Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed to provide financial security for the girl child. The scheme was launched in January 2015 as part of the Beti Bachao,
- The account can be opened by the parents or legal guardian of a girl child who is below the age of 10 years.
- Only one account can be opened in the name of a girl child. Click here to Check Your Eligibility.
- The account can be opened at any post office or authorised bank in India.
- The account matures after 21 years from the date of opening of the account.
- The minimum deposit per year is ₹250.
- The maximum deposit per year is ₹1.5 lakh.
- The interest rate is fixed at 8% per annum.
- The interest earned is tax-free under Section 80C of the Income Tax Act, 1961.
- Withdrawals can be made for the following purposes:
- Higher education of the girl child
- Marriage of the girl child after she attains the age of 18 years
- A maximum of 50% of the balance in the account can be withdrawn for any of the above purposes.
- The amount deposited in the SSY account is eligible for a deduction under Section 80C of the Income Tax Act, 1961.
- The interest earned on the SSY account is tax-free under Section 80C of the Income Tax Act, 1961.
The Sukanya Samriddhi Yojana is a good option for parents who want to save for the future of their girl child. The scheme offers a high interest rate, tax benefits, and the security of a government-backed investment.