Sukanya Samriddhi Scheme – Eligibility, Features, Tax Benefits and all you need to know

Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed to provide financial security for the girl child. The scheme was launched in January 2015 as part of the Beti Bachao,

Eligibility

• The account can be opened by the parents or legal guardian of a girl child who is below the age of 10 years.
• Only one account can be opened in the name of a girl child. Click here to Check Your Eligibility.
• The account can be opened at any post office or authorised bank in India.

Features

• The account matures after 21 years from the date of opening of the account.
• The minimum deposit per year is ₹250.
• The maximum deposit per year is ₹1.5 lakh.
• The interest rate is fixed at 8% per annum.
• The interest earned is tax-free under Section 80C of the Income Tax Act, 1961.

Withdrawal

• Withdrawals can be made for the following purposes:
  • Higher education of the girl child
  • Marriage of the girl child after she attains the age of 18 years
• A maximum of 50% of the balance in the account can be withdrawn for any of the above purposes.

Tax benefits

• The amount deposited in the SSY account is eligible for a deduction under Section 80C of the Income Tax Act, 1961.
• The interest earned on the SSY account is tax-free under Section 80C of the Income Tax Act, 1961.

Conclusion

The Sukanya Samriddhi Yojana is a good option for parents who want to save for the future of their girl child. The scheme offers a high interest rate, tax benefits, and the security of a government-backed investment.

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