Sukanya Samriddhi Yojna (SSY) / सुकन्या समृद्धि योजना (एस एस वाय)

Sukanya Samriddhi Yojana is the scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 9.2% and tax benefits. The account can be opened at any India Post office or a branch of some authorized commercial banks. The main aim of this scheme is to encourage parents to build a fund for the future education and marriage expenses for their female child. The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity at the age of 21. If the account is not closed, then it will continue to earn interest at the prevailing rate. If the girl is over 18 and married, normal closure is allowed.

Benefits of Sukanya Samriddhi Yojana

• The beneficiary will get the attractive interest rate of 9.2% on deposited amount
• Tax exemption- Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C. Means the candidate opens an account under Sukanya Samriddhi Yojana scheme and deposits money the candidate need no to pay tax on that amount
• Withdrawal facility- The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity at the age of 21. If the account is not closed, then it will continue to earn interest at the prevailing rate.If the girl is over 18 and married, normal closure is allowed

Eligibility for getting benefits of Sukanya Samriddhi Yojana

1. The account can be open by the natural or legal guardian in the name of a girl child till she attains the age of 10
2. A depositor can open and operate only one account in the name of girl child under the scheme
3. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of the birth of twin girls, as second birth or if the first birth itself results in three girl children
4. The maximum limit for deposits in the account is Rs 1, 50,000 per year
5. The opening amount for the account is Rs 1,000. Thereafter a multiple of Rs 100 can be deposited to the account with a minimum of Rs 1,000 per year

Document required for getting benefits of Sukanya Samriddhi Yojana

1. SSY (Sukanya Samriddhi Yojana) account opening form
2. Birth certificate of a girl child
3. Identity proof
4. Residence proof

Whom to contact and where to contact

1. Beneficiary can contact to Indian post office
2. Beneficiary can contact to Authorised bank e.g. ICICI bank

Online registration form is available here of ICICI bank

1. http://www.icicibank.com/managed-assets/docs/personal/investments/SSY-account-opening-form.pdf

For more information please visit 

1. indiapost.gov.in
2. icicibank.com