What is Sukanya samriddhi Yojana?

Happysingh

[unknown]
How much can be deposited in this scheme?

Anupam

Happysingh
Up to the end of the 15th year after the account is opened, the maximum investment allowed each year under the Sukanya Samriddhi Yojana is Rs 1.5 lakh.

Kamal

Happysingh
In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.

RaghavAnand

Happysingh
Ye to aap par nirbhar karta hai ki aap kitna deposit karna chahti hai, aap 250 se 1.5 lakh ke bich me kitna v deposit kar sakti hai.

Happysingh

[unknown]
What happens if you don’t put in the bare minimum?

Anupam

Happysingh
If the necessary deposit is not made in a financial year, a Sukanya Samriddhi account might become a default account.

Santoshkumar

Happysingh
I think they will close the account after some time.

Anupam

[unknown]
The SSY is classified as exempt-exempt-exempt (EEE). The yearly deposit (contributions) is tax deductible under Section 80C, while the maturity benefits are not.

SwatiShukla

[unknown]
The Sukanya Samriddhi Yojana lasts until the girl child reaches the age of 21 or until she marries after reaching the age of 18. Contributions, on the other hand, are only need to be given for a period of 15 years. Even if no deposits are made into the account after then, it will continue to accrue interest until maturity.

Sandeeprai

About
The Sukanya Samriddhi Yojana scheme is aimed at betterment of girl child in the country. Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family. Tenure of SSY is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years.
Sukanya Samriddhi Yojana (SSY) scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child.

Benefits of the SSY scheme
The main benefits of the SSY scheme is mentioned below:

Interest rate was reduced from 8.4% to 7.6%
Tax benefits of up to Rs.1.5 lakh
Account can be transferred

Investments made towards the scheme can be used for the girl child’s marriage and education. An SSY account can be opened at banks and post offices. Under Section 80C of of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.

Sukanya Samriddhi Yojana Interest Rate
Currently, the interest rate of SSY scheme was reduced from 8.4% to 7.6% and it is compounded on a yearly basis. Interest is not payable once the duration of the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is decided by the government and is determined on a quarterly basis.

Ankit

What happens if a lesser or excess amount is paid towards sukanya samriddhi yojana scheme?

Sandeeprai

Ankit
The following happens if a lesser or excess amount is paid towards sukanya samriddhi yojana scheme:
Lesser amount: In case the minimum amount of Rs.500 is not paid in a financial year, the account will be considered as default. However, the account can be brought back to the active status by paying a fine of Rs.50.
Excess amount: No interest is generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the excess amount any time.

Ankit

What is the withdrawal rules of the SSY account? What documents are needed at the time of the withdrawal?

Sandeeprai

Ankit
The withdrawal rules of the SSY account are mentioned below:
Once the duration of the account has been completed, the entire amount that is available in the account including the interest can be withdrawn by the girl child. However, the below-mentioned documents must be submitted:

Application form for the withdrawal of the amount.
ID proof
Address proof
Citizenship documents

Withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed 10th standard. However, the money must be used for the fee or any other charges that are levied at the time of admission.

Kamal

Ankit
To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal of up to 50 per cent of the balance at the credit of the account at the end of preceding financial year is allowed.

ManishaNagarkoti

Ankit
After the girl reaches the age of 18, the Sukanya Samriddhi account allows partial withdrawals.

rewatisachdeva

what is Withdrawal Facility?

Sandeeprai

rewatisachdeva
The withdrawal can take place:

to meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
If the beneficiary is married before maturity of account, account has to be closed.