Sukanya Samriddhi Yojana (SSY) is a benefits scheme for the girl child it started as a part of the 'Beti Bachao Beti Padhao' campaign. Parents of a girl child can deposit into the bank. It is currently 8.1 % and gives benefits of income-tax under section 80 C of the Income Tax Act, 1961. Also, this scheme is the return of tax-free.
An account can be opened for a Sukanya Samriddhi at any time after the girl's birth till she turns 10, by a minimum deposit of Rs 250 (Earlier it obtained Rs 1,000). In succeeding years, Rs 250 minimum and maximum Rs 1.5 lakh can be saved during the ongoing financial year.
Also, you can open an account in any post office or approved branches of commercial banks.
A Sukanya Samriddhi account will remain useful for 21 years from the date of opening or till the girl's marriage after she turns 18. To reach her higher education expenses requirement, partial withdrawal of 50 percent of the balance is released after she turns 18.
What is the Interest Rate of Sukanya Samriddhi Yojana?
Interest Rate: Investment in the Sukanya Samriddhi scheme retrieves interest at the rate of 8.5 percent every year is calculated and compounded every year, according to the India Post website.
Who is Eligible for Sukanya Samriddhi Yojana?
The eligibility criteria for the girl child that require to be met are: only girl children can avail Sukanya Samriddhi Yojana benefits under the saving scheme. Sukanya Samriddhi Account to be eligible for open a girl child the maximum age should not be more than (10) years. However, one year is allowed for a grace period.
What is Sukanya Samriddhi Yojana? Benefits of Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a girl child little deposit scheme of the Government of India intended particularly for a girl child and it was started as a name for Beti Bachao Beti Padhao Campaign. There are many benefits of Sukanya Samriddhi Yojana under the Government of India's Beti Bachao Beti Padhao" To encourage people to open an account for Sukanya Samriddhi, Govt has exempted contribution to the account under section 80C of the Income Tax Act, 1961.
An account holder of Sukanya Samriddhi can withdraw up to 50 percent of the total savings for filling the marriage purpose or his/her girl child higher education. After that, if the account is not closed, the Sukanya Samriddhi account holder would receive interest on her savings/balance as defined in the scheme.
What is The Maturity Amount of Sukanya Samriddhi Account?
The maturity duration of the Sukanya Samriddhi Account is 21 years, and funds can only be withdrawn after reaching 18 years of age. Interest Rate- At present (FY 2018-19) Sukanya Samriddhi Account offers an interest rate of 8.6% per annum.
Which bank is best for the Sukanya samriddhi account?
The Reserve Bank of India has allowed the following banks for opening the account for Sukanya Samriddhi Yojana (SSY).
State Bank of India (SBI)
Bank of Maharashtra (BOM)
Bank of India (BOI)
Bank of Baroda (BOB)
State Bank of Patiala (SBP) and much more?
What Documents are required for Sukanya Samriddh Yojana?
Documents are required to open an account for Sukanya Samriddhi Yojana: *Account Opening Form of Sukanya Samriddhi Yojana. You will have to need the girl childbirth certificate for the account beneficiary. The depositor (parent or legal guardian) Identity proof, i.e., ration card, PAN card, passport, driving license. And as per Supreme Court verdict, any Government Welfare Scheme needs Aadhar number, Aadhaar card compulsory in if you go to SBI to open a Sukanya Samriddhi Yojana Account. You can go with the Birth Certificate, address proof of GuardianFeature Articles, ID proof.
How Much Money Can Be Deposited in Sukanya Yojana?
The maximum and minimum amount at least 1000 rupees has to be deposited per year and the maximum Rs. 1.5 lakh for the Sukanya Samriddhi Account and there are no limits on the number of deposits either in a month or in the year of the economy.