Girl Child Post Office Savings Scheme - Sukanya Samriddhi Yojana
Updated On May 19, 2022
Table of Contents
The government-sponsored Post Office Sukanya Samriddhi Yojana is a savings scheme for a family's female child. It's part of the "Beti Bachao – Beti Padhao Yojana," which was created to encourage parents and guardians of female children to save for their children's future education and marriage expenses. A girl's parent or legal guardian can unlock it until she reaches the age of ten. The government's proposal to support and save for a female child's education through the Sukanya Samriddhi has received a resoundingly positive response and is highly commendable.
Sukanya Samriddhi Account at the Post Office: Key Features
- Each family is permitted a maximum of two Post Office Sukanya Yojana accounts. In the event of the delivery of twins or triplets, three accounts may be opened. For a girl child under the age of ten, the account can be created by her parents or legal guardians.
- A Sukanya Samriddhi Yojana in the Post Office can be opened for as little as Rs. 250 per year and as much as Rs.1.5 lakh per year. Cash and/or checks are accepted forms of payment.
- An SSY account is valid for 21 years or until the girl Child turns 18, whichever comes first. The account can be maintained open for up to 21 years after it was first opened. The Post Office Sukanya Samriddhi account earns no interest once this time period has passed.
- Only a girl Child who is an Indian resident is eligible for this program. A non-resident Indian female child is not permitted to open an SSY account in her name.
- Once a girl child reaches the age of 18, the A Sukanya Samriddhi Yojana in the Post Office allows for partial withdrawal. After that, you can withdraw 50% of your cash at the Post Office. Sukanya Samriddhi account for further education/marriage purposes
- As previously stated, an annual minimum contribution of Rs. 250 is necessary to keep the account alive for at least 14 years. The account will be deleted if this criterion is not satisfied within a year, and it may be reopened by paying a charge of Rs.50 along with the minimum deposit amount.
How To Open a Sukanya Samriddhi Account In a Post Office?
The government's effort, known as the Sukanya Samriddhi, to encourage a female child's education and ability to save money for it has garnered a lot of support and is highly commendable. Many firms are still unaware of the Sukanya Samriddhi Yojana. The post office on your corner, on the other hand, can be the most convenient place to open an account. Here's how you can do it:
- You must first obtain a copy of the form from the appropriate government website.
- Fill out the form with all of the required information.
- Carry all essential documentation, including photographs of the female child and her parent/guardian.
- Proof of identification
- The Aadhaar card, which has address proof, is quite helpful in this regard.
- The girl child's birth certificate
All of the aforementioned, as well as the application form, should be submitted to the post office.
Conclusion
A Post Office Sukanya Samriddhi Yojana account offers a number of benefits, which is why it's one of the most popular savings options. Every year, beginning in 2020-21, a 7.6% annual interest rate will be compounded and credited to the account. The interest will compound at current rates if the money is not withdrawn after the 21-year maturity period. It is possible to transfer the SSY account at the Post Office. If the depositor decides to change his or her address. Other measures can be taken, such as moving the account to any approved post office in the new address.
