Sukanya Samriddhi Yojana 2024 Thrilling

Sukanya Samriddhi Yojana 2024

Sukanya Samriddhi Yojana 2024 The scheme is meant to meet the education and marriage expenses of a girl child. Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign.

Sukanya Samriddhi Yojana 2024

Sukanya Samriddhi Yojana 2024
Sukanya Samriddhi Yojana 2024

Sukanya Samriddhi Yojana 2024 ( सुकन्या समृद्धि योजना ) is a government-backed small savings scheme for the benefit of a girl child. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10.

Sukanya Samriddhi Yojana 2024 SSY accounts can be opened at designated banks or post offices. The Sukanya Samriddhi Yojana Account has a tenure of 21 years or until the girl child marries after the age of 18. The SSY scheme comes with a higher interest rate along with several tax benefits. Read the complete article to know more about Sukanya Samriddhi Yojana details.

Interest Rates8% per annum (Q3 FY 2023-24)
Investment PeriodTill 15 years from the date of account opening
Maturity Period (Sukanya Samriddhi Yojana Age Limit)21 years or until girl child marries after the age of 18
Minimum Deposit AmountRs. 250
Maximum Deposit AmountRs. 1.5 Lakh in a financial year
EligibilityParents or the legal guardian of a girl child below the age of 10 are eligible to open the SSY in the girl child’s name
Income Tax RebateEligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year)

Sukanya Samriddhi Yojana 2024 New

Sukanya Samriddhi Yojana 2024
Sukanya Samriddhi Yojana 2024

Sukanya Samriddhi Yojana 2024 (SSY) is a flagship initiative by the Government of India aimed at promoting financial inclusion and securing the future of the girl child. Launched as a part of the Beti Bachao, Beti Padhao campaign, SSY is a long-term savings scheme specifically designed for the welfare of the girl child. This comprehensive essay delves into the various aspects of Sukanya Samriddhi Yojana, exploring its inception, objectives, features, benefits, challenges, and its impact on the socio-economic landscape of the country.

Objectives of Sukanya Samriddhi Yojana

  • Financial Security for Girl Child: The primary objective of SSY is to ensure financial security for the girl child by facilitating long-term savings and creating a corpus that can be utilized for her education, marriage, or any other financial requirements.
  • Promoting Girl Child Education: Sukanya Samriddhi Yojana 2024 By encouraging parents to invest in their daughter’s future through SSY, the scheme indirectly promotes education for the girl child, contributing to the larger goal of female empowerment.
  • Countering Gender Bias: SSY seeks to address the prevalent gender bias in financial matters by providing a dedicated savings avenue for the girl child, thereby challenging traditional norms and fostering a culture of financial independence for women.
  • Incentivizing Savings: Sukanya Samriddhi Yojana 2024 The scheme aims to inculcate a habit of savings among parents for the future of their daughters. The attractive interest rates and tax benefits provided act as incentives for families to participate in the scheme.

Features of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana 2024
Sukanya Samriddhi Yojana 2024
  • Account Opening: Sukanya Samriddhi Yojana 2024 SSY accounts can be opened for a girl child from her birth up to the age of 10 years. Only one account is allowed per girl child, and a maximum of two accounts are allowed for a family, with an exception for twins.
  • Tenure: The scheme has a tenure of 21 years from the date of opening the account or until the girl child gets married after attaining the age of 18.
  • Deposits: The account can be opened with a minimum deposit, and a minimum annual contribution is required to keep the account active. The maximum deposit limit per financial year is stipulated by the government.
  • Interest Rate: Sukanya Samriddhi Yojana 2024 The interest rate on SSY is set by the government and is subject to change. The interest is compounded annually, and the returns are higher compared to many other savings schemes.
  • Withdrawals: Partial withdrawals are allowed after the girl child attains the age of 18 for her education or marriage. However, the withdrawal amount is capped, and specific conditions must be met.
  • Tax Benefits: Sukanya Samriddhi Yojana 2024 Contributions made to SSY are eligible for deductions under Section 80C of the Income Tax Act. The interest earned and the final maturity amount are also tax-free.
  • Transferability: In case of the girl child’s relocation, the SSY account can be transferred anywhere in India without any charges.
  • Account Operation : Sukanya Samriddhi Yojana 2024 The account can be operated by the girl child upon reaching the age of 10, and partial withdrawals can be made by her after turning 18.

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana 2024
Sukanya Samriddhi Yojana 2024
  • Financial Security: SSY provides a secure and disciplined savings avenue, ensuring that a significant corpus is available for the girl child’s future financial needs.
  • Higher Returns: The scheme offers competitive interest rates, providing higher returns compared to traditional savings instruments.
  • Tax Benefits: The tax benefits associated with SSY make it an attractive investment option for parents, as the contributions, interest earned, and maturity proceeds are exempt from income tax.
  • Empowerment: By encouraging parents to save for their daughters, SSY promotes financial independence and empowerment of the girl child.
  • Education and Marriage Funding: The funds accumulated through SSY can be utilized for the girl child’s education or marriage, enabling families to meet these crucial financial requirements without undue stress.
  • Government Support: SSY is backed by the government, instilling confidence among investors about the safety and reliability of the scheme.

Operational Details

Account Opening : Sukanya Samriddhi Yojana 2024 Parents or legal guardians can open an SSY account at designated post offices or authorized banks by submitting the necessary documents, including the girl child’s birth certificate.

Deposit Frequency : Contributions to the SSY account can be made on a monthly or yearly basis, as per the depositor’s convenience.

Withdrawal and Maturity : Sukanya Samriddhi Yojana 2024 Partial withdrawals are allowed after the girl child reaches the age of 18 for specified purposes, such as education. The account matures after 21 years from the date of opening, and the entire corpus can be withdrawn.

Account Transfer : In case of the girl child’s relocation, the SSY account can be transferred anywhere in India.

Positive Impact : Sukanya Samriddhi Yojana has made a positive impact on the financial landscape for the girl child, fostering a sense of financial discipline among parents and contributing to her long-term welfare.

Challenges : Sukanya Samriddhi Yojana 2024 Despite its many advantages, SSY faces challenges such as awareness gaps, particularly in rural areas, where access to information about the scheme may be limited.

April 2020 – Present7.6% p.a.
1 January 2019 – 31 March 20198.5% p.a.
1 October 2018 – 31 December 20188.5% p.a.
1 July 2018 – 30 September 20188.1% p.a.
1 April 2018 – 30 June 20188.1% p.a.
1 January 2018 – 31 March 20188.1% p.a.
1 July 2017 – 31 December 20178.3% p.a.
1 October 2016 – 31 December 20168.5% p.a.
1 July 2016 – 30 September 20168.6% p.a.
1 April 2016 – 30 June 20168.6% p.a.
1 April 2015 – March 31 20169.2% p.a.
3 December 2014 – March 31 20159.1% p.a.

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana 2024
Sukanya Samriddhi Yojana 2024

High Interest : Sukanya Samriddhi Yojana 2024 Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly. By maturity, the assets under your Sukanya Samriddhi Yojana account will increase manifold – thanks to the power of compounding.

Significant Tax Savings : Sukanya Samriddhi Yojana 2024 Your contributions towards the Sukanya Samriddhi Yojana for your daughter’s future are eligible for tax deductions under Section 80C of the Income Tax Act 1961. Thus, you can claim tax deductions up to Rs 1.5 lakh invested in the scheme. Moreover, the tax-saving benefits are also available on the interest earned and the amount received upon maturity or withdrawals. The Sukanya Samriddhi Yojana is under the authority of the Department of Revenue (DOR) and is one of the more popular investment schemes that come with the exempt-exempt-exempt (EEE) status.

Guaranteed Maturity Benefits : Sukanya Samriddhi Yojana 2024 Upon maturity, your account balance under the Sukanya Samriddhi Yojana, including the accumulated interest, will be paid directly to the girl child (or policyholder). Thus, the scheme essentially helps your daughter becomes financially independent and empowered once she is mature enough to make life decisions on her own. Another benefit of investing under Sukanya Samriddhi Yojana is that your accumulated savings continue to accrue compounding interest even after maturity until it is finally closed by the account holder.

Key Features of Sukanya Samriddhi Yojana (SSY)

FeaturesDetails
DEPOSIT LIMITMinimum Deposit: Rs 250 (Initial Deposit), Further deposits in multiples of 50
Maximum Deposit: Rs 1,50,000
ACCOUNT HOLDERIf the girl child is below the age of 10 years, then the account will be handled by the parent/guardian of the girl.
A Girl can take control of the a/c once she turns 18
MATURITY21 years after opening the account. You have to deposit for at least 15 years
DOCUMENTS REQUIREDBirth Certificate of the girl child
Form-1
PAN/AADHAR of the Parent/Guardian
DEPOSITSDeposits can be made through the following:
online transfer/NEFT
demand draft
cash
cheque
How to Pay for Sukanya Samriddhi Yojana Online ?

To make the payment process more convenient, the SSY scheme allows deposits from the online mode as well so that you do not have to visit the place. Here’s how you can deposit money online.

  • Download IPPB (Indian Post Payments Bank) app. IPBB is a division of the Indian Post.
  • First transfer the money from your current bank account to your IPPB account
  • Now locate the ‘DOP Product’ section. Click on the SSY account link
  • After this, enter the account number of your SSY account along with the customer ID of DOP
  • Select the amount you want to deposit to your SSY account and the duration
  • Wait for the confirmation from IPPB of successful transfer
  • Once you get the confirmation, your payment is successful and your payment routine set up

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