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What is SSY (Sukanya Samriddhi Yojana)?

If you're a parent with a girl child who's worried about her education and marriage, you must opt for the government scheme, Sukanya Samriddhi Yojana (SSY). SSY is a small saving scheme launched by India's Prime Minister, Narendra Modi in 2015 as a part of "Beti Bachao, Beti Padhayo" campaign.

Due to the falling sex ratio in India, it has become a matter of concern for all sections of people. The Indian government has implemented several schemes promoting for the education, health, and other needs of women. Sukanya Samriddhi Yojana is one such scheme launched to promote the education of girls.

This scheme is also launched to provide financial support to the parents or guardians who are having a girl child. In this scheme, the parents need to deposit a minimum amount of Rs. 250 & a maximum of Rs. 1.5 lakh in a financial year in their girl child's Sukanya Samriddhi Account. It has a tenure of 21 years of age from the date of its opening or till the marriage of the girl after she turns 18. However, contributions only need to be made for 15 years. After that, the account continues to earn interest until maturity even if no deposits are made into it.

Check total wealth you can create your for daughter using SSY Calculator. You should also keep one thing in mind that you can only take advantage of SSY until your daughter is 10 years old from her birth. Her 9th birthday will be the last opportunity for her to become leverage.

 

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