Details About Govt’s Sukanya Samriddhi Yojana for Girls
Watch our video for all the details you need to know to about the Sukanya Samriddhi Yojana.
The Sukanya Samriddhi Yojana (SSY) is a government small deposit scheme for a girl child. The scheme encourages parents to build a fund for the future education of their female child. It was launched in 2015 as part of the 'Beti Bachao Beti Padhao' campaign. Here are the details of the scheme
When can the account be opened?
A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10.
Who can open the account?
The parents or legal guardians of a girl child can open this account with a bank or post office in the name of the girl.
How many accounts can be opened?
Only one account can be opened and operated in the name of the girl child. You can't open two accounts for one girl.
Only two SSY accounts are allowed for a family i.e. one for each girl child. (if there are 3 or 4 girls, only 2 are allowed. Rules for twin and triplets girls is different)
How much money to be deposited?
The account can be opened with a minimum of Rs 250. Then a minimum of Rs 250 is mandatory in each financial year. Maximum investment allowed per year is Rs 1.5 lakh. You have to invest every year for up to 15 years from the date of account opening.
What is the interest rate?
SSY offers a higher fixed rate of return. Currently in 2023 the interest rate is 8% per annum. Deposit in the account is to be done for 15 years after opening the account. But thereafter the SSY account continues to earn interest until maturity even if no deposits are made into it.
How long is the account operative?
The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18.
Tax benefit?
The scheme comes with income-tax benefits under section 80C. The returns under the scheme are tax-free as well.
Can the account be closed or transferred?
The account can be permanently closed in case of the account holder (girl’s) death. The balance in the account and interest is paid to the parents. The account can be transferred anywhere in India if the girl child shifts to a place other than the city.
Can money be withdrawn before maturity?
To meet the requirement of the child's higher education expenses, partial withdrawal of 50 per cent of the balance is allowed. The withdrawal will be allowed only when the account holder turns 18. For this, not just a written application, but documentary proof, for example, a confirmed admission offer or a fee slip from college etc is required. Also the withdrawal amount will be restricted to the actual demand of fee and other charges shown in the fee slip. Since SSY is a government-backed scheme, it provides guaranteed returns.
