What Is Sukanya Samriddhi Yojana ? Full Details Of Sukanya Samriddhi Yojana Scheme

Sukanya Samriddhi Yojana – The government of India launched (Beti Bachao, Beti Padhao on 22nd January, 2015) a popular scheme called to protect the future of girls called Sukanya Samriddhi Yojana(SSY). In this scheme, you can deposit monthly or yearly amounts for your daughter for 21 years at a fixed interest rate. The objective of this scheme is to ensure higher education for the girl children, financial independence, and keeping in mind their marriage expenses so that the future of all girl children in the country is secured. So read this article till the end to know more about this scheme.

What Is Sukanya Samriddhi Yojana ?

Sukanya Samriddhi Yojana is an investment scheme established by the government of India where every parent in the country can secure their daughter’s future and funds for higher education. With the help of this scheme, parents can save money for higher education, and the marriage expenses of their girl child.

The main reason for launching this scheme, the Government of India, is to secure the future of all girls in the country through this scheme. Any member of the family like parents or any other guardian can also open an account in this scheme. Only daughter accounts are opened under this scheme, and a maximum of 2 Sukanya Samriddhi accounts can be opened in a family. You can open a Sukanya Samriddhi Yojana account by visiting your nearest post office or some government-approved bank.

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Sukanya Samriddhi Yojana Overview

Scheme Name	Sukanya Samriddhi Yojana
Maturity Period	21 Years
Minimum & Maximum Deposit Amount	Minimum 250/- & Maximum 1.5 Lakh
Interest Rate	8% (Its changes every quarter)
Maturity Amount	Depends On Your Investment

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Minimum And Maximum Deposit Of Sukanya Samriddhi Yojana

In sukanya samriddhi yojona account you can deposit a minimum of 250/- rupees and a maximum of 1,50,000/- rupees per financial year. But to enroll in sukanya samriddhi scheme account, your daughter must be below 10 years of age.

Interest Rate Of Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana account offers an interest rate of around 8% per annum. However, interest is paid quarterly on this Sukanya Samriddhi Yojana account.

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Documents Requirements Of Sukanya Samriddhi Yojana

To account in Sukanya Samriddhi Yojana you need to submit the following documents along with the application form –

• Aadhaar card of your daughter,
• Birth certificate of a daughter,
• Passport-size photograph of daughter,
• Any ID proof of mother/father i.e. Guardian of daughter and
• Parent’s active mobile number etc

How To Open An Account On Sukanya Samriddhi Yojana ?

To open an account under Sukanya Samriddhi Yojana, you can open an account at your nearest post office or a bank authorized by the Government of India. You can open Sukanya Samriddhi Yojana account by filling up the SSY form with the documents mentioned in the previous point. A certain amount (minimum 250/- & maximum 1,50,000/-) should be deposited in this account according to your ability. Following these rules, you can open Sukanya Samriddhi Yojana account.

Benefits Of Sukanya Samriddhi Yojana ?

Sukanya Samriddhi Yojana account has various benefits like –

1. With this account, you can create secure savings for your daughter.
2. Sukanya Samriddhi Yojana money can be spent on your daughter’s higher education, marriage, etc.
3. In this Sukanya Samriddhi Yojana account, you can make advance withdrawals under certain conditions.
4. This Sukanya Samriddhi Yojana can earn you high & secure returns.
5. Since this is a government scheme, there is no fear of fraud.

Income Tax Benefits Of Sukanya Samriddhi Yojana

When the money matures in this Sukanya Samriddhi Yojana for the purpose of saving for your daughter, you will get a tax deduction of up to 1.5 lac as per section 80C of income tax. That is, if your maturity amount is below 1.5 lacks, then you will get a completely tax-free benefit.

Withdraw Process Of Sukanya Samriddhi Yojana

• Money can be withdrawn from the account after the girl child attains 18 years of age or passes the 10th standard.
• Fund withdrawal can be taken up to 50% of the balance available at the end of the previous financial year.
• Money can be withdrawn in a lump sum or in installments. No more than one withdrawal per year.

Premature Closure Of Sukanya Samriddhi Yojana

If you want to close the Sukanya Samriddhi Yojana account even before maturity i.e. before 5 years, but for that there are certain conditions like –

• On the sudden death of the account holder.
• The account can be prematurely closed due to the inability to deposit money on the death of a parent or guardian.

Account Operator Of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana account can be operated by parents or trusted guardians on behalf of the girl child. But when that daughter turns 18+ she can manage her own account.

Conclusion

I hope by reading today’s article, you will know complete information about Sukanya Samriddhi Yojana. At the end of today’s article, I will suggest that if you have a daughter at home, then you must keep depositing little by little in this scheme from now on and at the end of maturity, you will see a good amount of money that you can leave for them. Finally, if you like today’s article, please rate the post and comment with your opinion. Thank you.

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