The Sukanya Samriddhi Yojana (SSY) is a flagship savings scheme launched by the Government of India under the Beti Bachao Beti Padhao initiative. It is designed to encourage parents to secure the future of their daughters by investing in a long-term savings plan that supports their education and marriage expenses.

With attractive interest rates, tax benefits, and a focus on empowering the girl child, this scheme is a boon for families seeking financial stability for their daughters.

KEY FEATURES OF SUKANYA SAMRIDDHI YOJANA

Eligibility Criteria: The account can be opened for a girl child below the age of 10 years.

Account Opening: The account can be opened at any post office or authorized bank branch, A minimum deposit of ₹250 is required to open the account. Only one account can be opened in the name of a girl child

Investment Limits: A minimum annual deposit of ₹250 and a maximum of ₹1.5 lakh can be made in a financial year, Deposits can be made through cash, cheque, or online transfer.

Tenure and Maturity: The scheme has a tenure of 21 years from the date of account opening or until the girl child’s marriage after attaining 18 years of age. Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses,

The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years, The account can be transferred anywhere in India from one Post office/Bank to another, the account shall mature on completion of a period of 21 years from the date of opening of account

Interest Rates: The Sukanya Samriddhi Yojana (SSY) offers an attractive interest rate, which is revised quarterly by the Government of India, the interest is compounded annually, leading to significant growth over the years.

Tax Benefits: Contributions to the Sukanya Samriddhi Yojana (SSY) qualify for a deduction under Section 80C of the Income Tax Act, 1961, Deposit qualifies for deduction under Sec.80-C of IT Act, Interest earned in the account is free from Income Tax under Section -10 of IT Act

Benefits of Sukanya Samriddhi Yojana

Financial Security for the Girl Child: The Sukanya Samriddhi Yojana (SSY) ensures that funds are available for the girl child’s higher education and marriage.

Encourages Savings Habit: The Sukanya Samriddhi Yojana (SSY) promotes long-term savings, instilling financial discipline in families.

High Returns: With its competitive interest rates, the SSY provides higher returns compared to other savings schemes.

Government Backing: As a government-backed scheme, it is highly secure and free from market risks.

Empowerment of Women: By securing a financial corpus for the girl child, the SSY contributes to the economic empowerment of women.

How to Open a Sukanya Samriddhi Yojana Account

Step 1: Visit the nearest post office or authorized bank branch.

Step 2: Fill out the SSY application form with accurate details.

Step 3: Submit documents such as the girl child’s birth certificate, proof of identity, and address of the guardian.

Step 4: Deposit the minimum required amount (₹250) to activate the account.

Step 5: Collect the passbook for account details and future transactions.

Why Choose Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana is a reliable savings plan tailored for the unique needs of girl children and their families. It helps parents systematically save for significant life events while enjoying substantial financial benefits.

The Sukanya Samriddhi Yojana is more than just a savings scheme; it is a tool for societal change. By addressing the financial concerns associated with raising a girl child, the SSY promotes gender equality and underscores the importance of investing in the future of our daughters. With its numerous benefits, it is a must-consider plan for parents who wish to empower their daughters with financial security and opportunities.

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