Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India that aims to promote the financial security of girls. It offers attractive benefits, including tax benefits, and is an excellent investment option for parents or guardians looking to secure the future of their daughters. Here is the information you requested for the year 2023:
Page Contents
sukanya samriddhi yojana death benefits
Benefits of Sukanya Samriddhi Yojana Scheme:
- Higher Interest Rate: The scheme offers a higher interest rate, which is subject to change every quarter. Till September 2021, the interest rate is 7.6% per annum.
- Tax Benefit: The contribution made towards the scheme is eligible for tax deduction under section 80C of the Income Tax Act to the maximum extent of Rs. 1.5 lakh per financial year.
- Long-Term Savings: The scheme has a tenure of 21 years, providing long-term savings options to meet various financial goals such as education, marriage, or any other expenses of the girl child.
- Partial Withdrawal: Partial withdrawal of up to 50% of the balance is allowed for higher education purposes after the girl child attains the age of 18 years.
- Account Transfer: In case of transfer, the account can be transferred to any authorized bank or post office in India.
- Maturity Amount: The amount deposited, along with accrued interest, is payable to the account holder after the completion of 21 years from the date of opening of the account. However, partial withdrawal is also permitted after the girl child reaches the age of 18 years.
Eligibility for Sukanya Samriddhi Yojana Scheme:
- Age limit: The scheme is applicable from the birth of the girl child till she attains the age of 10 years. However, the account can be opened up to the age of 10 years only if the child is born between December 2, 2003, and December 1, 2014.
- Citizenship: The girl should be a resident citizen of India.
- Number of Accounts: Only one account can be opened in the name of the girl child. In the case of twins or triplets, a maximum of two or three accounts can be opened respectively.
Application Process for Sukanya Samriddhi Yojana Scheme:
- Visit the post office or authorized bank branch offering the Sukanya Samriddhi Yojana scheme.
- Fill out the account opening form and provide the required documents, including the birth certificate of the girl child and identity/address proof of the parent/guardian.
- Make a minimum initial deposit of Rs. 250 for opening an account.
- The account will be opened, and a passbook will be issued containing all the details of the account.
sukanya samriddhi yojana death benefits
It is important to note that the scheme details and interest rates may change with time, so it is advisable to check with the nearest post office or bank branch offering Sukanya Samriddhi Yojana 2023 for the latest information.
Photo from Pixabay
In a society that often grapples with gender inequalities and limited opportunities for girls, the Government of India launched the Sukanya Samriddhi Yojana (SSY) scheme to empower the future of girls. Launched as a part of the Beti Bachao Beti Padhao campaign, the scheme aims to provide financial security and support to families by encouraging long-term savings for their daughters’ education and marriage expenses. In this comprehensive article, we will throw light on the in-depth details of the Sukanya Samriddhi Yojana scheme including its benefits, eligibility criteria, application process, and prevailing interest rates till 2023.
sukanya samriddhi yojana death benefits
1. Benefits of Sukanya Samriddhi Yojana Scheme:
SSY scheme offers several benefits to parents or guardians who want to secure the financial future of their daughters:
sukanya samriddhi yojana death benefits
1.1 High-Interest Rate:
One of the primary benefits of the SSY scheme is the high-interest rate it offers. Till September 2021, the interest rate is 7.6% per annum, subject to revision every quarter. This attractive interest rate ensures that savings grow significantly over a long period of time, thereby building a strong financial foundation for the girl child.
1.2 Tax Benefits:
Contributions made to the Sukanya Samriddhi Yojana scheme are eligible for tax deduction under section 80C of the Income Tax Act. This provision allows individuals to claim deduction up to a maximum limit of Rs. 1.5 lakh per financial year. This tax benefit encourages families to invest in the future of their daughters through this scheme.
Long-term Savings:
The Sukanya Samriddhi Yojana scheme is designed as a long-term savings option. With a tenure of 21 years, it acts as a reliable instrument to accumulate sufficient funds for various expenses that may arise during the life journey of the girl child. Be it higher education, career aspirations, or wedding expenses, this plan provides a disciplined approach to financial planning and ensures a secure future for the girl child.
1.4 Partial Withdrawals:
To meet the immediate financial needs, the Sukanya Samriddhi Yojana scheme allows partial withdrawals after the girl child attains the age of 18 years. Up to 50% of the balance can be withdrawn for higher education purposes. This flexibility strikes a balance between long-term savings and meeting the growing financial needs of the girl child.
1.5 Account Transfer:
SSY scheme provides the facility of transfer of accounts in case of relocation. If a family moves to another city or state, the account can be transferred seamlessly to any authorized bank or post office in India. This provision ensures that the investment remains intact despite geographical changes.
1.6 Maturity Amount:
On completion of 21 years from the date of opening of the account, the amount deposited, along with the accrued interest, becomes payable to the account holder. This maturity amount acts as a valuable financial asset that can be used for higher education, entrepreneurship, or any other purpose that will empower the girl child to achieve her dreams.
sukanya samriddhi yojana death benefits
2. Eligibility for Sukanya Samriddhi Yojana Scheme:
To participate in the Sukanya Samriddhi Yojana scheme, one has to fulfill certain eligibility criteria:
2.1 Age Limit:
This scheme is applicable from the birth of the girl child till she attains the age of 10 years. However, the account can be opened up to the age of 10 years only if the child is born between December 2, 2003, and December 1, 2014. It is important to start the account opening process at the earliest to get the most out of it. Plan.
2.2 Citizenship:
To be eligible for Sukanya Samriddhi Yojana, the girl child must be a resident citizen of India. This parameter ensures that the benefits of the scheme are directed toward the growth and development of Indian girls.
2.3 Number of Accounts:
To prevent misuse or opening of multiple accounts, only one account can be opened in the name of a girl child. However, in the case of twins or triplets, a maximum of two or three accounts can be opened respectively. This provision allows each child to benefit individually from the scheme.
sukanya samriddhi yojana death benefits
Photo by Yogendra Singh
3. Application Process for Sukanya Samriddhi Yojana Scheme:
Following are the steps to be followed to open a Sukanya Samriddhi Yojana account:
3.1 Visit an Authorized Bank or Post Office:
Locate the nearest post office or authorized bank branch offering the Sukanya Samriddhi Yojana scheme. India Post or the official website of the Reserve Bank of India can provide a list of authorized institutions.
3.2 Account Opening Form and Documentation:
Collect the account opening form from the specified institution and fill in all the required details correctly. Additionally, collect the necessary documents including the birth certificate of the girl child and proof of identity/address of the parent or guardian.
3.3 Initial Deposit:
Make a minimum initial deposit of Rs. 250 for opening a Sukanya Samriddhi Yojana account. This amount reflects the commitment to secure the future of the girl child and kick-start the savings journey.
3.4 Account Opening and Passbook:
Once the account opening form and documents are submitted, the authorized institution will verify the details and open the Sukanya Samriddhi Yojana account. A passbook will be issued containing all the necessary information like account number, deposit details, and interest earned.
sukanya samriddhi yojana death benefits
Sukanya Samriddhi Yojana Scheme Interest Rate:
As mentioned earlier, the interest rate of the SSY scheme is subject to revision every quarter. Till September 2021, the interest rate is 7.6% per annum. This rate is competitive in comparison to other investment options and contributes significantly to the growth of savings funds.
The Sukanya Samriddhi Yojana scheme has emerged as a remarkable initiative towards securing the future of the girl child in India. By offering high-interest rates, tax benefits, long-term savings options, and flexibility in withdrawal, the scheme encourages parents and guardians to systematically save for their daughters’ education, career, and marriage expenses. This detailed article provides comprehensive information about Sukanya Samriddhi Yojana scheme benefits, eligibility criteria, application process, and prevailing interest rates till 2023. By harnessing the power of this plan, families can pave the way for a brighter future. A more equitable future for our dear daughters.
sukanya samriddhi yojana death benefits
