Sukanya Samriddhi Yojana Account (SSYA)

"An investor without investment objectives is like a traveler without a destination."

Introduction-

Sukanya Samriddhi Yojana is a good option. Its aim is to help parents of a girl child when she attains maturity for her education and marriage, through this way every parent and guardian of a girl child in India can secure their daughter's future.

Eligibility-

• It can be opened in any post offices or banks in India.
• The girl child should be Indian resident.
• The account can only be opened in the name of girl child who has not attained the age of 10 years.
• This scheme covers maximum of two girl's child (including adopted girl child) in a family.

Minimum or Maximum amount can be deposited-

• The said account can be opened with a minimum amount of Rs. 250/- (earlier it was Rs. 1,000/-) and maximum of Rs. 1,50,000 per annum.
• Multiples of Rs 100, subject to the above limit.
• The amount should be deposited for a period of 14 years, thereafter no deposit will be required till the date of maturity.

Opening of Account-

• The account can be opened by parents or legal guardian of a girl child.

Mode of Payment-

• The amount can be deposited through cash, cheque, demand draft or online transfer.

Operation of Account-

• The account is operated by the parents or legal guardian of the girl child in her name till she turns 10, when she turns 10, the girl child can operate the account herself, however, deposit in the account may be made by the parents or guardian or any other person or authority. 

Rate of Interest-

• The Interest rate is revised from 3rd quarter @8.5% per annum (earlier in 1st or 2nd quarter of 2018 it was 8.1%).
• No interest accrues after the girl child becomes non-citizen or non-resident.
• No interest is payable after the completion of tenure of 21 years from the opening of account.

Documents required-

• Birth certificate of the girl child
• Identity and residential proof of the parents/guardian

Claim Tax Benefit-

• The amount which you have deposited is covered under section 80C, can be claimed as tax benefit.
• This scheme is covered under triple EEE (Exempt, Exempt, Exempt) category means that the amount which you have deposited is covered under section 80C, the interest earned thereon is tax free and even the maturity amount is also tax free.

Partial withdrawal- 

• Premature withdrawal facility is also allowed up to 50% of the credit balance of the account at the end of preceding financial year after the girl child turns the age of 18, for higher education and marriage of the account holder (with documentary proof).

Maturity-

• The maturity of account is after completion of 21 years from the date of opening.

Premature closure facility-

• Where the marriage of the account holder takes place, after the age turns of 18 years but before the completion of such maturity period of 21 years, the operation of the account will not be permitted beyond the date of her marriage. 
• On death of the girl child after submission of death certificate.
• After completion of 5 years from the opening of account, on the ground that operation or continuation is causing undue hardship to the girl child (such as the death of the parents/guardian or medical reasons of girl child)