Sukanya Samriddhi Yojana Scheme (SSYS) is a small savings deposit scheme designed for Indian female children. The funds from this saving scheme are made use for a girl child’s higher education or marriage.
Details Of Sukanya Samriddhi Yojana Scheme
- Parents or guardians can open an account in the name of their daughter or a girl child.
- The account must be opened after the child is born and before the child turns 10 years old.
- A person can hold only one account at a time and under this Scheme. They can have 2 girl children under this scheme. If the first birth is triplets or the second birth is twins, then 3 children can apply under this scheme.
- To open an SSYS account, go to a post office or any authorized commercial bank. (For example, ANDB, PNB, SBI, etc.).
- A girl child can operate her SSYS account after she turns 10 years old. Deposit is to still be made by her parents.
- Thus, all you need is your daughter’s birth certificate and identity/address proof of the parents/guardians.
Features Of Sukanya Samriddhi Yojana Scheme
- The minimum deposit amount to open an account is INR 1000. Every year, a deposit of INR 1000 must be made and it can be made in multiples of 100. Also, the upper deposit limit is INR 1,50,000 in a financial year.
- From the time you open an SSYS account, you can make deposits up to 14 years.
- The interest rate on this scheme is at 8.6% currently. Also, the interest rate for SSYS is variable from year to year.
- If you do not meet the required deposit of INR 1000/year, then you must pay a penalty of INR 50/year.
- Withdrawals from the account can be made after the girl child turns 18 years old. When that happens, only 50% of the funds can be withdrawn for higher education or marriage.
- The scheme matures if the girl gets married or the account is held for 21 years. Then, the scheme is paid out.
- Deposits made under SSYS will be eligible for income tax exemption under Section 80C.
Benefits Of Sukanya Samriddhi Yojana Scheme
- Easy account to open and maintain.
- Low deposit of INR 1,000/year at a high rate of interest at 8.6%.
- Tax exemption of up to INR 1,50,000 in a year.
- An easy revival fee of INR 50 in case of late or nonpayment.
- Safeguard your daughter’s future.