Table of Contents
Sukanya Samriddhi Yojana 2024 Benefits Revealed
Introduction
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at the betterment of the girl child in India. Launched under the “Beti Bachao, Beti Padhao” campaign, SSY helps parents save for their daughter’s future education and marriage expenses. This initiative ensures financial security for girls from economically weaker sections.
What is Sukanya Samriddhi Yojana 2024?
The Sukanya Samriddhi Yojana 2024 is a long-term saving scheme for the girl child. Parents or guardians can open an SSY account for their daughters aged below 10 years. This scheme allows investments from ₹250 to ₹1.50 lakhs per year. The current interest rate offered is 7.6% per annum, compounded annually.
Objectives of Sukanya Samriddhi Yojana
The primary goal of SSY is to secure the financial future of girl children. It aims to provide for the expenses related to their higher education and marriage. This scheme ensures that girls from financially weak families do not face monetary challenges in the future.
Benefits and Features of SSY
Guaranteed Returns: SSY offers assured returns as it is a government-backed scheme.
Income Tax Exemption: Investments under SSY are eligible for income tax benefits under Section 80C of the Income Tax Act.
High Interest Rate: The scheme provides a high interest rate of 7.6%, compounded annually.
Flexible Investment: Parents can invest as little as ₹250 to as much as ₹1.50 lakhs annually.
Partial Withdrawal: 50% of the amount can be withdrawn once the girl child reaches 18 years of age. Transferable Account: The account can be transferred anywhere in India from one bank or post office to another.
Eligibility Criteria for SSY
- The girl child must be below 10 years of age at the time of account opening.
- Only two accounts are allowed per family for two girl children.
- The girl child and her parents must be Indian citizens.
- Legal guardians can open an account for adopted daughters.
Required Documents for SSY
- Birth certificate of the girl child
- Photo ID and address proof of parents/guardians (Aadhaar card, PAN card, etc.)
- Recent passport-size photographs of the girl child and parents/guardians
How to Open an SSY Account
- Visit a Bank or Post Office: Go to your nearest bank or post office that offers SSY.
- Collect the Form: Obtain the Sukanya Samriddhi Yojana account opening form.
- Fill in the Details: Complete the form with required information such as names, addresses, and birth dates.
- Attach Documents: Attach the necessary documents like birth certificate, ID proofs, and photos.
- Submit the Form: Submit the completed form along with the documents to the bank or post office.
- Initial Deposit: Make an initial deposit of a minimum of ₹250 to open the account.
Withdrawal Rules
- Partial Withdrawal: After the girl reaches 18 years, she can withdraw up to 50% of the balance for her higher education or marriage.
- Full Withdrawal: The account matures after 21 years, or at the time of her marriage after reaching 18 years.
- Premature Closure: Allowed in cases such as the death of the account holder, life-threatening diseases, or if the girl child becomes a non-resident.
List of Banks for SSY Account Opening
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Bank of Baroda
- ICICI Bank
- Axis Bank
- Bank of India
- Canara Bank
- IDBI Bank
- UCO Bank
- Indian Bank
FAQs
Q: How long do I need to invest in SSY?
A: Investment is required for a minimum of 15 years. The account matures in 21 years.
Q: What is the age limit for opening an SSY account?
A: The girl child must be under 10 years at the time of account opening.
Q: When can I withdraw the deposited amount?
A: You can make partial withdrawals for education or marriage once the girl turns 18. Full withdrawal is possible after 21 years or upon her marriage after 18 years.
Q: How many accounts can be opened for one child?
A: Only one account per girl child is allowed.
Q: What are the tax benefits of SSY?
A: The investments, interest earned, and maturity amount are all exempt from income tax under Section 80C.
Conclusion
The Sukanya Samriddhi Yojana 2024 is a significant step towards securing the future of girl children in India. By offering high interest rates and tax benefits, it encourages parents to save for their daughters’ education and marriage. The process of opening and managing an SSY account is straightforward, making it accessible to families across the country. This scheme not only provides financial security but also promotes the importance of educating and empowering the girl child.
For more information or to start your investment in Sukanya Samriddhi Yojana 2024, visit the official website or your nearest bank.
Key Takeaways
- SSY is a government-backed savings scheme for girl children.
- It offers a high interest rate of 7.6%, compounded annually.
- Provides tax benefits under Section 80C.
- Allows partial withdrawals for education or marriage.
- Maturity period is 21 years with mandatory investment for 15 years.
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