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Sukanya Samriddhi Yojana scheme: KEY benefits, investment process, eligibility

Sukanya samriddhi yojana scheme

The Sukanya Samriddhi Yojana is designed to improve lives and fulfill the dreams of India’s daughters under the Beti Bachao, Beti Padhao campaign. This scheme covers the education, marriage, and higher education expenses for girls, and the government bears the associated costs.

Sukanya Samriddhi Yojana is a savings scheme where parents of girls under 10 years can invest to secure and enhance their daughters’ future. The government allows investments ranging from ₹250 to one and a half million rupees in this scheme. Specifically tailored for girls, this scheme not only secures their future but also covers essential expenses that may arise during their growing years.

Sukanya Samriddhi Yojana Scheme:

In this scheme, parents can invest for up to 15 years to facilitate their daughter’s marriage, education, and other expenses. Any resident of India can open a Sukanya Samriddhi Yojana account in the name of their daughters. Now, let’s delve into some key aspects of the Sukanya Samriddhi Yojana to make it easier for you to understand and derive maximum benefits for your daughters.

Features of Sukanya Samriddhi Yojana:

  1. Maturation Period:
    The maturity period for Sukanya Samriddhi Yojana is 21 years. This means that when your daughter turns 21, she can independently manage her account. However, you are required to invest in the scheme for only 15 years.
  2. Investment Amount:
    Parents can invest a minimum of ₹1,500 and a maximum of ₹1.5 million annually in the Sukanya Samriddhi Yojana. The scheme offers an annual interest rate of 8%.
  3. Mode of Investment:
    You can deposit money monthly or annually into the Sukanya Samriddhi Yojana. The interest earned on the investment is entirely tax-free.
  4. Maturity Benefits:
    After the maturity period, you will receive the principal amount along with the accrued interest. The scheme not only provides financial security but also ensures tax benefits.

Opening an Account:

To open a Sukanya Samriddhi Yojana account, visit your nearest post office or a bank branch that accepts the scheme’s application form. You can deposit money through cash, check, demand draft, or online E-transfer.

Banks Offering Sukanya Samriddhi Yojana:

For online transactions, you can also explore the Sukanya Samriddhi Yojana online portal.

Sukanya Samriddhi Yojana Benefits – What are the benefits of the Sukanya Samriddhi Yojana?

Eligibility for Sukanya Samriddhi Yojana:

How to apply for Sukanya Samriddhi Yojana 2023:

  1. Visit your nearest post office or any bank branch.
  2. Fill out the application form for investment.
  3. Attach the required documents.
  4. Provide information for those investing on behalf of the girl child.
  5. Submit the form with photocopies of documents.
  6. Deposit the form and premium amount in the post office or bank.

Required Documents:

DocumentPurpose
Birth certificate of the girlProof of age
Residential proofFor The Confirmation of residence
Parents’ PAN card and Aadhar cardIdentification of parents
Mobile numberContact information

FAQs:

  1. Minimum Investment:
    • Parents or guardians can invest a minimum of INR 250.
  2. Loan on Remaining Amount:
    • No, there is no provision for a loan on the remaining amount. Withdrawal of up to 50% is possible after the girl child turns 18.
  3. Initiation of Sukanya Samriddhi Yojana:
    • Sukanya Samriddhi Yojana (SSY) was initiated by the former Prime Minister of India, Shri Narendra Modi, in 2015.
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