Sukanya Samriddhi Yojana

by Yuvi K - December 30, 2023

Pradhan Mantri Sukanya Samriddhi Yojana

The Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY) was announced by Prime Minister Narendra Modi on 22 January 2015 with an aim to provide financial security to the girl children in India. The scheme was launched to encourage parents to build the future of their girl children by saving money for their education and marriage.

Eligibility

The parents of a girl child aged 10 or below are eligible to open an account under this scheme. The account will remain open till the girl attains the age of 21. The girl must be a citizen of India and only one account can be opened in the name of one girl child.

The opening balance requirement for the Sukanya Samriddi Account is Rs.250 with a maximum annual contribution of Rs.1.5 lakh.

Benefits

The parent or the guardian can avail certain tax benefits under the Sukanya Samriddhi Scheme. They can avail a partial withdrawal of 50% of the balance at any time after the girl attains the age of 18.

The interest accruing on the deposit is also tax-free and an income tax rebate of up to Rs.1.5 lakh is applicable.

The Sukanya Samriddhi Yojana also facilitates premature closure of the account after the girl attains 18 years of age.

The scheme not only serves as an effective financial security for the girl child but also inculcates in the parents the importance of saving for their child’s future.

Conclusion

The Sukanya Samriddhi Yojana is one of the most successful government schemes currently running in India and many parents have adopted this scheme as an effective method to ensure a better future for their girl child. It is indeed a great step towards the development of the girl child and the nation.