Sukanya Smariddhi Yojana (SSY)- Know the features and benefits of the scheme

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Friends in this article I am discussing about the features and benefits of one of the Government Saving Scheme.  Please read the full article to know the scheme and get the befit of this scheme.

The name of the scheme is “Sukanya Samridhhi Yojana (SSY).

Sukanya Samriddhi Yojana was launched as a part of the “Beti Bachao Beti Padao” campaign. Focus on gender equality and opportunities for the girl child are the main themes of the yojana. Sukanya Samriddhi Scheme facilitates small deposit account for girl child, with yearly interest at the rate announced by the Government and provides income tax exemption under section 80C of the Income Tax Act, 1961. Account can be opened in Post Offices or any notified branch of the commercial Bank particularly PSBs.

Salient Features of Sukanya Samriddhi Account:

1.Account can be opened in the name of a girl child till she attains the age of 10 years.

2. Only one account can be opened in the name of a girl child.

3. Account can be opened in Post Offices and notified branches of Commercial Banks.

4. Birth certificate of a girl child in whose name the account is opened shall be submitted.

5. Account can be opened with a minimum of Rs.1000/- and thereafter any amount in multiple of Rs.100/- can be deposited. 6. A minimum of Rs.1000/- must be deposited in a financial year.

7. Maximum of Rs.1,50,000/- can be deposited in a Financial Year.

8. Interest on balance [at rate notified by the government from time to time] will be calculated on yearly compounded basis and credited to the account.

9. One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses {to the tune of 50% of the balance at the credit of preceding financial year}.

10. The account can be transferred anywhere in India from one post office/Bank to another.

11. Eligible girl child shall be resident Indian citizen.

12. The account shall mature after 21 years from the date of opening or on marriage of girl child under whose name the account is opened whichever is earlier.

13. Documents required for opening Sukanya Samriddhi account are: -

·         Birth certificate of girl child

·         Address proof

·         Identity proof

 

14. One Girl One Account- Depositor cannot open multiple or more than one account in the name of a girl child.

15. Maximum two girls – Natural or legal guardian of a girl child allowed to open one account each for two girl children.

16. Account opening for third girl – Under this scheme natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the First birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

17. No Fixed Interest Rate- Under this scheme Interest rate is not fixed and Government will declare on yearly basis.

18. Term Period – Deposits can be made till completion of fourteen years from the date of opening of the account. The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years. In other words No Deposit for the period from 15th to 21st Year of account.

 

Benefits of Sukanya Samriddhi Account Scheme:

1. Higher Interest Rate

2. Tax Benefit under Section 80C

3. Payment on maturity to girl child.

 4. Interest Payment even after Maturity if account is not closed.

5. Flexibility in Deposits- any number of times amount can be deposited in multiples of Rs.100 subject to maximum limit of Rs.1.50 Lakh per year.

6. Transferable Anywhere in India.

7. Even girl child can operate the account after she attains the Age of 10 Years.

Note: The date of realization of Cheque/demand draft/credit through NEFT/ payment of Cash shall be the date of deposit.