The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in India on January 22nd, 2015, as part of the Beti Bachao, Beti Padhao (Save Daughter, Educate Daughter) campaign. This initiative empowers parents or guardians to secure their daughter's future by saving for their education and other life goals.
Attractive Interest Rates: Currently offering 8.2% interest (as of April 1, 2024), SSY provides competitive returns on your deposits.
Tax Benefits: Deposits qualify for deduction under Section 80C of the Income Tax Act, promoting tax-saving opportunities.
Maturity & Withdrawals: The account matures in 21 years, and after the girl child turns 18, partial withdrawals (up to 50%) are allowed for higher education expenses.
Indian resident girl child below 10 years of age. Only one SSY account can be opened per girl child.
1. Minimum Deposit: Start small with a minimum deposit of just Rs. 250 per year.
2.Maximum Deposit: Contribute up to Rs. 1.5 lakh annually to maximize returns.
3. Deposit Period: Deposits are only required for the first 15 years from account opening.
4. Long-Term Security: Even without further deposits, the account continues to earn interest until maturity.
Premature Closure: Under special circumstances (like medical emergencies), partial withdrawal is possible after the girl child turns 18.
Account Transfer: Easily transfer your SSY account to another bank branch if needed.
Visit your nearest authorized bank branch or post office with the required documents (birth certificate, address proof, etc.) for easy account opening.
Parents (biological or adoptive)
Legal guardian
Birth certificate of the girl child
Identity and address proof of the guardian
Two recent passport-sized photographs of the girl child and guardian
Conclusion
The Sukanya Samriddhi Yojana is a valuable tool for parents and guardians to invest in their daughter's future. With its attractive interest rates, tax benefits, and flexible deposit options, SSY paves the way for girls to achieve their dreams and contribute meaningfully to society.
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