Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana program on January 22, 2015, in Panipat, Haryana.
The program aims to improve the lives of girls in the country by outlawing gender determination and gender discrimination, protecting girls, and increasing girls’ participation in education and other fields.
Sukanya Samriddhi Yojana is a government austerity program created under the “Beti Bachao – Beti Padhao” initiative for girls.
Under this program, one account can be opened by one parent or legal guardian of girls up to the age of 10. This program offers a higher interest rate and several tax benefits.
Here are the main benefits of the SSY scheme: Interest rates were reduced from 8.4% to 7.6% and tax credits of up to Rs 1.5 lakh were available.
Accounts are transferrable. Investments made under the program can be used to finance girls’ marriage and education.
Banks and post offices can open an SSY account for you. Tax breaks up to Rs.1.5 lakh is payable for contributions to the scheme under Section 80C of the Income Tax Act 1961.
The current SSY interest rate has been cut from 8.4% to 7.6% and is compounded annually. No interest will be charged upon completion of the program or after the girl becomes a Non-Resident Indian (NRI) or Non-Citizen.
The Sukanya Samriddhi Yojana Calculator helps a person determine the investment plan under the Sukanya Samriddhi Yojana (SSY) program.
The calculator evaluates the data and gives you the final result in terms of the remaining term based on information such as the annual investment and the specified interest rate.
Applications for the Sukanya Samriddhi program can be made through participating post offices or public and private banks.
Investors need to submit multiple documents and follow the steps outlined below: Daughter’s birth certificate, Photo ID of the applicant’s parent or legal guardian, Proof of address of the applicant’s parent or legal guardian, and other KYC proof including PAN and voting ID.
Contributions to Sukanya Samriddhi Yojana for your daughter’s future are tax deductible under Section 80C of the Income Taxes Act 1961.
As a result, you can claim up to Rs 1.5 lakh tax credits invested in the scheme. In addition, tax credits are available on both accrued interest and the amount received at maturity or at payout.
Sukanya Samriddhi Yojana is one of the most popular investment schemes that have Exempt-Exempt-Exempt (EEA) status and is administered by the Department of Treasury (DOR).
Upon expiration, the balance of your Sukanya Samriddhi Yojana account, including accrued interest, will be paid directly to the Subsidiary (or the policyholder).
As a result, the program basically helps your daughter to become financially independent and self-sufficient.
Process (online) for Sukanya Samriddhi Yojana
- Download the application form from the RBI website, the Indian Post website, or the official websites of participating public and private banks.
- Fill out the form with information about the girl child and a parent or legal guardian. The following are the key mandatory fields that must be completed in the form.
- Primary Account Holder- Name of Girl Child Joint Account Holder- Name of A Parent or Legal Guardian.
- The initial deposit amount.
- Initial deposit cheque/DD number and date.
- Date of Birth and Birth Certificate Information for a Girl Child.
- Parental or legal guardian identification, such as a driver’s license or an Aadhaar card.
- Current and Permanent Addresses (as per the ID document of the parent or legal guardian).
- Other KYC proofs, such as PAN, Voter ID card, and so on, are also listed.
Process (Offline) for Sukanya Samriddhi Yojana
A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch. To open the account, follow the steps outlined below.
Go to the bank or Post Office where you want to open the account. Fill out the application form with the required information and attach any supporting documents.
Pay the first deposit in cash, check, or demand draught. The payment can range between Rs.250 and Rs.1.5 lakh.
Your application and payment will be processed by the bank or the Post Office. After processing, your SSY account will be activated.
To commemorate the opening of this account, a passbook will be provided.
How To Make Payment
To make online payments to your Sukanya Samriddhi Yojana account, you must first download the IPPB app to your smartphone.
You can use this app to set up standing instructions for a specific amount to be deposited online into your SSY account.
Here’s how to do it step by step: Money should be transferred from your bank account to the IPPB account.
Navigate to DOP Products on the IPPB app and select the Sukanya Samriddhi Yojana account. Enter your SSY account number as well as your DOP client ID.
Choose the amount you want to pay and the length of the installment. When the payment procedure is successfully established, the IPPB will notify you.
You will be notified each time the app conducts a money transaction.
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