Sukanya Samrudhi Yojana complete information
Sukanya Samrudhi Yojana : Yojana was started in the year 2015 with the objective of encouraging parents to secure the future of their daughters. The scheme was launched by the Prime Minister of India Narendra Modi under the 'Save Betty, Save Betty' campaign. It is a small deposit scheme meant to cover the education and marriage expenses of a child.
The Sukanya Samrudhi Yojana account is aimed at minors. An account can be opened by a parent or legal guardian in the girl's name at any time from birth to before she turns 10 years old. The scheme has been in operation for the first 21 years. S.S.Y. A partial withdrawal of up to 100% of the account balance is allowed to cover the education expenses of the girl child till the age of 18 years.
Here is the plan:
- You can deposit from 1 thousand to 1 lakh fifty thousand rupees in a year in the name of daughter in Sukanya Samrudhi Yojana account.
- This money has to be deposited only for 14 years of opening the account and this account will mature only when the daughter turns 21 years old.
- Under the rules of the scheme, a daughter can withdraw half a penny when she turns 18.
- After 21 years the account will be closed and the money will go to the guardian.
- If the daughter gets married between the ages of 18 and 21, the account will be closed at that time.
- If the payment is late in the account, only a penalty of Rs. 50 will be imposed.
- In addition to the post office, many government and private banks are also opening accounts under this scheme.
- Accounts under Sukanya Samrudhi Yojana will be exempted under Section 80-G of the Income Tax Act.
- The guardian can also open two accounts for his two daughters.
- If there are twins, the guardian will be able to open a third account only by giving proof. The guardian can transfer the account anywhere.
Sukanya Samrudhi Yojana Eligibility Criteria :
- Only girls are eligible for Sukanya Samrudhi account.
- At the time of opening the account, the child should be less than 10 years of age.
- When opening an SSY account, proof of age of the child is mandatory.
- Parents can open a maximum of two accounts under Sunkanya Samrudhi Yojana, one for each daughter (if they have two daughters). If there are twin girls from the first or second delivery, the scheme allows parents to open a third account, if they have a second daughter.
Documents required for Sukanya Samrudhi Account Scheme :
- Sukanya Samrudhi Yojana Form.
- Proof of identity of the depositor (parent or legal guardian) such as child's birth certificate (account beneficiary) passport, PAN card, election ID, matric certificate etc.
- Proof of address of the depositor (parent or legal guardian) such as electricity or telephone bill, ration card, passport, driving license, election card, etc.
- By submitting these details to Sukanya Samridhi Account, Post Office or with banks authorized by RBI, INR 1000 can be deposited by the parents of the girl child. In general, all banks that facilitate opening of PPF (Public Provident Fund) account also offer Sukanya Smriti Siddhi Yojana.
Terms relating to Sukanya Samridhi Account :
Post Office means any post office fee in India that operates a savings bank and is authorized to open an SSY account under these rules. Bank means any bank authorized by the Reserve Bank of India to open an SSY account under these rules. Depositor is a term used for a person who, on behalf of a girl child, deposits money into an account under the rules. .
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