The Indian government launched the Sukanya Samriddhi Yojana (SSY) in an effort to protect girls’ futures and persuade parents to support their daughters’ education and marriage. Introduced as part of the Beti Bachao, Beti Padhao campaign, this savings plan has many advantages. n Panipat, Haryana, it was introduced on January 22, 2015.
Benifits:
- High Interest Rates: One of the most significant advantages of SSY is the attractive interest rates. The interest rates are typically higher than those offered by regular savings accounts, ensuring substantial growth of the invested amount. Currently Interest rate is 8.0%.
- Tax Benefits: Section 80C of the Income Tax Act provides tax benefits for contributions made to the Sukanya Samriddhi Yojana. Tax-efficient investing since both the interest generated and the maturity amount are tax-exempt.
- Long-term Investment: Sukanya Samriddhi Yojana has a 21-year duration, making it a long-term investment. For parents who want to save for their daughter’s future marriage or higher education, this makes it the perfect option.
- Flexible Deposit Options: The scheme allows flexible deposit options, enabling parents to contribute as per their financial capabilities. The minimum annual deposit is Rs. 250, while the maximum is capped at Rs. 1.5 lakh.
Eligibility:
- Age of the Girl Child: The girl child must be under 10 years old to register a Sukanya Samriddhi Yojana account. This guarantees parents enough time to put money down for their daughter’s future pursuits.
- Residential Status: Citizens of India are eligible for the Sukanya Samriddhi Yojana, making it open to citizens all over the nation.
- Number of Accounts: For each girl child, a household may open a single Sukanya Samriddhi Yojana account. This guarantees that the program is popular and helps a greater segment of the population.
Application Process:
- Visit the Nearest Authorized Bank or Post Office: To open a Sukanya Samriddhi Yojana account, visit the nearest authorized bank or post office. The list of authorized banks is available on the official government website.
Fill the Application Form: Obtain the Sukanya Samriddhi Yojana application form from the bank or post office. Fill in the necessary details such as the girl child’s name, parent’s details, and address.
Submit Required Documents: Along with the filled application form, submit the necessary documents such as the girl child’s birth certificate and the KYC documents of the parent or guardian.
Deposit the Initial Amount: Make the initial deposit, which can be as low as Rs. 250, to activate the Sukanya Samriddhi Yojana account.
Collect the Passbook: Once the account is activated, the bank or post office will provide a passbook. This passbook will serve as a record of all transactions and the balance in the Sukanya Samriddhi Yojana account.
Sukanya Samriddhi Yojana account opening form looks like below:
Documents Required:
Birth Certificate of the Girl Child: A copy of the girl child’s birth certificate is required as proof of age.
Identity and Address Proof of the Parent/Guardian: KYC documents such as Aadhar card, passport, or voter ID of the parent or guardian are necessary for verification purposes.
Passport-sized Photographs: Submit passport-sized photographs of the girl child and the parent or guardian along with the application form.
Withdrawl Process:
The SSY account passbook and the properly completed withdrawal form must be turned in to the bank or Post Office branch where the account is kept.
Certain requirements must be met in order to make a claim or withdraw early, such as paying for the girl child’s further education once she becomes 18 or for marriage-related costs.
If the girl is over 18 or has completed the tenth grade, she may additionally withdraw up to 50% of the account’s balance at the conclusion of the previous fiscal year to cover educational costs like fees or other similar charges. An official admissions offer from an educational institution or a fee slip serving as documentation must be included with the application.
Conclusion:
Sukanya Samriddhi Yojana is a beacon of hope for parents aiming to provide a secure future for their daughters. With its attractive interest rates, tax benefits, and flexible deposit options, it stands as a commendable initiative by the government to empower the girl child. By understanding the eligibility criteria, benefits, application process, and required documents, parents can make informed decisions and pave the way for a brighter future for their daughters. Open a Sukanya Samriddhi Yojana account today and embark on the journey of securing your daughter’s dreams.