The Sukanya Samriddhi Yojana (SSY) SSY Scheme 2023 सुकन्या समृद्धि योजना का ये नया अपडेट अवश्य देखे Scheme was launched by the Government of India in 2015 as part of the ‘Beti Bachao Beti Padhao’ campaign. The aim of the scheme is to encourage parents to save for their daughter’s education and marriage expenses. In this article, we will discuss everything you need to know about the SSY Scheme 2023, from A to Z.
A – Account Opening: An SSY account can be opened for a girl child who is below the age of 10 years by her parents or legal guardians. Only one account can be opened for each girl child, and a maximum of two accounts can be opened for two girl children in a family.
B – Bank or Post Office: An SSY account can be opened in any bank or post office authorized by the government to accept SSY deposits.
C – Contribution: A minimum contribution of Rs. 250 is required to open an SSY account. The maximum amount that can be deposited in an SSY account is Rs. 1.5 lakh per annum.
D – Documents Required: The following documents are required to open an SSY account:
- Birth certificate of the girl child
- Identity proof and address proof of the parent or legal guardian
- Passport size photograph of the girl child and the parent or legal guardian.
E – Eligibility: Any girl child who is a resident of India is eligible for an SSY account.
F – Fixed Deposit: An SSY account is essentially a fixed deposit account that earns a fixed rate of interest. The interest rate for SSY accounts is reviewed and announced by the government every quarter.
G – Grace Period: If a minimum contribution of Rs. 250 is not made in any financial year, the account will be considered inactive. However, the account can be reactivated by paying a penalty of Rs. 50 per year along with the minimum contribution amount.
H – High Interest Rate: The interest rate for SSY accounts is fixed by the government and is higher than most other fixed deposit schemes. The interest rate for the January to March quarter of 2023 is 7.6%.
I – Income Tax Benefit: Contributions made to an SSY account are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned on the account and the maturity amount are also tax-free.
J – Joint Account: An SSY account can only be opened in the name of the girl child, and no joint account is allowed.
K – KYC: KYC or Know Your Customer is a process that is followed by banks and post offices to verify the identity of the person opening the account. KYC is mandatory for opening an SSY account.
L – Lock-in Period: The lock-in period for an SSY account is 21 years from the date of opening the account. Partial withdrawals of up to 50% of the balance can be made after the girl child attains the age of 18 years.
M – Maturity Amount: The maturity amount for an SSY account is the sum of all contributions made to the account plus the interest earned. The maturity amount is payable to the girl child after she attains the age of 21 years.
N – Nomination: A nomination can be made in an SSY account to ensure that the maturity amount is paid to the nominee in case of the death of the account holder.
O – Online Access: Most banks and post offices now offer online access to SSY accounts, making it easier for account holders to track their account balance and make contributions.
P – Premature Closure: Premature closure of an SSY account is allowed only in case of the death of the girl child or in exceptional circumstances such as medical emergencies
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