The Sukanya Samriddhi Yojana (SSY) is a dedicated savings initiative established by the Ministry of Finance exclusively for girls. Prime Minister Narendra Modi launched SSY in 2015 as part of the Beti Bachao Beti Padhao campaign. The scheme is designed to cover the educational and wedding expenses of a female child.
The Sukanya Samriddhi Yojana encourages parents to establish a fund for the future educational and matrimonial expenses of their daughters. The account can be initiated by a parent or legal guardian of the girl child, who must be under the age of 10 years.
Can A Non-Resident Indian (NRI) Avail The Sukanya Samriddhi Scheme?
According to the information available on the official portal of myScheme, a national platform that aims to offer one-stop search and discovery of the government schemes, as of now NRIs are not covered under the Sukanya Samriddhi Yojana. Eligibility for the scheme is listed below;
Sukanya Samriddhi Scheme: Eligibility
- The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.
- Every account holder shall have a single account under this scheme.
- An account under this scheme may be opened for a maximum of two girl children in one family:
– Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
– Provided further that the above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.
SSY Features & Sukanya Samriddhi Yojana Interest Rate 2023
- The minimum investment is Rs 250 per annum; The maximum investment is Rs 1,50,000 per annum.
- The maturity period is 21 years.
- At present, SSY has several tax benefits and the highest rate of interest among all the small savings schemes i.e. 8.0% (for the period October 01, 2023- December 31, 2023).
- The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt under Section 80C.
- The account can be transferred anywhere in India from one post office/bank to another.
- Interest payment even after maturity if the account is not closed.
- A premature withdrawal of up to 50% of investment is allowed after the child reaches the age of 18 years even if she is not getting married.
- 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 a girl child after her attaining the age of 18 years.
How To Open Sukanya Samriddhi Yojana Account?
A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or post office branch. To open the account, complete the steps outlined below:
- Go to the bank or post office where you want to open the account.
- Fill out the application form with the necessary information and attach any supporting papers.
- Pay the first deposit in cash, check, or demand draught.
- The payment can range between Rs 250 and Rs 1.5 lakh.
- Your application and payment will be processed by the bank or the post office.
- After processing, your SSY account will be activated.
- A passbook will be created for this account to commemorate the account’s opening.
Sukanya Samriddhi Yojana: Documents Required
- Birth certificate of the girl child
- Photo ID of applicant parent or legal guardian
- Address proof of applicant parent or legal guardian
- Other KYC proofs such as PAN, and Voter ID.
- SSY account opening form.
- A medical certificate has to be submitted in case multiple children are born under one order of birth.
- Any other documents that are requested by the bank or post office.
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