Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the future of girl children in India. Launched in 2015 as part of the ‘Beti Bachao, Beti Padhao’ initiative, this program encourages parents to save for their daughters’ education and marriage.
Key Benefits Of Sukanya Samriddhi Yojana
High Interest Rates: SSY currently offers an attractive interest rate of 8% per annum, which is significantly higher than many other savings schemes. This ensures that your savings grow steadily over time.
Tax Advantages: Contributions to the SSY account are eligible for tax deductions under Section 80C of the Income Tax Act, allowing you to claim deductions up to ₹1.5 lakh annually. Additionally, the interest earned and the maturity amount are completely tax-free, making it an excellent option for tax-saving.
Long-Term Security: The account matures after 21 years from its opening or when the girl turns 21, whichever is later. This maturity period ensures that funds are available for significant milestones like higher education or marriage.
Low Initial Investment: You can start an SSY account with a minimum deposit of just ₹250, making it accessible for many families. You can contribute up to ₹1.5 lakh in a financial year, allowing for substantial savings over time.
How To Open An SSY Account
Opening an SSY account is straightforward. Parents or guardians can visit a bank or post office to fill out the application form (Form-1). Required documents include:
A copy of the girl’s birth certificate
Proof of identity and address (like Aadhaar card or PAN card)
After submitting these documents along with an initial deposit, the account will be activated.
In summary, Sukanya Samriddhi Yojana is not just a savings scheme; it is a powerful tool for empowering girls and ensuring their financial security in the future. By taking advantage of this scheme, parents can accumulate significant funds that will benefit their daughters when they need it most.
