The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the future of a girl child in India. Launched on January 22, 2015, by Prime Minister Narendra Modi as part of the Beti Bachao, Beti Padhao campaign, SSY encourages parents to build a fund for their daughter’s education and marriage.

Key Features of Sukanya Samriddhi Yojana:

• Eligibility: Only a girl child can avail herself of the benefits of SSY. The maximum age of the child should be 10 years. However, a grace period of 1 year is granted.
• Account Opening: The account can be opened by the biological parents or legal guardians of the girl child. One parent or legal guardian can open up to two accounts for their girl children. In case of twins or triplets, the parent or legal guardian can open up to three accounts. The account holder must be an Indian citizen and resident in India at the time of account opening and must remain so until maturity or closure of the account.
• Interest Rate: The current interest rate for SSY is 8.2% per annum. .
• Deposit Amount: The minimum initial deposit is ₹250, and the maximum deposit is ₹1.5 lakh per financial year.
• Maturity Period: The account matures after 21 years from the date of opening. . Partial withdrawals up to 50% of the balance are allowed after the girl child turns 18 or after passing the 10th standard, whichever is earlier, for higher education expenses.
• Tax Benefits: Deposits qualify for tax deduction under Section 80C of the Income Tax Act. Interest earned and maturity proceeds are tax-free.

How to Open a Sukanya Samriddhi Yojana Account:

SSY accounts can be opened at any India Post office or authorized commercial bank branch. The process involves submitting the required documents, including the girl’s birth certificate, and completing the necessary forms.

Benefits of Sukanya Samriddhi Yojana:

• Financial Security: Provides a secure financial future for the girl child, covering education and marriage expenses.
• High Returns: Offers a higher interest rate compared to regular savings accounts.
• Tax Efficiency: Eligible for tax deductions and tax-free returns.

Important Considerations:

• Account Transfer: The account can be transferred anywhere in India and between post offices and banks.
• Premature Closure: Premature closure is allowed for the marriage of the account holder after she turns 18, subject to certain conditions.