Sukanya Samriddhi Yojana:
The Government recently raised the interest rates on the Sukanya Samriddhi Yojana (SSY) scheme by 20 basis points to 8.2 percent from the existing 8 percent.
- Sukanya Samriddhi Yojana is a savings scheme launched in 2015 under the Government of India’s “Beti Bachao Beti Padhao” campaign, which aimed to promote the education of girl children.
- SSY is a small-deposit scheme tailored specifically for the girl child.
- This scheme enables guardians to open a savings account for their girl child with an authorized commercial bank or India Post branch.
- The girl must be an Indian resident.
- The account can be initiated by the parent or legal guardian of the girl child.
- The girl child must be below the age of 10 at the time of opening the account.
- Only one SSY account is allowed per girl child.
- A family is limited to opening a maximum of two SSY scheme accounts.
- NRIs are not eligible to open these accounts.
- The girl must operate the account once she attains the age of 18 years.
- The minimum and maximum deposits that can be made in an account in a financial year are 250 and Rs.1.5 lakh, respectively.
- The deposits can be made in multiples of 100.
- Deposits towards the scheme should be made for a period of 15 years.
- However, the scheme matures after 21 years.
- No interest will be payable once the account completes twenty-one years from the date of opening.