1. Introduction to ssy
The Sukanya Samriddhi Yojana (SSY), generally known as “SSY” due to its tongue-twisting full name, is a government initiative savings scheme in India that was Launched under the ‘Beti Bachao, Beti Padhao’ scheme, it aims to secure the financial future of girl children.
2. Objective and Purpose of ssy
• Financial Security: SSY’s primary goal is to provide financial security to the girl child after the girl gets a major.
• Empowerment: It empowers her through education, marriage, and other significant life goals.
• Ease of Saving: Parents can save for their daughters’ future expenses easily.
• Attractive Interest Rates: SSY offers a higher interest rate than a regular investment amount. In general, it provides 8% interest.
3. Key Features and Benefits of the yojna:
Account Opening Age Limit
• Parents can open an SSY account in their daughter’s name from the day of birth till she turns 10 years old.
• Start planning for your future daughter’s adorable little toes!
Remember, SSY isn’t just about numbers; it’s about nurturing dreams and building a brighter future for our girl children.
Here are 10 important points about the Sukanya Samriddhi Yojana (SSY)
Purpose and Origin:
The Sukanya Samriddhi Yojana is designed to secure the financial future of girl children in India.
Account Creation:
Parents or legal guardians can open an SSY account in the name of a girl child from her birth until she turns 10 years old. Parents can open only 1 account for one girl child.
Investment Amount:
One can deposit a minimum of Rs.250 and a maximum of Rs. 1,50,000/- annually in the SSY scheme. Deposits can be made until the girl child turns 15 years old.
Interest Rate:
The SSY offers an attractive interest rate of 8% per annum.
Tax Benefits:
Contributors of SSY are eligible for tax redemption under Section 80C of the Income-tax Act, 1961. Additionally, the returns are tax-free.
Maturity Period:
The maturity period of the Yojna is 21 years from the date of joining the scheme. Alternatively, it matures when the girl child turns 18 years old and marries. If there are two girl children in a family parents can open maximum of 2 accounts for their girl child, additional accounts can be opened in exceptional cases (e.g., twin girls).
Documentation:
Requirements to open an SSY account.Birth certificate of the girl child.Photograph of the parent/legal guardian. Require ID and address proof of the parents.
Long-Term Investment:
The SSY provides a long-term horizon for wealth accumulation. This plan ensures the financial security of our girl child in terms of education, marriage, or other life goals.
In conclusion :
By investing in SSY parents take a major step towards shaping their girl child’s future and with their financial independence. These all create a brighter future for our girl child.
