All you Must Know About Sukanya Samridhhi Yojana in Brief
Sukanya Samriddhi Yojana (SSY) is for providing financial security to girl child, as launched by the Narendra Modi government.
More than 76 lakh accounts have been opened under this scheme, and their amounts count up to 3000 crores rupees. However, recently some changes have been made, which addresses some of the ambiguities in the original rules of the scheme.
Opening an Account : A maximum of 2 accounts can be opened in a family for two girls. Each girl will have one account of her own. Parent or any legal guardian can open this account for girl child, anytime from her birth till the age of 10. Now, this provision has been given to adopted daughters as well.
Eligibility : The girl needs to be an Indian citizen throughout the scheme’s tenure. In case, the residency status changes, she will not be entitled to receive any interest.
Tenure : Starting from the opening of account, deposits can be made for a number of 15 years.
Investment mode : Other than cheque and cash, you can make electronic deposits if the post office or bank has access to core banking solutions.
Rate of interest : Interest rate will be reset on every quarter, which is quite similar to smaller savings. Till June 2016, the earning was 8.6%, when compared to 9.2% of 2015-2016.
Tax : The invested amount is eligible for deduction under the Section 80 C. Tt follows the EEE tax regime.
Maturity: After completion of 21 years, the amount is said to mature. After that, no further investments will be made.