Sukanya Samriddhi Yojana
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About Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government savings scheme for girl child launched under Beti Bachao Beti Padhao campaign. It offers attractive interest rates, tax benefits, and ensures financial security for your daughter's education and marriage expenses.
How Does SSY Work?
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1
Open account before girl turns 10 years old with minimum ₹250
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Deposit minimum ₹250 to maximum ₹1.5 lakhs per year for 15 years
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Account matures when girl turns 21 years old
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Interest is compounded annually at 8.2% (current rate)
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Partial withdrawal allowed after girl turns 18 for education/marriage
Example:
If you deposit ₹50,000 yearly for 15 years when girl is 5 years old, at 8.2% interest, maturity amount at age 21 will be approximately ₹15.2 lakhs on total deposit of ₹7.5 lakhs!
Key Benefits
Highest Interest: Higher rates than most savings schemes
Triple Tax Benefit (EEE): Deposit, interest, maturity - all tax-free
Section 80C Deduction: Tax deduction up to ₹1.5 lakhs
Government Backed: Completely safe, backed by Govt of India
Girl Child Benefit: Secures daughter's future for education and marriage
Easy Transfer: Can transfer account anywhere in India
Frequently Asked Questions
Can I open SSY account for more than one daughter?
Yes, you can open separate SSY accounts for up to 2 daughters. In case of twins or triplets born after the first child, you can open 3 accounts. Each account gets full tax benefits and operates independently.
What happens if I miss a yearly deposit?
Account becomes inactive if you don't deposit minimum ₹250 in a year. You can revive it by paying ₹50 penalty per year plus minimum deposit for all missed years. It's important to continue deposits for 15 years for maximum benefit.
Can I withdraw money before maturity?
Partial withdrawal of 50% is allowed after girl turns 18 for education or marriage expenses. Full withdrawal is allowed after girl turns 21 (maturity) or on her marriage after 18 years of age.
Is SSY better than PPF for girl child?
Yes, SSY offers higher interest rates (8.2% vs 7.1% in PPF), same tax benefits, and is specifically designed for girl child welfare. However, PPF is more flexible with withdrawals and loans. For girl child's future, SSY is the best choice.