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All About Sukanya Samriddhi Yojna

Published On Mar 18, 2021, Updated On Apr 23, 2021

Sukanya Samriddhi Yojana is a government investment scheme that is a component of Beti Bachao, Beti Padhao Yojana for the gain of the girl child. It can be opened by the parents of a child under the age of 10. The Sukanya Samriddhi Account shall have a term of 21 years or until the child is married after the age of 18. From April 2020 onwards, this scheme proposes a cumulative annual interest rate of 7.6 per cent.

Also Read:- How Are Child Plans Different From Sukanya Samriddhi Yojna ?

Features of Sukanya Samriddhi Yojna (SSY)

Following are some of the key features of Sukanya Samriddhi Yojna -

  • If the holder of an SSY account is unable to make a minimum deposit of Rs. 250 in a financial year, his or her account will be referred to as a default account. This default account will receive the interest rate as available in the system before the maturity date.
  • Premature termination of SSY accounts can only be processed in the event of the child's demise or in some special circumstances like hospital treatment of the infant against any life-threatening illness or the Demise of the Guardian.
  • After 18 years of age, a girl child will run her own account. When she is 18 years of age, she is entitled to run the SSY after sending all the required paperwork to the post office/bank where the account is kept.

Eligibility of Sukanya Samriddhi Yojna (SSY)

The below are the main eligibility requirements for the opening of the SSY Account as part of Beti Bachao, Beti Padhao Yojana:

  • Sukanya Samriddhi The account can only be opened in the name of a girl child by her parents or legal guardians.
  • At the time of opening the account, the child must be under the age of 10.
  • Different Sukanya Samridhhi accounts cannot be opened for a single child
  • Only two SSY accounts are permitted for a household, i.e. one for each child.

Benefits of investing in Sukanya Samriddhi Yojana (SSY)

Four of the main advantages of this scheme for the good of the infant are as follows:

  • Provides tax depreciation incentives under Section 80C to Rs. 1.5 lakh annually
  • Flexible investing alternative with a minimum deposit of Rs. 250 per year (max. Rs. 1.5 lakh per annum)
  • Guaranteed Returns Instrument sponsored by the Government of India 
  • A higher fixed rate of return (currently 7.6 per cent per year for Q1 FY 2020-21) relative to other government-backed tax savings schemes such as the PPF

You May Also Like to Read:- What Are Child Insurance Plans? How Do They Work?

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Sukanya Samriddhi Yojana is one of the best investing opportunities for you to create enough corpus for your daughter when she is 18 years old. You can invest a portion of your savings to Sukanya Samriddhi Yojana in order to make an extra contribution so that your daughter can financially sustain her aspirations of higher education and marriage despite inflation.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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