The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for a girl child. The scheme has been launched by the Central government as part of the Beti Bachao, Beti Padhao campaign. The scheme comes with benefits under section 80C of the Income Tax Act of India. Under small savings schemes, SSY is the best interest rate scheme with tax-free returns.
The account under Sukanya Samriddhi Yojana can be opened any time after the birth of a girl child till she turns 10. The account can be opened in any authorized branch of any post office or an authorised bank with a minimum deposit of Rs 250 each financial year. A maximum of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana in a financial year. The account will remain effective for 21 years from the date of its opening or till the marriage of the girl after she turns 18.
To open an account under Sukanya Samriddhi Yojana, the guardians will have to submit the birth certificate in the post office or bank along with the application form. Apart from this, the identity card of the girl child and the parents and the residential proof will also have to be submitted.
The account can only be opened in the name of the girl child and only one account is allowed to be opened per child under the scheme.
If a minimum amount of Rs 250 per annum is not deposited then the account will be closed and revised for that year with a penalty of Rs50 per annum along with the minimum amount required to be deposited every year.