- Sukanya Samriddhi Yojana (SSY) was introduced in 2015 as part of the “Beti Bachao Beti Padhao” initiative by the Indian government to foster girls’ education.
- SSY is a specialized savings plan tailored for the benefit of girl children.
- It allows guardians to open savings accounts for their girl children at authorized commercial banks or India Post branches.
- Eligibility criteria include Indian residency, initiation by a parent or legal guardian, the girl child being under 10 years old at the account’s opening, allowance of only one SSY account per girl child, a maximum of two accounts per family, and ineligibility for NRIs.
- The girl child must start operating the account upon reaching 18 years of age.
- Features include minimum and maximum yearly deposits of Rs. 250 and Rs. 1.5 lakh, respectively, with multiples of Rs. 100 accepted, deposits made for 15 years but the scheme maturing after 21 years, and no interest payable after 21 years.
- Partial withdrawals, up to 50% of the account balance from the preceding financial year, are permitted for the girl’s education after she turns 18 or completes 10th standard, whichever comes earlier.
- Tax benefits encompass deductions under Section 80C up to Rs. 1.5 lakh.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana (SSY)
- Sukanya Samriddhi Yojana (SSY)