The Government of India has launched – Sukanya Samriddhi Yojana” (SSY) under Beti Bachao – Beti Padhao initiative. Today we will discuss about this new deposit scheme.
If there is a daughter in your house, whose age between 1 month to 10 years, then you need to take a look at “Sukanya Samridhi Yojana” (SSY) once for your daughter’s beautiful future.
So what is special in this depsoit scheme and how to open account? Let’s see:
What is – Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) – A small deposit scheme which has been started by the Indian government under the Beti Bachao initiative. In this deposit scheme, you will get 9.1% interest rate along with relief from income tax.
You can open Sukanya samriddhi Account for your daughter whose age under 10 years. If your daughter is below 10 years then you can open Sukanya samriddhi account at any bank (Public / Private) or Post Office. You can open the account immediately after the birth of the child (girl).
To open an account, you only have to deposit Rs.1000. You can deposit the maximum amount of Rs.1.5 lakh in a year. Every year you must deposit at least 1000, which is not much for you.
Sukanya samriddhi account will continue for 21 years. After that you can withdraw your entire money. You can also withdraw 50% of the money after the girl turns 18 years old.
Benefits of Sukanya Samriddhi Account
You must open the Sukanya samriddhi account if you have a daughter under 10 years of age.
If you come to know about its benefits then you will sure understand its significance.
Let’s see its advantages.
1. Get Higher interest rate
The biggest benefit of the Sukanya samriddhi account is – you will get higher interest rate almost 9.1%, which is much higher than the interest paid in any deposit scheme.
Suppose you deposit 10,000 every year, then after 21 years it will be 5.30+ lakhs.
2. Relief from Income Tax
Tax relief under Section 80C, Income Tax Act has been given for Sukanya samriddhi account. You will not have to pay any taxes.
3. Account opened only in 1000 Deposit
You can apply for this account by visiting to any government-private bank. All public sector and private sector banks have this facility.
You only have to deposit 1000 and your daughter’s Sukanya samriddhi account will be opened. After this, you will have to deposit only 1000 once a year to keep your account active.
4.You Can Deposit up to 1.5 lakh per year
You can deposit up to 1.5 lakh in one year in the account. That mean you can deposit maximum Rs.12000+ per month.
5. Lock-in Period
You will be able to withdraw money from this account only when your daughter turns 18 years old.
After the daughter’s age of 18, you can withdraw 50% money and after 21 years from account opening you can withdraw your entire money.
If the girl gets married then the account will be mature and you can withdraw all the money.
6. After the maturity only Girl can Withdraw money
After maturity of account, girl can withdraw her entire money. If the account holder (girl) not present, parents can’t withdraw money.
7. After opening the account, it will remain active for 21 years
After opening the Sukanya samriddhi account, the account will active for 21 years. After 21 years, account will mature and you can withdraw your entire money. This whole money will be given to your daughter.
FAQ – Frequently Asked Questions
Let’s see some FAQ about Sukanya samriddhi account.
[thrive_toggles_group”][thrive_toggles title=”Q.1: What are the rules for opening the Sukanya Samriddhi Account?” no=”1/6″] Answer: Parents of girl under the age of 10 can go to any bank and open their daughter’s account. The girl’s parents will be able to operate the account. You can not open 2 accounts of the same girl. You must also submit the birth certificate of the girl along with the address proof.[/thrive_toggles][thrive_toggles title=”Q.2: How much Deposit needed?” no=”2/6″] Answer: When opening an account, you have to deposit Rs.1000. After that you will have to deposit at least 1000 per year. Every year you will be able to deposit up to 1.50 lakh rupees. If you can not deposit 1000 in a year, you will get penalty of Rs.50.[/thrive_toggles][thrive_toggles title=”Q.3: Passbook Available?” no=”3/6″] Answer: Yes, after opening the account, you will be given a passbook with details of your account. You have to present this passbook, when you deposit money.[/thrive_toggles][thrive_toggles title=”Q.4: Can we transfer account to other bank?” no=”4/6″] Answer: Yes, you can transfer your account to another bank or post office. For this you will have to pay a fee of Rs.100.[/thrive_toggles][thrive_toggles title=”Q.5: When can you withdraw money from the account?” no=”5/6″] Answer: After the girl turns 18, 50% of the money can be withdrawn. And after 21 years of opening the account, you can withdraw your entire money.[/thrive_toggles][thrive_toggles title=” Q.6: When will the account mature?” no=”6/6″] Answer: After 21 years of opening the account or after the girl gets married, the account becomes mature and after that the girl can withdraw her entire money with interest.[/thrive_toggles][/thrive_toggles_group]
