Sukanya Samriddhi Yojana provides a way of saving for every family’s girl child.
The SSY is valid for 21 years from the date of account opening or until the girl reaches the age of 18 years and marries. PM announced the scheme as part of the Beti Bachao Beti Padhao campaign, with the goal of safeguarding the future of a girl child.
Investments in the scheme can be utilized for the girl child’s education and marriage.
Banks and post offices can help you open an SSY account.
Contributions to the scheme are eligible for tax benefits of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961.
The SSY scheme’s interest rate is around 7.6%, and it is compounded annually. Once the scheme’s length is fulfilled, or if the girl becomes a non-resident Indian (NRI) or a non-citizen, interest is not payable. The government sets the interest rate, which is established on a quarterly basis.
Important features
Interest rate : 7.6% p.a.
Investment Amount : Min ₹250 to max ₹1,50,000 p.a.
Maturity: 21 years
Eligibility Criteria:
- A girl child’s parent or legal guardian can open an SSY account on her behalf until she reaches the age of ten.
- The girl should be aresident Indian.
- Up to two accounts for two daughters can be opened per family.
- In the case of twin girls, a third SSY account can be formed.
CA Ameya Limaye,
Co-Founder, Arthology
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