Sukanya Yojana Scheme, One of the national savings plans provided by the Indian government is the Sukanya Samriddhi Yojana (SSY). The purpose of this small deposit scheme was to protect a female child’s future.
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What is Sukanya Samriddhi Yojana (SSY)
A government savings scheme called the Sukanya Samriddhi Yojana was created to assist females as part of the “Beti Bachao – Beti Padhao” campaign. The parent or guardian of a female child who is 10 years of age or younger may create an account under this scheme. Along with a number of tax advantages, this plan has a higher interest rate.
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Eligibility Criteria for Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana’s qualifying requirements are as follows:
- A parent or legal guardian of the girl’s child may open the account.
- The girl youngster has to be younger than ten years old.
- Each child may only have one account for girls.
- Only two accounts can be opened by a family using the SSY system.
Benefits of the Sukanya Samriddhi Yojana Scheme
These are the main advantages of the Sukanya Samriddhi Yojana.-
- Economic: If you want to save money for your girl kid, SSY is a cost-effective choice. Maintaining an SSY account just requires a minimum balance of Rs 250 every fiscal year.
- Good Interest Rates: In comparison to other government programs, the plan offers high interest rates.
- Tax Benefits: Up to Rs 1,50,000 in tax deductions are available under Section 80C. Additionally, the interest earned on SSY and the money received at maturity or withdrawal are tax-exempt.
- A person’s returns are assured once they reach maturity.
How to Invest in Sukanya Samriddhi Yojana (SSY)
Through participating public and private banks or post offices, investors can apply for the Sukanya Samriddhi Scheme. Investors must follow the steps outlined below and submit a few documents:
In order to create an SSY account, you must have the following paperwork:
- The girl child’s birth certificate
- The applicant’s parent or legal guardian’s photo ID
- Provide documentation of the applicant’s legal guardian or parents.
- further KYC evidence, including voter ID and PAN.
How to Apply for Sukanya Samriddhi Yojana
- The RBI, the Indian Post, and the official websites of the participating public and private banks all offer the application form for download.
- Enter the female child’s important information together with that of a parent or legal guardian on the form.
Filling out the Sukanya Samriddhi Yojana scheme form requires the following crucial fields:
- Name of the girl child joint holder and primary account holder Name of a guardian or parent
- The amount of the initial contribution
- Date and Cheque/DD Number for the first deposit
- The girl child’s birthdate and the contents of her birth certificate
- Parental or legal guardian identity, including driver’s license, Aadhaar, etc.
- Current and Permanent Address (as shown on the parent or legal guardian’s ID papers)
- Information about additional KYC documents such as voter ID cards and PANs
How to Open an SSY Account Offline
Any branch of a participating bank or submit office is able to create an account for the Sukanya Samriddhi Yojana (say). observe the commands to open the account.
- To open an account, visit the financial institution or submit the office of your desire.
- Offer the required statistics at the application shape, and provide any assisting documentation.
- Make the preliminary deposit via call for draft, cheque, or coins. the amount paid is probably anywhere from rs. 250 to rs. 1. five lakh.
- The put-up workplace or the financial institution will handle the processing of your utility and price.
- The following processes may be enabled for your Ssy account. You may receive a passbook to commemorate the account’s inauguration.
How to Open the SSY Account Online
You must first download the PPB app to your phone as a way to make online payments for your Ssy account. with the help of this software program, you can create status orders for an online deposit of a positive sum into your spy account.
Here is a step-by-step guide to online sukanya samriddhi yojana price:
- You ought to circulate the price range to the PPB account out of your bank account.
- On the PPB app, pick the Sukanya Samriddhi Yojana account by way of navigating to dop products.
- Input each your dop purchaser identity and your say account wide variety.
- Decide on the duration of the installment and the amount you want to pay.
- Upon successful installation of the price mechanism, the ppb will notify you.
- Every time the app transfers cash, you will be knowledgeable.
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Sukanya Samriddhi Yojana Interest Rates
The government sets the interest rate for the Sukanya Samriddhi Yojana, which is revised every three months. The interest rate for the Sukanya Samriddhi Yojana is 8.2% per annum for the current quarter of 2024.
A Sukanya Samriddhi Yojana chart with further information is provided here:
| SSY Interest Rate | 8.2% p.a. |
| Investment Amount | Minimum – Rs. 250; Maximum Rs. 1.5 lakh p.a. |
| Maturity Amount | It depends on the amount invested |
| Maturity Period | 21 years |
Tax Benefits of Sukanya Samriddhi Yojana (SSY)
Tax exemptions apply to the principal amount deposited, interest accrued throughout the course of the tenure, and maturity advantages. Up to Rs 1.5 lakh of the principal is deductible under Section 80C.
Sukanya Samriddhi Yojana Withdrawal Rules
The following are the SSY withdrawal guidelines:
- The female kid may withdraw the entire amount (including interest) at the end of the SSY account period.
- The following paperwork is needed in order to withdraw money from a Sukanya Samriddhi Yojana account: An application form.
- Proof of identity and address, citizenship documents
- For the withdrawal, all of the paperwork and receipts for fees that were needed for the submission at the time of admission will be needed.
- If the girl has reached the age of eighteen and finished the tenth grade, the withdrawal is allowed for the purposes of further study. Keep in mind that the funds must be utilized to cover the costs of entrance.
- 50% of the total amount that was available the year before is the maximum amount that can be withdrawn. Keep in mind that you can withdraw the money in five installments or even all at once.
Rules for Premature Withdrawal from SSY Account
The following guidelines apply if the account is closed too soon:
- The early removal of SSY is allowed after the girl turns 18 and is ready to be married. However, in order to obtain the benefit, one application must be submitted at least one month before the wedding and three months after the wedding.
- The SSY account will be considered closed if the girl ceases to be a resident or a citizen. Please take note that the guardian or the female child must notify the other party within a month of any change in status.
- In the tragic event that the female child dies, the guardian may withdraw the remaining funds in the SSY account by presenting the death certificate.
- Although the interest received from donations will be equal to the interest rates provided by post offices, one may also be permitted to shut the account for other reasons.
Key Pointers Related to the Sukanya Samriddhi Account Scheme
- After 21 years have passed since the account was opened, or if the female child marries after turning 18, the account matures.
- After the kid reaches the age of 18, even if she is not getting married, an early withdrawal of up to 50% of the investment is permitted.
- Investment period: 21 years
- The minimum annual investment is Rs 1,000.
- The annual maximum investment is Rs 1.5 lakh.
- When the account matures, the female child receives the remaining principal and interest after completing an application and providing identification, evidence of domicile, and proof of citizenship.
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Faq’s
Q. What is the appropriate amount of money to invest in the Sukanya Samriddhi Yojana?
Ans: You can invest any sum between Rs. 250 and Rs. 1.5 lakh every fiscal year using the SSY account.
Q. What is the Sukanya Samriddhi Yojana’s eligibility age?
Ans: It is necessary to open the SSY account at the time of the female child’s birth, but before she becomes ten.
Q. How many Sukanya Samriddhi Yojana accounts have been opened?
Ans: Each girl kid may open a single account at any bank or at the Post Office. Only households with a maximum of two female children may register for this account. Only when twins or triplets are born may a family create more than two accounts.
Q. Who may take money out of the Sukanya Samriddhi Yojana?
Ans: When the SSY account matures, only the girl child whose name it was opened would be able to take money out of it. The guardian may take the money out if the girl child is less than eighteen.
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