Sukanya Samriddhi Yojna - Beti Bachao Beti Padhao

Posted by  Fintra , updated 2021-03-14

Sukanya Samriddhi Yojna was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The main motive of the scheme is to help parents with a girl child save money for their girl's education and marriage.

SSY accounts can be opened at any post office or any authorized banks (SBI, ICICI, etc). The account can be transferred between the post office and the bank.

Eligibility

1. The account should be in the name of the girl child and needs to be opened by a parent or legal guardian.
2. Maximum of 2 accounts can be operated by the same parents/guardians.
3. Investment can be made only for 14 years from the date of opening of the account.
4. Post 21 years from the opening date, the account will mature by itself. The account needs to be closed post-marriage of the girl. 

Documents Required for SSY account

1. SSY Form duly filled
2. Birth Certificate of girl child
3. Identity Proof
4. Address Proof

Benefits of Sukanya Samriddhi Yojna

1. An attractive interest rate of 8.1%
2. Tax benefit under 80C. The principal and interest earned at withdrawal are exempted from tax.
3. Partial withdrawal for higher education is allowed.

If you have any more questions related to SSY, you can get in touch with us.