There was a time when parents used to worry about the future of a daughter at home, but this is not the case at all today. Now the government has started many such great schemes with the help of which you can easily make your daughter’s future safe and bright. The most prominent among them is Sukanya Samriddhi Yojana (SSY). In this article, we will give you complete information about this scheme so that you can take maximum advantage of it.
If you have a small daughter under the age of 10 in your family, then believe me, Sukanya Samriddhi Yojana can become the best way to give wings to her dreams. This is a scheme where you get a great opportunity to save money in the name of your daughter, and also get great returns on it compared to any other savings scheme. With this scheme, you can make your daughter’s future better from a young age.
What is Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a government-backed savings scheme, which simply means that there is no financial risk for the parents in this scheme. The Government of India started this scheme in the year 2015, and even today this scheme is being operated successfully, benefiting thousands of eligible daughters. This scheme is an important part of the ‘Beti Bachao, Beti Padhao’ campaign.
Under this scheme, all parents have to first open an account in the name of their daughter. Once the savings account is opened, you can invest a minimum of ₹ 250 to a maximum of ₹ 1.5 lakh annually in that savings account. This scheme is designed for parents who want to create a large fund for their daughter’s education and marriage.
Sukanya Samriddhi Yojana Investment Information
As mentioned, Sukanya Samriddhi Yojana is a savings scheme in which parents have to invest from time to time. A minimum of ₹ 250 to ₹ 1,50,000 can be invested annually in this scheme. This investment made by you is provided with an interest rate of 8.2% per annum.
However, it is important to note that this interest rate may change after review by the government every 3 months, but it usually remains better than other small savings schemes. Investing in this scheme also provides the benefit of tax exemption under Section 80C of the Income Tax Act. Also, the interest received and the maturity amount is tax-free, making it a very attractive EEE (Exempt-Exempt-Exempt) investment.
Time period of Sukanya Samriddhi Yojana
Any parent who opens a savings account under Sukanya Samriddhi Yojana in the name of their daughter has to invest in it for a fixed period of time. You have to invest in this scheme continuously for 15 years. After the investment limit is completed when your daughter reaches the age of maturity, i.e. turns 21 years, or the time of her marriage comes, the entire amount invested will be provided along with interest. This amount can become a strong financial support for major expenses like a daughter’s higher education or marriage.
Eligibility for Sukanya Samriddhi Yojana
There are some important eligibility criteria to avail of this scheme:
You must have Indian citizenship to open a Sukanya Samriddhi Yojana savings account.
Your daughter should be below 10 years of age to be considered eligible.
A maximum of two daughters from a family will be eligible. However, if there are twin daughters, three daughters can also be considered eligible (in the case of twins or triplets after the first child).
It is important to invest in the respective savings account from time to time so that the account remains active and the benefit of interest continues.
How to open account in Sukanya Samriddhi Yojana
To apply and open an account under Sukanya Samriddhi Yojana, you can follow these simple steps:
First of all, visit your nearest post office or branch of any authorized bank (like SBI, PNB, ICICI Bank, etc.). If you want, you can also check the information on their website first.
Get the Sukanya Samriddhi Yojana application form from there. You can also download it from the bank or post office website.
Enter all the required details related to your daughter in the form correctly, like the daughter’s name, date of birth, parent/guardian’s name, address, etc.
Attach photocopies of the required documents. These mainly include:
Daughter’s birth certificate
Parent/guardian’s Aadhaar card/PAN card
Address proof (like electricity bill, driving license)
Submit all the filled forms and attached documents to the bank or post office.
Fee payment (if applicable): If any fee is charged, then the fee will be charged.