Sukanya Samriddhi Yojana is a saving plan started by the Government of India in the year 2014. Ministry of Women and child Welfare, Government of India has started the plan as a part of “Beti Bachao, Beti Padhao” campaign.
PM Sukanya Samriddhi Yojana plan is focused to cheer up the parent’s to save and maximize the savings for higher education and to meet the marriage expenses of the daughter child. In this plan a natural or legal custodian can open an account in a permitted bank or post office on the part of their daughter. Sukanya Samriddhi plan is running all over India.
Benefits & Advantages of Sukanya Samriddhi Yojana:
- There are several tax advantage of this plan as per section 80C of Income Tax Act.
- This plan requires a few documentation.
- The plan gives higher rates of interest from any other schemes.
- The least money to be deposited annually in the account is too low i.e. 250/-.
- When the girl is 10 years old, she can handle her own account if she wants.
- This account is transferable in India.
The Sukanya Samriddhi account can be opened at any of permitted bank or post office in this country. This account can be opened by the guardians.They have to give the birth certificate of the girl and the other documents.
In this plan parents or legal gurdian can open an account for two daughters.If the daughters is twin, then a third account can be opened after the birth of third girl child. But for that, they have to submit the correct certificate in both situation to open the account. A depositor will be able to open an account on behalf of the girl.
Sukanya Samriddhi Yojana is opened with a primary amount of Rs. 1000/. Later less than 250 rupees and more than one lakh fifty thousand rupees cannot be deposited in this account in a financial year.
You will be able to deposit money in that account for 14years from the day the account is opened. If this account is not complied yearly as per the system, after that this accounts can be adjustable by paying fine of Rs. 50/- per year toward with the least subscription money of the year.
Interest rate of Sukanya Samriddhi Yojana:
The government decided on the base of three months and announced the interest rate. It is compounded on yearly and deposited to the account up to 14 years since the opening of the account. The present interest rate for 1st January 2025 – 1st March 2026 is 7.6%.
Needed Document for SSY :
- You have to take account opening form from the respective bank.
- Birth certificate of the child.
- Identify proof like PAN card, matriculation certificate, Epic card, passport, driving license of the parents or legal guardians.
- Residential proofs likes electric bill, ration card, pan card, passport, or any other documents of address issued by the Government of India.
Age:
- The scheme is applicable only for females.
- Girl’s below 10years old are capable for account opening. The guardian has to open account in the daughter name.
- Girls who are born on or after December 2003 is applicable.
Important information of Sukanya Samriddhi Yojana:
- In this scheme the main amount must be deposited within 14years of the opening the account and the money will not be paid till maturity even after 14 years have been completed.
- The account can be closed when ever you want and if you want to continue you will get the interest, but in order to get the interest, there must be some main amount in the account.
- The authority will charge a fine of Rs. 50/- if the proper least money is not deposited in the account.
- Only 50% will be given in case of withdrawal of money from the scheme only if the girl reaches the age of 18years.
- No money will be deducted from income tax in this account under the scheme for any amount.
Passbook information of Sukanya Samriddhi Yojana:
- After opening the account a passbook will be given to the account holder. Which will contain the name, account number, address, savings details, birth date, account opening date of the holder.
- This book should be kept with the parents or legal guardian at the time of deposit and at the time of final closing of the book.
