What is Sukanya Samriddhi Yojana benefits?

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India, primarily aimed at promoting the financial well-being of the girl child. Launched by the Government of India as part of the “Beti Bachao, Beti Padhao” campaign, Sukanya Samriddhi Yojana encourages parents or guardians to invest in a long-term savings plan for the future education and marriage expenses of their female child.

If you deposit Rs 1,50,000 each year for 15 years in the SSY account, you will get Rs 42.48 lakh after 15 years. You will continue with the SSY account until the end of the maturity period (21 years) without any further deposits. You will get Rs 65.93 lakh at maturity. Sukanya Samriddhi Yojana interest rates 2023 is 8% per annum.

Instalment Amount (Monthly) Maturity Amount (21 Years)
Rs.1,000 Rs.5,11,829
Rs.2,000 Rs.10,23,658
Rs.3,000 Rs.15,35,490
Rs.4,000 Rs.20,47,305

Key features of Sukanya Samriddhi Yojana include:

Eligibility: The scheme is available for parents or legal guardians of a girl child below the age of 10 years.

Account Opening: A Sukanya Samriddhi account can be opened at any authorized bank or post office. Only one account is allowed per girl child.

Deposit Period: The scheme has a tenure of 21 years or until the girl child gets married, whichever is earlier.

Deposit Amount: Deposits can be made in the account until 15 years from the date of opening. The minimum annual deposit amount is specified by the government.

Interest Rate: The interest rate for Sukanya Samriddhi Yojana is revised by the government and is typically higher than other small savings schemes. The interest is compounded annually.

Withdrawal: Partial withdrawals are allowed after the girl child reaches the age of 18 for purposes like higher education or marriage.

Tax Benefits: Contributions made to Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act, and the interest earned is also tax-free.

Account Operation: The account is operated by the parent or legal guardian until the girl child reaches the age of 10, after which the girl child can operate the account.

Sukanya Samriddhi Yojana aims to empower families to plan and secure the financial future of their daughters. It not only encourages savings but also provides a means for accumulating a significant corpus over the long term, helping meet education and marriage expenses.

Sukanya Samriddhi Yojana (SSY) offers several benefits for parents, legal guardians, and the girl child. Here are some key benefits of the scheme:

Financial Security for Girl Child: The primary objective of Sukanya Samriddhi Yojana is to provide financial security and support for the future education and marriage expenses of the girl child.

High Interest Rates: The scheme typically offers competitive interest rates, and the interest is compounded annually. The rates are notified by the government and are often higher than those offered by other small savings schemes.

Tax Benefits: Contributions made to Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are exempt from income tax.

Long-Term Savings: With a tenure of 21 years or until the girl child gets married, Sukanya Samriddhi Yojana encourages long-term savings, allowing the corpus to grow over time.

Flexible Deposit Options: Parents or guardians can make deposits at their convenience, with the flexibility to choose the deposit amount (within the specified limits) and frequency.

Partial Withdrawals: Partial withdrawals are allowed after the girl child reaches the age of 18, which can be utilized for higher education or meeting other financial requirements.

Easy Account Operation: The account can be opened at any authorized bank or post office, making it accessible to a wide range of individuals. The account is initially operated by the parent or guardian and later by the girl child.

Empowerment of the Girl Child: By promoting financial inclusion and planning for the future, Sukanya Samriddhi Yojana contributes to the overall empowerment of the girl child.

Encouragement of Savings: The scheme instills a culture of savings and financial planning from an early age, fostering a sense of responsibility and security for both parents and the girl child.

Government-Backed Security: Sukanya Samriddhi Yojana is a government-backed savings scheme, providing a level of security and reliability for those participating in the program.

It’s important for individuals considering the scheme to review the current guidelines and interest rates, as they may be subject to periodic revisions by the government. Overall, Sukanya Samriddhi Yojana is designed to be a comprehensive savings solution with significant financial and tax-related benefits for families with girl children.