Sukanya Samriddhi Yojana Benefits 2024: Objective, Features and Top 6 Benefits

Sukanya Samriddhi Yojana Benefits: We will supply you with all the information you need to register an account with Sukanya Samriddhi Yojana 2024 in order to benefit from this scheme and secure your daughter’s future. What is the Sukanya Samriddhi Yojana, for example, and what are the eligibility requirements, perks, and required papers for opening an account under it? We’ll provide comprehensive details on it soon. So please make sure to read this article through to the conclusion.

Also Read: Panchvarshiya Yojana

Sukanya Samriddhi Yojana Benefits 2024

The central government launched the Sukanya Samridhi Yojana to assist parents in raising their daughters well without having to worry about their future. The project covers the girls’ future tuition costs, marriage, and other educational costs. subjects including the definition of the Sukanya Samriddhi Yojana, eligibility requirements, perks, and documentation required to open an account under the program, among others.

This allows annual investments ranging from ₹ 250 to ₹ 1.5 lakh rupees. Currently, the sum deposited into the Sukanya account is earning interest at a rate of 7.6%. Go on reading this post if you’d like more details about the SSY plan.

Sukanya Samridhi Yojana 2024 Overview

Name of Scheme	Sukanya Samriddhi Scheme
Was Started	by the central government
Beneficiaries	Girls under 10 years of age
Objective	Securing the future of daughters
Benefits	Savings for the expenses incurred in higher education and marriage of daughters.
investment amount	Minimum Rs 250 to maximum Rs 1.5 lakh
Current Year	2024
official website	https://www.india.gov.in/sukanya-samriddhi-yojna

Objective of Sukanya Samriddhi Yojana 2024

The government’s primary goal in initiating the Sukanya Samriddhi Yojana is to protect girls’ futures. The parents of low-income households frequently worry about their daughter’s future after she is born. The cost of their daughter’s education and marriage worries them constantly. To alleviate of all these worries, the government has launched the Sukanya Yojana.

Any parent from a low-income family can start a savings account and make investments in it for their daughter’s bright future with ease thanks to this initiative. This will guarantee that the daughters won’t have to worry about money when they grow up and that they can become independent.

Also Read: Medhavi Chhatra Yojana

Features of Sukanya Samriddhi Yojana (SSY)

• Prime Minister Narendra Modi launched the Super Sisters Youth Scheme for the nation’s girls.
• 50% of the remaining amount may be subtracted from the daughter’s tuition costs until she turns eighteen.
• The girl’s parents may keep the savings account they started under this method until she turns ten.
• The girl’s parents opened the account, and she can deposit a minimum of ₹250 and a maximum of ₹1.5 lakh annually.
• For accounts opened under the Sukanya Yojana, the account holder must fund the account for at least 15 years.
• Half of the funds deposited in this account will be available for the parents to withdraw for their daughter’s further education after the girl turns eighteen.
• Once the girl’s name is opened, there is an annual penalty of ₹50 if money is not deposited into the account.
• Within the framework of the SSY plan, investors get interest at a 7.6% rate.
• You also receive tax exemption in accordance with the Income Tax Act upon creating an account under this program.
• Two girls from a single family may open accounts under the Sukanya Yojana.

Sukanya Samriddhi Yojana Top 6 Benefits Benefits 2024

Need a small amount of INR 250 to open a

An SSY account must be opened with a minimum deposit of INR 250 (it was INR 1,000 previous to July 5, 2018). You may make a deposit of up to INR 1.5 lakh. After 15 years of account opening without any deposits, the account will be labelled as “Account under default.” Please be aware of this. If you fail to make a deposit, you will have to pay a fine of INR 50 every year to reactivate the account. Reactivation is possible up to 15 years after account opening.

Helps save for your girl child’s educational expenses

You may register an SSY Account for a maximum of two daughters if you are the parent or legal guardian of a girl under the age of ten. This is the major perk. The daughter may withdraw fifty per cent of the leftover funds from her school costs until she turns eighteen. Proof of entrance must be provided.

The Triple Tax Benefits You cannot ignore

Should the aforementioned arguments prove insufficient, the programme presents irresistible tax advantages. 

• Section 80C of the Income Tax Act allows for a deduction of up to INR 1.5 lakh for deposits.
• Taxes do not apply to the interest generated on the deposit. Every year, the interest compounded.
• Taxes do not even apply to the amount you receive at maturity.

Attractive interest rates

Among the top interest rates offered on small savings plans for accounts opened between October 1, 2018, and December 31, 2018, is 8.6% interest.

You simply have to make a 15-year deposit

After the first 15 years, you are under no need to make any more deposits until the deposit matures, which occurs 21 years after the account was opened. The interest on the deposit will keep coming in. 

With some restrictions, early withdrawal is allowed.

After five years of maintaining a deposit account, early withdrawals are permitted if the post office or bank determines that the illness or death of a guardian is negatively impacting the financial situation of the female child as a result of account maintenance. Premature withdrawal is acceptable, even in the case of a parent or guardian dying.

Also Read: Gruha Jyoti Yojana Karnataka

FAQs

Q. What is the Sukanya Samridhi Yojana account opening process?

Ans: The Sukanya Yojana allows you to open an account for your daughter’s bright future. To do so, visit the bank or post office that is closest to you.

Q.  Is it possible for me to cancel my Sukanya Samriddhi account?

Ans: To close a Sukanya Yojana account, all requirements listed on this page must be fulfilled.

Q. 3. What paperwork is needed to start a Sukanya account?

Aans: To open an account under the Sukanya Yojana, you will need the following documents: the application form for the Sukanya Samriddhi Yojana, the birth certificate of the girl child, the parent’s Aadhaar card, the PAN card, the identity card, the passport-sized photo, and any other paperwork required by the bank or post office.

Q: What is the Sukanya Samriddhi Yojana helpline number?

Ans: You can acquire information on this initiative by calling its hotline number, 18002666868, which is a toll-free number.

@MAN