Sukanya Samriddhi Yojana (SSY) is the part of Government initiative Beti Bachao, Beti Padhao campaign. It is a savings scheme launched back in 2015 by the Government of India. This scheme enables guardians to open a savings bank account for their baby girl with a Public or Private bank or Post office branch.
The government has concerned various measures in terms of education and financial freedom for the girl child. Sukanya Samriddhi Yojana is one such government back scheme to encourage parents save for the education and marriage of the girl child from the beginning itself.
The Sukanya Samriddhi Yojana is designed to provide a bright future for your girl child. It provides a high-interest rate of 7.6% and tax benefits under section 80C.
What is the Eligibility for Sukanya Samriddhi Yojana?
- Only The parents or legal guardians of the baby girl can open a Sukanya Samriddhi account in the name of the girl.
- The baby girl should be less than 10 years at the time of account opening.
- The account can be operational till the girl child reaches the age of 21 years.
- The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.
- A single girl child can open only one Sukanya Samridhhi accounts with the banks.
- Per family, Only two Sukanya Samriddhi Yojana accounts are allowed i.e., one for each girl child.
How or where you can open Sukanya Samriddhi Yojana account?
Sukanya Samriddhi Yojana Account can be opened at any nearby banks or post office with following documents and details:
- You have to fill the account opening form.
- Birth Certificate(D.O.B.) of the girl child.
- Applicant and Parents ID proof and valid address proof.
- Medical certificate in the case of twins or triplets.
- Additional documents if any required by the bank.
Following are the major changes in Sukanya Samriddhi Yojana:-
Interest rate for default accounts Changed from 4 % to 7.6 %:-
According to the Scheme, if you do not deposit even the minimum amount i.e. Rs. 250/- in a financial year in the Sukanya Samriddhi Yojana account, it will be observed as an account in default. as per the old rules, such default accounts earned only the savings bank interest rate. According to the newly notified rules, such ‘default accounts’ will earn the interest rate applicable to the scheme, till the maturity date of the account, if not regularised till then. this is good news for account holders.
Account closed before Maturity:-
As per New rules Account closed before Maturity is going to be allowed just in case of death of the girl child or on compassionate grounds, as an example, compassionate grounds include cases when medical treatment of the account holder is required for life-threatening diseases or death of the guardian. Comparatively, as per the old rules, the closer of account is allowed in Two cases – due to the death of a girl child and in case of a change in residency status of girl child.
Handling of Sukanya Account:-
According to the new rules, the account can’t be operated by the girl child till she attains the age of 18 years as against 10 years as per old rules.
As per the new rules, the account is going to be operated by the guardian till the account holder (i.e., the girl child) attains the age of 18 years. Once she attains the age of 18 years, then necessary documents are required to be submitted to the bank/post office where the account is being held.
Addition Document required for Account opening:-
Changes have also been made within the additional documentation required for opening a Sukanya Samriddhi Yojana account just in case of more than two girl children. If a guardian or parent wants to open Sukanya Samriddhi Yojana account for more than two girl children, consistent with the newly notified rules, an individual is required to submit an affidavit, along with the birth certificates. As Per Earlier Rule, the parent/guardian had to submit a medical certificate.
