Sukanya Samriddhi Yojana (SSY): Securing the Future of Girl Children
Purpose and Introduction:
Launched under "Beti Bachao Beti Padhao", SSY encourages savings for girls' education and marriage.
Financial Inclusion:
Parents can open an SSY account for girls under 10 years at banks or post offices.
Deposit Details:
Start with INR 250, up to INR 1,50,000 annually in multiples of INR 100.
Interest and Tenure:
Earns 8.2% interest compounded annually; matures after 21 years or at marriage after 18.
Tax Benefits:
Contributions qualify for Section 80C deductions; interest and maturity proceeds are tax-exempt.
Account Management:
Managed by guardians until the girl child turns 18, after which she takes over.
Withdrawal and Closure:
Partial withdrawals allowed for higher education after 18; account can be closed upon maturity or marriage.
Documentation and Transfers:
Requires birth certificate, identity, and address proofs; account transfer between banks/post offices is feasible.