Sukanya Samriddhi Yojana | Eligibility - Minimum and Maximum Deposit - Key Features and Objectives of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India specifically designed for the benefit of the girl child. Launched by the Government of India on January 22, 2015, under the Beti Bachao, Beti Padhao campaign, SSY encourages parents to build a corpus for their daughter's future education and marriage expenses.

Key Features and Objectives of Sukanya Samriddhi Yojana:

1. Eligibility: Parents or legal guardians can open an SSY account in the name of their girl child below the age of 10 years. A maximum of two accounts can be opened for two different girl children in a family.

2. Account Tenure: The account matures when the girl child attains the age of 21 years from the date of opening the account. The account can be closed prematurely after the girl child reaches the age of 18 years, provided she is married.

3. Minimum and Maximum Deposit: The minimum deposit amount in an SSY account is ₹250 per year, and the maximum deposit allowed is ₹1.5 lakh in a financial year. Deposits can be made for 15 years from the date of opening the account.

4. Interest Rate: The interest rate on SSY is revised quarterly and is generally higher than the rates offered on other small savings schemes. The interest is compounded annually.

5. Tax Benefits: Contributions made under SSY are eligible for tax deductions under Section 80C of the Income Tax Act, making it an attractive tax-saving investment option.

6. Withdrawals: Partial withdrawals of up to 50% of the balance at the end of the preceding financial year can be made for higher education or marriage purposes after the girl child attains 18 years of age.

7. Transferability: The SSY account can be transferred from one post office or bank to another or from one place to another within the same bank or post office.

8. Promotion of Girl Child Welfare: The scheme aims to promote the welfare of the girl child in India, encouraging families to save for their daughters' future financial needs, especially education and marriage.

Sukanya Samriddhi Yojana has been instrumental in encouraging families to save for their daughters' education and future, empowering them to pursue higher studies and achieve financial independence. It also plays a crucial role in promoting gender equality and the overall socio-economic development of the country.