Sukanya Samriddhi Yojana, The Sukanya Samriddhi Account, abbreviated as SSA, is a savings scheme designed specifically for the welfare of the girl child, as the name implies. It was launched by the Ministry of Finance and launched on 22nd January 2015 by the Hon’ble Prime Minister of India Shri Narendra Modi as part of the ‘Save Betty, Read Betty’ campaign.
Objectives Sukanya Samriddhi Yojana ensures women’s financial independence by encouraging them to invest in a savings scheme that will enable them to pursue higher education, marriage, etc. to meet their long-term life goals and dreams and ensure financial stability. 201Y-1. In the financial year 201Y-201. As of FY, the interest rate is .5.5%, one of the best savings schemes of this nature. It further emphasizes the benefits of investing in the Sukanya Samriddhi Yojana Savings Project. Not only that, but it also provides tax benefits under Section 80C of the Income Tax Act, 1961.
The Government of India has made the Sukanya Samriddhi Yojana easily accessible to the people by enabling them to open an account at any post office. Anyone can open a Sukanya Samrudhi Yojana account in a comprehensive list of the next 22 approved banks, as discussed later in the article. The initial deposit may be in rupees. 250 and Rs. 1,50,000 per annum according to the financial purpose of the account holder. Subsequent deposits can be multiplied by Rs.
Although the account holder has to pay for the Sukanya Samriddhi Yojana Savings Project for 14 years, the investment reaches its maturity 21 years after the date of issue. The government enables the flexibility of savings scheme account to be transferred from one bank or post office to another bank or post office in India.
Features of Sukanya Samriddhi Yojana
Let’s take a look at the main features of the Sukanya Samriddhi Yojana Savings Project:
The Sukanya Samrudhi Yojana Conservation Project allows parents of daughters or legal guardians to open an account in the absence of parents.
- Under the Sukanya Samriddhi Yojana Savings Scheme for two daughters, parents are eligible to keep two accounts together, while for three daughters, parents can keep a maximum of three accounts.
- The minimum annual deposit required for Sukanya Samriddhi Yojana is Rs. The maximum annual limit is 250 rupees. 1,50,000. Earlier, the minimum limit was Rs 500. 1,000 and reduced to make this project accessible to the public.
- 201 interest-1. The existing interest rate for the financial year is .5.5%. It varies quarterly. This is the maximum for such savings projects.
- Holders will be able to avail of tax benefits under Section 80C of the Income Tax Act, 19 Tax1 on deposits deposited in Sukanya Samriddhi Yojana.
- In case of the untimely death of the account holder, the account can be closed prematurely.
- At the end of the year, one thousand rupees is paid. The Sukanya Samrudhi Yojana Savings Scheme requires 50 deposits on the minimum annual deposit as a guarantee to recover the account.
- The minimum amount is Rs. You have to pay Rs.250 per year to prevent the account from becoming inactive.
- Deposits of the Sukanya Samriddhi Yojana Savings Scheme can be made in the form of checks, demand drafts, or cash.
- The account holder of the Sukanya Samriddhi Yojana project will be able to withdraw up to 50% of the amount deposited after reaching the age of 18 years.
- Sukanya Samriddhi Yojana matures after the issuance of the account or on the day of her marriage, 21 years after any earlier account.
- Once the scheme matures, the interest earned will be paid to the account holder.
Benefits of sukanya yojana
The Sukanya Samrudhi Yojana Savings Scheme gives parents or legal guardians the opportunity to better financially plan their daughter’s future to protect their future and help them reach their aspirations. Here are some of the benefits of turning Sukanya Samriddhi Yojana into an efficient affordable scheme for the future financial security of the girl child.
201 interest-1 The interest rate for the financial year 2018.5% Existing interest rate is one of these savings schemes. Interest rates are revised quarterly every year. However, this rate remains the highest compared to other savings schemes.
In addition to the assurance of financial security of the account holder, Sukanya Samriddhi Yojana provides tax benefits under Section 80C of the Income Tax Act, 1911. The maximum limit of tax exemption may be Rs. 150,000, which is limited to all other investments exempt from tax under this section of the Income-tax Act, 1961. From.
Upon maturity of the Sukanya Samriddhi Yojana Savings Scheme, the balance of the account for which the girl child will be eligible is the principal amount continuously deposited in the account and the amount of interest earned on this principal amount. This amount is paid directly to the account holder, i.e., the girl child for whom the account was opened. The goal of the Sukanya Yojana Savings Project is to empower the girl child in India by enabling her to achieve her ambitions and ensure her financial independence.
When the account holder reaches the age of 21, the Sukanya Samrudhi account reaches its maturity, although the deposit can be credited to the account for 14 years from the date of issue. Anything happens before the account reaches the girl child at the age of 21 or she gets married. You need to make sure that she is at least 18 years old at the time of her marriage in order to be able to withdraw the amount of balance from her Sukanya Samriddhi account. However, a maximum of 50% partial withdrawal of the balance of the account can be withdrawn only for the purpose of financing his higher education.
Eligibility for sukanya samriddhi scheme Girl Child (Account Holder)
For girls, eligibility criteria need to be met:
Only girls can avail the benefits of the Sukanya Samriddhi Yojana Conservation Project.
To be eligible to open a Sukanya Samriddhi Account, the maximum age of a girl child cannot be more than 10 years. However, an additional period of 1 year is allowed. For example, a 10-year-old girl can still keep a Sukanya Samrudhi account, but only if it is opened within one year of her 10-year age.
Proof of age of the account holder has to be submitted at the time of application for the savings scheme.
Sukanya Samriddhi Yojana is a qualification for parents
The eligibility criteria for parents or legal guardians to be able to open an account for their daughter are:
Only biological parents and legal guardians of a girl child can open a Sukanya Samrudhi account on behalf of their child.
A parent or legal guardian can open a maximum of two accounts for their daughters.
As discussed above, a parent or guardian parent can open a Sukanya Samrudhi account for a daughter, where a maximum of two accounts can be opened. In the case of twins and triplets, a parent or legal guardian is eligible to open three accounts.
How to open Sukanya Samriddhi Account
Opening a Sukanya Samriddhi account is extremely easy. All you have to do is a post office near you or any of the designated branches of participating private or public sector banks. It is important to submit the required KYC documents like Passport, Aadhaar Card, PAN Card, etc. required for opening the account.
How to open a Sukanya Samriddhi Account online
To open an account online, you can download the SSY New Account Application Form. The Sukanya Samriddhi Yojana form for the application form can be downloaded from the following sources such as:
- India Post website
- website Reserve Bank of India website
- Public sector banking websites (SBI, PNB, BOB, etc.)
- website Partnership private bank websites (such as ICICII Bank, Axis Bank, and HDFC Bank)Although the sources of download may vary, the fields of the form are mostly the same regardless of the source. The applicant needs to provide some basic information on the SSY application form to the girl child who will benefit from the investment under the Save Betty scheme. In addition, specific details of the parents/guardians who will open the account or make the deposit on behalf of the girl child are also required. Here is a list of featured fields in the SSY application form:
- Girl Child Name (Primary Account Holder)
- Account opening parent/guardian name (joint holder)
- Amount of initial deposit
- Check / DD number and date (used for an initial deposit)
- Date of birth of the girl child
- Details of birth certificate of primary account holder (certificate number, date of issue, etc.)
- Parent / Guardian ID details (driving license, Aadhaar, etc.)
- Current and permanent address (as per parent/guardian ID document)
- Details of any other KYC document (PAN, Voter ID Card, etc.)
After providing these details, the form must be signed and submitted to the account opening authority along with a copy of the applicable document.
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