The importance of educating a girl child is spreading all
over the world. Gone are the days when they were a burden on the family and
society. Nowadays, girls are progressing in every field of profession and
academics. They receive encouragement from their families, friends, and even
the government of the country. Girls are promoted and given many opportunities
to excel in their profession. But their main base is receiving a good
education.
The Government of India introduced the Sukanya Samriddhi
Yojana in 2015, which focuses on securing the future of girl children in India.
It helps the girls’ parents to save money for the education and marriage of
their daughter. They get lots of benefits like high rates of interest and
reduced taxation, hence enabling them to save for the future. The scheme is a
tax-saving instrument that helps plan finances for the betterment of the girls’
future.
Features of the scheme
The SSY
scheme is available at post offices and designated private, and public
banks in the form of savings account under the ownership of the girl child. This
scheme also receives a revision of interest rates every three months in a year.
It is the highest-paying investment instruments under the fixed income
category.
The features are as follows:
The account is opened on behalf of the girl child by her
parents or legal guardians.
A maximum of 2 accounts are allowed, and in the case of
twins, a total of 3 accounts are permissible.
The minimum deposit amount is INR 250 per annum up to a
maximum of INR 1,50,000 per year.
The interest rate is as high as 8.1 per cent p.a.
Tax rebate under Section 80C of the Income Tax Act,
1961 applies for all deposits made under this scheme.
The account can be prematurely closed upon the death of the
depositor.
The revival cost of the account is INR 50. Pay it towards
the end of the year in addition to the minimum amount.
Deposits through cash, cheque, and demand drafts are
accepted.
After turning 18, the account holder (girl child) can
withdraw up to 50 per cent of the balance.
The account matures after 21 years or at the time of the
girl’s marriage.
The girl child receives all the accrued interest on maturity.
The account requires a minimum deposit of INR 250 each year
to prevent its deactivation.
The interest rates differ every year.
