Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at encouraging the parents or guardians of girl children to save for their future education and marriage expenses. The scheme was launched as a part of the Beti Bachao, Beti Padhao campaign in 2015.
Under the Sukanya Samriddhi Yojana, parents or guardians of a girl child can open a savings account in the girl’s name at any designated bank or post office. The account can be opened for a girl child who is below the age of 10 years. The account can be opened with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh in a financial year. The account earns a fixed rate of interest that is determined by the government and is subject to change from time to time.
The account has a tenure of 21 years from the date of account opening, after which the account matures and the funds can be withdrawn. Partial withdrawals are allowed from the account once the girl child turns 18 years old, subject to certain conditions.
One of the key benefits of the Sukanya Samriddhi Yojana is that the deposits made in the account, as well as the interest earned, are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. In addition, the account is exempt from wealth tax.
Overall, the Sukanya Samriddhi Yojana is a popular savings scheme in India that aims to encourage parents or guardians to save for the future education and marriage expenses of their girl child.