Sukanya Samriddhi Yojana (SSY), a savings scheme by India Post, stands as a powerful tool for parents and guardians aiming to secure the financial future of their girl child while fostering gender equality and financial stability. With a competitive interest rate of 8 percent, calculated and compounded yearly, this scheme ensures robust returns. The account can be initiated with a minimum deposit of Rs 250, allowing subsequent deposits ranging from Rs 250 to Rs 1.50 lakh per financial year. These deposits qualify for Section 80C deductions.
The scheme is openable by guardians for girls under 10 years, it permits only one account per child, except in the case of twins or triplets. Interest rates, set quarterly by the Ministry of Finance, are tax-free, providing an added financial advantage. Managed by the guardian until the child turns 18, the account allows withdrawals after the girl reaches 18 or completes the tenth standard.
Withdrawals, limited to 50% of the preceding year’s balance, can be made in lump sums or instalments, up to once a year for a maximum of five years. Premature closure is possible under specific conditions, such as the account holder’s demise or extreme compassionate grounds.
The account matures 21 years from opening or upon the girl’s marriage after turning 18, with a flexible window around the wedding. This scheme sets to empower your girl child’s financial journey, promoting a secure and prosperous future.
