Sukanya Samriddhi Yojana(SSY)
Sukanya Samriddhi Yojana is a long-term savings scheme for the girl child with a focus on higher education and marriage. It is started by Government of India for the benefit of girl child. The main aim of the scheme is to meet the education and marriage expenses of a girl child.
Eligibility for Sukanya Samriddhi Yojana
- The Sukanya Samriddhi Yojana account can be opened in the name of a girl child, by her parents or legal guardians.
- Account can be opened any time before the girl child attains 10 years of age.
- Only one account per girl child is allowed.
Years of contribution
The contributions have to be made for this scheme is for about 15 years. The maturity period of this scheme is 21 years from the account opening or upon her marriage after attaining 18 years. Thereafter, the sukanya samriddhi account will continue to earn interest until maturity, even when no deposits are made into it.
Interest rate of Sukanya samriddhi Scheme
The current rate of interest offered by Sukanya Samriddhi Yojana scheme is 7.6% compounded annually.
Where can Sukanya samriddhi account be opened?
Account can be opened in Post offices or in any authorized banks.
How much money needs to be deposited?
Minimum deposit of rupees 250/– and Maximum deposit of rupees 1.5 Lakh in a financial year has to be made.
Can parents withdraw Sukanya samriddhi
- Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
- The account can be prematurely closed in case of marriage of girl child after the age of 18 years.
What happens if Father dies in Sukanya Samriddhi Yojana?
The account can be closed prematurely on the untimely death of the accountholder.
Can account is transferable?
The account can be transferred anywhere in India from one Post office/Bank to another.
Benefits of Sukanya Samriddhi Yojana
Interest earned in the account is tax free. The scheme offers an attractive interest rate, tax benefits, and partial withdrawal options.