Sukanya Samriddhi Yojna (SSY) is a government initiated scheme for betterment of girl Childs in India. The scheme aims to save small amount of money every month and build corpus for higher education and marriage of the girl child.
Who can open SSY?
- Parents or legal guardian can open account in the name of girl child.
- Account has to be opened for Girl child below 10 years.
- Only one account opening is permitted for one girl child.
- Parents can open SSY Account for up to two girl children only. Third account for third girl child is permitted only in case of twin girls as second birth.
What are features & benefits of SSY?
- Sukanya Samriddhi Yojna (SSY) offers 7.6% interest rate per annum. Being government led scheme this offers better interest rate than fixed deposits available in the market. The interest rates and features are same across wherever you open your SSY account. Interest rate is decided by the government and changes from time to time.
- Minimum Rs. 250 & maximum Rs. 1.5 Lakh can be invested in one financial year.
- If minimum amount of contribution not done in any year, fine of Rs. 50/- will be levied.
- Deposit into the SSY account can be done in cash, cheque, DD, transfer from savings account or electronic transfer via NEFT/RTGS/IMPS.
- Deposit in the account can be done for 14 years from account opening date.
- Scheme maturity is on completion of 21 years from account opening date. In case of marriage of the girl child before 21 years, account operations are no more permitted and account has to closed and the total funds to be withdrawn.
- Partial withdrawal available for higher education after girl child reaches 18 years.
- Investments in Sukanya Samriddhi Yojna (SSY) qualify for tax deduction under section 80C which is up to Rs. 1.5 Lakh in a financial year. Only one parent can claim tax benefit for the contribution.
- This is a EEE Scheme (meaning all three transactions investment-intest paid-withdrawal are tax-exempted).
- Passbook & statements for the scheme are provided by the facilitating bank/ post office. Many private banks also provide facility of viewing balance/contribution via mobile banking and internet banking to their customers.
Where can I open Sukanya Samriddhi Yojna (SSY) Account for my daughter?
This scheme account can be opened at all designated bank branches and post offices.