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Government of India has introduced an extra-ordinary scheme known as Sukanya Samriddhi Yojana for the prosperity and empowerment of girl child in India. In this article, we shall learn about the features and benefits of investing in this scheme.
The Sukanya Samriddhi Yojana is a scheme introduced by the government of India with an idea to mobilize and promote savings, especially for the girl child. This scheme is introduced exclusively for the welfare of girl child. Under this scheme, the parents or the legal guardian of the girl child can open the Sukanya Samriddhi Yojana (SSY) account in the name of the girl until she is 10 years old. The main motive of the SSY scheme is to create a financial corpus for the girl child which can be utilized for her higher education, marriage etc. The introduction of this scheme is done under the ‘Beti Bachao Beti Padhao’ initiative which is run by the Indian Government. Indian Government through this scheme is showing its dedicated efforts to empower the girl child by giving an attractive opportunity to her parents or legal guardians to build fund for her. The scheme, apart from helping to create corpus, also acts as a tax saving instrument as the parents or legal guardian can claim tax benefit under Section 80C of the Income Tax Act. The scheme offers tax benefits up to Rs. 1.50 Lakhs and attractive high interest rates as compared to other savings instruments or schemes available in the market
The Sukanya Samriddhi Yojana scheme is a well curated savings-cum-investment instrument that helps in building a strong corpus for the future financial needs of the girl child. The scheme offers distinct key features as under:
Following is the list of mandatory documents required for opening SBI Sukanya Samriddhi Yojana account:
Following table illustrates a quick synopsis of all the details, features and benefits of the Sukanya Samriddhi Yojana account at a glance -
|Objective||The objective of the scheme is to promote welfare of the girl child|
|Who can open account||Parent or Legal Guardian of the girl child|
|Minimum and Maximum age to open account||The account can be opened as soon as girl child is born the maximum age for opening the account is until the girl child is 10 years old|
|Number of Accounts||Under this scheme only one account per girl child can be opened. Additionally, the Parent or Legal Guardian can open a maximum of 2 accounts for their 2 girl children (in case of twins or triplets 3 accounts)|
|Minimum and Maximum deposit amount||The minimum amount required to open the account is Rs 1000 thereafter the contributions can be made in multiples of Rs 100, while the maximum deposit amount under this account is capped to Rs 1.50 Lakhs|
|Tenure of the account||The account matures in 21 years from the date of opening of the Sukanya Samriddhi Yojana account|
|Tax Rebate||Can be availed under section 80C of the Income Tax Act, 1961|
|Mode of payment||The contribution to the account can be made via cash/cheque/DD/Internet Banking|
The account opening procedure of Sukanya Samriddhi Yojana account is very simple and easy. The account can be opened by following the below given procedures:
Thus, in this manner, the parent or legal guardian of the girl child can open SSY account in the name of the girl child and help her in building her financially strong future.
To conclude we can say, Sukanya Samriddhi Yojana account is one of the best investment instruments which can be utilized as saving-cum-investment tool for creating a financial corpus for your girl child. This scheme is developed to mobilize and promote parents / legal guardians’ savings towards future financial security of the girl child. Investing in this scheme ensures that ample fund is created to tackle the future financial expenses of girl child, especially marriage and higher education.
Does the applicant need to have an existing account for opening Sukanya Samriddhi Yojana in SBI?
No, it is not mandatory for the parents or legal guardian or girl child to hold any account in SBI. A Sukanya Samriddhi account can be opened independently in the name of the girl child without holding any other type of account in SBI.
What is the minimum deposit required to open an SBI Sukanya Samriddhi Yojana account?
The minimum deposit amount required for opening the Sukanya Samriddhi Yojana account is Rs 1000. Kindly note, the initial deposit amount must be deposited in cash, thereafter the depositor can deposit the contribution via cheque/DD/ internet Banking/ cash as per their convenience.
Whom should you contact to open a Sukanya Samriddhi Yojana in SBI Branch?
You can visit the nearest SBI bank branch where the designated executive shall help you in opening the account. You can also open the account online via SBI’s website.
What is the process to open a Sukanya Samriddhi Yojana in SBI?
The procedure of opening the Sukanya Samriddhi Yojana account is very simple and quick. You can open the account either online or by visiting the nearest SBI bank branch. Following are the simple steps involved for opening the account
Upon submitting all the above-mentioned relevant documents, the Sukanya Samriddhi Yojana account shall be opened in the name of the girl child.