As they say, educate the girl and the whole family will be educated. Sukanya Samriddhi Yojana is a step towards realising this saying. The Indian Government back in 2015 started a savings scheme which enables parents to save in the name of their girl child primarily for her education and her wedding as well. SSY is a risk-free deposit scheme which is launched under the campaign “Beti Bachao Beti Padhao” of the Indian govt. Apart from being risk-free; another highlight of this scheme is that it comes with a tax-benefit as well. And to add to it, the maturity amount as well as the interest is tax exempted.
The girl child should be a citizen of India
She must not have exceeded the age of 10 years at the time of starting the scheme
Sukanya samriddhi Yojana scheme account is allowed only for 2 girl children belonging to the same family.
A minimum deposit of Rs. 250 is mandatory per annum failing which the account would be declared inactive
A maximum deposit of Rs. 1.5 Lakh per annum is allowed
The account holds good till the time the girl child attains the age of 21 years or gets married, which ever of the two occurs first. The initial minimum deposit has been kept nominal by the Govt of India which is Rs. 250 only. The number of deposits in a month or year are unlimited.
Also there is a provision of partial withdrawal at the age of 18 years for education or marriage.
Sukanya samriddhi Yojana Scheme offers the best RoI among other saving schemes which is 8.3% presently. The GOI holds right to alter this interest rate as per requirement.
Sukanya samriddhi Yojana scheme is only for girl child of Indian origin
Maximum permissible age is 10 years at the time of account opening
Sukanya samriddhi Yojana is only allowed for 2 girls children of the same family
Total tenure is 21 years
Deposits need to be made only till year 14
Sukanya samriddhi Yojana comes with tax benefit