Sukanya Samriddhi Yojana (SSY)Eligibility, Interest Rate, Documents Required How To Open Sukanya Samridhi Account?

Sukanya Samriddhi Yojana (SSY) Eligibility, Interest Rate, Documents Required How To Open Sukanya Samridhi Account? Sukanya Samriddhi Yojana is the most popular government scheme for the betterment of girl children in India under the Beti Bachao, Beti Padhao campaign. The money saved through Sukanya Samriddhi Yojana for future education and marriage expenses for their female child. This Scheme is the best step by the Government that provides financial security for the girl child to make them independent.

Sukanya Samriddhi Yojana (SSY)Eligibility, Interest Rate, Documents Required

Gender inequality always has been the most notorious issue in India. We live in a country where higher education of male is preferred. On the other hand, wedding expenses of a girl are taken as an unbearable liability. Sukanya Samriddhi Yojana assists girl to achieve financial stability and independence. Prime Minister Narendra Modi launched Sukanya Samriddhi Yojana scheme on 22 January 2015. This Scheme has one unique feature over all other saving schemes. Although, parents open this account for their girl child. But except that girl child, no one can make a withdrawal. Not even parents can use the money on behalf of their girl child.

Interest Rate On Sukanya Samridhi Account

The interest rate is the most compelling fact about Sukanya Samriddhi Yojana (SSY) . It offers a higher interest rate as compared to other saving schemes. Currently, the interest rate offered is 7.6% per annum. Every year, the Ministry of finance decide the interest rate. The account can be opened at any India Post office or branch of authorised commercial banks.

Who Is Eligible for Sukanya Samridhi Yojana Account?

Although this Scheme is specifically launched for a girl child. The most important factor is the age of a girl child. A parent or guardian can open the account on behalf of the girl child. To open the account, the age of a girl child has to be less than ten years.

Documents Required For Sukanya Samridhi Yojana Account

There are many documents required to open a Sukanya Samridhi Yojana account. Without these documents, your application will not be accepted. You need the following documents to open the account:

  • Sukanya Samridhi Yojana Form
  • Birth certificate of the girl child, this is the primary document for this Scheme
  • Identity proof of the parent or guardian ( PAN card, passport or ration card )
  • Address proof of the parent or guardian (passport, ration card, driving license )

How to get Sukanya Samridhi Scheme Application Form

one can open the account at post offices or authorized banks. So, the applications forms are available at any of these places. For convenience, the form is available on the website of authorized banks and post offices. To save time, you can download and print out the Sukanya Samridhi Yojana form. 

How To Make Premature Closure Of Sukanya Samridhi Yojana Account?

There are two cases, the premature closure of account is possible:

  • The early closure will be allowed in the severe situation like the death of girl child. The report will be closed, and all savings will be forwarded to the depositor. In this case, a valid death certificate is mandatory as a proof of death.
  • The premature closure is possible if the Government feels that the depositor is unable to make further investment. This may happen due to medical exigency or severe illness of the depositor.

What Are The Withdrawal Rules Of Sukanya Samridhi Account?

The 100% withdrawal will be allowed if the girl child has attained the age of 21 years. Once the girl has attained the age of 21 years, the partial withdrawal will be allowed. Only 50% of total deposits will be released, aimed at higher education or wedding expenses of the girl child as per her consent.

The withdrawals are allowed for the account, which has been active for 14 years. The most prominent feature of this Scheme is withdrawal limitation. Only girl child can make the withdrawal, whether complete or partial. Without her consent, no withdrawal will be processed. This feature provides financial independence to the girl child. The account will stop working once the girl is married.

Tax Benefits Of Sukanya Samridhi Yojana

Along with withdrawal rules, tax benefits is another attractive feature of this Scheme. It is useful for both the girl child and the depositor. The tax benefit applies to this Scheme under section 80C of the Income Tax Act. That is why this Scheme acts an opportunity to save tax by taxpayers for their daughters. It means, if people avail this Scheme for the betterment of the girl child, they will be rewarded with the tax rebate.

Under section 80 C of the Income Tax Act, the maximum deposit amount is Rs. 1,50,000.

How To Open Sukanya Samridhi Account Online?

It is not possible to open Sukanya Samridhi account online. You can download the form, that’s it. Next, you have to fill the form with essential details. Attach the documents needed and submit to the nearest bank or post office. There is no way to submit the form online!

Key Features Of Sukanya Samriddhi Scheme

  • Every feature of Sukanya Samridhi Yojana is beneficial for girls.
  •  It offers high-interest rate as compared to other saving schemes. Current interest rate is 7.6%.
  • The investment made for Sukanya Samriddhi Yojana is completely exempt from Income Tax.
  • Once the child girl is 18 years old, partial withdrawals will be allowed for her higher education or marriage.
  • A parent or guardian can open the account and operate the account until the girl child attains an age of 18 years.
  • This Scheme is available for every girl who is ten years old or less.
  • Birth certificate of a girl child is the primary document needed for Sukanya Samriddhi account.
  • The maturity tenure is 21 years from the date when the account was opened.
  • For straight 14 years, the investment has to be made. After 14 years, the account will receive the benefits until the completion of the maturity period.
  • An amount of Rs. 1,50,000 is allowed as a maximum deposit.
  • One can open the account at any authorized bank or post office.

Check at official website

Final Thoughts

Undeniably, the Sukanya Samridhi Yojana Scheme is the best saving scheme for girl child. It comes with tax benefits and higher returns

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