Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a government-sponsored scheme, it is launched for the benefit of the girl child. With assured return income and tax exemptions available, this scheme is the ideal option for the parent or legal guardian of a girl child, to provide for her higher education and/or marriage and secure her financial future. Sukanya Samriddhi Yojana (SSY) account can be opened by her parent/ legal guardian in the name of a girl child under the age of 10 years.

Eligibility for Sukanya Samriddhi Yojana Account

  • Only parents or legal guardians of the girl child are allowed to open a Sukanya Samriddhi account in the name of the girl.
  • The age of the girl child should be less than 10 years at the time of account opening. The account shall be operational till the age of 21 years.
  • Maximum of Rs.1, 50,000 can be invested annually.
  • A single girl child cannot have more than one Sukanya Samriddhi account.
  • Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.

What are the benefits to invest?

  • Sukanya Samriddhi  Yojana scheme has a higher rate of interest as compared to fixed deposit
  • This scheme is authorized by the ministry of finance. Hence, it is highly reliable to invest in this scheme.
  • An eligible person can invest a minimum amount of Rs.250. However, the maximum amount cannot be more than Rs.1,50,000 in one financial year.
  • Deduction Under section 80C and a tax benefit of Principal invested, the interest earned as well as the maturity amount is tax-free. 

What are the benefits to invest?

  • Returns: The interest rate of 8.4% per annum. However, Interest rates can be changed by the Government of India
  • Amounts invested into the scheme have a lock-in period of 21 years from the date of account opening. Any premature withdrawal is subject to tax.
  • The girl child must be below the age of 10 years at the time of opening an account.
  • Deposits shall be made till completion of 15 years, from the date of opening of the account.
  • The amount invested can be withdrawn partially after the account holder attains 18 years of age.

What are the Documents required to open the account?

  • SSY Account Opening Form
  • Birth Certificate of girl child 
  • Identity proof
  • Residence proof
  • Premature closure of Sukanya Samriddhi Account

An account can be closed by a girl child on attaining the age of 18 years for the purpose of marriage expenses. However, there are some cases where an account can be closed and the respective amount can be withdrawn:

The untimely death of the account holder:

In case the girl child dies due to any reason, the parents or the legal guardian are eligible to claim the final amount on the account and accrued interest as well. The amount will be given to the nominee of the account immediately. Also, the parents or legal guardians are required to submit the relevant documents verifying the death such as the death certificate of the account holder duly attested by the concerned authorities.

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