Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India as part of the Beti Bachao Beti Padhao campaign. It is run jointly by the Ministry of Women and Child Development, the Ministry of Human Resource Development, and the Ministry of Health and Family Welfare.
The scheme is aimed at promoting the welfare of the girl child by facilitating their education and marriage expenses. It ensures the protection and survival of girls plus a reduction in the practice of determination of sex and gender discrimination against children.
Key features of Sukanya Samriddhi Yojana:
Eligibility: The scheme is available for parents or legal guardians of a girl child below the age of 10 years. The girl child must be a resident Indian. In a family, up to two accounts can be opened for two girls. A third SSY account can be opened in the case of twin girls.
Account Opening: Parents or legal guardians can open an SSY account in any post office or authorized branch of commercial banks across India.
Deposit Limit: The minimum and maximum deposit that can be made in an account in a financial year is Rs.500 and Rs.1.5 lakh, respectively. The deposits can be made in multiples of 100.
Duration of the scheme: Deposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.
Interest Rate: The interest rate is set by the government and is typically higher than that offered by other small savings schemes. The interest is compounded annually.
Withdrawal: Partial withdrawals are allowed after the girl child attains the age of 18 years for purposes like education or marriage.
Maturity: Deposits towards the scheme should be made for a period of 15 years. The account matures after 21 years from the date of opening or when the girl gets married after the age of 18.
Tax Benefits: Contributions made to Sukanya Samriddhi Yojana are eligible for tax benefits under Section 80C of the Income Tax Act.
Transfer of account: An SSY account can be transferred from post offices to banks and vice versa anywhere within India. No charges will be levied for the transfer of the account. However, proof of a change in residence must be produced. In case no proof is produced, a Rs.100 charge will be levied.
SSY offers one of the highest rates of interest among small-savings schemes backed by the Government of India. The rate of interest for Sukanya Samriddhi Yojana for the financial year 2023-2024 is 8.0% which is compounded annually.
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