Indian Market

Empowering Girls: Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana: Govt's commendable initiative for girls' financial security, with attractive rates, tax benefits, and long-term savings.

Sukanya Samriddhi Yojna- Indian Govt. plan for girls only

This incredible initiative aims to ensure a bright future for your girl child, with financial planning for her higher education and marriage.



Get to Know Sukanya Samriddhi Yojana:

Introduced by        : Our beloved PM Narendra Modi
Authorised by        : Ministry of Finance
Launched In          : 22 January, 2015
Maturity Period      : 21 years from account opening
Maturity Amount      : It varies based on your investment

Documents Needed to Open SSY Account

Birth certificate of your precious girl.
Photo ID of the caring parent or legal guardian.
Address proof of the responsible parent or legal guardian.
KYC proofs like PAN and voter ID for a smooth process.

How to open Sukanya Samriddhi Yojana Account?

Follow these steps to open a Sukanya Samriddhi account:

Visit to the nearest authorized bank branch.
Fill out the Sukanya Samriddhi account form with your details.
Don't forget to gather the supporting documents mentioned earlier.
Make the first deposit, which can be between Rs.250 to Rs.1.50 lakhs, using cash, demand draft, or cheque.
The bank will process your application and payment.

Remember, the bank staff will be there to assist you throughout the process.

Why choose this yojna?

In India, many parents may overlook financial planning, which can lead to difficulties when their daughters require funds for education or marriage. This often forces them to make tough decisions or borrow money at high interest rates.

To prevent such challenges, the Indian government has introduced the incredible Sukanya Samriddhi Yojana. It aims to support parents in managing their daughters' education and marriage expenses when needed, providing a much-needed helping hand.

Eligibility & limitations:

This program is specifically for Indian residents.
This program is exclusively for girl children, not applicable to boys.
The program is limited to two girls per family.
Each girl can have only one account under this program.
The account must be opened before the age of 10; it cannot be opened after that.
Parents or legal guardians can open the account on behalf of the girl child.

Benefits of SSY:

Just INR 250 is all you need to get started!
Enjoy attractive interest rates.
You only have to make deposits for 15 years.
Premature withdrawal is allowed in special circumstances.
Amazing Triple Tax Benefits:

Deposits up to INR 1.5 lakh are eligible for a deduction under Section 80C of the Income Tax Act.
The interest earned on your deposit is tax-free and compounded annually.
Even the amount you receive upon maturity is tax-free.

Sukanya Samriddhi Yojana Calculator

FAQs on SSY Scheme

Who is eligible to open this Account?

This wonderful scheme is exclusively designed for girl children, and any parent blessed with a daughter can open this account for her until she reaches the age of 10.

How long parent has to deposit in this yojna?

Deposits in an account can be made till completion of 15 years, from the date of opening of the account.

What is the minimum amount needed to deposit in a financial year?

Only 250 Rs!

What's the maximum amount that can be deposited in a financial year?

1.5 lakh

What if a parent doesn't deposit the minimum amount?

If the minimum deposit of Rs 250 is not made in any financial year, a friendly reminder will be sent, and a nominal penalty of Rs 50/- will be charged to ensure smooth operations.

What happens if you pay more than the required amount towards the Sukanya Samriddhi Yojana scheme?

When you deposit an excess amount beyond Rs.1.5 lakh, please note that no interest will be generated on that additional sum. However, the good news is that you have the flexibility to withdraw the excess amount whenever you want. So, if you accidentally or intentionally pay more, you can easily retrieve the extra funds without any hassle.

what if a family has one adorable girl, and then they're blessed with twin girls?

In the case of one girl followed by twin girls, the government has allowed separate accounts for all three girls.