Golden Futures: Empowering Girls with Sukanya Samriddhi Yojana 2024

Introducing Sukanya Samriddhi Yojana 2024, As part of its efforts to empower women, the government has rolled out several schemes, including the Sukanya Samriddhi Yojana, aimed at securing the future of young girls. This scheme serves as an investment plan, offering attractive returns for farmers and other investors. However, it’s important to note that the benefits of this scheme may no longer be available after March 31, 2024.

Both the central and state governments have initiated numerous programs to uplift women and children, fostering self-reliance among them. Among these initiatives, Sukanya Samriddhi Yojana stands out as a dedicated scheme for daughters.

The scheme revolves around investing in the future of daughters, ensuring financial security and prosperity. To keep the Sukanya Samriddhi Account active, maintaining a minimum balance is crucial. Failure to do so may result in the freezing of the account, requiring a penalty for reactivation.

It’s imperative for investors to stay informed about these requirements to make the most of the Sukanya Samriddhi Yojana and secure a bright future for their daughters.

It was introduced as part of the Beti Bachao Beti Padhao campaign and aims to support their education and marriage expenses.

Key Details on Sukanya Samriddhi Yojana 2024

1. Eligibility: The account can be opened by a parent or legal guardian of the girl child.
   The girl child must be below the age of 10 years. Only one account is allowed per girl child.
   A family can open up to two SSY accounts.
2. Investment: Minimum Investment: ₹250 per annum. Maximum Investment: ₹1,50,000 per annum. Maturity Period: 21 years.
3. Interest Rate: As of the period from 01.04.2023 to 30.06.2023, the rate of interest is 8.0%.
   The interest earned during the entire tenure and maturity benefits are tax-exempt under Section 80C. The principal amount deposited is also deductible under Section 80C.
4. Benefits: SSY has several tax benefits and offers the highest rate of interest among all Small Savings Schemes.
   The account can be transferred anywhere in India from one post office or bank to another.
   Interest payment continues even after maturity if the account is not closed.
   Premature withdrawal of up to 50% of the investment is allowed after the child turns 18, even if she is not getting married.

Since its inception, around 2.73 crore accounts have been opened under this scheme, with nearly ₹1.19 Lakh Crore in deposits12.
For more information or to apply, you can visit the official Sukanya Samriddhi Yojana website or inquire at designated banks or post offices3

Procedure to open an SSY account?

To open a Sukanya Samriddhi Yojana (SSY) account, follow these steps:

1. Eligibility Check:
   • Ensure that the girl child is below 10 years of age.
   • Only one account is allowed per girl child.
   • A family can open up to two SSY accounts.
2. Visit a Designated Bank or Post Office:
   • Visit a post office or a bank (such as SBI, ICICI, or PNB) that offers SSY accounts.
   • Collect the SSY account opening form.
3. Required Documents:
   • Birth certificate of the girl child.
   • Identity proof of the parent or legal guardian (Aadhaar card, PAN card, etc.).
   • Address proof of the parent or legal guardian.
4. Fill the Application Form:
   • Complete the SSY account opening form with accurate details.
   • Attach the necessary documents.
5. Deposit the Initial Amount:
   • Make an initial deposit of at least ₹250.
   • You can deposit more, up to a maximum of ₹1,50,000 per year.
6. Account Activation:
   • Submit the filled form and documents to the bank or post office.
   • The account will be activated once the documents are verified.
7. Passbook Issuance:
   • You will receive an SSY passbook.
   • The passbook will record all transactions related to the account.
8. Regular Deposits:
   • Make regular deposits into the account.
   • The minimum annual deposit is ₹250.
9. Monitor the Account:
   • Keep track of the account balance and interest earned.
   • The account matures after 21 years from the date of opening or when the girl child turns 18 years old, whichever is earlier.
10. Withdrawal and Closure:
    • Partial withdrawal (up to 50% of the balance) is allowed after the girl child turns 18 years old.
    • The account can be closed after the girl child turns 21 years old.

Remember to consult the specific bank or post office for any additional requirements or changes in the process. The SSY scheme provides tax benefits and a secure way to save for your daughter’s future education and marriage expenses.

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How to open an SSY account online?

As of now, there is no direct option to open a Sukanya Samriddhi Yojana (SSY) account online. However, you can follow these steps to set up an SSY account:

1. Visit a Designated Bank or Post Office:
   • You can open an SSY account in any authorized bank branch or a post office branch.
   • Collect the SSY account opening form from the bank or post office.
2. Required Documents:
   • You will need the following documents:
     • SSY Account opening form
     • Birth certificate of the girl child
     • Address proof of the guardian or parents of the beneficiary
     • ID proof of the guardian or parents of the beneficiary
3. Fill Out the Application Form:
   • Complete the SSY account opening form with accurate details.
   • Attach the necessary documents.
4. Make the Initial Deposit:
   • Deposit an initial amount of at least ₹250.
   • You can deposit more, up to a maximum of ₹1,50,000 per year.
5. Account Activation:
   • Submit the filled form and documents to the bank or post office.
   • Once verified, your SSY account will be activated.
6. Passbook Issuance:
   • You will receive an SSY passbook to record all transactions related to the account.
7. Regular Deposits:
   • Make regular deposits into the account.
   • The minimum annual deposit is ₹250.
8. Monitor the Account:
   • Keep track of the account balance and interest earned.
   • The account matures after 21 years from the date of opening or when the girl child turns 18 years old, whichever is earlier.
9. Withdrawal and Closure:
   • Partial withdrawal (up to 50% of the balance) is allowed after the girl child turns 18 years old.
   • The account can be closed after the girl child turns 21 years old.

Remember that while the initial account setup requires an in-person visit, once the account is opened, you can manage it by setting up standing instructions or automatic credits through NetBanking.

Benefits of Sukanya Samriddhi Yojana

Certainly! Here are some key benefits of the Sukanya Samriddhi Yojana (SSY):

1. High Interest Rate: SSY offers one of the highest interest rates among all small savings schemes. As of the period from 01.04.2023 to 30.06.2023, the rate of interest is 8.0%.
2. Tax Benefits:
   • The interest earned during the entire tenure and maturity benefits are tax-exempt under Section 80C.
   • The principal amount deposited is also deductible under Section 80C.
3. Secure Savings for Girl Child:
   • SSY provides a dedicated savings platform for the girl child’s future needs, such as education and marriage expenses.
   • The account can be transferred anywhere in India from one post office or bank to another.
4. Long Maturity Period:
   • The account matures after 21 years from the date of opening or when the girl child turns 18 years old, whichever is earlier.
   • Interest payment continues even after maturity if the account is not closed.
5. Partial Withdrawal:
   • After the girl child turns 18 years old, you can make a premature withdrawal of up to 50% of the investment, even if she is not getting married.
6. Financial Security for Girls:
   • SSY encourages parents to save specifically for their daughters, promoting financial security and empowerment.

Remember, SSY is a powerful tool to secure your daughter’s future.

Withdraw Money from SSY before Maturity

Certainly! You can withdraw from the Sukanya Samriddhi Yojana (SSY) account under specific circumstances even before maturity. Here are the details:

1. Higher Education of Girl Child:
   • After the girl child turns 18 years old or has passed Class 10, you can make a partial withdrawal of up to 50% of the available balance for her higher education.
   • To do this, fill out Form-3 and submit it along with necessary documents like age proof, admission confirmation, or fee structure
2. Marriage of Girl Child:
   • If your daughter intends to get married, the SSY account can be closed prematurely provided she is 18 years old.
   • To withdraw the amount, provide a declaration duly signed on non-judicial stamp paper attested by a notary, supported with proof of age confirming that the girl will not be less than 18 years of age on the date of marriage.
   • Note that closure of the account will not be permitted one month from the date of the intended marriage or after three months of the marriage.
3. Death/Life-Threatening Disease:
   • The SSY account can be closed prematurely under the following circumstances:
     • If the account-holder or the guardian of the account-holder passes away.
     • In case of extreme compassionate ground, such as if the account-holder is on medical support.
   • To proceed, fill out Form-2 and submit documents such as the death certificate.
   • The outstanding balance in the account with interest due as applicable to the scheme shall be paid.

However, it’s advisable to keep your money invested in Sukanya Samriddhi Yojana until maturity to benefit from the high-interest rates. Consider withdrawing only if it is very important

How to check SSY account balance?

You can check the balance of your Sukanya Samriddhi Yojana (SSY) account both online and offline. Here are the methods:

1. Offline Method:
   • When you open an SSY account with a bank or post office, you’ll receive a passbook for the same.
   • Regularly update this passbook to keep track of your SSY account balance.
   • Visit the bank or post office branches from where the account was opened to get your passbook updated.
2. Online Method:
   • Some banks offer the facility to check SSY account balance online.
   • Follow these steps:
     • Apply for and collect the login credentials for your SSY account from the respective bank.
     • Log in to the internet banking portal of the bank using these credentials.
     • On the homepage or dashboard, you’ll find the account balance displayed.
     • Note that this process allows you to view the balance only, and you cannot perform transactions through this portal.

Remember, the SSY account passbook is available both online and offline, providing a record of your transaction details. Keep an eye on your daughter’s future savings!