Sukanya Samriddhi Yojana ( SSY )

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Introduction 

The Sukanya Samriddhi Account (SSA) Schemei is a small deposit scheme of the Government of India meant exclusively for a girl child. It was launched by Prime Minister Narendra Modi on 22nd January 2015 as a part of Beti Bachao Beti Padhao campaign. The scheme is meant to meet the education and marriage expenses of a girl child. 

Notified by the Government of India on 14 December 2014, this scheme encourages parents to build a fund for the future education and marriage expenses of their female child. It is operated through the all Post Offices, branches of Public Sector Banks and three Private Sector Banks viz. HDFC Bank, Axis Bank and ICICI Bank. 

At present, the SSA Scheme has the highest rate of interest among all the Small Savings Schemes i.e. 7.6 per cent. Since inception of the scheme, around 2.73 crore number of accounts have been opened under the scheme, having nearly Rs.1.19 lakh crore deposit.

Salient Features of Sukanya Samriddhi Account:

  1. Account can be opened in the name of a girl child till she attains the age of 10 years. 
  2. Only one account can be opened in the name of a girl child. 
  3. Account can be opened in Post Offices and notified branches of Commercial Banks. 
  4. Birth certificate of a girl child in whose name the account is opened shall be submitted. 
  5. The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account. 
  6. The total amount deposited in an account shall not exceed Rs 1,50,000 in a financial year: (Provided that the deposit in excess of one lakh fifty thousand rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor) 
  7. Interest on balance [at rate notified by the government from time to time] will be calculated on yearly compounded basis and credited to the account. 
  8. On an application in Form-3, withdrawal of up to a maximum of 50% of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder (Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier). 
  9. The account can be transferred anywhere in India from one post office/Bank to another. 
  10. The account shall mature after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier. 

Benefits of Sukanya Samriddhi Account Scheme:

  1. Higher Interest Rate. 
  2. Tax Benefit under Section 80C. 
  3. Payment on maturity to girl child. 
  4. Interest payment even after maturity if account is not closed. 
  5. Transferable anywhere in India. 
  6. Even girl child can operate the account after she attains the age of 10 years. 
  7. Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account. 

Eligibility:

  1. The guardian can open the account immediately after the birth of the girl child till she attains the age of 10 years. 
  2. Only one account is allowed per child. 
  3. An account under this Scheme may be opened for a maximum of two girl children in one family (Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family; Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children) 

Documents required for opening an account:

  1. Sukanya Samriddhi Account Opening Form 
  2. Birth certificate of girl child 
  3. Identity proof (as per RBI KYC guidelines) 
  4. Residence proof (as per RBI KYC guidelines)

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