Sukanya Samriddhi Account Scheme (SSAS) is an important, government-assured investment mechanism designed to secure the financial prospects of young girls. Launched in 2015, the initiative offers several attractive benefits, making it a preferred choice among parents and guardians who are committed to ensuring a prosperous future for their daughters.
Background of Sukanya Samriddhi Account (SSA) Scheme
Launched in January 2015 as a cornerstone of the Beti Bachao, Beti Padhao initiative, SSA aims to secure the financial future of India’s young girls. To expand the reach of the scheme, the Sampoorna Sukanya Gram Abhiyan was launched in June 2019.
Key Features
- The scheme encourages parents to create a fund exclusively for their daughter’s education and marriage.
- Available through post offices, public sector banks and select private sector banks (HDFC, Axis, ICICI).
- Parents can open an account anytime from the birth of the girl child till she attains the age of 10 years.
- Families are allowed to open a maximum of two SSA accounts – one for each girl child. There are exceptions for twins or triplets.
- A minimum of ₹250 and a maximum of ₹1.5 lakh can be deposited annually.
Unique Benefits
- The account can be transferred across India, providing convenience at banking or postal locations.
- The scheme currently offers a favourable interest rate of 8.20%, along with tax exemption under Section 80C making it an attractive investment.
- Interest continues to accrue even after maturity if the account remains open.
- Partial withdrawal is allowed when the girl turns 18, providing convenience for education expenses. Full withdrawal is allowed at the age of 21, providing a lump sum for major expenses such as marriage or higher education.
- Beyond its financial strength, the scheme plays a vital role in promoting gender equality by encouraging families to actively invest in the education and future of their daughters.
Special Features of SSAS
- Eligibility: Parents or legal guardians of the girl child can participate in the scheme.
- Account Opening: The account can be opened at any designated post office or authorised bank.
- Minimum Contribution: The minimum annual contribution is ₹250, while the maximum limit is ₹1.5 lakh.
- Maturity Period: The account matures after 21 years from the date of opening.
- Interest Rate: The interest rates declared by the government every quarter are higher than other fixed-income instruments.
- Tax Benefits: Interest earned under SSAS is exempt from income tax as per Section 80C of the Income Tax Act.
Steps to Open an SSAS Account
To open an SSAS account, you will need the following documents:
- Proof of identity of the girl
- Proof of address of the girl or her parents/guardians
- Proof of relationship between the girl and her parents
- Income proof of parents/guardians (optional)
- Once verified, the account can be opened with an initial minimum deposit of ₹250.
The Sukanya Samriddhi Account Scheme serves as an invaluable tool in creating a stable financial roadmap for your daughter’s future. By choosing to invest in SSAS, you are ensuring that she has the necessary resources to achieve her life goals.
Recent Developments
On the occasion of International Daughters Day on 22 September 2024, the Postmaster General announced that over 4.50 lakh Sukanya Samriddhi accounts have been opened across the North Gujarat region. This feat has been achieved through efforts in 487 villages, designated as “Sukanya Samriddhi Grams”, to ensure that eligible daughters receive the full benefits of the scheme.
Conclusion
Sukanya Samriddhi Account Scheme is a thoughtfully designed investment scheme that aims to not only ensure financial security but also empower young girls. Through its long-term savings structure, tax benefits and government assistance, it has become a vital tool for parents who want to provide their daughters with a secure and prosperous future. By adopting this scheme, families are not only saving for the present but also laying the foundation for a bright and independent future for their daughters.
Also Read:
- White Revolution 2.0: Benefits and Current Dairy Status
- Pradhan Mantri Janjatiya Unnat Gram Abhiyan (PM-JUGA) Scheme
