Sukanya Samriddhi Yojana Beti Bachao Beti Padhao

By Somya Saho 7 Min Read

Sukanya Samriddhi Yojana Beti Bachao Beti Padhao

Sukanya Samriddhi Yojana (SSY) is one of the national savings schemes offered by the Government of India under the aegis of the Ministry of Finance. SSY is a small deposit scheme specially designed for the girl child. This is one of the highest interest rates among small-savings schemes supported by the Government of India. The interest rate for Sukanya Samriddhi Yojana for the financial year 2023-2024 is 8.0% compounded annually.

Sukanya Samriddhi Yojna is a small deposit scheme for girl child, launched as a part of the ‘Beti Bachao Beti Padhao‘ campaign. Users can find detailed information pertaining to this scheme for girl child. You can get information related to opening of account, operation of account, account closure, withdrawal, etc.

Sukanya Samridhi Yojna
Beti Bachao Beti Padhao

Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child.

Other schemes related to the girl education:

CBSE Single Girl Child Scholarship
National Scheme of Incentive to Girls for Secondary Education
Pragati Scholarship For Girl

Read on for more details about Sukanya Samriddhi Yojana. 

Sukanya Samriddhi Yojana (SSY) is a scheme that promotes Beti Bachao Beti Padhao (BBBP) campaign and is jointly run by the Ministry of Women and Child Development, Ministry of Human Resource Development and Ministry of Health and Family Welfare.

The following are the primary targets of the SSY scheme: 
  • Ensures protection and survival of girls
  • Ensures that a greater number of girls participate in the field of education and other areas
  • Ensures reduction in the practice of determination of sex and gender discrimination against children

Banks that offer SSY account

The below-mentioned banks offer SSY scheme:

  • State Bank of India
  • United Bank of India
  • UCO Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Andhra Bank

Sukanya Samridhi Yojna

Sukanya Samriddhi Yojana Eligibility

The Sukanya Samriddhi Yojana account eligibility are mentioned below:

  • The parent or legal guardian can open an SSY account on behalf of a girl child until she reaches the age of 10.
  • The girl child must be a resident Indian.
  • In a family, up to two accounts can be opened for two girls.
  • A third SSY account can be opened in case of twin girls.

Documents required to open an SSY account

The documents required to open an SSY account are mentioned below:

  • SSY account opening form.
  • The birth certificate of the girl child must be submitted at the time of opening the account.
  • The ID proof and address proof of the depositor must be submitted at the time of opening the account.
  • A medical certificate has to be submitted in case multiple children are born under one order of birth.
  • Any other documents that are requested by the bank or post office.

Benefits of Sukanya Samriddhi Yojana Scheme 

Sukanya Samriddhi Yojana (SSY) scheme was launched under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child.

  1. Affordable Payments: The minimum account balance required to maintain an Sukanya Samriddhi Yojana account is Rs. 250 per fiscal year. You have the flexibility to make deposits up to Rs. 1.5 lakh per fiscal year, making it accessible for people from all sections of society. Even if you miss a payment for a year, a penalty charge of Rs. 50 will be levied on the minimum payment of Rs. 250, but the account will continue.
  2. Educational Expenses Covered: You can withdraw 50% from the balance present in the account as of the previous financial year’s end to cover the educational expenses of your girl child. This can be availed by providing proof of admission.
  3. Attractive Interest Rates: Sukanya Samriddhi Yojana accounts offer high-interest rates compared to other government-backed schemes. Currently, the rate stands at 8% p.a.
  4. Guaranteed Returns: As Sukanya Samriddhi Yojana is a government-backed scheme, there is an assurance of returns upon maturity.
  5. Convenient Transfer: You can easily transfer the Sukanya Samriddhi Yojana account from a bank to a post office or a post office to a bank anywhere in India.
  6. Tax benefits: To encourage investments in SSY, the scheme offers the following tax benefits,
  • Section 80C Deductions: Investments made in the SSY scheme can be deducted under Section 80C of the Income Tax Act up to a maximum cap of Rs. 1.5 lakh.
  • Tax-Exempt Interest: The interest that accrues on the Sukanya Samriddhi Yojana account, compounded annually, is exempt from tax under Section 10 of the Income Tax Act.
  • Tax-Free Proceeds: The proceeds received upon maturity or withdrawal from the SSY account are also exempt from income tax.

The primary objectives of Beti Bachao Beti Padhao are as follows:

  • To eliminate gender discrimination against children and put an end to the practice of sex determination.
  • To ensure the protection and survival of girls.
  • To promote increased participation of girls in education and various other areas.

Sukanya Samriddhi Yojana (SSY), on the other hand, aims to address a significant challenge related to girls, which is education and marriage. The focus is on securing a promising future for girl children in India by assisting parents in establishing a fund to cover their child’s education expenses and provide financial support for a worry-free marriage. For this purpose, SSY has introduced the Sukanya Samriddhi Account.

Here are some more details of Sukanya Samriddhi Yojana scheme including its interest rates, benefits, eligibility, and others.

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Verified by MonsterInsights