Google trend - Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme introduced by the Government of India in It is specifically designed to encourage parents to save for the future education and marriage expenses of their girl child. This scheme aims to empower and financially secure the girl child, thereby promoting gender equality and women's empowerment in the country.

Under the Sukanya Samriddhi Yojana, parents or legal guardians can open a savings account in the name of their girl child who is below the age of 10 years. The account can be opened in any post office or authorized commercial bank across India. The scheme offers an attractive interest rate, tax benefits, and a long-term investment option for the girl child.

The account can be opened with a minimum deposit of Rs. 250 and can be continued until the girl child reaches the age of 21 years. The maximum amount that can be deposited in a financial year is Rs. 5 lakh. The account can be operated by the parent or guardian until the girl child reaches the age of 18 years. After that, the girl child can take over the account and manage it herself.

One of the key features of the Sukanya Samriddhi Yojana is its high interest rate. The interest rate is announced by the government every quarter and is currently set at 6% per annum. This interest rate is higher than most other savings schemes and fixed deposits offered by banks, making it an attractive investment option for parents.

Another significant benefit of the scheme is the tax exemption it offers. The amount deposited in the Sukanya Samriddhi Yojana account is eligible for deduction under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free. This makes the scheme a tax-efficient investment option for parents looking to save for their girl child's future.

The maturity period of the Sukanya Samriddhi Yojana account is 21 years from the date of opening the account or until the girl child gets married, whichever is earlier. Once the account matures, the entire amount, including the principal and interest, is paid to the girl child. This amount can be used for her education, marriage, or any other purpose that promotes her welfare.

The Sukanya Samriddhi Yojana also provides flexibility in terms of partial withdrawals. After the girl child reaches the age of 18 years, up to 50% of the balance can be withdrawn for higher education purposes. However, the withdrawal is subject to certain conditions and requires proof of admission to a recognized educational institution.

To ensure the success and accessibility of the scheme, the government has taken various measures. They have made it mandatory for banks to offer the Sukanya Samriddhi Yojana and have also allowed online account opening and management facilities. This has made it easier for parents to open and operate accounts for their girl child.

In conclusion, the Sukanya Samriddhi Yojana is a government-backed savings scheme that aims to promote the welfare and financial security of the girl child. It offers an attractive interest rate, tax benefits, and flexibility in withdrawals. By encouraging parents to save for their girl child's future, this scheme contributes to the overall development and empowerment of women in India.