Sukanya Samriddhi Yojana: All You Need To Know About Govt's Financial Scheme For Girls
What Is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings initiative launched on January 22, 2015, by PM Narendra Modi, aimed at uplifting the status of girl children in India as part of the Beti Bachao, Beti Padhao scheme.
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Who Is Eligible For SSY Account?
Parents of a girl child below 10 years are allowed to open an account and reap benefits from the scheme. The minimum deposit is Rs 250, ranging up to Rs 1.50 lakh per financial year, and with an added deliberation of Rs 50 fine for non-compliance.
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Account Opening, Interest Rates
For opening an account people can visit India Post offices and authorised bank branches. The schemes initial interest rate of 9.1%, revised to 9.2% in 2015, with yearly revisions, and the updated rules introduced in 2019.
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Documents Required
Prepare the necessary documents, including the SSY form, birth certificate, proof of parentage or guardians address, and ID proofs for account opening. Obtain these from authorised banks or post offices.
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Steps To Open SSY Account
Follow a step-by-step guide for opening a Sukanya Samriddhi account, including visiting a post office or authorised bank branch, completing the form with crucial details, submitting a minimum deposit of Rs 250, and setting up automatic credit.
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Online Account Management
Currrently, there are restrictions on opening Sukanya Samriddhi accounts online. Once opened offline, parents can manage standing instructions online. There are penalties for non-annual deposits and the retrieval process within 15 years.
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Benefits Of Sukanya Samriddhi Yojana
The schemes benefits, include income tax savings, a high interest rate, tax-free interest, and the payout of the balance with interest upon maturity. Understand the lock-in period and the accrual of interest even after maturity.
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Operation, Withdrawal Policies
A girl child can operate her account, the option to withdraw 50% of savings at 18 for higher education, and the maturity period is 21 years. The deposits can be made for 15 years, with the account earning applicable interest thereafter.
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Closure, Maturity Conditions
The closure options allow normal closure at 18 or at the time of marriage. Maturity conditions lay an emphasis on the importance of timeframes for withdrawals and closures.
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