Sukanya Samridhi Yojana was started with the objective of ensuring better future of daughters. Under the Sukanya Samriddhi Yojana of the post office, an account can be opened in the name of a girl child below the age of 10 years on behalf of her guardian.
This scheme has been made keeping in mind the poor and middle class people of India. From the girl child born in this scheme to the age of 10 years, you can open an account in this scheme. In this you have to invest at least 1000 rupees every year. Which is not a big deal even for the poorest of the poor family today.
This scheme is related to Beti Bachao – Beti Padhao. With the help of this scheme, you can secure the future of your daughter. There are many features of this plan. We know about that today.
Sukanya Samriddhi Yojana was started for better future of daughters
In Indian Post Office Sukanya Samridhi Yojana, daughters get many benefits, this post office scheme has been specially started to ensure better future of daughters. You as a father or a brother can open an account for your daughter or sister in this scheme. India Post on its part offers nine small savings schemes for those who deposit their money in small savings schemes. One of these small savings schemes of the post office is also the Sukanya Samriddhi Yojana. You can open your account in this scheme with a small amount of deposit. In Post Office Savings Schemes, you get better interest rate on your deposits as well as government security. Apart from this, you also get tax benefits. Sukanya Samridhi Yojana was started by the government in the year 2014 with the aim of ensuring the bright future of the daughters. Let us know about this post office scheme.
How to open Sukanya Samriddhi Yojana Account
You can open Sukanya Samriddhi Yojana account in any authorized bank branch or post office branch. You can also set-up it online with the facility of net banking.
- Fill the SSY account opening form
- Keep documents ready with photos
- Pay the deposit amount (any amount between Rs.250 and Rs.1.5 lakh)
You can also set up automatic credit for SSY account by giving a standing instruction to your branch or through NetBanking.
The documents required to open Sukanya Samriddhi Yojana account are as follows:
If you are a parent or legal guardian of a girl child under the age of 10 years.
- SSY Account Opening Form
- beneficiary’s birth certificate
- Address proof of the guardian or parents of the beneficiary
- ID proof of the guardian or parents of the beneficiary
How many accounts can you open?
Two accounts can be opened for two girls. The second time twins were born, triplets.
How much amount can you deposit?
You can deposit a minimum amount of Rs 250 to a maximum of Rs 1.5 lakh in a financial year.
What is the period for depositing the amount?
21 years from the date of account opening.
What is the rate of interest on SSY deposit?
The rate of interest on accounts opened between October 1, 2018 and December 31, 2018 is 8.6%.
How to Open Sukanya Samriddhi Account Online?
At present, both the authorized bank branch and post office are not allowing online SSY account opening. But you can set standing instructions online when you open an account after submitting all the documents.
Remember if the amount is not deposited every year, your account will come under ‘Account Under Default’. The account can be reactivated by paying a penalty of Rs 50 per annum. Account reactivation can be done up to 15 years from the date of account opening.
Guaranteed interest is available in this scheme of post office, know the benefits of this government scheme
In the post office’s Sukanya Samriddhi Yojana, an account can be opened in the name of a girl child below the age of 10 years on behalf of her guardian. Only one account can be opened in the name of girl child in post office or any bank in India.
Interest Rate
According to the data taken from the official website of India Post, in Sukanya Samriddhi Yojana, you get the benefit of 7.6 percent interest rate annually. The interest earned is credited to the account at the end of each financial year. The interest earned under this scheme is tax free under the Income Tax Act.
Investment Amount
One can start investing in India Post’s Sukanya Samriddhi Yojana with as little as Rs 250 per annum. The maximum amount to invest in this scheme is Rs 1.5 lakh per annum. If you start investing under this scheme at an early age of your daughter or sister, then you can invest in it for 15 years.
Features of Sukanya Yojana
- In this scheme, you get more interest than other small savings schemes.
- In this scheme, according to the budget of 2016-17, you get 8.60 percent interest.
- In this scheme, you can open the account of girls from the age of 10 years to the daughter born.
- You can also make small savings in this scheme.
- You can get exemption from income tax in this scheme.
- If you do not invest 1000 rupees in this scheme in 1 year, then your account will become inactive and you will have to pay a penalty of 50 rupees to activate it.
- With this plan, your daughter’s marriage worries can be eradicated.
Those who want to invest in this scheme need to know the advantages and disadvantages of this scheme. Today we will talk about the benefits of Sukanya Samriddhi Yojana in this article.
Disadvantages of Sukanya Samriddhi Yojana
Lock in Period – In this scheme, you have to keep the money for 14 years or you cannot withdraw this money till the girl child is 21 years old. You can also withdraw money for the marriage of the girl.
Lack of online facilities – Another weak side of this scheme is that you cannot do online transactions in this scheme. You will get to deposit money in this account by demand draft or check only.
Interest Rate Not Fixed – The interest rate on investment in this scheme is not fixed. In this, you can also get more or less interest rate than other investment plans. If it is further invested in government bonds, then you can get less returns.
Maximum 2 accounts – In this scheme only two accounts can be withdrawn in a household. If you have more than 2 girls, then you can open account of only 2 girls.
Minimum investment – You are required to invest at least 1000 every year. Which becomes a bit difficult for the poor people?
Pre Mature Withdrawal – In this scheme you cannot withdraw money ahead of time, if you are thinking so, then this plan is not made for you. If the child dies, you can withdraw money or you can also withdraw money for the marriage of the child.
