Does your thought process turnouts to be blank at a few points? Are you worried about the plans for your little cutie? Now, you at all will not have to ask for help from anyone at the cost of a little bit of investment at regular intervals. Yup! You heard it right. We are here with the complete & clear information about Sukanya Samriddhi Yojana that has been made to take away all your worries. So, please be with me throughout this guide and make yourself updated!
Contents
- What is Sukanya Samriddhi Yojana?
- What made the government launch this policy?
- When and where can you open the Sukanya Samriddhi Yojana Account?
- Must know when you are to open Sukanya Samriddhi Yojana Account
- What about the way to deposit Amounts?
- Benefits of Sukanya Samriddhi Yojana Account
- Premature Withdrawal process here in Sukanya Smriddhi Yojana
- Conclusion
What is Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana is a big bang government-backed policy. The policy is launched with the intention to support your girl child financially with your multiple small deposits. This policy has a role to play with the ‘Beti Bachao Beti Padhao’ campaign. The scheme backs up itself with an income-tax benefit under section 80C. All the returns are tax-free as well making it a big cover story.
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Crisp & complete info on Sukanya Samriddhi Yojana Account |
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| Who can Open | A parent of any girl child aged less than 10 years |
| Where | At any Bank or Post Office |
| Minimum Investment | Rs.250/- in a financial year |
| Maximum Investment | Rs. 1,50,000/- |
| Tax benefit on Investment | Investment in SSYA is eligible for deduction u/s 80C of Income Tax Act |
| Rate of Interest / ROI | 7.6% p.a. (currently in April 2022) |
| Taxability of Interest and Maturity | Interest earned and Maturity withdrawl – are both Tax Exempt / Tax Free |
| Risk | No Risk |
| Lock-in period | Investment in SSYA is locked in for minimum 8 Years or till your daughter turns 18 years old (whichever is later) |
| Maturity Period | Earlier of –
a. 21 years from account opening b. Marriage of girl child after 18 years of age |
| Investment Period | 15 years from account opening i.e. you need to make deposit in SSYA only for 15 years from account opening, after that the SSYA account will continue to earn interest till maturity |
What made the government launch this policy?
To launch Sukanya Samriddhi Yojana (SSY) was the ambition of Prime Minister Narendra Modi. And he made it happen in 2015. The motive behind it is to secure the future of a girl child.
The policy enables a girl child with requirements that could somehow help her to lead the life of her choice and dignity. However, it may only happen only if you use the resources wisely. You know, wisdom is a prize of Education.
When and where can you open the Sukanya Samriddhi Yojana Account?
You can open a Sukanya Samriddhi Account any time after the birth of a girl child till she turns out to be aged 10. The account will remain operative for 21 years from the date of its opening or till the date of her marriage after she turns out to be aged 18.
In order to open the Account, you need to visit your nearest Bank or Post office branch. How easy it is!
Must know when you are to open Sukanya Samriddhi Yojana Account
You can only open and operate a single account in the name of your girl child. Two accounts can’t be there for the same one. The parents or legal guardians of that girl child can open this account with a notified bank or post office.
The birth certificate of the girl child is to be submitted by the guardian at the time of her account opening. Along with it, other documents relating to identity and residence proof of the depositor are also required by the guardian.
What about the way to deposit Amounts?
To maintain the account active, a minimum deposit of Rs 250 is mandatory in each financial year. Making it to the maximum investment, you are only permitted for Rs 1.5 lakh per annum investment up to the end of the 15th year from the account opening.
Benefits of Sukanya Samriddhi Yojana Account
Several benefits make Sukanya Samriddhi Yojana one of the safest and highly rated investment. Let’s have a glance over a few of them!
- Highest interest rate among all Govt. backed Investment schemes
- Guaranteed returns – safest investment with zero Risk
- Tax Benefit – EEE Category Investment – i.e. Investment – Interest and Maturity – are all tax EXEMPT
- Benefit of compounding – annually
- Flexible investment – no need to deposit fixed amount every year. Investment can be between Rs. 250 to Rs. 1.5 Lakhs in a Financial Year
Premature Withdrawal process here in Sukanya Smriddhi Yojana
You would be glad to hear the information that you can close / make premature withdrawls from Sukanya Samriddhi Account in following conditions
- Daughter has completed 18 years of age and she is married.
- Untimely death of the girl child (who is the registered holder)
- Inability to continue the account
Conclusion
We have been all set here to make you familiar with the most wanted information regarding Sukanya Samriddhi Yojana. We just hope that the information in the bulletin is quite handy and it will help you to be decisive in the matter. Let’s feel proud that our government has tendered us the opportunity to bring a smile to the face of our cuties!
For any queries on related to SSYA or this article, kindly comment below.
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