SSY Schemes Update: If you have Sukanya Samriddhi Yojana for your girl child, this news is for you. Many people are confused about one aspect of this scheme. This time the government has clarified it. Find out exactly what the government has said.
Thinking about the future of the girl child
Parents invest in advance for important tasks like their daughter’s education and marriage. Especially many parents in India are deeply concerned about the long-term financial security of their daughters. However, by making informed decisions in advance, you can secure your child’s future.
For whom and when was this scheme launched
The government launched the Sukanya Samriddhi Yojana in 2015. Parents or legal guardians can open this account for girls below the age of 10. The current interest rate of this scheme is 8.2%, which makes it one of the most attractive small savings options today.
Minimum and maximum amount you can deposit
There is an opportunity to deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh per year in this scheme. Only one account can be opened for each girl child and if anyone other than the parents or legal guardian opens an additional account, it will be closed. It is important for families to be fully aware of this rule.
Where to invest
Accounts can be opened in selected private banks including post office approved government banks, leading institutions like SBI, HDFC Bank and ICICI Bank, which offer flexibility and easy access to account holding.
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How many years is the scheme
The tenure of this scheme is 21 years from the date of account opening. Money can be withdrawn earlier for higher education expenses after the girl turns 18. If she gets married after the age of 18, the account can also be closed earlier.
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Apart from securing the girl’s future, this scheme also offers significant tax benefits. The deposit is eligible for tax deduction under Section 80C of the Income Tax Act. The interest earned from it is completely tax-free under Section 10, which provides financial relief to the families over time.
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What are the rules for twin girls
To open an account under this scheme, the parent has to fill Form 1. For this, the birth certificate of the girl has to be provided. Along with this, the Aadhaar card and PAN card of the parent are also required as proof of identity and address. Each family can open a maximum of two accounts, one for each girl child. However, if the second birth results in twin girls, then accounts can be opened for both. If the first birth is twins, then no more accounts are allowed for the additional girl child.
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