The Sukanya Samriddhi Yojana (SSY), launched under the Beti Bachao Beti Padhao campaign, is a government-backed initiative aimed at ensuring the financial security of girl children in India. Introduced on 22nd January 2015 by Prime Minister Narendra Modi, this scheme primarily addresses the financial concerns related to a girl’s education and marriage. With attractive interest rates, low deposit requirements, and tax benefits, SSY is designed to encourage parents to save systematically for their daughters’ future needs.
Overview of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana (SSY) is a savings scheme focused on empowering girl children by helping families save for their education and marriage expenses. Available for girls under 10 years, this account offers compounded interest rates and tax exemptions.
| Feature | Details |
|---|---|
| Launch Date | 22 January 2015 |
| Objective | Financial security for girl child’s education and marriage |
| Eligibility | Girl child below 10 years of age and resident Indian |
| Minimum Deposit | ₹250 per financial year |
| Maximum Deposit | ₹1.5 lakh per financial year |
| Interest Rate (July–Sept 2024) | 8.2% per annum, compounded yearly |
| Maturity Period | 21 years from account opening or marriage after 18 years |
| Tax Benefits | Eligible for tax deductions under Section 80C of Income Tax Act |
| Premature Withdrawal | Allowed for education or marriage after 18 years |
| Penalty for Missed Deposit | ₹50 per default year |
| Account Operation | Operated by guardian until child turns 18, then by the girl |
| Account Closure | After 21 years or due to certain conditions like marriage, death, or medical emergencies |
Key Benefits of Sukanya Samriddhi Yojana
1. Financial Security for Education and Marriage
One of the core objectives of SSY is to alleviate the financial burden associated with a girl’s education and marriage. Parents can contribute up to ₹1.5 lakh per year to build a fund that grows with a compounded interest rate, ensuring significant returns over time.
2. Attractive Interest Rate
SSY offers an 8.2% interest rate, one of the highest among small savings schemes. This compounded interest ensures that even small, consistent contributions can yield substantial returns by the time of maturity.
3. Tax Benefits
Investments under the Sukanya Samriddhi Yojana qualify for tax deductions under Section 80C of the Income Tax Act. Moreover, the interest earned and the maturity amount are entirely tax-free, making this scheme a smart financial choice.
4. Long-Term Savings with Flexibility
The maturity period of the SSY account is 21 years, but contributions are required for the first 15 years only. This ensures long-term savings with the added benefit of being able to partially withdraw funds (up to 50%) for education expenses after the girl child turns 18.
Account Opening and Deposits
Parents or legal guardians can open an SSY account in the name of the girl child before she turns 10. The account can be opened at authorized banks or post offices, making it accessible across the country. Deposits can be made in multiples of ₹50, with a minimum of ₹250 per year and a maximum of ₹1.5 lakh.
Easy Account Management
After the girl turns 18, she is required to operate the account herself. Until then, the account is managed by the guardian, ensuring financial control and discipline.
Conclusion
The Sukanya Samriddhi Yojana is a powerful tool for parents aiming to secure their daughter’s future. With a mix of high returns, tax benefits, and flexible deposit requirements, it ensures that families can build a solid financial base for their girl child’s education and marriage. Every parent with a young daughter should consider opening an SSY account to contribute towards her bright and secure future.
