What is SSY(Sukanya Samriddhi Yojana) ?
SSY (Sukanya Samriddhi Yojana) is a saving scheme backed by Government of India to promote welfare of girl child in India. This scheme has higher rate of interest than normal savings bank account and also has tax benefits.
Who is eligible to open SSY(Sukanya Samriddhi Yojana) Account?
- SSY scheme is applicable to a girl child who is 10 years or below in age.
- Only one account is allowed in the name of particular girl child.
- Maximum two SSY accounts can be opened in one family or three in case of twin girls in the family.
What is the Rate of Interest on SSY(Sukanya Samriddhi Yojana)?
- Current rate of interest on SSY is 7.60 %.
- Rate of interest on SSY scheme is declared by Government of India and it is reviewed every quarter.
How to open SSY Account?
- SSY (Sukanya Samriddhi Yojana) Account can be opened at any branch of authorised bank or post office.
- Sukanya Samriddhi Account(SSY) account is opened jointly with one of the parents of the girl child or legal guardian and the account is operated by the guardian until the girl attains 18 years of age.
- For opening SSY account, fill out the application form and submit it at the concerned bank or post office along with required documents.
- The bank or the post office will process your application and your account will be opened.
- A passbook will be issued by the bank or the post office.
- Application form can be downloaded from the below link https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf
What are the documents required for opening SSY account?
- Birth Certificate of the girl child.
- KYC documents (Aadhar & PAN card) of the applicant’s parent or legal guardian.
- Passport size photographs of the girl child and parent or legal guardian.
What is the minimum and maximum limit for SSY account?
Minimum depostit : Initial deposit Rs.250/– is required for SSY scheme.
Maximum limit : Maximum of Rs.1.5 lacs can be deposited in SSY account in a year.
What are the tax benefits of SSY scheme?
Under section 80C of the IT Act, 1961, the principal amount up to 1.5 lacs will be exempted from income tax. The principal amount, interest earned on it as well as the maturity amount are exempted from income tax.
What is the Maturity period of SSY account?
The maturity of SSY is 21 years from the date of account opening or till the marriage of the girl after she attains the age of 18 years.
Maximum period for deposits in SSY scheme.
Deposits can be made in the SSY account for 15 years form the date of account opening.
Irregular payment or default in payment or Revival of SSY account.
The period for which the payment has been defaulted a penalty of Rs. 50 along with the minimum amount i.e Rs.250 is to be paid to revive the account.
Withdrawal
- Withdrawal is allowed only when the girl attains the age of 18 years Or has passed the 10th std in order to meet the expenses of higher education.
- Only one withdrawal is allowed in a year in lump sum or in instalments for a maximum of 5 years.
- Withdrawing limit will be according to the requirement of fees and other expenses for the higher education.
Is Premature closure of SSY account is allowed?
Yes, Premature closure can be done in the following cases :
- Premature closure can only be done by the girl when she attains the age of 18 years for her marriage expenses.
- Death of the Account holder – If the girl under whose name account is opened unfortunately dies, the parent or the legal guardian will receive the amount and the interest earned on it and the account will be closed.
Can Sukanya Samriddhi Account be transferred?
Yes SSY account can be transferred within the branches of the bank Or post office form one place to another in India🇮🇳.
For this you just have to make an request in writing to the concerned bank branch or post office.
Is loan against SSY account allowed?
No such facility is currently available.
One can avail loan against PPF
Read all about PPF here :
https://govtschemesin.com/index.php/2022/08/06/what-is-ppf-account/
Very helpful short info for people like me