The Indian postal system, which is operated by the Department of Posts, offers a range of savings schemes through its network of post offices across the country.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India in 2015 as part of the "Beti Bachao, Beti Padhao" campaign. It is specifically designed for the girl child and is intended to provide financial security for her education and marriage expenses.
The scheme is available at all post offices and authorized banks in India, and can be opened by any legal guardian on behalf of a girl child aged 10 years or below. The minimum deposit required to open an SSY account is Rs. 250, and there is no maximum limit on the amount that can be deposited. The account can be opened until the girl child reaches the age of 10, and can be operated until she reaches the age of 21.
Who can apply for Sukanya Samriddhi Yojana (SSY) scheme?
The SSY account can be opened by any legal guardian on behalf of a girl child aged 10 years or below. The legal guardian can be the mother, father, or any other legal guardian of the girl child. The account can be opened until the girl child reaches the age of 10, and can be operated until she reaches the age of 21.
Only one account can be opened in the name of girl child in post office or any bank in India.
The account can be opened for maximum of two girls in family. In Case of twins or triplets girls, more accounts can be opened.
To open an SSY account, the legal guardian of the girl child must submit a completed application form along with the required documents, including proof of identity, proof of residence, and proof of age of the girl child. The account can be opened with a single deposit or through regular monthly deposits.
What is Deposit for Opening the Sukanya Samriddhi Account?
1. Account can be opened with minimum amount of Rs. 250.
2. The maximum amount which can be deposited is Rs. 150000 In a Year in multiple of 50.The amount can be deposited in one installment yearly or in multiple installments.
3.The amount to be deposited for 15 years from the date of opening the account.
4. Minimum Amount of Rs. 250 should be deposited per year otherwise account can enter default state.
What is the interest rate for Sukanya Samriddhi Account?
1. The current interest rate for Sukanya Samriddhi Account is 7.6% pa. This rate can vary as the Government Policy.
2. The Interest amount is credited in to the account at the End of each financial Year.
3 The Interest earned is tax free.
How to apply for Sukanya Samriddhi Yojana (SSY) ?
To apply for Sukanya Samriddhi Yojana (SSY), the legal guardian of the girl child must follow the below steps:
Download the SSY application form from the official website of the India Post Payments Bank (IPPB) or obtain a copy of the form from a post office or authorized bank.
Fill out the application form completely and accurately, and attach all the required documents, including proof of identity, proof of residence, and proof of age of the girl child.
Submit the completed application form and required documents to the nearest post office or authorized bank.
Make the initial deposit into the SSY account, either through cash, check, or demand draft.
The post office or bank will verify the documents and process the application. Once the account is opened, the legal guardian will receive an account opening kit, which will include the SSY passbook and other important documents.
It is important to note that the SSY account can be opened until the girl child reaches the age of 10, and can be operated until she reaches the age of 21. The legal guardian can open the account with a single deposit or through regular monthly deposits. The SSY account offers several benefits, including tax benefits and a high rate of interest.
What is the benefit of Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) account offers several benefits, including:
High rate of interest: The SSY account offers a high rate of interest, which is currently set at 7.6% per annum. The interest is compounded annually and is credited to the account at the end of each financial year.
Tax benefits: The deposits made into the SSY account are eligible for deduction from the taxable income up to a maximum of Rs. 1.5 lakh per year under section 80C of the Income Tax Act, 1961. The interest earned on the deposits is also tax-free.
Flexibility: The SSY account has a flexible deposit structure, which allows the legal guardian to make a single deposit or regular monthly deposits into the account. The account also has a premature closure facility, which allows the account holder to close the account before the girl child reaches the age of 21, subject to certain conditions.
Safety and security: The SSY account is backed by the Government of India and is offered through the India Post Payments Bank, which is a trusted and secure platform. The account also has a high level of security, with measures such as passbooks, PINs, and OTPs to protect the account and prevent fraud.
In summary, the Sukanya Samriddhi Yojana is an excellent savings option for parents and legal guardians looking to save for the education and marriage expenses of their daughter. It offers a high rate of interest, tax benefits, flexibility, and safety and security.
FAQs:
Name of pay while depositing money in Sukanya samriddhi scheme?
Here is an example of how the payee's name should be listed on the deposit slip or cheque:
Payee's Name: [Minor's name]
For example:
Payee's Name: Priya Sharma
It is important to ensure that the payee's name is correctly listed on the deposit slip or cheque, as this will help to ensure that the funds are deposited into the correct Sukanya Samriddhi Scheme account.
Sukanya samriddhi Yojana scheme cover insurance of either parent or girl child by any chance?
The Sukanya Samriddhi Scheme account offers a tax-free interest rate and can be opened at any time before the girl child reaches the age of 10. Deposits can be made into the account until the girl child attains the age of 18, and the account has a maturity period of 21 years from the date of opening.
Can we convert Sukanya samriddhi Yojana monthly EMI to yearly later in the tenure of scheme?
No, it is not possible to convert the monthly instalments of a Sukanya Samriddhi Scheme account to yearly instalments after the account has been opened. The Sukanya Samriddhi Scheme is a long-term savings scheme that allows you to make regular deposits into the account until the girl child attains the age of 18. The deposits can be made on a monthly, quarterly, half-yearly, or annual basis, depending on your preference.
Once the payment frequency has been selected and the account has been opened, the payment schedule cannot be changed. This means that if you have chosen to make monthly instalments, you will need to continue making these payments until the account matures or until the girl child attains the age of 18, whichever is earlier.
It is worth noting that the Sukanya Samriddhi Scheme account has a maturity period of 21 years from the date of opening, and the minimum deposit required for the account is Rs. 250 per month. The interest earned on the account is tax-free and can be used for the education and marriage expenses of the girl child.
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