Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the benefit of girl child launched by the Government of India as a part of the ‘Beti Bachao Beti Padhao’ campaign.
Parents can open only two accounts if they have two girls but they can’t open more than two accounts if they have more than two girl children.
Parents can open an account under the scheme in any post office or authorized branches of commercial banks.
These accounts have a tenure of 21 years or until the girl child marries after the age of 18.
The scheme is currently providing 7.6% interest and provide income tax benefit under section 80C of the Income Tax Act, 1961.
Parents can open a Sukanya Samriddhi Account any time after the birth of a girl till she turns 10, with the minimum deposit of ₹250 and a maximum of ₹1.5 lakh can be deposited during the ongoing Financial Year.
On the requirement of their daughter’s higher education expenses, parents can partial withdrawal of 50% of the balance after she turns 18.
The government, via Notification No. G.S.R.863(E) dated December 2, 2014, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from the same day.
1. Sukanya Samriddhi Account can be opened by the natural or legal guardian for a girl child of age below 10 years in the name of a girl.
2. The account can be operating till the age of 21 years of girl.
3. A depositor can open and operate only one account in the name of a girl child under the scheme rules.
4. The natural or legal guardian of a girl child is allowed to open the account for two girl children only.
5. The initial investment can start from ₹250 and a maximum of ₹1.5 lakh annually with further deposits in the multiples of ₹100.
Features of Sukanya Samriddhi Yojana
1. The interest rate of the account is 7.6%, which is fully exempt from tax under section 80C of the Income Tax Act, 1961
2. Minimum ₹1000 can be invested in one financial year
3. Maximum investment of ₹1.5 lakh can be made in one financial year
4. A penalty of ₹50 will be charged, if the minimum amount of ₹1000 is not deposited in any financial year
5. Authorized by the Ministry of Finance, it is a Government of India backed savings scheme
6. Passbook will be issued to customers
7. To meet the financial requirements of the account holder for higher education and marriage, the account holder can avail partial withdrawal facility after attaining 18 years of age
8. If the beneficiary is married before the maturity of the account, in this situation the account has to be closed
9. Premature closure of SSY accounts can only be processed in case of death of the girl child or in some particular cases
a) Medical treatment of the girl child against some life-threatening disease
b) Death of the guardian
Documents required for Sukanya Samriddhi Yojana
- Sukanya Samriddhi Yojana Account Opening Form
- Birth Certificate of the girl child (mandatory)
- Identity proof of the depositor (Parent or Legal Guardian) i.e., PAN card, Ration card, Driving Licence, Passport, etc.
- Residence proof of the depositor (Parent or Legal Guardian) i.e., Electricity bill, Telephone bill, etc.