What is Sukanya Samriddhi Yojana, 2024 Interest Rates, Benefits, Calculation, Age

What is Sukanya Samriddhi Yojana, 2024 Interest Rates, Benefits, Calculation, Age

The Indian government has launched many schemes to benefit girls and women in India. The Sukanya Samriddhi Yojana (SSY) is one of those schemes, intended specifically for girl children. This scheme is a part of India’s well-known “Beti Bachao Beti Padhao” scheme. Parents of the girl child can use this scheme to save money for the girl’s education and other future needs. 

Although SSY is a beneficial scheme for young girls and their parents, many Indians are unaware of its benefits. Continue reading to reveal Sukanya Samriddhi Yojana kya hai and how it can help girls and their parents financially. 

What is the Sukanya Samriddhi Yojana?

It is a government saving scheme, benefiting millions of girl children in India. The Indian government launched this scheme in 2015 and it became an integral part of the Beti Bachao Beti Padhao initiative. 

Parents, who cannot afford to pay lumpsum fees in top-end institutions or accumulate sufficient funds for marriage, can take advantage of this scheme. It helps parents steadily save money for the girl child to afford her education, wedding, and important expenses. Continue reading to reveal Sukanya Samriddhi Yojana interest rates and other important details. 

What are the Eligibility Criteria for the Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana age limit is 10 years and other eligibility criteria include:

• A girl child should be under ten years of age and only her legal guardians or parents can open the Sukanya Samriddhi Yojana account. 
• The account will be opened in the name of the girl child and parents cannot use their account to take advantage of this scheme. 
• Parents can open the SSY account only for two girl children in a family. 
• This scheme allows parents to open the SSY account for more than two girls in special circumstances. 
• The third SSY account is allowed if two girls are born as twins or triplets. 
• Parents cannot open the third SSY account if the third girl child is born after twin girls. 

The Sukanya Samriddhi Yojana age criteria are important to keep in mind if parents wish to take advantage of the scheme. The SSY account cannot be opened for girls, who are older than 10 years of age. 

How Parents Can Invest in the Sukanya Samriddhi Yojana?

Parents can use the Sukanya Samriddhi Yojana post office or designated branches to open the SSY account for the girl child. The parents have to complete the KYC process and provide documents, such as an Adhaar Card, Passport, etc. to open the account. 

The Sukanya Samriddhi Yojana application form will be available at the bank or post office. Parents have to fill out that form and provide the required documents with the initial deposit. The below-listed sources also provide the Sukanya Samriddhi Yojana form:

• The official website of The India Post
• The RBI website
• Public sector bank websites, including BoB, PUN, SBI, etc. 
• Private sector bank websites, providing the SSY scheme benefits that include the ICICI Bank, HDFC Bank, and Axis Bank.

The Sukanya Samriddhi Yojana application form remains the same, regardless of the source of the form. Parents need the following documents when opening the SSY account for the girl child:

• Birth certificate
• Adhaar card and other required details of parents or another guardian. 
• Identity document and address proof

The Sukanya Samriddhi Yojana Calculator Year Wise

The Sukanya Samriddhi Yojana interest rate 2024 is 8.2% between January and March 2024. The accumulated amount under this scheme can change depending on the amount of money the girl child’s parents or guardians deposit every year.

Top 3 Indian Government Schemes for Girls

The top 3 GOVT Schemes for girls are as follows:

• Beti Bachao Beti Padhao

The BJP led central government launched the Beti Bachao Beti Padhao Yojana in January 2015. This scheme was introduced to save girl children in India. It was also launched to improve the sex ratio in India, which has been pretty successful since the launch. A girl child who gets a Beti Bachao Beti Padhao account, gets financial security to get better education and financial support at the time of wedding.

• Balika Samriddhi Yojana

The Balika Samriddhi Yojana was launched in 1997 to improve the status of girl children in India. This scheme provides financial aid to parents and girls for their education. The central government provides scholarships to girl children, who are beneficiaries of this scheme. Therefore, it is one of the most admired schemes of Indian government.

• Sukanya Samriddhi Yojana

As described in this post, the SSY has been helping many parents save funds for their girl children’s education and marriage. Millions of girl children became beneficiaries of this scheme and getting money saved for a secure financial future.

What are the Benefits of the Sukanya Samriddhi Yojana?

Being a part of the Beti Bachao Beti Padhao Yojana, the following Sukanya Samriddhi Yojana benefits make it a highly sought-after scheme in India: 

• Since Sukanya Samriddhi Yojana is a government-backed scheme, it offers parents guaranteed returns on investment. 
• As the Sukanya Samriddhi Yojana calculator revealed, the SSY scheme offers an impressive fixed rate or return, which is currently over 8% per annum. 
• This scheme’s high-interest rate makes it a better investment opportunity than other schemes, including PPF.  
• The SSY scheme offers flexible deposit options and parents can deposit Rs. 250 to 1.5 Lakh per year. 
• This scheme is beneficial for parents, who cannot invest a large sum of money in saving schemes or policies. 
• The Sukanya Samriddhi Yojana also provides tax benefits up to Rs. 1.5 lakh annually under Section 80C. 
• Even parents, who are investing small sums of money annually, can get good returns because this scheme offers annual compounding benefits. 
• It is easy to transfer the Sukanya Samriddhi Yojana account from one state to another or one bank to another. 

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Frequently Asked Questions

Q: What is the minimum deposit limit in the Sukanya Samriddhi Yojana?

A: Parents or guardians must deposit at least 250 rupees to invest in the SSY scheme. 

Q: What is the tenure of the Sukanya Samriddhi Yojana?

A: Parents can withdraw the money after 21 years for higher education or marriage of the girl. 

Q: How many girls in a family are eligible for the Sukanya Samriddhi Yojana?

A: Two girl children are eligible for the SSY account and the third girl child can also open the SSY account in special conditions. 

Q: What is the maximum annual deposit limit in the Sukanya Samriddhi Yojana?

A: Parents can deposit 1.5 lakh rupees maximum in one financial year under the SSY scheme. 

Q: Who can benefit from the Sukanya Samriddhi Yojana?

A: Parents or guardians, who wish to save sufficient funds for the education and marriage of their girl child, should invest in the Sukanya Samriddhi Yojana. 

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Conclusion 

The Sukanya Samriddhi Yojana is one of the top 3 GOVT Schemes for girls in India. Millions of Indian parents have opened the Sukanya Samriddhi Yojana account for their girl children. This scheme offered an opportunity to provide better education to girl children and save more than the required sum of money for a memorable wedding. Try this scheme now if you also wish to provide a financially secure future to your girl child.