Sukanya Samridhi Yojana

 

Sukanya Samridhi Yojana

Sukanya Samridhi Yojana (SSY) is a government-backed, tax-saving savings scheme for the girl child. It was launched by the Government of India in 2015 to encourage people to save for the future of their daughters.

Under the SSY scheme, parents or guardians can open an account in the name of their girl child who is less than 10 years of age. The minimum deposit amount is Rs. 250 per month and the maximum deposit amount is Rs. 1.5 lakh per year. The account can be opened in any bank or post office in India.

The interest rate on the SSY account is currently 8.1% per annum. The interest is compounded annually and the entire amount, including interest, is payable to the account holder on maturity of the account, which is 21 years from the date of opening the account.

The SSY scheme offers a number of benefits, including:

• Tax benefits: The interest earned on the SSY account is exempt from income tax under Section 80C of the Income Tax Act, 1961.
• Guaranteed returns: The SSY scheme is a government-backed scheme, so the returns are guaranteed.
• Flexibility: The account holder can withdraw money from the account for a number of purposes, including education, marriage and medical expenses.
• Convenience: The SSY account can be opened and operated at any bank or post office in India.

The SSY scheme is a good option for parents or guardians who want to save for the future of their daughters. It is a tax-saving scheme with guaranteed returns and offers a number of benefits.