Sukanya Samriddhi Yojana, Eligibility, Benefits Of The Saving Scheme

The Sukanya Samriddhi Yojana or Scheme was launched back in 2015 in Panipat, Haryana by Prime Minister Narendra Modi. The scheme was introduced for the advancement of girl children in India. Further, it aims to put an end to gender discrimination, and sex determination and boost girl participation in education and other fields. 

Eligibility For Sukanya Samriddhi Yojana Account

• Parents or a legal guardian of a girl child aged less than 10 years are eligible to open the SSY account. 
• The girl child should be an Indian citizen. 
• A family can open two accounts for their two girls under the scheme. 
• Parents or guardians can open a third SSY account in case of twin girls.

How To Open Sukanya Samriddhi Yojana Account?

• The parents or guardian can open the account for their girl child by filling an opening form at the bank or post office. 
• All the basic documents of the girl child – birth certificate, address proof, ID proof should be attached tothe form. 
• A deposit amount should be submitted along. The amount can range anywhere between ₹250 to ₹1.5 Lakh in a financial year. 
• An automatic credit to the SSY account can be made through net banking. 

Benefits Of Sukanya Samriddhi Yojana

Launched under the Beti Bachao Beti Padhao campaign, the scheme is beneficial for the girl children as it aims to secure their future. 

• The interest rate of the scheme now is 7.6%
• With this scheme, your girl child will be eligible for tax deductions under Section 80C of the  Income Tax Act 1961. This way, they can claim for a tax deduction of up to ₹1.5 Lakh.
• This scheme is transferable unlike most girl child plans
• This amount can be used for the higher education of the girl child (post office schemes for girls)
• Once complete, the amount of the scheme can be withdrawn easily
• A major chunk of the amount, about 50% can be withdrawn before the scheme completion. The scheme can be withdrawn in five instalments or in a lump sum amount. 

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Sukanya Samriddhi Yojana Withdrawal Rules

Once the duration of the scheme is complete, the entire amount is available in the account with interest and can be withdrawn by the girl child. For the withdrawal, one needs the following documents - 

• Application form for the withdrawal
• ID proof
• Address proof
• Citizenship documents

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Withdrawal For Education

If the girl child reaches 18 years of age or completes her 10th standard, money from the SSY account can be withdrawn. One would need to submit a confirmed admission offer from the college or university and a copy of fee slip along with the form. 

Withdrawal For Marriage

Parents or guardians can withdraw the amount after the girl attains the age of 18 and plans to get married. However, for this, one needs to apply a month before the wedding or three months after the marriage. For this, the proof of identity and marriage should also be submitted. 

SSY Account Closing

The SSY account will close if the girl child is no longer a citizen of India. The citizenship status of the girl child should be informed to the bank or post office. In case the girl child expires, the amount can be withdrawn by submitting her death certificate.