Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that empowers parents to financially secure their daughter’s future. This initiative was launched as a part of the ‘Beti Bachao Beti Padhao’ campaign, aimed at promoting gender equality and providing financial assistance for a girl child’s education and marriage expenses. What sets SSY apart and makes it an appealing initiative? Explore this article to gain insights into sukanya samriddhi yojana eligibility criteria and age requirements.
What is the Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana is a government-endorsed savings account scheme tailored for the welfare of young girls. It boasts an enticing tax-free interest rate of 7.6% per year and is accessible through any bank branch or post office across the nation.
The scheme mandates a minimum monthly deposit of Rs. 250, with a maximum annual limit of Rs. 1.5 lakh. The account can be initiated in the name of a girl child aged below 10 and remains active until she reaches 21 years of age.
What is the Eligibility Criteria for Sukanya Samriddhi Yojana Scheme
SSY, a part of the ‘Beti Bachao Beti Padhao’ initiative, provides a safe and tax-efficient way to save for a girl’s aspirations, be it education, entrepreneurship, or life goals. To get the most of the scheme’s benefits, it’s essential to grasp the eligibility criteria, specially crafted to bolster the financial well-being of the girl child.
Understanding these eligibility criteria is the first step in harnessing the benefits of Sukanya Samriddhi Yojana. By meeting these requirements, parents or guardians can secure a brighter financial future for their beloved girl child, ensuring she has the resources to pursue her dreams and aspirations.
- Age of the Girl Child: The girl child for whom the SSY account is opened must be below 10 years old. The age is calculated from the date of birth.
- Citizenship: The scheme is open to Indian citizens, ensuring that every eligible girl in the country can benefit from it.
- Number of Accounts: Only one SSY account can be opened for a girl child. In the case of twins or triplets (all girls), a separate account can be opened for each child.
- Parent/Guardian as Depositor: Parents or legal guardians can open and operate the SSY account on behalf of the girl child.
- Residential Status: The SSY account can be opened for a girl child residing in India. However, if the girl child relocates abroad after the account is opened, the account can still be operated until maturity.
- Maximum Deposit: The scheme allows a minimum deposit of Rs. 250 per year and a maximum deposit of Rs. 1.5 lakh per year. Deposits can be made in multiples of Rs. 100.
- Tenure: The SSY account matures after 21 years from the date of opening or when the girl child gets married after the age of 18.
- Partial Withdrawals: Partial withdrawals are permitted once the girl child attains 18 years of age, provided the amount is used for her higher education or marriage.
What are the Documents Required For Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana (SSY) is a beacon of hope for securing the financial future of the girl child in India. To embark on this journey of financial empowerment, you’ll need to ensure that you have the necessary documents in hand. These documents are vital for opening an SSY account, a step that sets the stage for realising the dreams and aspirations of the next generation.
Let’s explore the key documents required to embark on this path of financial security for your girl child.
- Account Opening Form: You’ll need to fill out the SSY account opening form, which can be obtained from authorised banks and post offices.
- Birth Certificate of the Girl Child: A copy of the birth certificate to verify the age of the girl child for whom the account is being opened.
- Identity Proof: The identity proof of the parent or guardian who will be operating the account on behalf of the girl child. This can be an Aadhar card, PAN card, passport, or voter ID.
- Residence Proof: A document serving as proof of residence for the parent or guardian. This can be a utility bill, passport, or voter ID.
- Passport-size Photographs: Recent passport-sized photographs of the girl child and the parent or guardian.
- Initial Deposit: The initial deposit amount, which varies depending on the bank or post office. It is typically a minimum of Rs. 250.
- Relationship Proof: If the parent/guardian is not the biological parent, legal documents proving the relationship or guardianship are required.
- Account Transfer Form: To transfer the SSY account from one post office or bank to another, a transfer form needs to be filled out.
Sukanya Samriddhi Yojana Interest Calculation
You can check your SSY maturity amount and interest earned using an Sukanya Samriddhi Calculator. You will have to enter the yearly investment amount, your girl child’s present age and the year when you started investing in SSY (for new account it will be the present year)
The interest under the Sukanya Samriddhi Yojana (SSY) is computed utilising the subsequent formula:
Interest Earned = Maturity Amount – Total Principal Amount Invested
Note : Interest in Sukanya Samriddhi Yojana (SSY) compounds annually, based on the year-end principal amount. The interest rate can change per government notifications each financial year, affecting the annual interest calculation and contributing to the account’s compounding growth.
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Frequently Asked Questions
Q. What is the new age restriction of Sukanya Samriddhi Yojana ?
A. The new age restriction of Sukanya Samriddhi Yojana (SSY) is 10 years.
Q.What is the age limit for Sukanya Samriddhi Yojana?
A. The age limit for Sukanya Samriddhi Yojana (SSY) is 10 years. The account will mature when the girl child turns 21 years old.
Q.What is the minimum deposit in Sukanya Samriddhi Yojana ?
A. The minimum deposit in Sukanya Samriddhi Yojana (SSY) is Rs. 250 per year.
Q.Can girls withdraw money from Sukanya samriddhi?
A. Yes, girls can withdraw money from Sukanya Samriddhi Yojana (SSY) account after it matures at the age of 21 years and before it matures in some exceptions.
Q.Can I withdraw Sukanya samriddhi account before maturity?
A. Yes, you can withdraw money from your Sukanya Samriddhi Yojana (SSY) account before it matures. However, there are some restrictions on withdrawals.
Q.Is sukanya samriddhi yojana eligibility for NRI ?
A. No, NRIs are not eligible to open a Sukanya Samriddhi Yojana (SSY) account.
Q.What is address proof for Sukanya Samriddhi Yojana?
A. You can give your aadhar card, passport or utility bill as address proof.
Q.Can I deposit 10 lakhs in Sukanya Samriddhi?
A. No, you cannot deposit 10 lakhs in Sukanya Samriddhi Yojana (SSY) in a single year. The maximum amount that you can deposit in a single year is Rs. 1.5 lakhs.
