Sukanya Samriddhi Yojana (SSY)
Why in the News?
Finance Ministry recently increased the interest rate for the Sukanya Samriddhi Account Scheme from 8% to 8.2% for January-March (2024) quarter.
Quick Facts of Sukanya Samriddhi Yojana (SSY)
Purpose: To promote the welfare of the girl child
Background: launched in 2015 as a part of the Beti Bachao Beti Padhao campaign.
Beneficiaries: A girl child (a maximum of two girl children in one family)
Limitation: A girl child can open only one account in her name.
Objective of Sukanya Samriddhi Yojana (SSY)
To provide a small investment for the girl to facilitate payment of her education and marriage expenses.
Salient Features of Sukanya Samriddhi Yojana (SSY)
Account Opening:
Post Offices and notified branches of Commercial Banks can open accounts.
Maximum Account Per family:
opened in the name of a girl child for upto two girl children in one family.
Exception for twins/triplets: Beneficiaries can also avail benefits for more than two in case of twins/triplets in the first birth or the second birth.
However, if the first birth itself results in more than two girl children, girls born after the twins/triplets will not be eligible to open Sukanya Samridhhi accounts
Account portability:
One can transfer the account anywhere in India from one post office/Bank to another.
Interest Rate:
The government will notify the rate from time to time, and the bank will calculate interest on the balance on a yearly compounded basis and credit it to the account.
Maturity of scheme:
The account will mature after 21 years from the date of opening or on marriage of the girl child under whose name the girl child opens the account, whichever is earlier.
Premature closure of account:
The Central Government may close the account if the account holder dies or if continuation of the account causes undue hardship to the account holder.
Premature withdrawal:
Once the girl child is 18 years old, she can make an early withdrawal of up to 50% of the balance for higher education.
Other benefits of Sukanya Samriddhi Account Scheme
Even girl child can operate the account after she attains the age of 10 years.
Payment on maturity to girl child.
The bank pays interest even after maturity if you do not close the account.
Transferable anywhere in India.
You may make deposits in the account till the completion of a period of fifteen years from the date of opening of the account.
Documents required for opening an account :
Sukanya Samriddhi Account Opening Form.
Birth certificate of girl child
Identity proof (as per RBI KYC guidelines)
Residence proof (as per RBI KYC guidelines)
PM Jan Dhan Yojana (PMJDY): Benefits, Overdraft & Insurance
SSY interest rate,
Sukanya Samriddhi Account rules,
Beti Bachao Beti Padhao schemes,
girl child savings scheme tax benefits,
SSY account maturity period
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