It's a parent's job to ensure that their child is happy, safe, and well-cared for. You work hard to provide them with the things they need and to create opportunities for them to succeed.
The Sukanya Samriddhi Yojana was introduced in 2015 by our Honorable Prime Minister Narendra Modi to assist families in saving money for a girl child's schooling and marriage expenses. The SSY allows guardians or parents to set up an account for their female child to accumulate funds for her education and future marriage. Under the "Beti Bachao, Beti Padhao" campaign, only a parent or legal guardian may open an account for a girl under ten.
The Indian government introduced the Sukanya Samriddhi Yojana (SSY) in 2015. The programme aims to aid parents in setting aside funds for their daughters' futures and close the gender gap in India. A deposit can be made for as little as 250 rupees and as much as 1,50,000 rupees annually.
You can open an account under the SSY Scheme at either of the following locations:
a) Banks
b) Post offices
The Sukanya Samriddhi Yojana was established to help parents of girl children save money that they can use to support their daughters' marriage and education. Take a look at some of the features before creating an account. They include -
|
Features |
Details |
|
The account's operation |
|
|
Payments sent to the account |
You can deposit up to 1.5 lakh rupees in an account, with a minimum deposit of 250 rupees per financial year. Deposits come in multiples of 100 rupees.
|
|
Plan Duration |
The deposit should be for 15 years and the maturity period of the scheme is 21 years.
|
|
Account Switch |
The deposit for the programme should be for 15 years. After 21 years, the plan is finished. SSY accounts may be transferred between post offices and banks and vice versa. It costs nothing to transfer.
|
|
Deposit method |
You can deposit into this account using a bank transfer, demand draught, check, or cash. |
Participating in the Sukanya Samriddhi Yojana, a girl-child insurance program is one of the best ways to save money for your child's education. The following will show you how the Sukanya Samriddhi Yojana aids girls in achieving their goals:
The Sukanya Samriddhi Yojana is the best way to save money for your daughter's schooling and marriage. Your Sukanya Samriddhi Yojana account's worth will have multiplied by maturity due to compounding.
Tax advantages
Account holders can benefit from tax benefits under the Sukanya Samriddhi Yojana. Under section 80C of the Income Tax Act, contributions to the plan and maturity sums after interest are eligible for a tax deduction. A maximum of Rs. 1,50,000 may be deducted. So you can withdraw the funds without being charged a fee when your account reaches maturity.
Withdrawal too soon
Half of the amount can be withdrawn from the account once the daughter is 18. The girl child's further education can be supported by the withdrawn monies, with the leftover funds being utilized to cover other costs, such as her wedding.
After being married or reaching the age of 21, the girl kid will have financial independence in this way and can live happily and securely. At maturity, which occurs 21 years after the account was first opened (or the girl's marriage, whichever is earlier), the entire sum invested with compound interest accumulated since then will be put into her bank account. The government will keep paying interest on the account until the policyholder closes it.
SSY as a child education plan?
Paying for your child's higher education can be challenging. The cost and timing of charges will fluctuate depending on your child's academic goals, such as engineering or javelin throwing. As a result, you'll need to make financial investments in achild education plan so they can cover these expenses.
Conclusion –
The Sukanya Samriddhi Yojana (SSY) is a child-centric scheme that provides for investing in your daughter's future. It can aid your child’s education plan in India and help you save enough money to pay for the education of your daughters.
Video: Son gifts luxury car to mother, her driving blows everyone's senses
BJP MLA's car collides with truck, five injured
UP woman commits suicide after killing her two infants
