In most of the normal Indian households, parents are very concerned about their girl child’s future. Everyone wishes to have a brighter future for their daughter. If the daughters of a nation are happy and prosperous then it is good for the progress of the country. This is so because females make up nearly 50% of the total population of India. Therefore if such a huge population of a country is not in a good condition then that is a serious issue. To improve the condition of women in the country government has launched various schemes.
Today in this article we are going to talk about one such scheme Known as Sukanya Samriddhi Yojana (SSY). This scheme was launched by the central government of India in the year 2015. It is one of the most important schemes of the central government for females in India. In this article, we are going to discuss some important details such as the interest rate of this scheme, how to apply for SSY, and much more. We will try to answer some of the most common questions related to this scheme. So make sure to read this article till the end.
What is Sukanya Samriddhi Yojana?
Sunkanya Samriddhi Yojana is a small deposit scheme launched by PM Narendra Modi in the year 2015. This scheme was launched under the very renowned Beti Bachao – Beti Padhao scheme. In Indian households, parents are very much worried about their daughter’s education and marriage. Therefore they make small savings for it so that she can study without any problem. Under this scheme, parents can open a savings account in the bank or the post office for their daughter. The SSY scheme encourages parents to build some funds for their girl child. To open an account under the Sukanya Yojana the minimum fund required is Rs. 250.
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Sukanya Samriddhi Yojana Interest Rate
As we have already discussed that it is a savings scheme so there must some interest rate. Now if we talk about the Sukanya Samriddhi Yojana interest rate then it has changed a lot in recent years. In the initial days of the scheme, its interest rate was pretty high but now the authorities have dropped it significantly. When the scheme was launched the interest rate was 9.2% but now they have dropped it to 7.6%. This interest rate is with a relaxation in the income tax.
For any scheme, there are some eligibility criteria set by the authorities. Similarly, in the case of this SSY scheme, there are eligibility criteria. A family who fulfills the criteria can take the benefits from it. Its eligibility criteria are given below:-
1. Under this scheme the savings account can be opened in the name of the girl child only.
2. Each family can open bank accounts for a maximum of two girl children in the family. It means only two girls from each family can be enrolled in this scheme.
3. This eligibility requirement is related to the age of the girl. The girl’s age should not be more than 10 years at the time of opening the bank account under this scheme.
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Important Features of Sukanya Samriddhi Yojana
Following are some of the key features of the SSY scheme:-
1. First of all the most significant feature of this scheme is that it is totally for the welfare of girls. This scheme is very helpful to ensure their brighter future.
2. Under this scheme eligible families can open accounts in any bank in the country. This is because all the leading banks in India are allowed to open SSY accounts.
3. This scheme encourages families to build a fund for their girl child’s education and marriage.
4. Another important feature of this scheme is related to the minimum deposit. The account holder can deposit a minimum of Rs. 250 in a single financial year. This minimum deposit limit is very feasible because most families can afford to do that.
5. After the girl child grows 18 she can operate the bank account in her name. Before that, only her guardians/parents are allowed to operate the bank account. To do that she has to submit all the necessary documents to the bank.
6. Government has made some provisions in SSY scheme regarding the premature closure of the account. There are some conditions such as the death of the guardian, medical treatment of the girl child, etc. under which the SSY account can be closed prematurely.
How to Open Sukanya Samriddhi Yojana Account?
Opening an account under the Sukanya Samriddhi Yojana is very easy. You can follow the below-mentioned steps to open your SSY account.
Step 1- Sukanya Samriddhi Yojana Application Form
In the first step of opening the account, you will need an SSY application form. This application form is also known as the account opening form. To get this form the applicant can visit his/her preferred bank or post office.
Step 2- Fill the form and Attach Documents
After getting the form from the bank or post office then next is to fill it correctly. The applicant has to enter important details such as the name of the girl child, the name of her guardian, address, etc. Make sure to enter all the details in the form without any mistake. Now attach all the required documents with the form.
Step 3- Submit the form
In the end, submit that form to the designated post office or bank. The authorities will verify the details and the submitted documents. After that, they will issue the passbook and finally, the applicant can use the bank account.
Documents Required for SSY
Just like any other government scheme the Sukanya Samriddhi Yojana also requires some documents for verification. The applicant has to attach these documents with the account opening form. The list of the documents are as follows:-
1. Address Proof- The guardian has to submit an address proof which can be their ration card, passport, driving license, etc.
2. To verify the age of the girl child the applicant has to submit her birth certificate.
3. Identity Proof- Aadhar Card, passport, or pan card.
These are some of the documents which any bank or post office would ask the applicant to submit. But still, you must confirm the required documents from the designated bank or post office.
Procedure for Transfering the Account
There are some situations in which people want to transfer their account from one bank or post office to another. This scheme provides account holders the liberty to transfer their accounts anytime. To do that they just need to perform some formalities. We are writing below the step by step procedure that you can also follow.
Step 1- Firstly visit the bank or post office branch where the account is opened currently. In this branch ask for the account transfer request form.
Step 2- After collecting the form from the branch the next step is to fill the form. The form will ask you to enter various details such as the address and the name of the post office or bank where the account is going to be transferred.
Step 3- Now submit that form with the original passbook to the current bank or post office. The current bank or the post office will process your request after verifying your documents and application form.
Step 4- Then the current branch will give you all the necessary documents. The applicant has to submit those documents to the new bank or the post office.
Step 5- Now visit the new bank or post office, fill the account opening form and submit all the required documents.
This way you can transfer your Sukanya Samriddhi Yojana account. This is a general process, but still, if you want the exact information then you should always contact your existing bank or post office branch.
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What is the deposit Limit in Sukanya Samriddhi Yojana Account?
The government and authorities have recently made some changes regarding the minimum limit of deposit in the SSY account. Previously the minimum limit of deposit in the account was Rs. 1000. But recently the authorities have changed this limit to Rs. 250 per month. Apart from this, the maximum limit of the deposit is Rs. 150000. It means the family can invest any amount ranging between Rs. 250 to 150000 under this scheme.
What is the Sukanya Samriddhi Yojana Maturity?
People can open an account under the Sukanya Samriddhi Yojana before the girl child turn 10 years old. The account under this scheme attains maturity after 21 years from the date of opening. Previously there was no rule regarding the premature closure of the account. But recently authorities have declared some special conditions under which account holders can do the premature closure. These conditions include the death of the girl child, treatment of a life-threatening disease, etc.
If the guardians provide proper proof of such situations then authorities will return the amount with interest to them. After the maturity of the account, the amount in the account is given to the girl in whose name the account was opened.
This type of scheme is a good initiative by the government for girls. Schemes like SSY promotes a brighter future for girls and women. The government should create more awareness among the people to implement the scheme effectively.
So this was all about this scheme, we have tried to cover all the major points regarding this scheme. If you like this article feel free to share it with your friends.