Inorder to promote equality among girl and boy child in every aspects of life, Government is providing various welfare schemes to promote the education, health, and financial security of the girl child. One of the most popular scheme amongst them is the Sukanya Samriddhi Yojana (SSY) by the central government to encourage parents build a secure educational and financial future. This scheme helps the girl child in the family to enjoy all the facilities like every boy child does.
The central government has introduced Sukanya Samriddhi Yojana scheme under the Beti Bachao, Beti Padhao such that no girl child is left underpreviliged to avail the educational facilities and financial security for their secured future. In this post, we explain the features, objectives and benefits of Sukanya Samriddhi Yojana (SSY), along with a step-by-step guide and clear instructions for the same.
What Is Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a central government scheme designed for the girl child focused on long term savings for the future. This scheme encourages the parents of a girl child to deposit some amount every month in the name of their daughter which can be used for education and marriage in the future. SSY is one of the best savings and investment plan for the parents of a girl child as it offers high interest rate and tax benefits for the parents.
Key Features and Objectives of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana by the Government of India promotes savings for the girl child to support education and marriage expenses. This scheme urges the parents to support gender equality and encourages the them to start investment for the financial security of their daughter from the early age itself.
There are various key features you must take into consideration for starting the investment under the SSY scheme:
- This is a risk-freee investment option backed by the central government
- The saving under this scheme provides higher investment compared to other saving schemes
- This scheme has lonoger maturity period but can be closed premature in some cases
- You can withdraw partial amount to support education before maturity
Steps to Apply for Sukanya Samriddhi Yojana
The savings account for Sukanya Samriddhi Yojana scheme can be opened by the parents in the name of their daughter. It is simple and easy to apply for the SSY scheme in the following steps:
Step 1: Go to a nearby post office or bank authorized for this scheme.
Step 2: Get the Sukanya Samriddhi Yojana application form.
Step 3: Fill the application form correctly with the details of the girl child and the parents.
Step 4: Submit the application form along with the required documents as stated below.
Step 5: Activate the SSY account by making an initital investment.
Step 6: Deposit the savings amount regularly as stated.
Step 7: Collect your SSY passbook after opening the account successfully.
Eligibility Criteria and Documents Required for SSY
There are various things you should keep in mind about the SSY account to check if you are eligible to apply for this savings scheme:
- Only girl child are eligible for this account
- The age of the girl child should be below 10 years
- One girl child can have only one SSY account
- Only 2 SSY accounts can be opened in one family irrespective of the number of girl child in the family
- Only the parents or the legal guardians of the girl child can open the account in her name
Before applying for the Sukanya Samriddhi Yojana you must keep the following documents ready for the smooth application of the account:
- Birth certificate of the girl child
- Passport-size photographs of the child and parent
- Proof of address and proof of identity of parent or guardian (aadhaar card or voter card of the parent)
Benefits of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana scheme has been introduced by the central government with an objective of promoting equality among both genders such that child child can avail all the benefits like that of a boy child. This saving investment option is safe and secured as it is backed by the government of India.
This scheme helps the family to reduce their financail burden for the education and marriage of the girl child. SSY is a safe and secure savings option with higher interest rate to support women empowerment.
Deposit Limits and Tax Benefits of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is a government scheme for all the families irrespective of the income group. The minimum deposit for the SSY account is ₹250 per year and the maximum deposit is ₹1.5 lakh per year. The deposit period for the SSY account is 15 years which gets matured after 21 years from the date of opening the account.
The parents investing under the SSY scheme can avail EEE tax benefits which means you get 3 tax benefits from this scheme such as:
- You can claim deduction under Section 80C for all the deposits in this scheme
- The interest earned from the investment in the SSY account is tax-free
- The amount received at the time of maturity of SSY account is also tax-free
Conclusion
Sukanya Samriddhi Yojana (SSY) is one of the safest, trusted and most secured savings and investment option for a female child in India. If you are a parent looking for a safe, secure and realiable savings plan for long term for the bright future of their daughter, SSY is the go to option. SSY is one of the best central government schemes for the girl child in India with higher interest, tax benefits and security for the future of the girl child in 2026. If you are a parent of the girl child, you should start investment in this savings scheme without any hesitation.