The Central Government of India led by the Hon’ble Prime Minister Shri Narendra Modi has launched Sukanya Samriddhi Yojana for the girl child of the nation. 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” .
Sukanya Samriddhi Yojana (SSY) is a tax-free small savings scheme for the girl child of the nation. 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.
Objectives of Sukanya Samriddhi Yojana Account
- Parents or legal guardian of a girl child who is ten years or less can open an SSY account.
- 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.
- the Sukanaya Samaradhhi Yojana accounts can be opened in the Post Offices or notified branches of the commercial banks throughout the country.
- Birth certificate of the girl child is to be 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.
- 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 Sukanya Samriddhi Yojana account can be transferred anywhere in the country to any post office/bank.
- The Sukanya Samriddhi Yojana account must mature on the completion of 21 years from the date of opening of the account.