The Government of India has introduced several schemes to promote the welfare of girl child. One such scheme is the Sukanya Samriddhi Yojana (SSY). As part of the Beti Bachao Beti Padhao Yojana, the Sukanya Samriddhi Scheme is launched to provide funding to girl children for their education and marriage expenses.

It is a small deposit scheme that can be opened by any family with a girl child. A Sukanya Samriddhi Account is opened by parents with the help of a bank or the post office. To open a Sukanya Samriddhi account, you must submit an application form and other documents to the account opening authority.

Sukanya Samriddhi scheme

Once your daughter turns eighteen, you can close the Sukanya Samriddhi Yojana. But you must get the approval of the Central Government for the closure. Also, the maximum amount you can withdraw is 50% of the balance at the beginning of the year. You can also withdraw funds for educational purposes or for the girl to pursue her dreams. However, you should keep in mind that if you wish to withdraw the money before her marriage, you must have the prior consent of her guardian.

Another benefit of opening a Sukanya Samriddhi or SSY Account is that you get a tax rebate on the interest accrued. This amount is exempted under Section 80C of the Income Tax Act, 1961. Thus, you get an attractive rate of interest with this scheme.

How open an account under the Sukanya Samriddhi Yojana

You can open an account under the Sukanya Samriddhi and SSY Schemes at a post office or any bank. There is a passbook that carries details of all the transactions done with the money in your account. Each year, the account carries a higher rate of interest and the maturity amount grows.

Sukanya Samriddhi scheme is a government scheme that provides free education to girls up to the age of 18. The scheme aims at empowering girls in rural areas and creating a more gender-equal society.

Sukanya Samriddhi Yojana is a government initiative to provide free education for children from the age of five to 12 years. The scheme aims at providing quality education and good living conditions for the children.

The Sukanya Samriddhi scheme has been launched in 2002 by the then prime minister Atal Bihari Vajpayee. It was supposed to be implemented in all states and union territories, but it failed due to political reasons. However, the scheme is still being implemented by some states like Bihar, Jharkhand and Chhattisgarh.

Beti Bachao Beti Padhao Yojana

Apart from the interest, the Sukanya Samriddhi, SSY and Beti Bachao Beti Padhao Yojana are also backed by the National Executive Committee. It is a joint effort by the Government of India and the Ministry of Women and Child Development to promote the welfare of girl children. The Committee organizes various programs and campaigns to increase the awareness of the Beti Bachao Beti padhao.

In addition to the tax benefits, Sukanya Samriddhi, the SSY and Beti Bachao, the BBBP are a safe investment option. They give you a higher interest rate, provide you with tax exemptions and allow you to withdraw the money if needed. All these factors make these schemes an ideal investment choice for the long term.

Good Opportunity

Opening a Sukanya Samriddhi, Sukanya Samriddhi SSY or the Beti Bachao Beti Padhao Yojana, the BBBP is a good opportunity for parents to start saving for their girl child. By investing regularly, the corpus grows and can be used to pursue her dreams. These schemes are meant for all residents of India.

The Government of India has announced that it is raising the interest rate of the small savings schemes by 40 basis points for the third quarter of the fiscal year. The rate of interest has been revised to 8.3 per cent for the financial year 2017-18. At our website you will get all types of details.