Sukanya Samriddhi Yojana (SSY) stands as a key to a brighter tomorrow, ensuring the protection, education, and empowerment of the girl child in India. This initiative, aligned with the Beti Bachao Beti Padhao (BBBP) campaign, is a joint effort of the Ministry of Women and Child Development, Ministry of Human Resource Development, and the Ministry of Health and Family Welfare. Under the scheme especially made for a girl child can avail different financial opportunities and fulfil their dreams with just a simple application process and eligibility criteria. Dive into this article to get everything to know about the Sukanya Samriddhi Yojana.
The primary objectives of SSY are clear: safeguarding girls, fostering their active participation in education and diverse fields, and combating gender discrimination, specifically the practice of determining sex. This scheme, part of the National Savings Schemes under the Ministry of Finance, is tailored exclusively for the welfare of the girl child.
Sukanya Samriddhi Yojana interest rate
One of the striking features of SSY is its attractive interest rate. For the financial year 2023-2024, the interest rate stands at a commendable 8.0%, compounded annually. This makes it one of the most enticing small-savings schemes supported by the Indian Government.
A recent update has increased the interest rate from 7.6% to 8.0% per annum, compounded yearly. However, the interest is not payable if the scheme’s tenure concludes or if the beneficiary becomes a Non-Resident Indian (NRI) or a non-citizen. The government decides the interest rate quarterly, with the upcoming rates for 2024 soon to be announced.
Also Read :- Devil Movie Review, Cast and Trailer
Sukanya Samriddhi Yojana benefits
Moreover, SSY provides substantial tax benefits under Section 80C of the Income Tax Act, 1961. Contributions up to Rs.1.5 lakh towards the scheme are eligible for tax deductions. Additionally, the interest generated and withdrawals are tax-exempt, offering a considerable financial advantage to investors.
To avail of these benefits, certain eligibility criteria must be met. A parent or legal guardian can open an account for a girl child below 10 years of age. Only one account per girl child is permitted, and a family can open a maximum of two SSY accounts.
Sukanya Samriddhi Yojana details
Investors interested in participating in the scheme can apply through post offices or participating public and private banks. Sukanya Samriddhi Yojana details require necessary documents, including the girl child’s birth certificate, parent or guardian’s photo ID, address proof, and other KYC proofs, such as PAN and Voter ID, are required during the application process.
How To Apply Sukanya Samriddhi Yojana Online?
Applying online for SSY involves a straightforward process:
1. Get the application form from the RBI, Indian Post, or authorised public and private bank websites.
2. Complete the form with essential information about the girl child and the parent or legal guardian. Include these important details:
Girl Child’s Name (Primary Account Holder)
- Girl Child’s Name (Primary Account Holder)
- Parent or Legal Guardian’s Name (Joint Holder)
- Initial deposit amount
- Cheque/DD Number and Date for the initial deposit
- Date of Birth of the girl child and Birth Certificate details
- Parent or legal guardian’s Identity Proof like Driving License, Aadhaar, etc.
- Present and Permanent Address (matching the ID document of the parent or legal guardian)
- Other KYC proofs such as PAN, Voter ID card, etc.
Sukanya Samriddhi Yojana (SSY) not only secures the financial future of the girl child but also acts as a catalyst for their holistic development. By promoting education and ensuring financial stability, SSY paves the way for a brighter and empowered generation of young girls across the country.