Sukanya Samriddhi Yojana is a deposit scheme for girl child launched by the Govt. of India as a part of the scheme " Beti Bachao, Beti Padhao " campaign. The scheme was launched in January 2015, and it aims to encourage parents to save money for the future education and marriage expenses of their girl child.
Under this scheme, parents or legal guardians can open a savings account in the name of the girl child until she attains the age of 10 years. The account can be opened in any post office or authorized branches of commercial banks across India.
Those who wants to open an account has be opened with a minimum deposit of Rs. 250 and a maximum of Rs. 1.5 lakh per Year. The account will earn a higher rate of interest compared to other savings schemes, and the interest rate is revised by the government every quarter.
The scheme also offers tax benefits under Section 80C of the Income Tax Act, and the maturity amount is tax-free.
The account will mature after 21 years from the date of opening the account or when the girl child gets married after attaining the age of 18 years. However, partial withdrawal up to 50% of the account balance is allowed after the girl child attains the age of 18 years for higher education or marriage expenses.
Sukanya Samriddhi Yojana interest rates
The interest rate for Sukanya Samriddhi Yojana is set by the Government of India and is subject to change every quarter. The interest rates for Sukanya Samriddhi Yojana for the past few quarters are as follows:
➧ 7.6% per annum (July-September 2021)
➧ 7.6% per annum (April-June 2021)
➧ 7.6% per annum (January-March 2021)
➧ 7.6% per annum (October-December 2020)
➧ 7.6% per annum (July-September 2020)
➧ 7.6% per annum (April-June 2020)
The interest rate for Sukanya Samriddhi Yojana is higher than most other savings schemes in India, making it an attractive investment option for parents who want to secure their daughter's future financially. It is important to note that the interest rate is subject to change, and investors should check the current rate before investing.
Sukanya Samriddhi Yojana required documents
To open a Sukanya Samriddhi Yojana account, the following documents are generally required:
➧ Birth certificate of the girl child
➧ Identity proof of the parent or legal guardian (Aadhaar card, Voter ID, PAN card, etc.)
➧ Address proof of the parent or legal guardian (Aadhaar card, Voter ID, Passport, etc.)
It is advisable to carry the original documents for verification purposes along with self-attested photocopies of the same.
If the account is being opened through a post office, the application form along with the required documents should be submitted at the post office. If the account is being opened through a bank, the application form can be downloaded from the bank's website, and the completed form along with the required documents can be submitted at the bank branch.
It is important to note that the specific document requirements may vary slightly depending on the institution where the account is being opened. It is best to check with the post office or bank for the exact list of required documents.
Sukanya Samriddhi Yojana benifits
➧ Sukanya Samriddhi Yojana (SSY) offers several benefits to parents who want to secure their daughter's future financially. Here are some of the main benefits of the scheme:
➧ High rate of interest: The scheme offers a higher rate of interest compared to most other savings schemes in India. The interest rate is set by the Government of India and is subject to change every quarter.
➧ Tax benefits apply : The deposits under this Sukanya Samriddhi Yojana also eligible for tax deductions U/S 80C of the Incometax Act. The interest earned and maturity proceeds are also tax-free.
➧ Long-term savings: The scheme is designed to encourage parents to save for their daughter's future education and marriage expenses. The account matures after 21 years from the date of opening or when the girl child gets married after attaining the age of 18 years.
➧ Flexibility: Partial withdrawal of up to 50% of the account balance is allowed after the girl child attains the age of 18 years for higher education or marriage expenses.
➧ Easy to open: The account can be opened with a minimum deposit of Rs. 250, and the account can be opened in any post office or authorized branches of commercial banks across India.
Sukanya Samriddhi Yojana is an excellent investment option for parents who want to secure their daughter's future financially. It not only offers a higher rate of interest but also provides tax benefits and long-term savings options.
