SUKANYA SAMRIDDHI YOJNA

The recently launched Sukanya Samriddhi Account is useful instruments for ç for the future needs of the girl child. This scheme is closest to Public Provident Fund (PPF) scheme with enhanced interest rate and stringent long term lock-in conditions. The SSA can only be opened in the name of the girl child while PPF scheme can be availed by all.

Benefit / Description

•   9.2% interest rate account for girl child born on or after 2nd December 2003. Legal guardian can open account for max. 2 girl child. Each girl can have only one account.

•   Deposit any amount any time but total contribution in financial year shall be between Rs. 1,000 and Rs. 1,50,000.

•   Contribution can be made for 14 years from date of opening of account.

•   Contribution in SSA scheme is exempted from tax under 80C. Interest earned on this account is also exempted from Income Tax.

•   Account will be matured only after 21 years from date of opening of account or on the marriage date of girl child whichever is earlier. 50% of the account balance can be withdrawn when the girl child reaches age 18 Yrs to support her higher education.

To calculate your interest click here

Service Level (Approx.)

•   5 days for getting passbook

Attachment Requirement

•   ID and Address proof of a parent/ guardian Proof of DoB of girl child i.e. Birth certificate

Our Analysis

This is an excellent saving scheme with maximum proximity to PPF. The additional half percent of interest rate from PPF comes with relatively stringent lock in criteria.

We will request you to open this account not only for your daughter but also help opening this account for economically weaker families working for or around you.

Know more details Here. Please note that this is not official page from Government of this scheme.

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