Sukanya Samriddhi Yojana – Complete Details you need to know
Sukanya Samriddhi Yojana is a special initiative for the girl child. The scheme aims to encourage savings for the girl child. Sukanya Samriddhi Yojana is an ambitious scheme of Narendra Modi with the idea of “Save for every girl child”. As a part of “Beti Bachao Beti Padhao” campaign, Sukanya Samriddhi Account Scheme is a small saving scheme.The scheme will also encourage the parents to save for the girl child and spend on their education.
Sukanya Samriddhi Yojana (SSY) is a tax-free small savings scheme for the girl child. It was launched on January 22, 2015. Under this scheme parents or the legal guardian of a girl child of age ten years or less can open an SSY account in the name of the girl child in designated branches of public-sector banks or in a post office, with a minimum amount of Rs 1,000. The potential risk is that there is no inflation protection, though the capital is adequately protected.
Objectives of Sukanya Samriddhi Yojana Account
- Entry age
Parents or legal guardian of a girl child who is ten years or less can open an SSY account.The account can be opened in the name of girl child till she attain the age of 10 years.
- How to open the account
The parent/guardian can approach any post office or bank with the birth certificate of the girl child, along with the ID and address proof of the parent/guardian.
- Only one account can be opened in the name of a girl child.
- Account can be opened in the Post Offices or notified branches of the commercial banks across the country.
- Birth certificate of the girl child in whose name the account is opened must be produced and submitted.
- Account can be opened with a minimum of Rs. 1000/- and thereafter any amount can be deposited in multiples of Rs. 100/-.
- A minimum of Rs. 1000/- has to be deposited in a financial year.
- Interest @ as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
- Maximum Rs. 1,50,000/- can be deposited in one financial year.
- One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses at the rate of 50% of the balance at the credit of preceding financial year.
- The account can be transferred anywhere in India to any post office/bank.
- The account shall mature on the completion of 21 years from the date of opening of the account.