Sukanya Samriddhi Yojana(SSY) is for the benefit of girl child as a part of beti bachao beti padhao campaign (BBBP).
Content
1.What is SSY (Sukanya Samriddhi Yojana) ?
2.Where can you open SSY account?
3.What are the documents required to open the SSY account?
4.What could be the minimum and maximum amount can be deposited in SSY account?
5.Is there any age limit upto which they can open SSY Account ?
6.What is the rate of interest on deposit in Sukanya Samriddhi Yojana(SSY)?
7. What is the maturity period of the Sukanya Samriddhi Yojana(SSY)?
8.Is the maturity/withdrawal amount of the Sukanya Samriddhi Yojana(SSY) is taxable or tax free?
9.what is the eligibility Sukanya Samriddhi Yojana(SSY)?
10.Can it be withdrawn before maturity?
1.What is SSY (Sukanya Samriddhi Yojana) ?
Prime minister Mr. Narendra Modi has launched a scheme called “Sukanya Samriddhi Yojana” for the benefit of girl child as a part of beti bachao beti padhao campaign (BBBP).
The campaign give message of ‘Save girls, educate the girl child’. The Sukanya Samriddhi Yojana promotes the beti bachao beti padhao campaign (BBBP). And it is run jointly by ministry of women and child development, Ministry of human resource development (HRD), and the ministry of health and welfare development .
what are the objectives of BBBP and Sukanya Samriddhi Yojana (SSY)?
Following are the objectives of BBBP:
- To ensure the survival and protection of girls
- To ensure higher participation of girls in education and other fields,
- To eradicate gender discriminations against children and stop the practice of sex determination.
The objectives of SSY is one important challenge related to girls, that is education and marriage, has to be addressed.The focus is on securing a promising future for girls in India by helping parents set up a fund to cover the expenses of their child’s education and providing financial assistance for a worry-free marriage. For this purpose, SSY has launched Sukanya Samriddhi Account.
2.Where can you open Sukanya Samriddhi Yojana (SSY) account?
You can open this account with a post office or public sector undertaking banks like SBI/Pnb or private banks.
3.What are the documents required to open the SSY account?
Firstly you have to visit the nearest bank or post office and ask SSY application form. Fill the application form and submit the form along with the relevant documents as required.
Following documents are required:
- Birth certificate of girl child
- Identity and address proof of guardian
- Other KYC related documents like PAN Card/Aadhar Card etc.
- Any other documents as required by post office or bank.
4.What could be the minimum and maximum amount can be deposited in SSY account?
You can deposit minimum upto Rs. 250 or maximum upto Rs.1,50,000 per year. Further , a person can deposit any amount in any month like he can deposit Rs. 100 in may and Rs.1,000 in july.
Further, the minimum amount for every deposit is Rs. 50 only so, you can easily invest in this account. You can’t say i don’t have an enough money to deposit in this account.
5.Is there any age limit upto which they can open SSY Account ?
Yes, there is age limit upto which SSY account can be opened. You can open SSY account upto the girl turns to the age of 10 years. In brief, if a girl turned 11 years you can not open this account. But ideally my recommendation is that try to open SSY account in the year in which she is born.
6.What is the rate of interest on deposit in Sukanya Samriddhi Yojana(SSY)?
Current interest rate for first quarter of financial year 2023-24 is 8% p.a.(i.e. from april 23 to 30 june 23).
Can this rate change ? Yes rate can change. Moreover, If there is change in rate of interest Govt. will put up the notification about change in rate of interest of Sukanya Samriddhi Yojana.
No interest is payable after completion of tenure of SSY i.e. after 21 years from the account opening.No interest accrues after girl child become the non-resident or non citizen of India.Any deposit made above maximum cap, i.e. Rs. 1,50,000p.a. will not earn any interest and can be withdrawn any time by depositor.
7. What is the maturity period of the Sukanya Samriddhi Yojana(SSY)?
The maturity period of SSY is 21 years from the date of opening the account or on her getting married after attaining the age of 18 years. However, the contribution will have to be made only for 15 years. Thereafter, interest will continue to accrue on the SSY account till maturity, even if no deposits are made in it.
8.Is the maturity/withdrawal amount of the Sukanya Samriddhi Yojana(SSY) is taxable or tax free?
This is falls under the EEE category i.e. Exempt Exempt Exempt.
- Investment made in SSY account is eligible for deduction under section 80C of income tax act, subject to maximum limit of Rs. 1,50,000
- Interest accrued against this account is also exempt from tax under section 10 of income tax act
- Maturity or withdrawal proceeds are also exempt from tax
9.what is the eligibility Sukanya Samriddhi Yojana(SSY)?
- Parents or legal guardian of girl child can open SSY account
- Girl child should be the resident of India
- Age of girl child must be below 10 years at the time of opening the SSY account.
- Only two SSY account can be opened by a family i.e. one for each girl child.
For example : assume that there is couple gave birth to girl child and open SSY account for her and after 4 years they gave birth to another girl child, for another child also they opened the SSY account and again after few years they gave birth to 3rd girl child, can they have the SSY account for third child ? The answer is no, maximum upto two girl children SSY account is allowed.
- However 3rd SSY account can be opened in following special case:
- When a girl child is born before the birth of twins or triplets or when triplets are born first, a third account can be opened.
- When a girl child is born after the birth of twin or triplet girls then third SSY account cannot be opened.
10.Can it be withdrawn before maturity?
The SSY account mature after completion of 21 years of the girl child.
However, premature closure is allowed in following cases:
- Death of girl child
- Marriage of depositor
- Medical treatment
- Change in status of girl child i.e. girl child become the non-resident or non citizen of India.
- Completion of 5 years of the SSY account i.e. If the continuation of the account makes problems to the girl child, the account can be closed prematurely by giving satisfactory reasons to the post office or the bank.
- Any other reason
