Are you a parent of a girl child in India? Do you want to secure her future and empower her financially? Then, you must know about the Sukanya Samriddhi Yojana Scheme. Launched by the Government of India in 2015, this scheme is aimed at the betterment of the girl child in India. It is a deposit scheme made especially for the girl child to ensure a financially secure future for her.
The scheme offers higher interest rates compared to other savings schemes and tax benefits. That is why in today’s blog post we will discuss everything you need to know about the Sukanya Samriddhi Yojana Scheme and how you can take advantage of it, So if you are also curious to know more about it then let’s move ahead.
What is Sukanya Samriddhi Yojana Scheme?
Sukanya Samriddhi Yojana Scheme is a government-backed investment scheme that provides financial benefits to fund your daughter’s future needs. It is a savings scheme launched by the Government of India in 2015, aimed at the betterment of the girl child in India.
The scheme was introduced to ensure a financially secure future for the girl child. Let us tell you that It is a deposit scheme made especially for the girl child, which can help parents build a fund for the higher education and other expenses of their girl child.
Not only this, the scheme also offers higher interest rates compared to other savings schemes and tax benefits. The Sukanya Samriddhi Yojana scheme is aimed at promoting girl child’s education and securing their future. Anyone who has a girl child can opt for this facility. The scheme has been launched under the Beti Bachao Beti Padhao programme, which aims to promote girl child’s education.
Eligibility Criteria for Sukanya Samriddhi Yojana
To be eligible for the Sukanya Samriddhi Yojana Scheme, you have to fulfil the things mentioned below:
- The account can be opened by the natural or legal guardian of a girl child below 10 years of age.
- The account holder must be an Indian citizen and resident in India at the time of account opening and must remain until maturity or closure of the account.
- Only one account can be opened and operated for a girl child.
- The minimum deposit amount for an SSY account is ₹250 per fiscal year, and the maximum deposit amount is ₹1.5 lakh in a financial year.
- As soon as the girl child turns 18, it is important that she manages her own account.
Benefits of the Scheme
The SSY Scheme offers several benefits to the account holder. Some such benefits are mentioned below:
- Financial security for the girl child: The scheme is aimed at securing the future of the girl child in India. It helps parents build a fund for the higher education and other expenses of their girl child. The scheme provides financial security to the girl child and helps her become self-independent.
- Higher education and marriage expenses: If a parent cannot afford the higher education and marriage expenses of their daughter. Then this scheme allows parents to save for their daughter’s higher education and marriage expenses. And the accumulated amount can be used in it.
- Higher interest rate compared to other savings schemes: The scheme offers a higher interest rate compared to other savings schemes. The interest rate for the Sukanya Samriddhi Yojana Scheme is 7.6% per annum, which is compounded annually.
- Tax benefits: The contributions made towards the Sukanya Samriddhi Yojana Scheme are eligible for tax deductions under Section 80C of the Income Tax Act 1961. These benefits are also available on the interest earned and the total amount received upon withdrawals or maturity
SSY Interest Rate Since Inception
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 31.03.2023 | 7.6 |
| 01.04.2023 TO 30.06.2023 | 8.0 |
How to Open an Account for the Sukanya Samriddhi Yojana Scheme
To open a SSY Scheme account, you can visit a participating bank or post office branch. The following steps are involved in the process of application:
- Visit the nearest participating bank or post office branch to open an SSY account.
- Fill out the SSY Account Opening Application Form with the necessary information, such as the name of the girl child, date of birth, and address.
- Attach the necessary documents, such as the birth certificate of the girl child, identity proof of the guardian, and address proof of the guardian.
- Now you have to make your initial deposit in it, which you can deposit through cash, check or demand draft. As we told you above that the minimum deposit amount for an SSY account is ₹250 per fiscal year, and the maximum deposit amount is ₹1.5 lakh in a financial year.
Participating banks for the SSY Scheme
The banks mentioned below participate in the SSY scheme, You can open your account immediately by going here:
- State Bank of India
- ICICI Bank
- HDFC Bank
- Axis Bank
- The post offices also offer the facility to open an SSY account.
Conclusion
Sukanya Samriddhi Yojana scheme is not just a financial savings plan, it’s a powerful tool for securing the dreams of our girl children. So, if you have a daughter under the age of 10, then don’t miss this opportunity to secure her future with Sukanya Samriddhi Yojana. By investing wisely and consistently in this scheme you not only create financial stability but also contribute to a brighter future for the young women of India.
And If you have not understood something mentioned in this article then you can simply ask us by writing a comment below.
FAQs:
What is Sukanya Samriddhi Yojana Scheme?
Sukanya Samriddhi Yojana Scheme is a government-backed investment scheme that provides financial benefits to fund your daughter’s future needs. It is a savings scheme launched by the Government of India, aimed at the betterment of the girl child in India.
Who is eligible for the Sukanya Samriddhi Yojana Scheme?
The eligibility is that the account can be opened by the natural or legal guardian of a girl child below 10 years of age. The account holder must be an Indian citizen and resident in India at the time of account opening and must remain so until maturity or closure of the account.
How can I open an account for Sukanya Samriddhi Yojana Scheme?
To open your account under Sukanya Samriddhi Yojana, you can go to any bank that participates in it or you can also go to any post office branch. You just need to fill out the SSY Account Opening Application Form and submit it to the participating bank to open the account.
What are the benefits of the Sukanya Samriddhi Yojana Scheme?
The scheme offers several benefits, such as higher interest rates, tax benefits, and financial security for the girl child and also the accumulated amount can be used for the girl child’s education and marriage expenses.
What is the interest rate for the Sukanya Samriddhi Yojana Scheme?
The interest rate for the Sukanya Samriddhi Yojana Scheme is 7.6% per annum, which is compounded annually.
