a tenure of 21 years or until the girl child gets married after the age of 18.

Sukanya Samriddhi Yojana has been well-received by parents as a means to secure the financial future of their daughters.

It not only promotes the importance of saving for a girl child’s education and marriage but also provides tax benefits, making it an attractive investment option for many.

For more information visit: https://www.nsiindia.gov.in

FAQ’s on SSY

1. What is Sukanya Samriddhi Yojana (SSY)?

Ans: Sukanya Samriddhi Yojana stands as a government-supported savings initiative in India, specifically designed for the benefit of the girl child. It was launch as a part of the “Beti Bachao, Beti Padhao” campaign to encourage parents to save for the future education and marriage expenses of their female children.

2. Who is eligible to open an SSY account?

Ans: The account can be open by the parents or legal guardians of a girl child below the age of 10 years.

3. How many SSY accounts can be opened for a family?

Ans: A family is allow to open only one SSY account for each girl child. In other words, if a family has two daughters, they can open two separate SSY accounts.

4. What is the tenure of the SSY account?

Ans: SSY account matures 21 years after its opening, or when the girl gets marry, whichever is earlier.

5. What is the minimum and maximum deposit allow in an SSY account?

Ans: The minimum deposit in an SSY account is Rs. 250 in a financial year, and the maximum deposit allowed is Rs. 1.5 lakh.

6. What is the interest rate on SSY accounts?

Ans: The interest rate on SSY is set by the government and is subject to change. It is usually higher than the rates offer by other small savings schemes. The interest is compound annually.

7. Can a girl child open an SSY account for herself?

Ans: No, the account must be open by the parents or legal guardians on behalf of the girl child.

8. Can the SSY account be transfer between banks or post offices?

Ans: The SSY account can be transfer between banks or post offices. The guardian needs to submit the transfer application along with relevant documents.

9. What happens if the minimum deposit is not made in a particular financial year?

Ans: If the minimum deposit is not make in any financial year, the account is consider irregular. A penalty is levy, and the account can be regularize by paying the penalty amount along with the minimum deposit for the current year.

10. Can we do partial withdrawals from the SSY account?

Ans: Yes, partial withdrawals are allow from SSY account once the girl child reaches the age of 18 years and if she is pursuing higher education. However, the withdrawal amount is cap at a specified percentage.

11. Is the interest on SSY tax-free?

Ans: Yes, the interest earned and the maturity amount of the SSY account are tax-free under Section 80C of the Income Tax Act.

Post Office Sukanya Samriddhi Yojana Account (SSY)