The Sukanya Samriddhi Yojana scheme is aimed at the betterment of girl children in the country. Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family. Tenure of SSY is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years
Sukanya Samriddhi Yojana (SSY) scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child.
Investments made towards the scheme can be used for the girl child’s marriage and education. An SSY account can be opened at banks and post offices. Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.
Tax Benefit:
- Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.
- The interest amount that is generated is also exempt from tax.
- Tax benefits are also provided for the maturity amount or the withdrawal amount.
Eligibility:
- The parent or legal guardian can open an SSY account on behalf of a girl child until she reaches the age of 10.
- The girl child must be a resident Indian.
- In a family, up to two accounts can be opened for two girls.
- A third SSY account can be opened in case of twin girls.
Document Required for Account Opening:
- SSY account opening form.
- The birth certificate of the girl child must be submitted at the time of opening the account.
- The ID proof and address proof of the depositor must be submitted at the time of opening the account.
- A medical certificate has to be submitted in case multiple children are born under one order of birth.
- Any other documents that are requested by the bank or post office.
