We all know that a girl education shows more advantageous to the whole family. Sukanys Samriddhhi Yojana is the scheme initiated by Indian Prime Minister Sir Narendra Modi. This scheme comes under the campaign of Beti Bacho Beti Padhao. The main initiative behind the scheme is to support parents in order to secure their savings for the future of their girl child.
Through this scheme, girl children hold financial support from the Indian Government and they can achieve what they dream of. This article is going to explain a clear way of how people can register for SSY scheme and gain benefits.
People who initiate their investments in this scheme can avail themselves of numerous benefits where those are explained below:
- More Interest Rates – When compared with other government-supported schemes, SSY provides higher interest rates of nearly 7.5%
- Compounding – As it is a long-term scheme so people can gain the benefit of compounding. This specifies that investing a minimal amount of money will provide higher returns.
- Benefits through tax – SSY scheme offers tax deduction advantages up to an amount of 1.5 lacs per annum
- Investments are simple – People can invest amount ranging from Rs 250 0 1.5 lacs so that people with different financial ranges can afford this scheme
- Flexible transfers – This scheme offers the flexibility of transferring between various countries
Documents Required for SSY Scheme
In order to open an SSY account, people should carry the below-mentioned documents where those stand as proof for verification.
- Application form of SSY scheme
- Identity and address proofs
- Birth certificate of the girl who is going to invest
- Candidate should also submit their medical certificates if they are twins
- Any other candidate-related documents if needed to be submitted
Whereas in the case when the girl child’s parents do not hold a bank account, then they are allowed to deposit their money in the guardian, but proper documents have to be submitted as requested by the authorities.
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Investment procedure of SSY scheme
People can invest in the SSY scheme by reaching their nearest post office or they can reach the designated offices which may be either public or private banks. The application form can be downloaded from the below-mentioned sources:
- The official website of the Reserve Bank of India
- Official website of Indian post
- People can download from the individual websites of BoB, State Bank of India, and others
- They can even download the form from private bank websites like HDFC, Axis, and others
- Either parents or guardians of the girl child holds the accessibility to open Sukanys Samriddhi Yojana scheme
- At the time of opening the SSY account, the age of the girl child has to be a minimum of 10 years. Until the age period of 21 years, the account can be completely operational
- The investment range can vary between Rs 250 to Rs 1,50,000 per annual year
- Candidate can open only one SSY account
- For each family, the Indian government allows opening 2 SSY accounts
Sukanya Samriddhi Yojana Scheme Account Withdrawal
The rules to be followed while withdrawing the SSY account are stated below:
- Upon the account tenure completion, the whole amount which is deposited in the SSY account can be withdrawn by submitting the ID, address, citizenship, and other required documents
- Before the investment premature tenure, if a girl child needs to withdraw her money, then it is possible only in the situations of higher education, and the withdrawn money to be used only for an educational fee. But, they should submit their college related documents
- The amount that is available in the account can be withdrawn in 5 installments
Sukanya Samriddhi Yojana Account Is premature closure possible?
Account will be prematurely closed after 5 years of account opening if the following conditions are satisfied
- Death of account holder
- Life-threatening decease of a/c holder
- Death of the guardian by whom account operated
- For premature closure of account submit the prescribed application form along with passbook at concerned Post Office
When the Sukanya Samriddhi Yojana Account Gets maturity
- After 21 years from the date of account opening.
- Or at the time of marriage of girl child after attaining the age of 18years
Sukanya Samriddhi Yojana Tax benefits
The amount deposited in the SSY account is eligible for a tax deduction of up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act. The interest you earn on the deposit and the amount withdrawn at maturity are tax-free.
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