What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India as part of the “Beti Bachao, Beti Padhao” campaign. This scheme aims to encourage parents to save and build a fund for the education and marriage expenses of their female child. Sukanya Samriddhi Yojana was introduced under the Small Savings Schemes and is particularly designed to promote the welfare of the girl child.

Key features of Sukanya Samriddhi Yojana include:

  1. Eligibility: The scheme is available for parents or legal guardians of a girl child below the age of 10 years. An individual can open only one account for a girl child.
  2. Account Opening: The account can be opened at any post office or authorized banks across India. The account needs to be opened in the name of the girl child, and the parent or legal guardian is required to operate it.
  3. Deposit Period: The scheme has a tenure of 21 years from the date of opening the account. However, the account matures when the girl reaches the age of 18, and withdrawals are allowed for her education or marriage.
  4. Deposit Limits: The minimum deposit amount is specified by the government and can be made annually. The maximum deposit limit is subject to a specified ceiling. The deposits made in Sukanya Samriddhi Yojana are eligible for tax benefits under Section 80C of the Income Tax Act.
  5. Interest Rate: The interest rate on Sukanya Samriddhi Yojana is notified by the government and is usually higher than the rates offered by other small savings schemes. The interest is compounded annually.
  6. Withdrawals: Partial withdrawals are allowed when the girl child reaches the age of 18 for purposes like education. The account matures when the girl turns 21, and the entire amount, including interest, is payable.
  7. Documentation: To open an account, the parent or guardian needs to provide identity and address proof along with the birth certificate of the girl child.

Sukanya Samriddhi Yojana is aimed at empowering parents to create a financial corpus for the future needs of their daughters, especially for education and marriage. It is considered a secure and tax-efficient savings option for the girl child. It’s advisable to check for the latest updates and guidelines from the government or relevant authorities regarding the Sukanya Samriddhi Yojana.

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