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Sukanya Samriddhi Yojana

by janeausten
Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is a saving scheme for women that is run by the government of India. It aims to help parents invest their savings to help their daughters get a good education.

Maximum duration of deposit

The Sukanya Samriddhi Yojana is a deposit scheme introduced for the girl child. It allows parents to save money for their daughter’s future. This is a tax-free investment scheme.

In the Sukanya Samriddhi scheme, an initial deposit of Rs. 1,000 is required. After a period of 15 years, the girl child can start withdrawing from her account. These withdrawals are also tax-free. Moreover, interest on these deposits is paid at maturity.

Until now, the scheme was only available to Indian residents. However, the Government has recently changed its rules, making it accessible to non-residents as well. You can open a Sukanya Samriddhi Account at any branch of an authorised bank. There are several documents that you need to submit when you apply.

To apply for a Sukanya Samriddhi account, you need to visit the nearest bank or post office. You need to provide proof of your identity, your address, and the type of SSY account you want to open.

The SSY passbook shows all the transactions made in the account. It also contains the name of the account holder and the address of the bank.

Interest rate

Sukanya Samriddhi Yojana is an initiative by the government of India that helps to provide financial security to a girl child. The scheme allows parents and guardians to open a savings account for their daughter. This account has the potential to earn a high rate of interest, and will allow for the build up of a corpus for her future.

To qualify for the Sukanya Samriddhi account, an individual must be a legal guardian of a girl child. She must be at least 10 years old at the time of opening the account.

The girl can then deposit up to Rs 6,000 a year for the first 15 years, and an investment of Rs 12000 a year thereafter. Each year, the amount in the account is adjusted according to the prevailing interest rate. Once the girl reaches the age of 18, the amount can be withdrawn.

The interest on the Sukanya Samriddhi deposits is tax free, and is calculated on a quarterly basis. For the first quarter of 2023, the interest rate is 7.6%. However, this is subject to change.

Eligibility criteria

Sukanya Samriddhi Yojana is a saving scheme launched by the government to encourage parents to save for the education of their girl children. It is a deposit scheme that allows the parents to make a deposit in a bank account, which is tax-free and can be withdrawn at any time. However, there are certain eligibility criteria that must be met in order to open an account.

In order to open a Sukanya Samriddhi Account, you will have to make a minimum deposit of Rs 250. This amount can be deposited through the post office, through the internet or through a bank. You can also transfer your Sukanya Samriddhi account to another post office or bank. The maximum deposit that can be made per year is Rs 1.5 lakh.

To be eligible for the Sukanya Samriddhi Bank Account, you must be an Indian national. In addition to that, you must have a valid PAN card. If you are opening an account on behalf of your girl child, you will have to prove that she is a resident of India.

Documents required to open an account

The Sukanya Samriddhi Yojana, launched by the Government of India, is a tax-free saving scheme for girl children. It is a part of the Beti Bachao, Beti Padhao Yojana. In order to open an account under the scheme, there are certain documents that are required.

First, the girl child must be a resident of India. Second, she must be at least 10 years of age. Third, the legal guardian of the girl must have a valid identity proof. Identity proofs include a passport or a voter’s ID card.

Accounts for the girl child can be opened at the post office or at authorized bank branches. Alternatively, the form can be downloaded from the RBI website. Once the application has been filled in, it is required to get it signed by two witnesses.

The account can be opened for a maximum of two girls in a family. However, the account cannot be transferred to another bank branch or through the Internet.

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