Imagine a moment in your life when you hold your newborn daughter for the first time. As you gaze into her eyes, a wave of dreams and hopes for her future washes over you. You think about her education, her aspirations, and all the opportunities you want her to have. However, one pressing thought is how you will finance her future needs. That’s when you hear about the Sukanya Samriddhi Yojana (SSY), a savings scheme designed by the Government of India to secure your daughter’s financial future.
Sukanya Samriddhi Yojana was launched as part of the Beti Bachao Beti Padhao Campaign on January 22, 2015 by Prime Minister Narendra Modi. The objective was to encourage families to invest in the education of girl children and save for their marriage expenses. Keeping these objectives in mind, the small deposit scheme offers an attractive 8.2% interest rate along with tax benefits. Here’s everything you need to know about this deposit scheme!
The account can be opened with a minimum deposit of ₹250, and the maximum deposit allowed per year is ₹1,50,000.
The account matures 21 years from the date of opening or upon the girl child's marriage after she reaches 18 years.
Once the girl turns 18, up to 50% of the balance can be withdrawn for educational expenses, provided proof of admission is shown.
The account can be opened at any post office or authorised commercial bank branch across India.
Deposits must be made annually, ranging from ₹250 to ₹1,50,000, for the first 15 years from the account opening date. No deposits are needed after this period until maturity.
The interest rate is 8.2%. The interest rate is subject to periodic revision.
The account will be marked as 'Account under default' if annual deposits are missed. It can be reactivated by paying a ₹50 fine for each year of default, up to 15 years from opening.
Upon maturity, the balance and accrued interest are paid to the account holder. Required documents include the SSA withdrawal application, proof of identity, residence, citizenship, and age.
The account balance can be transferred from one post office or bank branch to another within India, provided proof of residence change is submitted by the parent, guardian, or the girl child.
The account can be closed prematurely under these conditions:
To open an SSY account, you will need to provide the following:
One of the major features of the Sukanya Samriddhi Yojana is the range of tax benefits it offers:
Securing your child’s future has never been easier. Open a Sukanya Samriddhi Yojana Account today! Contact your closest HDFC Bank Branch now for more details!