Update, Daughters will get a Benefit of Rs 74 lakh from Sukanya Yojana

Sukanya Yojana Friends, the Sukanya Samriddhi Yojana (SSY Scheme) has been launched by our nation's prime minister, Shri Narendra Modi, to improve the future of the nation's female citizens. You no longer need to worry if a newborn girl is born in your home and you are concerned about her future because the government has started the Sukanya Yojana to cover the costs associated with daughters' future marriage and schooling.

As part of this program, parents open a savings account for their daughter prior to her tenth birthday. A bank or post office is where the guardian can open this account. The annual contribution in this account by the girl's parents might range from ₹250 to ₹1.5 lakh. Additionally, the government offers compound interest on the amount deposited at a fixed rate in savings accounts opened under this system.

We will supply you with all the information you need to register an account with Sukanya Samriddhi Yojana 2024 in order to benefit from this scheme and secure your daughter's future. Such as: what is the Sukanya Samriddhi Yojana; what are its features; what its aim is; who is eligible; what documents are needed to create an account under this plan; etc. We'll provide comprehensive details on it soon. So please make sure to read this article through to the conclusion.

Sukanya Samriddhi Yojana 2024

The Sukanya Samridhi Yojana was initiated by the central government to help parents raise their girls well without having to worry about their future by covering the costs of their future education, higher education, and marriage. This ambitious programme was launched as part of the Government of India's Beti Bachao Beti Padhao strategy.

Parents open an investing account on their daughter's behalf under the Sukanya plan. This allows investments of up to 1.5 lakh rupees annually, with a minimum of ₹ 250. Interest is now paid on deposits made into the Sukanya account at a rate of 7.6%. Continue reading this article if you'd like additional details about the SSY system.

Sukanya Samridhi Yojana 2024 Overview

Objective of Sukanya Samriddhi Yojana 2024

Protection of girls' futures is the primary goal of the government's Sukanya Samriddhi Yojana. The parents of low-income households frequently worry about their daughter's future once she is born. The costs of their daughter's education and marriage are a constant source of worry for them. The government has started the Sukanya Samriddhi Yojana in an effort to relieve people of any tension.

Any parent from a low-income home can start a savings account and make investments in it for their daughter's bright future with ease thanks to this program. This will guarantee that the girls won't have to worry about money when they grow up and that they can become independent.

Features of Sukanya Samriddhi Yojana (SSY)

• Prime Minister Narendra Modi launched the SSY program for the nation's girls.
• Parents can register an account under this system to save for their daughter's bright future.
• The girl child's parents may manage the savings account they start under this arrangement until she turns ten years old.
• The amount of money that can be placed annually in the account that the girl's parents opened is ₹1.5 lakh to ₹250 minimum.
• The account holder must make 15 years' worth of investments in the account that was formed under the Sukanya Scheme.
• When the girl turns eighteen, her parents can take out half of the money that was placed in this account to support her further education.
• Every year, if no money is deposited into the account after it is opened in the girl child's name, ₹50 in penalties is assessed.
• 7.6% interest is paid to investors under the SSY plan.
• You also receive tax exemption in accordance with the Income Tax Act upon creating an account under this program.
• A single family's two girls may register accounts under the Sukanya Scheme.

Eligibility for Sukanya Samriddhi Yojana

• The girl and her parents must be citizens of the nation in order for them to open an account under this program.
• A family may open accounts under the Sukanya Scheme for a maximum of two female children.
• The girl kid must be younger than ten years old in order to register an account under the Sukanya Samridhi Yojana.
• A girl child may only have one account opened in her name under this program.

Documents required for Sukanya Samriddhi Yojana

Documents Required for the Sukanya Samriddhi Yojana: The following documents are required to open an account for your daughter under the program; you must bring them to the bank or post office. These are the contents of every document:

• There should be a birth certificate of the girl child.
• Parent’s Aadhaar Card / PAN Card / Identity Card
• Address proof
• Documents required by the bank or post office.
• Passport size photo

List of banks for opening SSY account

Below is a list of banks where you can open an account under the Sukanya Samriddhi Yojana. Visit the closest branch of any of these banks to start a savings account for your daughter's future.

• state Bank of India
• Punjab National Bank
• bank of India
• Bank Of Baroda
• Bank Of Maharashtra
• Allahabad Bank
• axis Bank
• Andhra Bank
• Punjab And Sind Bank
• Union Bank Of India
• UCO Bank
• Vijaya Bank
• Oriental Bank Of Commerce
• State Bank Of Hyderabad
• Bank Of Maharashtra
• United Bank Of India
• Canara Bank
• Dena Bank
• State Bank Of Patiala
• State Bank Of Mysore
• IDBI Bank
• State Bank Of Travancore
• ICICI Bank
• State Bank Of Bikaner And Jaipur

When can I withdraw the amount deposited in the SSY account?

If you deposit money into an account under the Sukanya Scheme and then decide you would like to take that money out, you can do so in the circumstances listed below.

• 50% of the funds deposited in the girl child's account may be withdrawn for further education after the child reaches the age of 18.
• However, you can only withdraw the money once a year and up to five years in instalments.
• In the investment account formed under the Sukanya Scheme, investments must be made for a minimum of 15 years.

Under what circumstances can the SSY account be closed

Under certain conditions, you may shut the Sukanya account before turning eighteen and take the money that has been deposited into it.

• In the event that a female kid marries, the beneficiary may take out the funds prior to the maturity date in order to cover her wedding costs once the girl child turns eighteen.
• In the event of the account holder's death: The parents of the girl child may withdraw the funds deposited in the Sukanya Yojana account in the event that the account holder passes away unexpectedly.
• Insufficient funds to maintain the account:  In the event that the guardian is unable to maintain the female child beneficiary's account, the SSY account may be cancelled prior to the maturity period.

Sukanya Samriddhi Yojana Calculator 2024

You can use the Sukanya Samriddhi Calculator (SSY Calculator) to determine the maturity amount. Details like interest rate and annual investment amount can be used to determine the maturity amount. The money placed under the SSY Scheme is subject to a 7.6% interest rate.

How much will I get if I deposit ₹1000 in Sukanya Samriddhi Yojana?

How much will you get if you deposit ₹ 2000 in Sukanya Yojana

How much will you get if you deposit ₹ 5000 in Sukanya Yojana

How much will you get if you deposit ₹ 10,000 in Sukanya Yojana

How much will you get if you deposit ₹ 12000 in Sukanya Yojana

How to open an account under Sukanya Samriddhi Yojana 2024

• The parent must first visit his closest bank or post office in order to open an SSY account.
• They now need to obtain the Sukanya Samriddhi Yojana application form.
• It is now your responsibility to thoroughly fill out this application form with all the requested information.
• Once the form has been completed, affix the necessary documentation to it.
• You must go to the bank or post office and turn in the application after finishing this process.
• You can register your daughter for an account under the Sukanya Samriddhi Yojana in this way.

Benefits of Sukanya Samriddhi Yojana

For parents wishing to save for their daughter's future, the Sukanya Samriddhi Yojana is a popular option because it offers numerous benefits.

1. Financial Security for Girl Child:
The scheme ensures a long-term savings plan, providing financial security for education, marriage, or other life events.

2. Triple Tax Exemption:
Investors can avail of tax exemptions at three stages – investment, interest earned, and maturity proceeds – making it an EEE (Exempt-Exempt-Exempt) scheme.

3. High Interest Rates:
Sukanya Samriddhi Yojana offers better returns compared to other savings schemes, providing financial growth over time.

4. Safe and Secure:
As a government-backed scheme, Sukanya Samriddhi Yojana ensures the safety of the deposited amount along with guaranteed returns.

Why You Should Choose Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is one of the greatest savings plans for parents of girls if you want to protect your future financially. It is an astute financial decision because of the favourable interest rates, tax advantages, and support from the government.

Conclusion

Sukanya Samriddhi Yojana is an excellent savings scheme aimed at securing the future of the girl child. With its attractive interest rates, tax benefits, and long-term savings potential, it ensures that your daughter’s education and marriage needs are well covered. For parents looking for a reliable, government-backed financial plan for their daughters, Sukanya Samriddhi Yojana is a top choice.