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Sukanya Samriddhi Yojana

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.
  • Eligibility:
    • 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.