Sukanya Samriddhi Yojana : Building a better future for girls

Sukanya Samriddhi Yojana is also named as Girl Child Prosperity Account. This yojana was introduced by Prime Minister – Narendra Modi in 2015 with pride and peace for girls. This scheme is a part of the Beti Bachao Beti Padao campaign. For more details about the Sukanya Samriddhi Yojana scheme login to https://www.india.gov.in/sukanya-samriddhi-yojna

About Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a scheme introduced by the government for the girl child and encourages their parents to open an account for their girls for their future education and marriage. This scheme is a backup saving for girls by their parents. This scheme was started on 22nd January 2015 in Haryana. The account can only be initiated at any India Post Office branch which is administered by commercial banks. The interest rate keeps changing every year. The account can be operated anytime between the birth of a baby girl or when she is 10 years old by the guardian/parents. The account can shift in any state of India. The one account allows per female child and parents allows opening a maximum of two accounts for each of their female children in case of twins or triplets.

What is the amount of deposit required for the opening account?

A Sukanya Samridhi account can be open at the birth of a female child or when she turned 10 years old. The least deposit in an account is Rs.250 before it was Rs.1,000 and any amount in multiples of Rs.100 can deposit. The maximum Deposit limit is Rs.1 Lakh in a year.

Who can open Sukanya Samriddhi Account?

The account can be operated and opened by the legal guardian in the name of a female child from her birth till she reaches the age of 10. Only one account is operated and opened for one female child. In the case of twins or triplets, two account opening is allowed.

When can girl operate her account?

When a girl reaches the age of 10, she can operate her account. 50% of the amount can be withdrawn at the age of 18 and allowed to be used for educational purposes. Till 14 years she has to pay no interest. After completion, of14 years of the account will start gaining the interest rate which will be accessible and valid. After this time period, the account will start gaining an accessible amount of rate of interest. The interest will not be gain at succeeding rate if the account is not closed. When she completes 21 years the account reaches at maturity level from the date of the opening.When the girl is above 18 and married the account is allowed to be closed.

What are the rules for account operation according to different ages?

• At the age of 9 deposit can continue till the age of 24.
• From the date of the opening account, the account deposit authorizes fabricate to be till the age of 15 years.
• When she is in the age of 24-30, the account is a mature account. The account keeps gaining interest in the amount deposited in years.

Documents required for the account opening

You can open a Sukanya Samriddhi Yojana Account in any approved post office branch or bank branch. Document fulfilment is important.

Let us analyze the documents required for opening the account.

• The Recipient’s birth certificate.
• The Sukanya Samriddhi Yojana Account opening form.
• An Id proof like an adhaar card or PAN card of the guardian or parents of the recipient.
• Proof of address of the Recipient guardian or parents.

Steps to open Sukanya Samriddhi account

There are certain steps you have to follow for the  procedure of opening account :

• Collect and fill the SSY opening account form. You will get the forms in the nearby banks or the post office.
• Carry all the documents and two passport size photographs for further process.
• Pay the amount you want a deposit in the account. Remember the amount should be between Rs. 250 to Rs. 1 lakh.
• You can give a standing direction at the branch. Even you can insert up automatic credit to SSY Account by NetBanking.

The security benefits of Sukanya Samriddhi Yojana

The Suknaya Samriddhi Yojana gives security to girls future and she can have a good lifestyle ahead.

The security benefit of the yojana has finest impacts because.

• Interest will be paid even when the maturity amount is under certain circumstances.
• Your girl can utilise the money saved for her future higher studies.
• Money saved in the account can also be useful for her marriage expense.

What are the advantages of the Sukanya Samriddhi Yojana in terms of taxation?

The Suknaya Samriddhi Yojana has a great benefit in terms of taxation. Lets us explore a few of the advantage of the scheme.

• Presently, The scheme grants the greatest tax-free return with ahead of the state makes sure and appears with the EEE(exempt-exempt-exempt) status.
• The yearly deposit restrains by serving Section 80C(The Income Tax Act of 1961 ). The maturity gains are non-taxable.

 

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