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ग्राम पंचायत भवन पर सुबह 10:00 बजे से शाम 5:00 बजे तक समस्त ग्राम वासियों का स्वागत है

Sunday 13 August 2023

Sukanya Samriddhi Yojana


Sukanya Samriddhi Yojana: Empowering the Girl Child's Future

Table of Contents

HeadingPage No.
Understanding Sukanya Samriddhi Yojana2
Eligibility Criteria3
Account Opening Process4
Contribution and Deposits5
Interest Rates and Benefits6
Tax Benefits and Exemptions7
Withdrawal and Closure8
Comparison with Other Savings Schemes9
Frequently Asked Questions (FAQs)10


Sukanya Samriddhi Yojana is a commendable initiative by the Government of India, designed to secure the future of the girl child by providing a robust and disciplined savings platform. This yojana, launched under the 'Beti Bachao Beti Padhao' campaign, not only encourages parents to save for their daughters' higher education and marriage but also offers attractive financial benefits. Let's delve deeper into the details of this empowering scheme.

Understanding Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana, often referred to as SSY, is a small savings scheme that aims to promote the welfare of the girl child. It offers a safe and systematic investment avenue, ensuring long-term financial security. This yojana comes with a host of benefits, making it an ideal choice for parents looking to secure their daughters' future.

Eligibility Criteria

To avail the benefits of Sukanya Samriddhi Yojana, certain eligibility criteria must be met. The scheme is open to parents or guardians of a girl child who is a resident of India. The girl should be below the age of 10 at the time of account opening. The scheme's age limit was extended from 10 to 18 years, making it more accessible to a wider age group.

Account Opening Process

Opening an SSY account is a straightforward process. Parents or guardians need to visit designated bank branches or post offices to fill out the necessary application forms. Documents such as the girl child's birth certificate and the parent's identity and address proofs are required. The account can be opened with a minimum deposit, making it feasible for families across various income levels.

Contribution and Deposits

Sukanya Samriddhi Yojana encourages regular contributions to ensure substantial returns. Parents can deposit money into the account either through cash, cheque, demand draft, or online transfers. The scheme allows flexible deposit options, allowing individuals to contribute according to their financial capabilities.

Interest Rates and Benefits

One of the most appealing aspects of SSY is its competitive interest rates. The interest rate is revised by the government on a quarterly basis, offering attractive returns that outpace inflation. The compounding nature of interest ensures that the deposited amount grows significantly over time.

Tax Benefits and Exemptions

The tax benefits provided by Sukanya Samriddhi Yojana make it a compelling investment option. Contributions made under the scheme are eligible for deductions under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are tax-free, adding to the overall appeal of the scheme.

Withdrawal and Closure

While SSY is designed to promote long-term savings, the scheme does allow partial withdrawals under certain circumstances. These include education expenses and the girl's marriage. However, the withdrawal amount is subject to certain limits to ensure the account's primary purpose of securing the girl child's future.

Comparison with Other Savings Schemes

Sukanya Samriddhi Yojana stands out due to its specific focus on the girl child's financial empowerment. As compared to other generic savings schemes, SSY offers tailored benefits and higher interest rates. This makes it an excellent choice for parents looking to build a substantial corpus for their daughters' milestones.

Frequently Asked Questions (FAQs)

Q: What is the minimum deposit required to open an SSY account? A: The minimum deposit required for opening an SSY account is INR 250.

Q: Can NRIs (Non-Resident Indians) avail of the benefits of SSY? A: No, NRIs are not eligible to open Sukanya Samriddhi Yojana accounts.

Q: Is premature closure of the account allowed? A: Premature closure of the account is allowed in certain cases, such as the unfortunate demise of the girl child.

Q: Can I have multiple SSY accounts for my daughters? A: No, a parent or guardian can open only one SSY account for a single girl child.

Q: Are the contributions to SSY eligible for tax deductions? A: Yes, the contributions made to SSY are eligible for deductions under Section 80C of the Income Tax Act.

Q: What is the tenure of the Sukanya Samriddhi Yojana account? A: The account matures after 21 years from the date of opening or when the girl gets married, whichever is earlier.

Q: Can I continue to earn interest on the SSY account after maturity? A: No, the account stops earning interest after it matures, which is usually after 21 years.

Q: Can I transfer my SSY account from one bank/post office to another? A: Yes, SSY accounts

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