Sukanya Samriddhi Yojana For Girl Child

Sukanya Samriddhi Yojana is launched by the government of India for the betterment of a girl child. Parents can build the fund for higher education or other expenses of a girl child with this saving scheme.

What is Sukanya Samriddhi Yojana For Girl Child?

Under the Beti Bachao Beti Padhao Yojana, this SSJ scheme was launched by our Prime Minister Narendra Modi in the year 2015.

Sukanya Samriddhi Yojana (SSJ) is a deposit scheme specifically made for the girl child to securely safeguard their future.

Under the Sukanya Samriddhi Yojana, any girl child can own an account that is opened across any of the private and public sector banks / post offices.

Eligibility Criteria To Apply Sukanya Samriddhi Yojana For Girl Child

 Any parent or legal guardian can open the account in the name of a girl child aged below 10 years.

•  A depositor can open only one account and operate it in the name of their girl child under the SSJ scheme.
• A natural or legal guardian can open for two girl children only and a third account in case of birth of twins or triplets.

How to Start With Samriddhi Yojana For Girl Child?

•  To start with Samriddhi Yojana For Girl Child you can visit your nearest post office or designated branch of the public or private bank.
• The depositor needs to fill out the SSJ scheme Application form that can be obtained from any participant bank or post office.
• You can also download the application form from the websites of the Reserve Bank of India, India Post, individual websites of public sector banks, the websites of participating private sector banks, etc.
• Submit KYC documents like Aadhar card, passport, etc, and initial deposit by cheque or draft along with the required form.

How Does Sukanya Samriddhi Yojana Account Work?

• Parents/guardians can invest in their girl child’s account under the SSJ scheme with a minimum of Rs 1000 and up to Rs 1.5 lakhs every year.
• Deposit should be made for 15 years from the date of opening and after which the account will grow from the compound interest accumulated.

Benefits of Sukanya Samriddhi Yojana For Girl Child

• SSY provides a high fixed rate of return when compared to other government-backed tax saving schemes.
• Tax deduction benefits under the 80C section can be done up to Rs. 1.5 lakh per annum.
• People with different financial statuses can invest in the SSJ scheme since a deposit minimum of Rs. 250 and a maximum of Rs. 1.5 lakh can be made in a year.
• SSJ can be transferred from one part of India to another, in case of any transfer for the parents who are operating SSJ.
• It provides annual compounding since it is a long-term investment. hence small investments can yield higher returns.

Key Features of Sukanya Samriddhi Yojana

• A girl child can operate her account once she is 18 years old, after submitting all the necessary documents.
• Once the girl is 18 or passed her 10th standard, 50% of the available balance can be withdrawn.
• If a minimum amount of Rs 250 cannot be made by the account holder then it will be converted as a default account. This will earn the interest rate as per the scheme.

SSJ scheme can be extremely helpful for parents who want to invest in their girl child, for a tenure of investment of 21 years, commencing from the account’s opening date, to secure their future.