By the way, there are many government savings schemes, in which you can invest. But if you have a girl under 10 years of age, then you can open an account under Sukanya Samriddhi Yojana in her name. The government is giving better returns on this scheme.
This scheme has been started for daughters only. Under this scheme you can open an account with an amount of at least 250 rupees. However, under this scheme you can deposit a maximum amount of 1.5 lakh rupees annually and after 21 years you get a return of up to about 68 lakh rupees.
Where Will SSY Account Be Opened?
Under Sukanya Samriddhi Yojana, applicants can open an account in any bank or post office in the name of their daughter. With the help of this scheme, applicants can secure the future of their daughters. Many private banks also have the facility to open an account. Only one account can be opened in the name of a girl child. A parent can open an account in the name of maximum 2 daughters. If twins or three girls are together, then the third girl will also get the benefit.
What Is The Duration?
Sukanya Samriddhi Yojana is getting 7.6% interest annually. This account can be opened till the child is 10 years old. Funds have to be deposited in the account for the initial 14 years. This plan matures after 21 years.
What Documents Will Have To Be Given?
To open an account under Sukanya Samriddhi Yojana, the applicant will also have to submit his daughter’s birth certificate in the post office or bank along with the form. Apart from this, the identity card (PAN card, ration card, driving license, passport) of the child and parents and the certificate of where they are staying (passport, ration card, electricity bill, telephone bill, water bill) will have to be submitted.
Advantages of investment Tax exemption can be availed under Section 80C of Income Tax Act for investing in Sukanya Samriddhi Yojana. It gets more interest than all other schemes. You can save for higher education and marriage of the girl child. The amount received on maturity is not taxed.
When Does Sukanya Samriddhi Yojana Scheme Become Mature?
Money deposited under Sukanya Samriddhi Yojana gets matured when the child is 21 years old. That is, you can withdraw money after 21 years. However, if the daughter gets married after the age of 18, then she can withdraw the money. Apart from this, after the age of 18, you can withdraw up to 50 percent of the money for the daughter’s studies.
The scheme was launched in the year 2015, in the year 2015, under the ‘Beti Bachao-Beti Padhao’ campaign, the Modi government of the Center started Sukanya Samriddhi Yojana (SSY) to encourage better future of girls. Sukanya Samriddhi Yojana is a fixed income scheme like any other bank deposit, in which interest declared by the government can be acquired by depositing money every year.
