Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India as part of the Beti Bachao Beti Padhao campaign. The scheme primarily aims to promote the welfare of the girl child and encourage parents to save for their daughter's education and marriage expenses. Here are the key details of the Sukanya Samriddhi Yojana:
1. **Eligibility Criteria**:
- The scheme is open to parents or legal guardians of a girl child.
- The girl child should be below the age of 10 years at the time of account opening.
2. **Account Opening**:
- SSY accounts can be opened at designated post offices or authorized commercial banks across India.
- Parents or guardians need to provide the birth certificate of the girl child along with KYC documents.
3. **Deposit Limits**:
- The minimum deposit amount is Rs. 250, and the maximum is Rs. 1.5 lakh in a financial year.
- Deposits can be made for 15 years from the date of opening the account.
4. **Interest Rate**:
- The interest rate is notified by the government quarterly and is typically higher than most other small savings schemes.
- The interest is compounded annually and credited to the account.
5. **Withdrawal Rules**:
- Partial withdrawals are allowed after the girl child attains the age of 18 years or has passed the 10th standard, whichever is earlier.
- Up to 50% of the balance at the end of the preceding financial year can be withdrawn for the purpose of higher education or marriage of the account holder.
6. **Account Closure**:
- The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier.
- Upon maturity, the entire balance including the interest is payable to the account holder.
7. **Tax Benefits**:
- Contributions made to SSY accounts are eligible for tax deduction under Section 80C of the Income Tax Act.
- Interest earned and the maturity amount are tax-free.
8. **Transferability**:
- In case of relocation, the SSY account can be transferred anywhere within India without any charges.
9. **Penalties**:
- If the minimum annual deposit limit is not met, the account may be considered as a discontinued account.
- A penalty fee is charged to reactivate a discontinued account.
Sukanya Samriddhi Yojana offers an excellent opportunity for parents to secure the future of their girl child by saving for her education and marriage expenses while also enjoying tax benefits and attractive interest rates.
Documents Required for Sukanya Samriddhi Yojana
- Sukanya Samriddhi Yojana Account Opening Form
- Birth Certificate of the Girl Child
- Anyone identity proof of the mother or father
- Address Proof of the Parent/Guardian
- KYC Documents of the Parent/Guardian
- Passbook issued by the Bank/Post Office
- Mobile Number
- Passport-sized Photographs
Important link for Sukanya Samriddhi Yojana 2024
Application Form: Download
Official Website: Click Here