Sukanya Samriddhi Scheme: A Simple Way to Build a Strong Financial Future

Kokila Chokkanathan
The Government of India launched the Sukanya Samriddhi Yojana (SSY) as part of the Beti Bachao, Beti Padhao campaign. It is a savings scheme aimed at securing the financial future of girls by encouraging parents to invest in their daughter’s education and marriage expenses.

Who Can Open an Account?

  • Parents or legal guardians of a girl child below 10 years of age can open an SSY account.
  • Only one account per girl is allowed.
  • A family can open up to two accounts for two girls (three in special cases under government rules).
Key Features of the sukanya Samriddhi Scheme

Investment and Deposit Limits

Minimum deposit: Rs 250 per year

Maximum deposit: Rs 1.5 lakh per year

Deposits can be made anytime during the financial year.

Interest Rate

The SSY account earns higher interest than regular savings accounts, compounded annually.

The rate is revised quarterly by the government.

Tax Benefits

Contributions are eligible for deduction under Section 80C of the Income Tax Act.

Interest earned and maturity amount are tax-free, making it a highly tax-efficient investment.

Tenure and Maturity

The account matures 21 years from opening or upon the girl reaching 18, whichever is later.

Partial withdrawal (up to 50%) is allowed for higher education after the girl turns 18.

Nomination Facility

Parents can nominate a beneficiary for the account in case of unforeseen events.

Benefits of sukanya Samriddhi Scheme

  • Long-Term Savings: Encourages disciplined savings for the daughter’s future.
  • Financial Security: Helps cover education, marriage, or other life expenses.
  • High Returns: Offers higher interest than conventional savings schemes.
  • Tax-Free Growth: Maximizes investment returns through tax exemptions.
  • Government Backed: Low risk as the scheme is guaranteed by the government of India.
How to Open an SSY Account

Visit a Post office or authorized bank branch.

Submit the birth certificate of the girl child.

Provide KYC documents of the parent/guardian.

Deposit the minimum Rs 250 to activate the account.

Start regular contributions to benefit from compounding over the years.

Conclusion

The Sukanya Samriddhi Scheme is an easy, secure, and tax-efficient way to ensure a strong financial foundation for a girl child. parents who start early and contribute regularly can create a substantial corpus for education, marriage, or other major expenses, giving their daughter a financially secure future.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.

For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

SSY

Related Articles: