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Sukanya Samriddhi Yojana is a government-backed savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. It can be opened by the parents of a girl child below the age of 10. A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. From April 2020, this scheme offers an interest rate of 7.6% compounded annually.
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana ( सुकन्या समृद्धि योजना ) interest rate is decided by the government and is revised quarterly. The following are the historic interest rates of this government scheme for the girl child
Benefits of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana( सुकन्या समृद्धि योजना ) introduced as part of the Beti Bachao, Beti Padhao Yojana initiative, provides investors with a range of benefits. Some of the key benefits of this scheme for the benefit of the girl child are as follows:
- Sukanya Samriddhi Account can be opened for more than two girls in some special cases which are-
- If a girl child is born after the birth of twin or triplet girls, third SSY account cannot be opened
- If a girl child is born before the birth of twin or triplet girls, or triplets are born at first then a third account can be opened
- Provides tax deduction benefits under Section 80C up to Rs. 1.5 lakh annually
- Flexible investment option with a minimum deposit of Rs. 250 in a year (max. Rs. 1.5 lakh per annum)
- Guaranteed returns instrument backed by the Government of India (sovereign guarantee)
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A higher fixed rate of return (currently 7.6% per annum for Q1 FY 2020-21) as compared to other government-backed tax saving schemes such as PPF
- Long term investment hence provides the benefit of compounding
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Can be freely transferred from one part of the country to another (bank/post office) in case of transfer of parent/guardian operating the Sukanya Samriddhi Account
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Key Features of Sukanya Samriddhi Yojana
- If an SSY account holder is unable to make even the minimum deposit of Rs. 250 in a financial year, his/her account will be termed as a ‘Default Account’. Till the maturity date, this default account will earn the interest rate as applicable in the scheme.
- Premature closure of SSY accounts can only be processed in case of death of the girl child or in some particular cases-
- Medical treatment of the girl child against some life-threatening disease
- Death of the guardian
- A girl child can operate her own account after the age of 18 years. Once she is 18 years old, she is eligible for operating the SSY after submitting all the necessary documents to the post office/bank where the account is being held.
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Eligibility for SSY
The following are the key eligibility criteria for opening an SSY Account as part of the Beti Bachao, Beti Padhao Yojana:
- Sukanya Samriddhi Account can be opened only in the name of the girl child by her parents or legal guardians
- The girl child has to be below the age of 10 at the time of account opening
- Multiple Sukanya Samridhhi accounts cannot be opened for a single girl child
- Only two SSY accounts are allowed for a family i.e. one for each girl child