Sukanya Samriddhi Yojana

Ritika

The Sukanya Samriddhi Yojana (SSY) is a prominent government-backed savings scheme launched in 2015 as part of India's "Beti Bachao, Beti Padhao" initiative. Designed to empower girl children, it provides a dedicated avenue for parents and legal guardians to build a significant corpus for their daughters' higher education and marriage expenses.

The key benefits of the SSY scheme:

SSY accounts offer 8.2% interest, higher than many savings schemes.
Interest compounds annually; it continues after 15 years until maturity.
Contributions qualify for tax deductions up to ₹1.5 lakh under Section 80C.
Interest earned and withdrawals at maturity are tax-exempt, offering triple tax benefits.
SSY is a government-backed scheme ensuring secure returns, promoting girl child welfare.
Parents can open accounts for girls under 10, with deposits from ₹250 to ₹1,50,000 yearly.
Partial withdrawals allowed for education or marriage after age 18 or passing 10th grade.
Accounts can close early under certain conditions like death or financial stress.
SSY accounts can be opened at banks or post offices, transferable within India.
Online payments and calculators help plan investments and estimate returns effectively.

Eligiility Criteria & Account Features:

SSY accounts are for girls under 10 years old.
They can be opened at banks or Post Offices.
Families can open up to two accounts, one for each girl.
Exceptions exist for twins or triplets from the same birth.
Minimum deposit is ₹250; maximum is ₹1,50,000 per year.
Deposits must be made for 15 years after opening the account.

How to apply for this:

To apply for Sukanya Samriddhi Yojana (SSY), visit any authorized bank or post office.
Currently, SSY accounts cannot be opened online; a physical visit is needed.
Get and complete Application Form-1 at the bank or post office. Staff can help.
Required documents include the girl child's birth certificate and parent’s ID proof.
You also need residence proof and the filled scheme opening document.
For twins/triplets, include a medical certificate; for guardians, provide an Adoption Certificate.
The first deposit must be made; minimum is ₹250, maximum is ₹1,50,000 yearly.
After processing, you’ll receive a passbook for your SSY account.
Online contributions are possible after account creation via apps like IPPB.

Final Thoughts
The Sukanya Samriddhi Yojana (SSY) is a great investment for parents. Although interest rates may change, the plan is safe and backed by the government. It offers tax benefits and helps secure a financial future for daughters. This makes it a smart choice for preparing for important life events when they turn 18.