Sukanya Samriddhi Yojana: Know its Benefits, Launch Date & Eligibility | Important Points of SSY for UPSC, SSC & Govt Exams

10 Feb, 2022 Author: Saumya Jaiswar

Sukanya Samriddhi Yojana | Launch Date of SSY: The advantage of Sukanya Samriddhi Yojana is that it offers many other benefits along with high interest. PM Narendra Modi launched this scheme on January 22, 2015, under the Beti Bachao, Beti Padhao campaign. For the current quarter i.e. January-March 2022 quarter, the scheme is getting an interest rate of 7.6 per cent. This scheme is only for a girl child and can be opened for 2 girls or 3 in the case of twin girls. For this accounts can be opened in authorized banks and post offices. Parents can open a Sukanya Samriddhi Account with the State Bank of India.

Also see: UPSC Exam Date, Syllabus, Exam Pattern and more 2022.

Benefits of Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana( सुकन्या समृद्धि योजना ) introduced as part of the Beti Bachao, Beti Padhao Yojana initiative, provides investors with a range of benefits. Some of the important benefits of this scheme are as follows:

High-Interest Rate- This yojana offers a higher fixed rate of return (currently 7.6% per annum for Q4 FY (2021-22) as compared to other government tax saving schemes.
Returns- Since SSY is a government-initiated scheme, it provides guaranteed returns.
Tax Benefit of Yojana- SSY provides tax deduction benefits under Section 80C up to Rs. 1.5 lakh annually.
Flexible and Easy Investment- One can make a minimum deposit of Rs. 250 in a year and a maximum deposit of Rs. 1.5 lakh in a year. This ensures people with different financial parameters can invest accordingly.
Benefit of Compounding- Sukanya Samriddhi Yojana (SSY) is a great long-term investment scheme as it provides the benefit of annual compounding. So, even small investments will give great returns over the long term.
Convenient Transfer- SSY account can be freely transferred from one part of the country to another (bank/post office) in case of transfer of parent/guardian operating the Sukanya Samriddhi Account.

Sukanya Samriddhi Yojana (SSY) Eligibility

Only parents or legal guardians of a single girl child can open an SSY account
The girl child has to be below the age of 10.
Only one account can be opened in the name of a girl child
Only two accounts are allowed for a family i.e. one for each girl child.

Important Note: Sukanya Samriddhi Account can be opened for more than two girls in some exceptional cases

If a girl child is born before the birth of twin or triplet girls or if triplets are born at first, then a third account can be opened.
If a girl child is born after the birth of twin or triplet girls, a third SSY account cannot be opened.

Which documents are required to Open SSY Account

Birth certificate of the beneficiary.
Address proof and ID proof of the guardian or parents of the beneficiary.
To open an account, the parent or guardian has to fill out the account opening form along with the address and ID proof of the parent or guardian along with the initial amount and submit it to the nearest SBI branch.

Salient Features of the Sukanya Samriddhi Yojana

The minimum deposit amount in a financial year is Rs 250 and the maximum deposit is Rs 1.5 lakh.
The account of the girl child can be opened till she reaches the age of 10 years.
Only one account can be opened in the name of the girl child.
Account opening facility is available in authorized banks and post offices.
Withdrawal allowed for higher education of the account holder.
The account can be transferred from one post office/bank to another anywhere in India.
It will mature after a period of 21 years from the date of opening.
The deposit is deductible under section 80C of the IT Act.
Section 10 of the IT Act exempts the interest earned in the account from income tax.
Deposits can be made for a maximum period of 15 years from the date of account opening.
The account may be closed early if the account holder dies or due to exceptional humanitarian reasons.

Sukanya Samriddhi Yojana: How to Invest

You can invest in this scheme through your nearby post office or designated branches of participating public and private banks. You will need to submit KYC documents like Passport, Aadhaar Card, etc. along with the required form and initial deposit by cheque/draft.

Investors will have to fill out the Sukanya Samriddhi Yojana (SSY) Application Form, which can be obtained by visiting a nearby post office or participating public/private sector bank. Alternately, you can also download the SSY New Account Application Form from the following sources:

The Reserve Bank of India official Website
The India Post official Website
Individual websites of public sector banks (SBI, PNB, BoB, etc.)
The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank and HDFC Bank)

For More Information Log on to the Official Website of Sukanya Samriddhi Yojana. Click Here