Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

Introduction: -

Since the modi government came into they have introduce a wide range of schemes for girls under “Beti bachao-beti padhao”. 
One of the initiative under beti bachao-beti padhao scheme is “Sukanya Samriddhi Yojana”. This scheme has been widely applauded by people of India. It is a simple saving deposit scheme to ensure financial & social security to girls. 
This scheme is introduced to facilitate financial security for marriage and education expenses of girl child. 
This scheme was launched in January 2015.Since its launch, around 2,330 crores of rupees have been saved in these accounts.

On whose name, it can be opened? And by whom?

1. The savings account shall be opened in the name of girl child who is an Indian resident. 
2. This account can be opened at any time before the girl attains age of 10. 
3. Only one account per girl child is allowed. 
4. Parents can take only to the maximum of 2 girl children. 
5. This account can be opened for adopted child also.

Documents required: -

Opening a SSY is very simple and easy. It doesn’t require much documents. The following documents are required for opening a SSY. 
1. Birth certificate of girl child. 
2. ID proof of parents or guardians. 
3. Address proof of parents or guardians.

Who can deposit in this account?

Parents and guardians deposit into this account every year in small amounts. Earlier only parents or guardians are allowed to deposit into this account. Now the girl can also deposit into this account.

Minimum and Maximum amount of deposit: -

1. Minimum amount of 1000 is to be deposited in the account every year. 
2. Maximum amount per year that can be deposited is 1,50,000. 
3. Deposited in excess of these will not earn any interest. 
4. If not deposited a penalty of Rs. 50 will be imposed per year and the account will be treated as ‘defaulted account”. 
5. The account can be regularized again by paying the outstanding amount along with penalty. 
6. If the account is not regularized with in 15years then interest on outstanding amount will be calculated at prevailing post office saving interest. 
7. However, if default is due to the death of the parents or guardians then interest will be paid at normal SSY interest rate.

Interest rate: -

1. The rate of interest is 8.6% per annum. 
2. The interest will be calculated on 10th of every month on the least amount held in account between last date of month and 10th of next month.

Maximum deposit period: -

1. Deposits are to be made for 15years from the year of opening account. 
2. One can deposit after 15years but it will not fetch interest. 
3. Interest will be paid till 21years from the opening year. 
4. No interest will be paid after 21years from opening account. (amendment)

Withdrawal limits for education: -

Partial Withdrawal can be made for higher education of girl child. Maximum amount that can be withdrawn is 50% of previous years closing balance.

Maturity of account: -

The account will be matured on the girl attaining age of 21 years or the girl gets married, whichever is earlier. 
The account can be closed prematurely, if the account holder dies before attaining age of 21years. 

Conclusion: - 
Every time you withdraw amount from SSY, age certificate has to be provided. This scheme also serves as best tax saving scheme. The deposits made in this account can be claimed as deduction under sec. 80C. Now deposits can be made through online also. 
If the parents of the child become NRI after opening the account then they must notify the bank within one month of change in citizenship. Such that interest will not be paid after that change.

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