Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the Government of India designed explicitly for the girl child. The scheme was launched in 2015 as part of the Beti Bachao Beti Padhao campaign, which aims to promote the girl child and her education.
Eligibility
To open an SSY account, fulfill the following qualifying requirements:
The girl child’s parents, legal guardian, or grandparent can open the account.
A girl child can open only one account.
Contributions
The minimum contribution to an SSY account is ₹250 per month or ₹3,000 per year. The maximum contribution is ₹1.5 lakh per year.
Make contributions in a lump sum or through monthly installments.
Interest
Compound the interest on SSY accounts quarterly.The current interest rate is 7.6% per annum.
Maturity
The SSY account matures after 21 years from the account’s opening date. On maturity, the account holder receives the balance in the account, along with the accrued interest.
Tax benefits
The contributions to an SSY account are eligible for a deduction under Section 80C of the Income Tax Act, 1961. The interest earned on the account is also exempt from income tax.
Benefits of SSY
Sukanya Samriddhi Yojana provides several advantages, such as:
Secure a future for the girl child through it.
Promote the education of the girl child with its assistance.
Parents or guardians of the girl child can avail tax benefits through it.
Conclusion
Sukanya Samriddhi Yojana is a valuable investment option for parents or guardians of girl children. The scheme offers a s