Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by government exclusively for the girl child under Beti Bachao Beti Padhao campaign . It is meant for education and marriage expenses of girl child.
Eligibility criteria to open SSY account:
- SSY account can be opened by parents/guardians in the name of girl child of age below 10 years
- One one account for a girl child
- Maximum two accounts can be opened in family i.e., 2 girl child’s
How SSY works and its key benefits:
- Minimum amount of ₹250 should be deposited every year to keep account active
- Maximum of ₹1.5 lakh can be deposited per year
- One has to invest at least for 15 years from the date of account opening
- This account can be opened from Post office or participating public/private banks
- The amount can be withdrawn at the age of 21 years of girl child or upon her marriage provided attaining the age of 18 years
- The deposits in the SSY account are tax deductible under section 80C upto ₹1.5 lakh per annum.
- The interest rate changes every quarterly (for April to June 2020 interest rate is 7.6% p.a)