Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a transformative initiative launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign. This scheme, translating to the “Girl Child Prosperity Scheme,” aims to address the declining child sex ratio and promote the welfare of girl children in India. Launched on January 22, 2015, in Panipat, Haryana, SSY focuses on securing a bright future for the girl child by facilitating education and marriage expenses through a dedicated fund.
Key Features of Sukanya Samriddhi Yojana 2023
| Aspect | Details |
|---|---|
| Minimum Investment | Rs. 250 per annum |
| Maximum Investment | Rs. 1.5 lakh per annum |
| Current Interest Rate | 8% per annum (FY 2023-2024) |
| Maturity Duration | 21 years from the investment date |
| Objective | Eliminate gender discrimination, ensure girl child survival and protection, encourage girls’ education participation |
Interest and Tax Benefits in 2023
- Interest Rate: The interest rate for the first quarter of FY 2023-2024 is 8%. No interest is accrued after 21 years from the account opening.
- Tax Benefits: Deposits are eligible for deductions under Section 80C, and the accrued interest and maturity proceeds are tax-exempt.
Eligibility and Account Opening
- Eligible Beneficiaries: Any resident Indian girl child under 10 years is eligible.
- Account Opening: The account can be opened at any post office or authorized commercial bank branch between the girl child’s birth and the age of 10 years.
- Guardian’s Role: The guardian can operate the account until the girl child turns 18. Afterwards, the girl child herself must manage the account.
- Deposits: The minimum initial deposit is Rs. 250, with subsequent deposits in multiples of Rs. 50, up to a maximum of Rs. 1.5 lakh per year.
Required Documents for Sukanya Samriddhi Yojana
To complete your Sukanya Samriddhi Yojana application, you must visit the post office or bank branch where you applied. Provide physical copies of the following documents:
- Birth certificate of the girl child
- Identity and address proof of the guardian
- Medical certificate as proof of birth for multiple girl children born in a single order
- Additional KYC documents like an Aadhaar card, Voter ID, etc.
- Any other documents requested by the post office or banks.
How to Open a Sukanya Samriddhi Yojana Account at a Post Office?
To initiate a Sukanya Samriddhi Yojana (SSY) account, you can choose a participating bank or a Post Office branch. Follow the steps below to open the account:
- Visit the bank or Post Office branch where you wish to open the account.
- Complete the application form (Form-1) by providing relevant details and submitting supporting documents.
- Make the initial deposit using cash, cheque, or demand draft. The deposit amount can range from Rs.250 up to Rs.1.5 lakh.
- The bank or Post Office will process your application and deposit.
- After processing, your SSY account will be officially opened. A passbook will be issued, marking the commencement of the account.
How to Open a Sukanya Samriddhi Yojana Account via Banks?
You can start a Sukanya Samriddhi Yojana account through a participating bank or a post office branch. If your bank is among the participating banks, opening an SSY account there is more convenient, especially if you already have a savings account with them. To proceed, follow these steps:
- Visit the official website of the respective bank.
- Download the SSY Account Opening Application Form provided on the website.
- Complete the form with the necessary information.
- Submit the filled form to the participating bank to initiate the opening of your SSY account.
Online Payment for Sukanya Samriddhi Yojana
For online payments towards your SSY account, download the IPPB app on your smartphone. Utilize the app to set up standing instructions, enabling the automatic transfer of a specific amount to your SSY account. Follow these steps:
- Transfer funds from your bank account to the IPPB account.
- Open the IPPB app and navigate to DOP Products. Select the Sukanya Samriddhi Yojana account.
- Enter your SSY account number and the DOP customer ID.
- Choose the desired payment amount and instalment duration.
- Receive a notification from IPPB confirming the successful payment routine setup.
- You will be notified every time the app initiates a money transfer.
Withdrawal and Closure
- Withdrawal: Partial withdrawals are allowed after the girl child turns 18 for higher education or marriage expenses.
- Closure: The account matures after 21 years, and the girl child pays the balance. Premature closure is permitted in specific circumstances.
Comparison with Other Schemes
- PPF vs. SSY: PPF is a retirement saving scheme with no age restrictions, while SSY is tailored for girl children below 10 years. Both offer tax benefits, but SSY has a longer maturity period.
- LIC Kanyadan vs. SSY: Both focus on girl child financial protection, but LIC Kanyadan is linked to the father’s life insurance, while SSY provides education and marriage funding.
Conclusion
Sukanya Samriddhi Yojana is a pivotal step toward ensuring a brighter future for the girl child in India. With affordable deposits, attractive interest rates, and tax benefits, SSY offers parents and guardians a secure and empowering investment avenue. By nurturing education and financial well-being, this scheme empowers the girl child and the nation’s progress.
