Introduction
To encourage every girl child’s success and provide a helping hand in the marriage of a girl child, “Sukanya Samriddhi Yojana” is one such government scheme that is beneficial to focus upon. It was launched on 22nd January 2015. The Sukanya Samriddhi Yojana official website is india.gov.in which is a national portal of India. Just by investing a nominal amount of Rs. 250 per month you can save a huge amount which can actually be utilized either in the marriage or in education of your daughter.
For all the good work we are obliged with, is all because of our Prime Minister Narendra Modi who is dedicatedly working for the welfare of not only our daughters but for the nation too. There are numerous schemes helping our nation develop more. And one of the popular ones is “Sukanya Samriddhi Yojana”.
In this article, we will be highlighting all the necessary information regarding this government scheme. Sukanya Samriddhi Scheme is a small deposit scheme for a girl child, launched as a part of the “Beti Bachao Beti Padhao” campaign. Well, before knowing what all benefits you can claim being a parent of a girl child. Let us first of all focus on the eligibility part as to who all can apply for the SSY.
Eligibility for Sukanya Samriddhi Yojana
Here is a list of persons who are eligible to avail benefits under Sukanya Samriddhi Yojana, namely:-
- The parents or legal guardian of a girl child can open a SSY account
- One account for one girl child is allowed to be opened
- The girl child must be a Resident of India (ROI)
- The girl should be below the age of 10 at the time of opening a bank account
- In a family only two SSY accounts can be opened i.e. one for each girl child
- In special case only, more than two SSY shall be allowed. First is when a girl child is born before the birth of twin or triplet girls or if triplets are born at first, then a third account shall be allowed. Moreover, where a girl child is born after the birth of twin or triplet girls, a third SSY account would also be allowed.
After knowing the eligibility part, let us now have a look at the benefits enjoyed under Sukanya Samriddhi Yojana.
Sukanya Samriddhi Yojana benefits
There are various income tax benefits that you can claim if you are investing in Sukanya Samriddhi Scheme. The benefits are as follows:-
- One can claim deduction under Section 80C subject to a maximum of Rs. 1.5 Lakhs
- The interest amount that accrues against the Sukanya Samriddhi Yojana which is accumulated annually is exempt from tax under Section 10 of the Income Tax Act.
- Proceeds received upon maturity/withdrawal are also exempted from income tax.
- You can withdraw 50% of the account balance as a part of the previous financial year’s end to meet the education expenses of a girl child. However, for availing 50% withdrawal you will be required to submit a proof of admission.
- Sukanya Samriddhi Scheme attracts a high rate of interest as compared to other government schemes. Currently, the applicable rate of SSY is 7.6% p.a.
- The account which will be opened is eligible to be transferred from any post office to a bank or vice-versa anywhere in India.
Documents required for Sukanya Samriddhi Yojana
Below mentioned are the list of documents that are necessary to submit in physical format. The documents required are as follows:-
- Birth certificate of the girl child
- Identity and address proof of the guardian
- Medical certificate for proof of birth of multiple girl children on a single order of birth
- Other KYC documents, such as Aadhaar card, Voters ID, etc.
- Any other documents as required by the post office or banks
Certainly, in order to apply for Sukanya Samriddhi Yojana you must also go through the set of rules laid down by the Government of India. Let’s have a glance at it.
Sukanya Samriddhi Yojana Rules
The list of rules laid down by the government which is necessary to adhere to as given below, namely:-
- Parents must deposit a minimum of Rs. 250 per month and a maximum of Rs. 1.5 Lakhs
- The rate of interest under SSY is 7.6% (subject to change as per quarterly guidelines from GOI)
- The Sukanya Samriddhi Account shall mature after completion of 21 years from the date of opening a Sukanya Samriddhi Account.
- Parents shall be responsible to operate the account till the girl child attains the age of 18.
Final Words
For securing the future of your daughter, investing in this scheme would definitely be a good option. As, the government is also providing help to all girl children to lead a good life. So, don’t wait and open an account by visiting any nearest post office or bank before your girl turns 10. However, remember that you cannot withdraw the full amount accumulated in Sukanya Samriddhi Account. Only after the girl turns 21, the full amount can be withdrawn. In an exceptional case where the government wants girls to study and make a bright future, for education purpose 50% withdrawal is possible.
Surprisingly this yojana is especially for all the girl child and no such special treatment is given to our boys. After the scheme launch, there would be more acceptance of girl child as the parents can save and earn good tax benefits also.
In conclusion, if you haven’t still opened a Sukanya Samriddhi Account for your girl child, then do not wait and do it as soon as possible.