Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana, or Scheme, back in 2015 at Panipat, Haryana. The program was established to help Indian girls’ education. It also strives to increase female involvement in education and other sectors, eradicate gender discrimination, and sex determination.

Sukanya Samriddhi Yojana: Eligibility

Qualifications For An Account With Sukanya Samriddhi Yojana

  • The SSY account can be opened by parents or a girl child’s legal guardian if she is younger than ten years old.
  • The young girl ought to be an Indian citizen.
  • Under the program, a family may open two accounts for each of its two girls.
  • If there are twin females, parents or guardians may register a third SSY account.

How Do I Create an Account for the Sukanya Samriddhi Yojana?

  • By completing an opening form at the bank or post office, the girl child’s parents or guardians can open an account for her.
  • The birth certificate, evidence of address, and proof of identification for the girl child should all be attached to the form.
  • A deposit amount must be sent in addition. In a fiscal year, the value might vary from ₹250 to ₹1.5 Lakh.
  • You can use online banking to make an automatic credit to the SSY account.

Sukanya Samriddhi Yojana Advantages

  • The program, which was introduced under the Beti Bachao Beti Padhao campaign, is advantageous for girl children since it seeks to ensure their future.
  • The scheme’s current interest rate is 7.6%.
  • Your daughter will be qualified for tax deductions under Section 80C of the Income Tax Act of 1961 with this program. In this manner, they are eligible to deduct up to ₹1.5 Lakh from their taxes.
  • This plan can be transferred, unlike other plans for girls’ education.
  • This sum might be applied to the girl child’s further education. 
  • After the plan is finished, the money can be readily withdrawn.
  • A significant portion, perhaps 50%, may be withheld prior to the scheme’s conclusion. The program may be terminated in five instalments or all at once.

Sukanya Samriddhi Yojana Withdrawal Rules 

When the program is over, the female child can withdraw the full money, which will be available in her account with interest. To complete the withdrawal, the following paperwork is required:

  • Address proof
  • Application form for the withdrawal
  • Citizenship documents
  • ID proof

Retraction for Education

The girl kid may withdraw funds from the SSY account after becoming eighteen or after finishing her tenth grade. A copy of the fee slip and an official admission offer from the college or university must be sent with the application.

Retraction for Marriage

After the girl becomes eighteen and decides she wants to get married, her parents or guardians may take the money back. But to apply for this, one must do so either three months after being married or one month prior to the wedding. The documentation of identity and marriage must be provided for this as well.

SSY Account Termination

In the event that the girl kid loses her Indian citizenship, her SSY account will be closed. The bank or post office should be notified of the girl child’s citizenship status. If the girl kid passes away, her death certificate can be used to get the money back.