The Sukanya Samriddhi Yojana is as girl child prosperity scheme under Beti Bachao Beti Padhao Program.SSY account is to ensure a bright future for girl children in India.
https://india.gov.in/sukanya-samriddhi-yojna
| Scheme | Sukanya Samriddhi Yojana (SSY) |
| Objective | To promote the welfare of Girl Child |
| Launch date | 22nd January 2015 |
| Eligibility | Sukanya Samriddhi Scheme can be availed by parents or legal guardians of a girl child on behalf of the girl child. The Account is opened in the name of the child and is operated by parents or legal guardians. Following is the eligibility requirement to obtain the scheme.
Scheme can be availed any time before girl child reaches the age of 10 years As a grace period, any girl child born between 2nd February 2003 and 1st December 2015 is also eligible to obtain the account under this scheme. |
| Features | Attractive interest rate of 8.5%. Interest rate is regulated by Ministry of Finance from time to time
Minimum Rs. 1,000 can be invested in one financial year Maximum investment of Rs. 1,50,000 can be made in one financial year Deposits in an account can be made till completion of 14 years, from the date of opening of the account The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage. |
| Benefits | Tax Exemption Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C. The scheme offers Tax Benefit under Triple E regimen ie. Principal, interest and outflow all are tax exempted.Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands. |
| Documents Required | Sukanya Samriddhi Account Opening Form
Birth Certificate of girl child (Account Beneficiary) Identity Proof of depositor (Parent or legal guardian) PAN card, Ration card, Driving License, Passport Address Proof of depositor (Parent or legal guardian) Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License. |
| Residence | The girl child should be an Indian resident throughout the term of the scheme. |
| Account Limit: | A guardian can open only one account in the name of one girl child
A gaurdian is allowed to open maximum two accounts in the name of two different Girl children. One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. However in case 1st birth results in twin girl child, and 2nd birth also results in a girl child, then account can only be opened for the two girl child born in 1st birth. |
| Where to open Account | Sukanya Samriddhi account can be opened in Post Offices or authorised Banks (State Bank of India, Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, Andhra Bank, UCO Bank, and Allahabad Bank, to name the few). |
| Mode of Deposit /Investment | Cash, Cheque, Demand draft, Online payment. All methods are acceptable. |
| Withdrawal under the scheme: | No Premature Withdrawal is permitted.
However, maximum up to 50% of deposit amount can be withdrawn for higher education of girl child, once she reaches 18 years of age, or passes 10th standard, whichever happens earlier. The actual withdrawal will be limited to the fees payable, and fee slip will have to be produced to make this withdrawal. |
| Tenure of the Scheme | Deposit needs to made until 15 years from opening of account.
Deposit under scheme will mature 21 year after opening of the account. |
| Termination of the Scheme: | Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier.
Account can be continued after the marriage of girl child, if she wishes to do so; until 21 years from date of opening the account. In case after maturity of the account (21 years) the account is not closed, balance will not earn any further interest. |
| Transfer of account | The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands. |
| Website |
NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.https://india.gov.in/sukanya-samriddhi-yojna