10 Things One Must Know About Sukanya Samriddhi Yojna

WHAT IS SUKANYA SAMRIDDHI YOJNA:-

The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 8.6% (for FY2016-17) and tax benefits. The account can be opened at any India Post office or branch of authorised commercial banks. The Scheme targeted to reduce the economic burden of parents for education and marriage of a girl child.

10 Things One Must Know About Sukanya Samriddhi Yojna

1) The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years.

2) Only One Account can be opened per child. This means for a second child a new account is to be opened, But maximum Two Accounts Are Allowed. Exceptions have been provided for Twins etc.

3) The account can be opened at any India Post office or branch of authorised commercial banks.

4) Documentation that is required is as follows :-

1. SSY Account Opening Form
2. Birth Certificate of Girl Child
3. Identity Proof
4. Residence Proof

5) Current Rate of Interest is 8.6%

6) Minimum Deposit in any Financial Year is 1,000. Maximum Deposit being 1,50,000.

7) Deposits in an account can be made till completion of 14 years, from the date of opening of the account

8) The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage

9) Tax Exemption is allowed Under Section 80C.

10) To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age