SSY - Sukanya Samriddhi Yojana Account

With the view to help the girl child, the government of India initiated a Sukanya Samriddhi Account where the parents of a girl child can deposit an amount up to 1.5 lakhs in the name of their daughter each year. One earns 8.6% interest on the deposits. These accounts get matured when the girl is either married or turns 21, whichever is first.

One has to deliver a minimum investment of Rs 1000 and later can deposit any amount in multiples of 100. You are flexible enough to make partial withdrawals when the girl turns 18 years only to support her for studies or marriage.

The investment duration is not more than 14 years after which no deposits are required and the amount credited will keep gaining interest until maturity.

Features of Sukanya Samriddhi Yojana Account

• The deposits made under this scheme are exempt from taxes U/S 80C.
• The account is supposed to be opened by the parent or guardian, and the girl can further operate the account only after getting 18.
• The scheme is available for any girl child whose age is 10 years or less.
• One requires depositing the birth certificate of their girl child.
• The maximum amount permissible is Rs 1,50,000
• One can opt for the scheme from any of the authorised banks and post offices.
• The investment is transferable from one account to the other or post offices to banks and vice versa.
• You can have only one account for each girl. Multiple accounts can lead to a penalty.
• After reaching 18 years of age, only 50% amount can be withdrawn.
• If the amount does not credit by the due date, one has to pay a Rs 50 fee penalty.

How to open the SSY account?

In order to open Sukanya Samriddhi account, you can go to any post office or public/private authorised banks nearby. Fill in the required form and submit it with all other essential documents. On verification of all your details, you will be approved for account opening. Either the parents or the guardian can open the account in the name of their girl child.

The sole objective of the scheme is to promote girl child for further and better education in the country. In order to avoid financial issues while making significant payments for college fee, one can start investing right from when the girl child is 10 years or below.