Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana for the wellbeing of the girl child

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Certainly! Sukanya Samriddhi Yojana (SSY) is a savings scheme in India aimed at promoting the financial well-being of the girl child.

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Here’s a brief explanation:

it’s a savings scheme designed to secure a girl child’s future by providing financial support for education and marriage.

Objective-

The primary goal is to provide a long-term savings avenue for the girl child’s education and marriage expenses.

Eligibility-

Parents or legal guardians of a girl child below 10 years old can open an SSY account.

Deposit Period-

Deposits can be made for 15 years from the account opening date, and the account matures after 21 years.

Interest Rate-

The interest rate is set by the government and is typically higher than regular savings accounts.

Withdrawal-

Partial withdrawals are allowed after the girl turns 18 or completes the 10th standard, whichever is earlier, for education-related expenses.

Tax Benefits-

Contributions to Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act.

Video credit: My Gov India Youtube channel.

To apply for Sukanya Samriddhi Yojana (SSY), follow these steps:

  1. Visit a Designated Bank or Post Office: Go to a bank or post office authorized to offer Sukanya Samriddhi Yojana. Many nationalized banks and post offices across India provide this service.
  2. Collect the Application Form: Ask for the Sukanya Samriddhi Yojana application form. You may also find the form online on the official websites of participating banks.
  3. Fill in the Form: Complete the application form with accurate details. You’ll need information such as the girl child’s name, date of birth, and KYC documents of the parent or guardian.
  4. Submit Required Documents: Along with the filled application form, submit KYC documents, such as address proof and identity proof of the parent or guardian, and the birth certificate of the girl child.
  5. Deposit the Initial Amount: Pay the initial deposit amount. The minimum deposit can vary, and it’s advisable to check with the bank or post office for the current requirements.
  6. Collect the Passbook: Once the account is opened, you will be provided with a passbook. This passbook will record all transactions and serve as proof of the account.

Remember to check the specific requirements of the bank or post office where you are applying, as procedures may vary slightly. It’s also recommended to consult with the bank officials if you have any questions during the application process.

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Thumbnail credit: CAclub India

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