Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Latest News

This year marks the 10 years of Sukanya Samriddhi Yojana encouraging families to invest in the bright futures of their daughters, fostering a culture of inclusion and progress.

About Sukanya Samriddhi Yojana

• It is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign.
• This scheme enables guardians to open a savings account for their girl childwith an authorized commercial bank or India Post branch.

Sukanya Samriddhi Yojana Eligibility criteria

• The applicant must be a citizen of India.
• The account can be opened by a parent or legal guardian of the girl’s child.
• The girl child must be below the age of 10 years.
• Only one account is allowed for a girl child.
• A family can open only 2 SSY scheme accounts.
• NRIs are not eligible to open these accounts.

Sukanya Samriddhi Yojana Features

• Minimum & Maximum Deposit:
  • Investment of minimum Rs. 250 and maximum Rs. 1.5 lakh in a financial year. Subsequent deposits in multiples of Rs. 100.
  • No limit on the number of deposits either in a month or in a Financial Year.
• Tenure: The maturity period of SSY is 21 years from the account opening. However, contributions have to be madefor the first 15 years only. Thereafter, the SSY account will continue to earn interest until maturity.
• The SSY account shall be mandatorily operated by the girl child after she attains the age of 18 years. 
• Interest: Interest on SSA as announced by Govt. Of India every quarter will be applicable and compounded annually.
• Partial withdrawal:
  • Withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed the tenth standard, whichever is earlier.
  • For higher education 50% of the balance at the end of the previous financial year can be withdrawn. For marriage of adult account holders, 100% withdrawals are permitted.
• Premature Closure:Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government.
• Tax Benefits: On investing in this scheme, tax exemption is also available under Section 80C of the Income Tax Act. The amount invested, interest earned andmaturity amount is tax free.

Source: TH

Sukanya Samriddhi Yojana FAQs

Q1. When was Sukanya Samriddhi Yojana introduced?

Ans. It was introduced by the Government of India on January 22, 2015, as part of the Beti Bachao Beti Padhao Scheme. 

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Q2. What is Beti Bachao, Beti Padhao scheme?

Ans. Beti Bachao, Beti Padhao is a personal campaign of the Government of India that aims to generate awareness and improve the efficiency of welfare services intended for girls. 

Q3. What is the maturity period of Sukanya Samriddhi Yojana?

Ans. 21 years

Q4. Is Sukanya Samriddhi Yojana tax free?

Ans. On investing in Sukanya Samriddhi Yojana, tax exemption is also available under Section 80C of the Income Tax Act