What is Sukanya Samridhi Yojna(SSY)

What is Sukanya Samridhi Yojna(SSY) :

Prime Minister Narendra Modi on  22 January 2015 Thursday launched a small deposit scheme for girl child, as part of the 'Beti Bachao Beti Padhao' campaign, which would fetch an interest rate of 9.1 per cent and provide income tax rebate. 'Sukanya Samridhi Account' can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 1000. A maximum of Rs 1.5 lakh can be deposited during the financial year.

Under this scheme a saving account can be opened by the parent or legal guardian of a girl child of less than 10 years of age with a minimum deposit of ₹ 1,000/- in any post office or authorized branches of commercial bank.

The account can also  be opened in any post.

The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age. To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age.

Silent feature of  this scheme:-

·         Single account allowed for per girl child.. Minimum deposit amount for this account is ₹ 1,000/- and maximum is ₹ 1,50,000/- per year.

·         Money to be deposited for 14 years in this account.

·         Interest rate for this account is 9.1% per annum.

·         Passbook facility is available with Sukanya Samriddhi account.

·         From FY 2015-16 the interest earned on account will be tax exempted.

·         Parents can open this account for maximum two girl child. In the event of birth of twin girls in 2nd birth or birth of 3 girl child's in 1st birth itself, this facility will be extended to third child^.

·         withdrawal from this  account till the age of 18 not allowed

·         The interest would be credited in the account every year.

·         The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.