Sukanya samriddhi yojana (SSY)

Why Sukanya samriddhi yojana is in the news?

The interest rates for the Sukanya Samriddhi Yojana (SSY) scheme have been raised by the Indian government by 20 basis points for the January-March quarter, in preparation for the 2024 Lok Sabha polls. As outlined in a circular from the finance ministry, the new interest rate for deposits under the Sukanya Samriddhi scheme is set at 8.2%, reflecting an increase from the previous 8%.

What is Sukanya samriddhi yojana?

Sukanya Samriddhi Yojana is a government-backed savings scheme in India, specifically designed for the benefit of the girl child. It aims to promote the financial well-being of girls and encourage parents to save for their education and marriage expenses. The scheme offers attractive interest rates and comes with certain tax benefits. Parents or guardians can open an account in the name of a girl child below the age of 10, and contributions can be made until she reaches 15 years. The maturity period is 21 years from the date of account opening.

When was it launched?

Sukanya Samriddhi Yojana was launched by the Government of India on January 22, 2015, as a part of the “Beti Bachao, Beti Padhao” campaign.

How to apply for Sukanya samriddhi yojana?

To apply for Sukanya Samriddhi Yojana, follow these steps:

1. Visit a Participating Bank or Post Office: Sukanya Samriddhi Yojana accounts can be opened at designated public sector banks or post offices or HDFC, ICICI and axis bank.

2. Collect the Application Form: Obtain the Sukanya Samriddhi Yojana account opening form from the bank or post office. You may also find the form on the official website of the respective bank.

3. Fill in the Form: Provide the necessary details such as the girl child’s name, date of birth, address, and the parent or guardian’s information. Ensure all the information is accurate.

4. Submit Required Documents: Along with the filled application form, submit identity proof, address proof, and the birth certificate of the girl child.

5. Deposit Initial Amount: Pay the initial deposit amount as required by the bank or post office. The minimum deposit amount can vary.

6. Collect Passbook: Once the account is opened, you will be given a passbook. The passbook will record all transactions and serve as a record of the account.

Remember to check with the specific bank or post office for any additional requirements or procedures they may have in place.