Get ₹43.99 Lacs Rupees | Empowering Your Daughter's Dreams: A Comprehensive Guide to Post Office Sukanya Samriddhi Yojana
Get ₹43.99 Lacs Rupees after Maturity, if you are blessed with a Baby Girl. Click on it to know details of the Scheme for investment. Girl Child empowerment for Better future
How did the plan come to live for Girls?
Gone are the days, where a person was thinking the girl child as a burden... This is a new era, and in this new age, girls are doing wonders in almost all sort of fields. This all happened possible since they are not given scope for proving themselves. New age girls leaders also have joined many organization, and after a few years, they would also be on the top positions of the organizations, though there are some are already there.
You even know that in India, the marriages are celebrated in a grand way, and for that a lot of money is spent. This was a major reason why many parents were not liking girl child earlier and they were taking the life of those little and infant babies. Even many girl children were killed when they were in their mother's womb. Thank god, Govt has imposed restriction on identification of girl child before birth.
So, the basic motto is to empower your girls with knowledge, facilities and love. For their growth on any type of profession field/their marriages, parents will need money. To eliminate this burden, we are today going to discuss about a policy which are only dedicated for the girls child and how parents can receive huge money for their higher education or marriage.
This plan is : Sukanya Samriddhi Yojana or SSY, which is a superb and commendable initiative by the Government of India. The main purpose was to secure the future of the girl child and was launched under the Beti Bachao, Beti Padhao campaign.
In this blog, we will go deep into the details of the Sukanya Samriddhi Yojana, its benefits, and why it is an important investment for securing a brighter future of a girl child.
Table Of Contents:
A. Understanding Sukanya Samriddhi Yojana
- Eligibility
- Account Opening and Deposit
- Interest
- Scenario#1
- Scenario#2
- Scenario#3
- Scenario#4
- Calculation Summary Table for Reference
- Account Operation
- Premature Closure
B. Benefits of Sukanya Samriddhi Yojana
C. Conclusion
Understanding Sukanya Samriddhi Yojana
Eligibility
The scheme is available for parents or guardians of a girl child who is a resident Indian citizen and child's age should be below the age of 10 years at the time of account opening.
Account Opening and Deposit:
- To open an SSY account, parents or guardians need to visit in any Post Office or in any bank in the name of a girl child.
- They must provide required documents, including the birth certificate of the girl child, identity proof, and address proof.
- The minimum deposit required to open an account is Rs. 250, and a maximum of Rs. 1.5 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments can be deposited in a financial year.
- Subsequent deposit in multiple of INR 50/- Deposits can be made in lump-sum. There is no limit on number of deposits either in a month or in a Financial year for SSY.
- The SSY account shall be treated at defaulted account, if minimum deposit Rs. 250 is not deposited in an account in a Financial year.
- Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
- They can make deposits maximum up to the completion of 15 years from the date of account opening.
Interest
The SSY offers an attractive interest rate of 8.0% Per Annum which is calculated on yearly basis ,Yearly compounded and interest shall be credited to the account at the end of each Financial year.
This is revised by Govt (Ministry of Finance) on quarterly basis. Since it is giving 8% as interest rate, this seems so appealing investment option now.
Let's understand the Scenarios to earn around 44 Lakhs from SSY account:
Scenario#1
Suppose you have had a baby girl last month and you wanted to open an SSY account for your baby girl.
If you invest 1.5 lakhs in SSY account in post office every year for 15 years with interest amount as 8.0%, then you will get ₹43,99,000 rupees as maturity amount and ₹21,49,000 as total interest amount.
Scenario#2
Suppose you have had a baby girl last month and you wanted to open an SSY account for your baby girl.
If you invest 1 lakh in SSY account in post office every year for 15 years with interest amount as 8.0%, then you will get ₹29,32,000 rupees as maturity amount and ₹14,32,000 as total interest amount.
Scenario#3
Suppose you have had a baby girl last month and you wanted to open an SSY account for your baby girl.
If you invest 50000 rupees in SSY account in post office every year for 15 years with interest amount as 8.0%, then you will get ₹14,66,000 rupees as maturity amount and ₹7,16,000 as total interest amount.
Scenario#4
Suppose you have had a baby girl last month and you wanted to open an SSY account for your baby girl.
If you invest 25000 rupees in SSY account in post office every year for 15 years with interest amount as 8.0%, then you will get ₹7,33,000 rupees as maturity amount and ₹3,58,000 as total interest amount.
Calculation Summary Table for Reference:
Account Operation
The account is operated by the parent or guardian until the girl child reaches the age of 18. After turning 18, the girl child can operate the account herself.
The account matures after 21 years from the date of opening, but partial withdrawals are allowed for specific purposes such as higher education or marriage (1 month before or 3 month after date of marriage) or passed 10th standard.
Premature Closure:-
(i) Account may be prematurely closed after 5 years of account opening on the following conditions : -
- On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
- On extreme compassionate grounds
(i) If the account holder gets any Life threatening decease.
(ii) On death of the guardian by whom account was operated.
(iii) Complete documentation and application required for such closure.
(vi) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.
Benefits of Sukanya Samriddhi Yojana
High Returns and Tax Benefits
The scheme provides one of the highest interest rates among small savings schemes, ensuring significant returns over the long term. Additionally, contributions made to the account are eligible for tax benefits under Section 80C of the Income Tax Act, allowing parents or guardians to reduce their tax liabilities.
Financial Security and Empowerment
Encouragement for the Girl Child
Conclusion
The Sukanya Samriddhi Yojana is a remarkable initiative that not only promotes financial inclusion but also empowers the girl child to thrive. By investing in this scheme, parents or guardians secure a strong financial foundation for their daughters' future aspirations. With attractive interest rates, tax benefits, and the ability to create a huge corpus, the Sukanya Samriddhi Yojana is an invaluable investment for a brighter and more inclusive society. Let us join hands in supporting and nurturing the dreams of the girl child through this trans-formative scheme.
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