Sukanya Samriddhi Yojana | सुकन्या समृद्धि योजना

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India designed to promote the welfare of the girl child. It was launched under the Beti Bachao Beti Padhao campaign in 2015 by the Government of India. The scheme offers a savings account with attractive interest rates and tax benefits, encouraging parents to save for their daughter’s future, particularly her education and marriage.
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Key Features of Sukanya Samriddhi Yojana:
Eligibility:

The account can be opened for a girl child below the age of 10.
Only one account can be opened per girl child (with a maximum of two accounts per family, in case of twins or triplets).
Minimum Deposit:

The minimum deposit required is ₹250 per year, and the maximum deposit is ₹1.5 lakh per year.
Interest Rate:

The interest rate offered is competitive and is determined by the government. As of now, the rate is 8.2% per annum (subject to changes).
Tax Benefits:

Contributions made to the Sukanya Samriddhi account are eligible for tax deduction under Section 80C of the Income Tax Act.
Interest earned on the account and the maturity amount are tax-free.
Maturity:

The scheme has a tenure of 21 years from the date of opening the account, or until the marriage of the girl child after the age of 18, whichever is earlier.
Partial withdrawals are allowed after the girl child turns 18 for the purpose of her higher education.
Transferability:

The account can be transferred anywhere in India, in case the family relocates.
Account Operation:

The account is operated by the parent or guardian until the girl child reaches the age of 10. After that, the girl child can operate the account herself.

The Sukanya Samriddhi Yojana (SSY) offers several benefits, making it an attractive financial tool for parents aiming to secure their daughter’s future. Here are the key benefits:

1. High Interest Rate:
The scheme provides an attractive interest rate (currently 7.6% per annum, subject to change), which is higher than most other small savings schemes and fixed deposits, ensuring good returns over time.
2. Tax Benefits:
Tax Deduction Under Section 80C: Contributions made to the Sukanya Samriddhi account are eligible for tax deduction up to ₹1.5 lakh per year under Section 80C of the Income Tax Act.
Tax-Free Interest and Maturity Amount: The interest earned on the account and the final maturity amount (including interest) are completely tax-free, making it a very tax-efficient investment.
3. Security and Government Backing:
The scheme is backed by the Government of India, making it a safe investment option. It carries zero risk, unlike market-linked investments.
4. Encourages Long-Term Saving:
The account matures after 21 years, promoting long-term financial discipline and saving. It is designed to provide funds for the girl child’s higher education and marriage, both significant milestones.
5. Partial Withdrawals:
Partial Withdrawals for Education: After the girl child turns 18, withdrawals can be made for her higher education. This ensures that the funds are accessible when needed for important educational expenses.
6. Low Minimum Investment:
The minimum deposit required is just ₹250 per year, making it affordable for parents across different income groups to start saving for their daughter's future.



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