Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) stands as a beacon of financial empowerment for the girl child in India. Launched in January 2015 under the Beti Bachao Beti Padhao campaign by the Ministry of Finance, this scheme aims to secure the future of young girls by facilitating savings for their education and marriage expenses. It embodies the government’s commitment to gender equality and financial inclusion, encouraging parents to invest in their daughters’ futures from an early age.

Accessible through Post Offices and select banks, including HDFC Bank, Axis Bank, and ICICI Bank, SSY allows parents or legal guardians to open an account for a girl child below the age of 10. With a modest minimum investment of ₹250 per annum and a generous maximum investment limit of ₹1,50,000 per annum, families can tailor their savings strategy to suit their financial capacity and aspirations. Moreover, the tax benefits associated with SSY, including tax exemption on the principal amount and interest earned, make it an attractive avenue for long-term financial planning.

Since its inception, SSY has garnered significant participation, with over 2.73 crore accounts opened and nearly ₹1.19 Lakh Crore in deposits. The scheme’s popularity underscores its effectiveness in encouraging savings and fostering a culture of financial responsibility towards girls’ education and marriage. As SSY continues to empower families across India, it remains a testament to the transformative impact of targeted financial initiatives in advancing gender equality and socioeconomic development.

Here are the benefits of the Sukanya Samriddhi Yojana (SSY) listed as points:

1. Minimum Investment: ₹250 per annum.
2. Maximum Investment: ₹1,50,000 per annum.
3. Maturity Period: 21 years.
4. Competitive Interest Rate: Currently at 8.0%, the highest among all Small Savings Schemes.
5. Tax Benefits: Principal amount, interest earned, and maturity benefits are tax-exempt under Section 80C.
6. Account Portability: SSY accounts can be transferred anywhere in India from one post office/Bank to another, offering flexibility to account holders.
7. Post-Maturity Interest: Interest payments continue even after maturity if the account remains open, ensuring continued growth of funds.
8. Premature Withdrawal: Account holders can withdraw up to 50% of the investment after the child reaches 18 years of age, irrespective of marital status, providing financial flexibility for unforeseen needs.

Here are the eligibility criteria for the Sukanya Samriddhi Yojana (SSY) listed as points:

1. Guardian Opening the Account: The account can be opened by one of the guardians in the name of a girl child.
2. Age of the Girl Child: The girl child must be below the age of ten years as of the date of opening the account.
3. Single Account: Every account holder shall have a single account under this Scheme, ensuring simplicity and focus on individual savings goals.
4. Maximum Two Girl Children: An account under this Scheme may be opened for a maximum of two girl children in one family.
5. Exception for Multiple Births: More than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
6. Further Exception: The above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.

These eligibility criteria ensure that SSY remains inclusive and accessible to families while also addressing specific circumstances to support the financial well-being of girl children across India.

Here’s the application process for opening a Sukanya Samriddhi Yojana (SSY) account offline, listed as steps:

1. Visit the bank or Post Office: Go to the bank or Post Office branch where you wish to open the SSY account. Choose a location that offers SSY services and is convenient for you.
2. Fill out the application form: Complete the SSY account opening form provided by the bank or Post Office. Ensure all necessary information is accurately filled in and attach any required supporting documents.
3. Make the first deposit: Pay the initial deposit amount in cash, check, or demand draft as per your preference. The deposit amount can range between Rs. 250 and Rs. 1.5 lakh, complying with the scheme’s investment limits.
4. Submission and processing: Submit your completed application form along with the initial deposit payment to the bank or Post Office staff. They will process your application and payment promptly.
5. Account activation: After successful processing, your SSY account will be activated. You will receive a passbook for the account, serving as an official record of the account’s opening and subsequent transactions.

By following these steps diligently, you can open an SSY account offline with ease, ensuring a secure financial future for the girl child under your care.