As a part of ‘Beti Bachao Beti padhao’ campaign (Save girls, educate girl child campaign), Prime minister Shri Narendra Modi launched a scheme Sukanya Samriddhi Yojana ( Girl Child Prosperity Scheme) on Jan,22 ,2015.
-Sukanya Samriddhi Yojana (SSY) aims to tackle major problem associate with girl child- Education and Marriage
-The Parent of the child builds a fund under this scheme.
-At maturity say after 21 years from the opening date, the deposit will matured and paid back.
Salient features of Sukanya Samriddhi Yojana (SSY)
- SSY can be opened by any girl child who is resident India.
- Parents or legal guardian of a girl child who has not attained the age of 10 years can open the account.
- Account can be opened for a maximum of two girl child in the family, including adopted children.
- SSY A/C can be open in post office or an authorized branch of commercial banks.
- It requires minimum documents such as 1) birth certificate of the child 2) Identity and residential proof of parent or guardian 3) Medical certificate for proof of birth of multiple girl children on single order of or 4) Any other document required by PO or bank.
- SSY A/c can be opened in any time between birth of the child and at the time she attains the age of 10.
- Min Rs 250, maximum Rs 1, 50,000/- in every financial year up to 15 yrs- multiple of Rs 100/- subject to the above cap.
- Mode of deposit-Cash, Cheque, DD or Online transfer.
- Interest rate-as per 3rd quarter of FY 21-22- 7.6% PA.
- Account matures after completion of 21 years.
- Balance in SSY Account, including interest, is paid to the child on submitting an application and proof of identity, residence and citizenship documents.
- Mature closure is allowed in certain cases.
Tax benefits of SSY
- Investments made in the SSY Scheme are eligible for deduction under section 80 C.
- Maximum cap U/S 80 C is Rs 1.50 lakhs.
- The interest accrued against this account which gets compounded annually is also exempted from tax.
- The proceeds received up on maturity/ withdrawal also exempt from Income tax.
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Author Bio
SYY is nothing but a simple like a bank recurring deposit scheme with 21 years close ended scheme. Before investing pl do the research.
I want to change name of my daughter in sukanya samridhi yojna. I had opened in her nick name so I have to change with her official name.
You can change the name of the girl child under the SSY, the girl or the guardian (in case of the account holder is less than 10 years) , Please visit the post office or the bank from where the account has been opened.
An affidavit and relevant proof of change of name of the girl child is to be carried along with all relevant documents – Birth certificate of the child, address proof, identity proof and documents of the SSY account