As parents, we all dream of our girls’ bright future. But despite life’s uncertainty, protecting their financial stability might feel like a difficult responsibility. This is where the Sukanya Samriddhi Yojana (SSY) enters, working as a protector. I am myself enjoying its large benefits.
Eligibility for Sukanya Samriddhi Yojana (SSY)
Secure your girl’s future: You can open a Sukanya Samriddhi account if…
- Your daughter/girl is under 10 years old (a bonus: twins too!)
- You’re her guardian (parent, grandparent, adoptive parent)
- You invest between Rs.250 and Rs.1.5 lakh annually
- You commit to saving till she’s 21 or gets married after 18.
Make her future bright, unlock high interest, and enjoy tax benefits. As I have opened this account for my daughter, I don’t need to worry about her marriage.
Key pointers of Sukanya Samriddhi Yojana (SSY)
- High-interest rate: The current interest rate for SSY is 8.40% per term, which is so much higher than most other savings choices.
- Tax benefits: Deposits up to ₹1.5 lakh per year under SSY are qualified for a reduction under Section 80C of the Income Tax Act, 1961.
- Flexible deposits: Parents can put any amount between ₹250 and ₹1.5 lakh per year.
- Guaranteed maturity amount: The maturity amount is insured and protected by the government.
- Lock-in period: The account develops in 21 years, or when the girl child turns 21, whichever comes before.
With this yojana, we, I mean our daughter will get a surplus amount which she can use. This is much better than LIC insurance.
How to apply for Sukanya Samridhi Scheme?
If you want to open a Sukanya Samriddhi account, then:
1. Visit any bank or post office.
2. Fill the SSY form and bring:
a) Girl’s birth certificate.
b) Your ID proof.
3. Minimum deposit – Rs. 250, max – Rs. 1.5 lakh yearly.
4. Deposits are allowed till the girl becomes 14 years old.
5. Account matures on her 21st birthday.
Simple! Secure future for your girl child.
Benefits of Sukanya Samriddhi Yojana (SSY)
Following are the benefits;
1. The yojana gives a safe and long-term business option for the parents or guardians of a female baby, with very high returns and tax benefits.
2. The idea encourages the parents or caretakers to save for the future needs of the female child, such as schooling and marriage and reduces the financial load on them.
3. The project also empowers the female baby by providing her a feeling of control and freedom, since she can handle the account herself after reaching the specific age.
4. The scheme also promotes the social and gender equality of the girl child, by stopping the practices of female foeticide and child marriage, and by supporting the education and development of the girl child.
I have answered your queries in the form of FAQs ( frequently asked questions) also. Please read them to clear your doubts if there are any.
Also Read
Sukanya Samriddhi Yojana FAQ
1. Who can open an SSY account?
– Any legal parent of a girl child who is less than 10 years old at the time of account starting can open an SSY account.
2. What are the tax benefits of SSY?
– Deposits/money up to ₹1.5 lakh per year under SSY are qualified for a reduction under Section 80C of the Income Tax Act, 1961. I mean while paying income tax, on this money, you will not have to pay any tax.
3. Can I take money from an SSY account before maturity?
– Yes, you can take money from an SSY account before maturity, but there are some limits. You can take up to 50% of the amount in the account for the girl child’s higher schooling or marriage. You can also remove the full amount in the event of the girl child’s death.
4. What is the maturity time of an SSY account?
– The age period of an SSY account is 21 years, or when the girl child turns 21, whichever is earlier. I mean, we or I can take our money back when your daughter becomes 21 years old.
5. Is there a punishment for hasty shutdown of an SSY account?
– Yes, there is a punishment for quickly closing an SSY account. The punishment is equal to the interest that would have earned on the amount removed for the remaining time of the account.