SUKANYA SAMRIDDHI YOJANA

1. What Is Sukanya Samriddhi Yojana ? 

Sukanya Samriddhi Yojana comes in 2015. It's a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of the Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child. It currently provides 8.40 % interest with income Tax benefit under section 80C  of income ta act 1961.

2. Who can Open SSY & How?

A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10. You can't open two accounts for one girl. You can open a Sukanya Samriddhi Yojana Account in any authorized bank branch or a post office branch. 

You can also set it up online with the help of your net banking facility. Documents you need to open Sukanya Samriddhi Yojana Account are SSY Account opening form.

3. How many years have to be paid in SSY?

The duration of SSY is 21 years but one has to deposit money only for the initial 15 years. SSY is active every year one needs to deposit a minimum of 1000rs every year. A maximum limit of 1.5 lakh per year, can be deposited in this account during a financial year, even in the case of two daughters.

4. Who is the best SSY  or PPF?

In fact, the SSY interest remains higher than the rate of interest of PPF. For example, currently, the rate of interest on SSY is 8.4 percent, while that of PPF is 7.9 percent. On the other hand, most banks offer less than 7 percent interest rates on long-term FDs.

5. Can both parents open SSY & can they withdraw? 

Only biological parents and legal guardians for a girl child can open a Sukanya Samriddhi Account on behalf of their child. This account allows people to withdrawal a partial amount from the account.

6. Where we can open the SSY account?

The Reserve Bank of India has authorized the below banks to open Sukanya Samriddhi Savings accounts (SSA).

• Axis Bank Sukanya Samriddhi Yojana.

• Andhra Bank Sukanya Samriddhi Yojana.

• Allahabad Bank Sukanya Samriddhi Yojana.

• State Bank of India Sukanya Samriddhi Yojana.

• Bank of Maharashtra Sukanya Samriddhi Yojana.

• and many more. You can open an account at any bank interest rate that remains the same.

If any help please comment ill available to help you.

Thanking You, Happy Banking