Sukanya Samriddhi Yojana

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The Sukanya Samriddhi Yojana (SSY) is a small savings scheme backed by the Government of India exclusively for the girl child. As a per this scheme, a parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years. The scheme is aimed at encouraging the parents or guardians to build a fund for the future education and marriage expenses of their female child. It is part of “Beti Bachao – Beti Padhao” initiative of the Government of India, also known as BBB.
It is commendable that the government is taking steps to change the mindset of people towards the girl child. The SSY account can be opened in post offices and some specifically designated banks. An SSY account also offers income tax benefits by way of deduction under Section 80C up to Rs 1.5 lakh along with a higher interest rate compared to other small savings schemes.

Who can open an SSY account?
An SSY 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. The account can be opened by a depositor only in the name of the girl child. A natural or legal guardian of a girl child is allowed to open two accounts for up to two girls. One can open a third account in the name of a girl child in a scenario of birth of twin girls, as second birth, or if the first birth itself results into three girl children.

 Key features of SSY account
·         The interest rate offered on an SSY account is 8.1 per cent on a yearly basis.
·         Minimum deposit in SSY account is Rs 1,000
·         The maximum amount that can be deposited in a year is Rs. 1.5 lakh per SSY account.
·         There is no limit to the number of deposits either in a month or in a financial year.
·         An annual deposit of up to Rs. 1.5 lakh qualifies for tax benefit under Section 80C.
·         On can continue to deposit in the account till the completion of 14 years starting from the date of opening of the account
·         Account matures after completion of tenure of 21 years and balance in SSY including interest is paid to the girl child on submitting an application and proof of identity, residence and citizenship documents

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