Sukanya Samriddhi Yojana 2024: The Sukanya Samriddhi Yojana (SSY) stands as a beacon of financial empowerment for parents and guardians in India, providing a dedicated savings avenue for securing the future of their girl child. A government-backed scheme launched in 2015 to promote girls’ education and marriage aspirations, Beti Bachao, Beti Padhao aims to promote the education and marriage aspirations of girls.
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Sukanya Samriddhi Yojana 2024
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India primarily aimed at promoting the financial security and welfare of the girl child. In this comprehensive guide, we will delve into the various facets of SSY, exploring its features, benefits, eligibility criteria, and how it serves as a tax-efficient investment option.
Sukanya Samriddhi Yojana 2024 Details
| Scheme | Sukanya Samriddhi Yojana 2024 |
| Location | Across India |
| Benefit | Financial Instrument to secure the future of the girl child |
| Year | 2024 |
| Category | Yojana |
| Mode | Online |
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Sukanya Samriddhi Yojana 2024 Eligibility
- A girl child under 10 years of age can be opened an account under SSY by her parents or legal guardians. In the scheme, families are empowered and the financial well-being of girls is promoted from an early age.
- An SSY account can be opened at any authorized bank or post office in the country. The process involves submitting necessary documents, such as the birth certificate of the girl child and KYC documents of the parents or guardians. This accessible account opening procedure ensures widespread participation.
- The Sukanya Samriddhi Yojana has a fixed tenure of 21 years, or until a girl child turns 18, whichever comes first. As a result of the extended duration, a substantial corpus is available for education or wedding expenses.
- The scheme accommodates various income levels, allowing a minimum annual deposit of Rs. 250 and a maximum of Rs. 1,50,000 in a financial year. This flexibility enables families to contribute according to their financial capabilities.
- The interest rate for SSY is determined by the government and is subject to periodic revisions. The interest is compounded annually, maximizing the growth potential of the investment over the years.
- One of the significant advantages of the Sukanya Samriddhi Yojana is its eligibility for tax benefits under Section 80C of the Income Tax Act. The deposited amount, as well as the interest earned, qualify for tax exemptions, making it an attractive tax-saving investment option.
- SSY allows partial withdrawals after the girl child attains the age of 18, provided she is pursuing higher education or is about to get married. This flexibility ensures that the funds can be utilized for their intended purposes without unnecessary restrictions.
- The account can be closed after the completion of 21 years or when the girl child gets married after turning 18. This feature ensures that funds are available when needed and aligns with the financial goals of the family.
- Recognizing the dynamic nature of families, the Sukanya Samriddhi Yojana allows for the transfer of accounts from one authorized bank or post office to another. This feature is particularly beneficial for families that relocate due to various reasons.
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Benefits of Sukanya Samriddhi Yojana 2024
- SSY provides a dedicated financial instrument to secure the future of the girl child, offering parents peace of mind and a structured approach towards meeting education and marriage expenses.
- The scheme offers competitive interest rates, compounded annually. This ensures that the invested amount grows substantially over the years, providing a robust financial foundation for the girl child.
- The Sukanya Samriddhi Yojana qualifies for tax benefits under Section 80C, making it a tax-efficient investment option. Both the principal amount and the interest earned are eligible for deductions, reducing the overall tax liability.
- The flexibility in deposit amounts allows families to contribute according to their financial capacity, making SSY accessible to a wide range of income groups.
- SSY recognizes the financial needs of the girl child and permits partial withdrawals after she reaches the age of 18. This feature ensures that the funds are available when required, especially for higher education or marriage expenses.
- The ability to transfer the SSY account from one authorized bank or post office to another adds a layer of convenience for families that may relocate. It ensures continuity in savings without unnecessary disruptions.
Documents Required for Sukanya Samriddhi Yojana 2024
- Sukanya Samriddhi Yojana Account Opening Form
- Birth Certificate of the Girl Child
- Anyone identity proof of the mother or father
- Address Proof of the Parent/Guardian
- KYC Documents of the Parent/Guardian
- Passbook issued by the Bank/Post Office
- Mobile Number
- Passport-sized Photographs
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How to Open a Sukanya Samriddhi Yojana 2024 Account?
Visit an Authorized Bank or Post Office.
Provide accurate documents, including the girl child’s birth certificate and KYC details of parents or guardians.
Complete the SSY application form with all required details.
Deposit the initial amount.
Receive Passbook and Documents.
Important link for Sukanya Samriddhi Yojana 2024
Application Form: Download
Official Website: Click Here
