What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a government-supported PPF (Public Provident Fund) scheme. It especially offers investment benefits to the parents of a girl child. This scheme comes under the list of very few available government schemes that are risk-free investment instruments. PM Modi announced this scheme on 22 January 2022 to support the campaign called Beti Padhao, Beti Bachao Abhiyan. According to the government under section 80C of the income tax action, 1961, the PPF amount which the holder receives on maturity is tax-free. For the quarter starting from January to March, the interest rate on the SSY, PPF scheme is 7.6%. So, it is obvious that this scheme is catching your interest. But as per the rules, this scheme is only for the parents of a girl child for a limit of upto 2 girls and three in the case of twins.
Features or Guidelines of SSY, PPF scheme
- For a fiscal year, the minimum amount to deposit in SSY is Rs.250 and the maximum amount is Rs.1.5 Lakh.
- Parents can only open a girl child’s account until she reaches 10 years of age.
- Only one account is allowed for one girl.
- Parents can take the advantage of authorized banks and post offices to open SSY accounts.
- Withdrawals are only allowed for the purpose of the beneficiary’s education.
- If a girl marries before reaching the age of 18 her account can be closed prematurely.
- The account is easily transferable from one bank or post office to other across India.
- The maturity period for this account is 21 years from the date of opening.
- This amount payable at maturity is tax-free or comes under the EEE (exempt-exempt-exempt) scheme.
- State Bank of India provides the facility to the customers to open an SSY account with them.
Also read:
PPF Update: Get Rs.12 Lakh Profit By Depositing 1k Monthly
Details to Open SSY Account With SBI
Required Documents are:
- SSY form to open an account which you can download here
- Birth Certificate of Beneficiary.
- The beneficiary’s parents or guardians will provide the address & ID proof.
How to open Sukanya Samriddhi Yojana account with SBI?
Parents or guardians can visit the nearest SBI branch to fill out the SSY form. You need to give your ID and address proof to the bank. After filling out the form you can submit it with the minimum investment amount of Rs.250. To date, there are no criteria to open an SSY account online. You can visit the official government website for more information.
