sukanya samriddhi yojana
TRANSCRIPT
Sukanya Samriddhi Yojana
PART of BETI BACHAO BETI PADHAO CAMPAIGN
The Sukanya Samriddhi Yojana (SSY), which is also known by the name of “Child Prosperity Scheme” is launched by Honorable Prime Minister Shri. Narendra Modi, as a part of Beti Bachao Beti Padao campaign.
The Prime goal of this scheme is to give focus on girl’s child higher education and marriage.
One of the key benefit of this scheme is the interest rate that is offered, i.e. 9.2% per year for 2015-16.
BenefitsTax Benefits
Maximum of Rs.1,50,000 is exempted from tax under section 80C of IT Act, 1961.Interest gained + the Maturity amount is also Tax Free!
SecurityYour girl is entitled to the money accumulated, which can be used for her higher education.Interest will be paid even maturity of amount under certain the conditions.
How To Get SSY – The Procedure
EligibilityThe child must be a “girl”.She should be an Indian Citizen.She must be under or 10 years old at the time of opening this account.
Documents RequiredChild’s Birth CertificateIdentity proof of guardiansProof of Address of guardians
SSY can be opened at any Post-Office in India.
The parents or legal guardians are allowed to operate the account on behalf of girl, till she turns 10. Afterwards, she can operate her account herself if she choose too.
Other Must Know FactsOne can invest in this scheme till 14 years. However, she’ll keep getting interest even after 14 years, till the time she gets married.
No premature withdrawal is allowed. However, 50% of deposit amount can be withdrawn if that goes for her higher education or marriage expenses.
One 1 account per girl can be opened.
A parent or guardian can open maximum 2 accounts, even though they have 3 daughters. However, 3 accounts can be opened if 2 of them happens to be twin.
ShortcomingsLock-in period is little higher, which is 18 years, if SSY is opened in the same year of birth.The account is limited to just 2 account for parents.This scheme has no facility for Online Transaction mode. You’ve to get this account opened in Post-Office.No fixed interest rate (keeps on changing every year).
Positive SideThis is a very good initiative, taken by Government, where a girl has a whole scheme to take care of her higher education and marriage expenses.
It provides a backbone for the girl child till she gets married.
