Sukanya Samriddhi Yojana

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Sukanya Samriddhi Yojana - What is Sukanya Samriddhi Yojana, Eligibility, Documents, Benefits and How to open SSY Account

Sukanya Samriddhi Yojana (SSY) scheme, is a government-backed initiative designed to empower parents to financially secure the future of their daughters. As part of the larger “Beti Bachao, Beti Padhao” campaign, SSY aims to foster a brighter future for every girl in India by providing a strong savings platform.

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) scheme is a unique savings scheme launched by the Government of India to encourage long-term financial planning for the benefit of the girl child. It offers attractive interest rates, tax benefits and flexibility, making it an ideal option for parents who want to build a solid financial foundation for their daughters' education and marriage.
The Sukanya Samriddhi Yojana (SSY) is a program designed to support the Beti Bachao Beti Padhao initiative. The legal guardian of a girl child aged 10 years or less is eligible to open an account under this scheme.

Eligibility for Sukanya Samriddhi Yojana

To participate in this government-backed savings scheme, certain eligibility criteria must be met. Here's an overview:

The girl child must be under the age of 10 years to be eligible.

The girl child must be a citizen of India to qualify for this scheme.

A family can open a maximum two Sukanya Samriddhi Yojana accounts.

The account can be initiated by either a parent or legal guardian of the girl child.

Documents required to open Sukanya Samriddhi Yojana account (SSY)
The following documents are required to open an SSY account:

Documents required to open Sukanya Samriddhi Yojana account (SSY)

The following documents are required to open an SSY account:

Birth certificate of the girl child.

Address proof of the parent/legal guardian.

Passport size photographs of the girl child and parent/legal guardian.

Any additional documents requested by the Bank must also be provided.

Benefits of Sukanya Samriddhi Yojana

Here are some of SSY key benefits :

Tax Benefits : Contributions made to the SSY scheme are eligible for tax deduction under section 80C of the Income Tax Act up to a specified limit. Additionally, the interest earned and maturity amount are tax-free.

Account Transferability : You can conveniently transfer the Sukanya Samriddhi Yojana account from a bank to a post office or vice versa, anywhere within India.

High interest rates : The SSY scheme offers attractive interest rates, which are generally higher than the interest rates offered by traditional savings schemes. Interest rates are subject to change by the government.

Long Term Savings : This scheme encourages long term savings for the education and marriage expenses of the girl child. The amount deposited in the account grows over time, providing adequate funds by the time the child reaches maturity.

How to open a Sukanya Samriddhi Yojana Account?

To open a Sukanya Samriddhi Yojana (SSY) account, you can follow these steps:

Visit the local branch of your chosen bank or post office where you intend to open the account.

Gather Required Documents such as Birth certificate of the girl child, Address proof of the parent/guardian and etc.

Collect the SSY account opening form from the selected bank branch or post office. Fill all the required details correctly.

Deposit the minimum amount required to open an SSY account. Current minimum deposit amounts vary and are subject to change by the government.

Submit the filled application form along with required documents.

Once the application is processed and verified, SSY account will be opened in the name of the girl.