Sukanya Samridhhi Yojana
- The Sukanya Samriddhi Yojana (SSY) targets to create a strong future for the girl child and abolish female feticide
- Defined as an initiative plan by the Indian government for helping out girl child, Sukanya Samriddhi Accounts are mainly targeted at the parents of girl children.
- This scheme encourages parents of girl children to abandon female feticide and create a strong fund for the girl’s higher education. It will further cover her education and marriage expenses.
- PM Narendra Modi launched Sukanya Samriddhi Account on January 22, 2015.
- It acts a significant part of the Beti Bachao, Beti Padhao campaign.
- At present, this scheme is currently offering a strong interest rate of 8.6% along with some tax benefits. The parents or legal guardian of the child can open this account at any Indian PO or branch of authorized commercial banks.
Which Banks are Authorized under SSY?
- State Bank of India (SBI)
- State Bank of Patiala (SBP)
- State Bank of Bikaner & Jaipur (SBBJ)
- State Bank of Travancore (SBT)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BoB)
- Bank of India (BoI)
- Bank of Maharashtra (BoM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab National Bank (PNB)
- Punjab & Sind Bank (PSB)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Birth certificate of the girl child with her name on it.
- Identity proof of the parent or legal guardian.
- Address proof of the parent or legal guardian.
How to Open an Account
- SSY accounts can be opened at any time; from the time the girl child was born, still she reaches 10 years of age. A girl child has the liberty to have only one account.
- A family has right to have two accounts for two girls separately. You cannot have two accounts for a single girl child.
- However, in some exceptions when either the 1st or the 2nd birth gave rise to twins, the family can apply for SSY accounts for all the 3 girls.
- A minimum deposit of 1000 rupees is required, and the maximum limit is of 1.5 lakh rupees, annually. Now, the guardian or parents can deposit the amount anytime of the year, without any time limit. They can make the investment as a whole or in small installments.