Our Government launched Sukanya Samriddhi Yojana through Beti Bachao and Beti Padao campaign. Through this scheme people can start investing 250 to 150,000 per year after the birth of baby girl up to the age of 21 years.
This scheme offer investing money for 15 years and parents get 6-9% annual compound interest on their investment. Any parents can start this scheme for getting fixed financial support for girl’s higher education and marriage.
Benefits of Sukanya Samridhi Yojana
Sukanya Samriddhi Yojana is very beneficial for all middle class people, private and government employee, poor people who do work in factories. Actually it is impossible to arrange use amount for higher education and marriage.
If we invest money in stock market and other market then there is risk of market crash along with many other situations. But this is completely safe with SSY account. All benefits are given below:
- SSY income is tax free.
- It provide proper money management for girl education and marriage.
- SSY can be start with minimum 250 rupees annual investment.
- Complete risk free and reliable earning.
- In case of girl death money can be returned to parents with 4% interest rate.
- 50% amount can be withdrawal for girl education with educational institute fee slip or Admission letter.
Also, Read: Shishu Hit Labh Yojana Account Benefits.
Special Terms and Conditions
Dear viewers if you want to open the SSY account for this amazing Tax free income then you have to follow the basic guidelines. These guidelines are issued by central government. Please check below points:
- For Opening SSY account girls maximum age should not be more than 10 years.
- Girl and her parents should be Indian citizens.
- Girl should have her birth certificate for age verifications.
- If girl will shift to other country and take aboard citizenship then this amount will be returned to parents with 4% interest.
- NRI citizens can not apply for SSY.
- Investment can be done only for 15 years.
- Girls maturity age is 21 years. You can’t get investment opportunity after this age.
- Minimum deposit of rs 250 annually is compulsory.
Interest Rate And Maturity Period
Interest rate of Sukanya Samriddhi Yojana is declared by central government. They update it on each quarter of current financial year. As per the latest report SSY interest rate is declared 7.6%.
Maturity period of this yojana is 21years age of girl. You can take benefit of this investment scheme until your girl will achieve the age of 21 years.
If you start this scheme when your girl was 1 year old then you can invest up to the age of 15 years. After 15 years interest will keep growing but your investment will become over.
This scheme offer investment only for fifteen years and girl’s age should not exceed 21 years.
Documents for SSY
- Girl’s Birth Certificate.
- Parents Aadhar card.
- Parents Pen Card.
- Girl’s Photograph.
- Parents photograph.
How to Apply For Sukanya Samriddhi Yojana
- First of all collect or arrange your all necessary documents.
- Download SSY Application form from the internet or take it from the nearest post office.
- Fill your application form and attach the attested copy of your documents.
- Take your initial investment amount and submit this to your nearest post office.
- They will do the rest process and your account will be open now you can start investing monthly or yearly in your Sukanya Samriddhi Yojana account.
How to Deposit Installments
You can deposit your savings monthly or yearly. If you are salaried person then I will suggest you to invest a fixed amount on each month. But if you are not a salary person then you can deposit as per your budget.
But keep in mind that your annual investment should not be less than 250 rupees and maximum amount should not be 150000 in a current financial year. If you will not deposit installment in any assessment year then you have to pay 50 rupees penalty with investment amount.
Suppose you deposit 10000 per year in your SSY account. If you miss any e year investment then you have to pay a 10050 rupees in next year. Where 10000 is your deposit amount and 50 rupees is your late payment or you can say penalty payment.
Mode of Deposit Money
You can deposit money through cheque, Bank draught, net banking, debit card, credit card, aur any other electronic payment medium. It also depend on your post office Payment Technology.
If the use electronic payment then you can use any electronic medium. But if they are using non electronic technique then you have to pay with check, cash and Bank draft only.
When We Can Withdrawal Money From Sukanya Samriddhi Yojana
If you want to withdrawal some amount for your girls education. Then you have to wait up to the age of 18 years. After the age of 18 you can withdrawal upto 50% amount for education purpose.
For this you have to provide proof of education like admission letter and fees slip. Also you have to provide a written application for withdrawal. If the age is crossed 21 years any can withdrawal full amount from this account.
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