Sukanya Samriddhi Yojana Scheme Details In Post Office

Sukanya Samriddhi Yojana (SSY) or 

Selvamagal Semippu Thittam (SSA) 

Sukanya Samriddhi Yojana (SSY) comes under the 'Beti Bachao Beti Padhao' campaign and enjoys exempt-exempt-exempt (EEE) tax status, which means that the investment amount, interest earned and maturity amount all are exempted from tax. The scheme is meant to meet the education and marriage expenses of a girl child.

By whom account can be opened:

By the parents or guardian in the name of girl child below the age of 10 years.

Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.

This account can be opened for maximum of two girls in a family. 

Additionally, the legal guardians will also need to submit the following documents to be able to start the deposits in the scheme:-

• Duly filled scheme opening document which covers the basic personal details of the account holder and the girl child for whom the account is being opened.
• Birth certificate of the girl child.
• Depositor’s identification documents as well as a valid address proof.
• Medical certificate in the case of the birth of multiple children under a single birth order.
• Additional documents requested by the concerned authority.

Current Interest Rate% for Sukanya Samriddhi Yojana (SSY) from jan 1 2021

Scheme Name                           :Sukanya Samriddhi Account 

Rate of Interest% 

from Jan 1 2021                        : 7.6

Minimum Amount                      : 500 

Maximum Amount                    :1.50 lakh

 

What is the maturity period of an Sukanya Samriddhi Yojana (SSY) account?

The maturity period of an SSY account is 21 years. However, you only have to make deposits for 14 years. The deposited amount will earn interest between the 14th and 21st year. 

Sukanya Samriddhi Yojana account provide income tax exemption? 

Sukanya Samriddhi Yojana  accounts provide income tax benefit of up to Rs. 1.5 Lakh under Section 80C.

An account holder (the girl) will be able to withdraw from her account once she reaches 18 years of age. The account holder can only withdraw 50% of the accumulated amount once after she reaches this specified age only for the purpose of higher education.

 Sukanya Samriddhi Yojana account be closed before maturity:

 A Sukanya Samriddhi Yojana account can be closed in the event of the accountholder’s death or for the treatment of life-threatening diseases, the sanction of which needs to be authorised by the Central Government.

How to invest in the Sukanya Samriddhi Yojana

One can invest in this scheme through your nearby post office or designated branches of participating public and private banks. You will need to submit KYC documents like Passport, Aadhaar Card, etc. along with the required form and initial deposit by cheque/draft. This wide reach is designed to help ensure success of the Beti Bachao, Beti Padhao Yojana.

Sukanya Samriddhi Yojana (SSY) Application Form

The Sukanya Samriddhi Yojana (SSY) Application Form for new account can be obtained by visiting a nearby post office or participating public/private sector bank.

Is  Sukanya Samriddhi Yojana Eligible for Loan

Under existing rules, there is no option of availing a loan on the basis of the balance available in a Sukanya Samriddhi Account. 

One of the benefits of the Sukanya Samriddhi Yojana Account is the fact that it is easily transferable from one part of India to another. Under existing rules, you can transfer this tax saving deposit account for benefit of girl child from one India Post Office to another or from one designated bank branch to another with ease.