Sukanya Samridhi Yojana 2024 Objective, Key Features, Interest Rates & More

The government-backed Sukanya Samriddhi Yojana (SSY) is a small savings program intended for girls’ welfare. It is a component of the Beti Bachao, Beti Padhao Yojana, and can be opened at specific banks or post offices by parents of girls under the age of ten. The SSY account will remain open for 21 years, or until the girl kid turns 18 and marries. In addition to various tax advantages, this plan offers a higher interest rate.

Sukanya Samridhi Yojana 2024

The goal of the SSY, which was introduced by the Ministry of Finance on January 22, 2015, is to pay for girls’ future marriage and educational costs. With an interest rate of 8.0%, parents can invest up to ₹1,50,000 annually (April 1, 2023, to June 30, 2023). Under section 80C, contributions are tax deductible and the interest earned is free from taxes. About 2.73 crore accounts have been opened since the program’s founding, with approximately ₹1.19 lakh crore in deposits.

Objective of Sukanya Samridhi Yojana (SSY)

Securing the future of the girl child is the main goal of the government-initiated Sukanya Samriddhi Yojana. Parents in low-income households frequently worry about their daughters’ futures when they give birth, especially the expenses associated with marriage and education. The Sukanya Samriddhi Yojana was created by the government in order to allay these worries. Parents from low-income households can register an account and make investments for their daughter’s future with ease thanks to this plan.

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A welfare program called Sukanya Samriddhi Yojana (SSY) was developed with the intention of providing financial security for girl children as part of the government’s “Beti Bachao, Beti Padhao” campaign. Under this savings plan, parents or legal guardians can create an account in any private or public bank on behalf of a girl child who is 10 years old or younger. The account is valid for 21 years after it is opened. Assisting parents in creating a fund for their daughter’s further education and other future expenditures is the main goal of SSY.

A Financially Secure Future

The Sukanya Samriddhi Yojana is a deposit system designed to give Indian girls a stable financial future. Regular deposits allow parents to build up a sizeable corpus over time that they can use to help their child achieve important life goals. SSY is one of the programs Prime Minister Narendra Modi launched in 2015 as part of the Beti Bachao Beti Padhao Yojana with the goal of promoting the welfare of girls.

Key Features of Sukanya Samriddhi Yojana

• Account Operation: Held by parents until the girl turns ten, then by the girl herself when she turns eighteen.
• Deposits: Multiples of ₹100 for a minimum yearly deposit of ₹250, and a maximum of ₹1.5 lakh every fiscal year.
• Plan Duration: 15 years of contributions, with the account maturing 21 years following the opening date.
• Account Transfer: ₹100 without proof of residency change; free transfer throughout India. Deposit options include cash, demand drafts, checks, and internet transfers.

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List of Banks for Opening Sukanya Samriddhi Yojana Account

Below is a list of banks where you can open an account under the Sukanya Samriddhi Yojana. To start a savings account for your daughter’s future, go to the closest branch of any of these banks:

• State Bank of India
• Punjab National Bank
• Bank of India
• Bank of Baroda
• Bank of Maharashtra
• Allahabad Bank
• Axis Bank
• Andhra Bank
• Punjab and Sindh Bank
• Union Bank of India
• UCO Bank
• Vijaya Bank
• Oriental Bank of Commerce
• State Bank of Hyderabad
• United Bank of India
• Canara Bank
• Dena Bank
• State Bank of Patiala
• State Bank of Mysore
• IDBI Bank
• State Bank of Travancore
• ICICI Bank
• State Bank of Bikaner and Jaipur

Interest Rates

• 2% annual interest rate, compounded yearly, is the current rate.
• Every quarter, the government examines the rate to take changes in the general economy into consideration.

Step To Fill Form Sukanya Samriddhi Yojana Online 2024

To register for the Sukanya Samriddhi Yojana:

• Go to any Post Office or bank office that is participating at https://www.india.gov.in/sukanya-samriddhi-yojna.
• After providing the necessary information on the application form, attach the relevant files.
• Pay the first installment.
• Get a passbook indicating the account’s activation after it has been processed.

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Documents Need For Apply

In order to initiate an account for your daughter under the Sukanya Samriddhi Yojana, the following documentation must be presented at the bank or postal office:

• Birth certificate of the girl child.
• Photo ID and address proof of the parent or legal guardian.
• Additional KYC documents like PAN and Voter ID.
• SSY account opening form.
• Medical certificate when more than one birth occurs in the same sequence.

Tax Benefits of Sukanya Samriddhi Yojana

To further incentivize investments in SSY, the SSA has been granted the following tax benefits:

• With a maximum cap of Rs 1.5 lakh, investments made in the SSY plan are eligible for deductions under Section 80C.
• The interest that accrues on this account and is compounded annually is likewise tax-free under Section 10 of the Income Tax Act.
• Additionally, there is no income tax on the proceeds at maturity or withdrawal.

Final Words

The Indian government launched the Sukanya Samriddhi Yojana with the goal of giving families financial support for their daughters’ futures. This program, which is a component of the 2015-launched Beti Bachao Beti Padhao campaign, helps females with their schooling and marriage-related costs. The SSY guarantees that both the interest earned and the earnings are tax-exempt, and it offers greater interest rates than other government savings plans. It is an essential tool for safeguarding the financial future of the girl child in Indian households because it is specifically made to address the needs related to a girl’s education and marriage.