Your Personal Finance Guide

Sukanya Samriddhi Yojana – A Girl Child Savings Scheme by Government

0 10

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  • The amount can be withdrawn at the age of 21 years of girl child or upon her marriage provided attaining the age of 18 years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)

Leave A Reply

Your email address will not be published.