Sukanya Samriddhi Yojana: All You Need To Know About Centre's Savings Scheme

The Sukanya Samriddhi Yojana, a government savings scheme, is a pivotal component of the "Beti Bachao, Beti Padhao" initiative, aiming to uplift and empower the girl child.

What is the Sukanya Samriddhi Yojana scheme?

Parents or guardians of girls aged 10 or below can initiate a bank account under this scheme, offering a higher interest rate and various tax benefits. Launched by the Government of India, Sukanya Samriddhi Yojana serves as a dedicated savings plan.

This deposit scheme, also known as SSY, ensures a financially secure future for the girl child. By making regular deposits, a substantial corpus can be created over the years, ready to be utilized for fulfilling the child's life goals.

Sukanya Samriddhi Yojana: Eligibility 

1. The account can be initiated by the parent or legal guardian of the girl child.

2. The girl child must be below the age of 10 years at the time of opening the account.

3. Only one SSY account is allowed per girl child.

4. A family is limited to opening a maximum of two SSY scheme accounts.

Sukanya Samriddhi Yojana: How to Apply

Here is a step-by-step guide:

Step 1: Visit a post office or a participating public/private bank to initiate the SSY application process.

Step 2: Carry necessary documents:

      - Birth certificate of the girl child.

      - Photo ID of the parent or legal guardian applying.

      - Address proof of the parent or legal guardian.

      - Other KYC proofs such as PAN card, Voter ID, etc.

Step 3: Provide the required documents to the post office or bank along with a filled-out application form.

Step 4: Complete any additional KYC requirements, if needed.

Step 5: Investors can make an initial deposit in cash, check, or demand draft for a minimum amount of Rs 250 and the maximum deposit stands at Rs 1.5 lakh rupees.

Step 6: Once the account is opened, you will be issued a passbook containing the details of the SSY account.

Sukanya Samriddhi Yojana: How to Apply Online

1. Visit RBI, Indian Post, or the bank's official website. Download the Sukanya Samriddhi Yojana application form.

2. Provide necessary details for the girl child and parent/guardian.

3. Scan and have additional documents ready for upload.

4. Complete the online form and upload the necessary documents.

5. Await confirmation.

Sukanya Samriddhi Yojana: Interest rate

For the fiscal year 2023-24, the government has set the interest rates at 8% per annum.

This investment avenue, designed for the financial well-being of the girl child, offers a systematic and secure approach through Sukanya Samriddhi Yojana.