What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a deposit scheme for a girl child that is launched by the Government under Beti Bachao Beti Padao. The sole purpose of this scheme to help the parent to offer financial protection to their girls. It is one such scheme backed by the government that the interest rate is 8.5%. In this list of fixed deposit schemes, it is one of the most reliable and effective savings schemes for the girls.
Features of the Sukanya Samriddhi Yojana:
Below we have mentioned the salient features of the Sukanya Samriddhi Yojana (SSY)-
- The parents or guardian can open the account of her girl if she turns into ten years.
- The minimum and the maximum amount the parents can pay in the account is Rs.500 to Rs. 1.5 respectively.
- This scheme runs up to 15 years from the date it has started.
- The parents can be released deposit via online or visit the bank.
- This scheme comes under the tax benefits section 80C.
- The current interest rates of this scheme are 8.5% respectively.
- You cannot open the multiple accounts for your single girl child.
Documents are required to open Sukanya Samriddhi Account:
Read the materials that are needed to open Sukanya Samriddhi Yojana (SSY) account-
- Sukanya Samridhi account opening form.
- The birth certificate of a girl has to be submitted while filling the form.
- In case if you have multiple children, you need to submit the medical certificate.
- It requires ID proof and address proof of a girl like Aadhar card.
Eligibility criteria of the Sukanya Samriddhi Account:
Below we have mentioned the eligibility criteria of Sukanya Samriddhi Yojana (SSY)
- The girl age must be ten or above.
- The girl must be a resident of India.
- Only one SSY account will open for one girl.
Procedure to open Sukanya Samriddhi Account:
- Head over to your nearest branch and fill the Sukanya Samriddhi Yojana account form.
- Make sure you have all the mandatory documents along with passport size photographs of a girl and parents.
- After filling the form, you have to pay the deposit amount Rs. 250.
- If you can pay the deposit online, you can acknowledge your bank to open net banking services.
What are the details recorded in the passbook?
When accounting open, the depositor receives a passbook. Which hold information such as girl name, account number, address of the account holder, and how much money you deposit every month.
Banks that offer Sukanya Samriddhi Yojana account:
These are banks which can help you to open Sukanya Samriddhi Yojana Account.
- UCO Bank.
- Indian Bank.
- Oriental Bank of Commerce.
- ICICI Bank.
- Corporation Bank.
- Canara Bank.
- Axis Bank.
- IDBI Bank.
- Dena Bank.
- Andhra Bank.
- Central Bank of India.
- Bank of Maharashtra.
- Punjab and Sind Bank.
- Union Bank of India.
Comparison between fixed deposit and Sukanya Samridhi Yojana:
Below we have shown a correlation between FD and SSY-
The significant difference between the fixed deposit and Sukanya Samridhi Yojana fixed deposit is a short term saving plan whereas Sukanya Samriddhi Yojana (SSY) is a long term.
No online mode is available to apply for the SSY where most of the banks allow their customers to use online for FD.
An individual can open multiple FD accounts, whereas SSY account can be one for a girl.
From Rs. 100 you can open fixed deposit account whereas Sukanya Samriddhi Yojana (SSY) account requires Rs. 250.
Benefits of Sukanya Samridhi Yojana:
Read the benefits of Sukanya Samridhi Yojana
High rate interest:
If you compare this saving plans from other fixed deposit savings plan, the interest rate of the SSY is relatively higher than other schemes. Generally, the interest rates of the FD lies between 7% to 7.5% and 8.5%. And it’s interest rate will be compounded yearly.
It is one of the significant reasons why one should opt for the SSY saving scheme. This scheme comes under section 80 C income tax.
As it is a long term investment plan, so it’s a lock-in period of ten years. You can save some part of your money for your daughter every month to offer them financial freedom when you get matured — this money pelican in her education, marriage and other expenditure.
Purpose of Sukanya Samriddhi Yojana (SSY):
The sole purpose of this Yojana to gives financial security to the daughters of India. It is not possible for a middle-class parent to opt for the private insurance policy. That’s why the government has come with this scheme. On investing Rs.500 every month in this scheme for up to 10 years, you can save a tremendous amount of money for your child.
It is one of the most significant advantages of availing SSY. You can withdraw money before the maturity date if you need money for any reason related to your daughter. For any reason, you can ask the bank to close your account and withdraw money after five years from the date of opening an account.
We hope this comprehensive guide on the Sukanya Samriddhi Yojana (SSY) account will help you a lot. If you have a girl child and looking for the best savings scheme which comes with impressive interest rates, then you should opt for this plan.