SYNOPSIS

Launched under the "Beti Bachao, Beti Padhao" initiative by the Indian government, the Sukanya Samriddhi Yojana is a dedicated scheme to uplift the nation's daughters. We talked to various parents about this visionary Scheme. Read more to know the details, Application process, Official website and conclusion!!

 

A Brief of Sukanya Yojana

Under the campaign of "Beti bachao, Beti padhao", the Government of India has launched "Sukanya samriddhi Yojana" yet another gift to the daughters of the nation. The Ministry of Finance deposited the scheme mainly to empower the girl child in India. The Scheme was launched on 22nd January 2015 by Prime Minister of India, Narendra Modi. The topmost objective of the scheme is to either eradicate or minimize the impact of educational and Marriage expenses of a girl child, encouraging parents to build funds under the scheme for future expenses of their girl child.

SSY scheme template
Sukanya Samriddhi Yojana Scheme

Unique Benefits of the Scheme:

  1. SSY account can be transferred anywhere in India from one post office/Bank to another.
  2. Interests can be claimed even after Maturirty, if it's not already closed.
  3. A pre-withdrawal of up to 50% of the total Deposit is allowed once the girl attains the age of 18 years. She can be unmarried.  

Points to Remember:

  1. A parent or legal guardian of the girl child can open an account.
  2. The girl should be less than 10 years of age.
  3. One can open only a single SSY account for a single girl child.
  4. 2 accounts are allowed under a single family if you have 2 girls within the family.
  5. You can invest a minimum of ₹250 each year and up to a maximum of ₹1,50,000 annually.
  6. The Maturity Period is 21 years.
  7. As per the latest news, the Rate of Interest is now 8.2% which was 8% by Government of India.
  8. The Maturity Amount will be tax-exempt.
  9. One can deduct the SSY principal amount up to ₹1,50,000 under section 80C.

SSY Account Online Process:

As such, there is no official website for online applications, you may visit India Post or your Bank's official website to see if the Online Application is available.

Official Website: https://www.myscheme.gov.in/schemes/ssy (not much information available).

SSY Account Offline Process:

  1. Fill out the SSY application form and attach any required documents.
  2. Pay the first deposit in cash, check, or demand draft. (Range is between Rs.250 and Rs.1.5 lakh).
  3. Your application and payment will be processed by the Bank/Post Office.
  4. Once your SSY account is activated. You will be issued a Passbook.

Where can you apply offline:

  • Post Offices
  • Public Sector Bank Branches(e.g., PNB, SBI, etc.)
  • Also 3 private banks viz. ICICI Bank, Axis Bank, and HDFC Bank.

Required Documents for a SSY Account:

  • Birth certificate of the girl child.
  • Photo ID of applicant parent or legal guardian such as PAN, and Voter ID.
  • Address proof of applicant's parent or legal guardian
  • SSY account opening form.
Note: A medical certificate is mandatory to submit in the case of twins/triplets.

Eligibility for 2 or more accounts per family:

If twins or triplets are born as the first or second child in a family, parents can open more than two accounts for them. Just provide an affidavit and the birth certificates of these precious girls. But remember, this doesn't apply if the first child is also a girl and there are already two or more girls in the family. Every girl is a blessing, and we cherish each one!

Number of Accounts Opened between 2018 and 2021


number of accounts opened

MoF Headline on SSY Account opening between 2018-2021

Since the inception of the scheme, around 3.15 crore accounts have been opened under the scheme, having nearly ₹ 1.50 Lakh Crore deposits. The exact figure of new accounts opened under Sukanya Samriddhi Yojana (SSY) from April 1, 2018, to October 31, 2021 is 1, 42, 73,910. Uttar Pradesh, Tamil Nadu, Maharashtra, Madhya Pradesh, and Karnataka are the states with the highest number of SSY accounts opened during this period.

Sukanya Samriddhi Yojana for girl children
Sukanya Yojana Savings Option

Is Sukanya Yojana a Success?

The continuous spike in SSY account openings shows the exemplary interest of the parents who are looking to save for their girl child to provide them a better future. I can conclude, the vision of the "Sukanya Samriddhi Yojana" Scheme to provide more Protection, Freedom, Education, and most importantly to Empower the girl children of the Nation, is going in the right direction, provided that we're having a tight check on the authorities who're processing the Data as well as Deposits with full transparency.