The Sukanya Samriddhi Scheme (SSY) stands as a beacon of hope and empowerment for millions of young girls across India. Launched on January 22, 2015, by Prime Minister Narendra Modi as part of the Beti Bachao, Beti Padhao Campaign, this visionary scheme intertwines financial security with social empowerment. As we mark a decade of this transformative initiative, it’s time to reflect on its impact and understand how it continues to foster a culture of inclusion and progress.
Sukanya Samriddhi Yojana Calculator
The Sukanya Samriddhi Yojana (SSY) calculator is a useful tool designed to help parents and guardians estimate the maturity amount of their investments in the SSY scheme. By inputting details such as the initial deposit amount, annual contributions, and the current interest rate, the calculator provides an approximate value of the corpus that will be accumulated by the time the account matures. This tool aids in financial planning by giving a clear picture of the potential returns, helping families make informed decisions about their savings for their daughter’s future education and marriage expenses.
How Sukanya Samriddhi Scheme Works
Opening the Account
- The guardian can open the account immediately after the birth of the girl child until she attains the age of 10 years.
- Any girl child who is a resident Indian from the time of opening the account until maturity/closure is eligible for the scheme.
- Only one account is allowed per child, with a maximum of two accounts for each family. Exceptions are made for twins or triplets.
- The account can be transferred anywhere in India.
Documents Required
- Sukanya Samriddhi Account Opening Form
- Birth certificate of the girl child
- Identity proof (as per RBI KYC guidelines)
- Residence proof (as per RBI KYC guidelines)
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Deposit Requirements
- Minimum initial deposit: ₹250
- Subsequent deposits: Multiples of ₹50
- Minimum annual deposit: ₹250
- Maximum annual deposit: ₹1,50,000
- Deposits can be made for up to fifteen years from the account opening date.
Managing the Sukanya Samriddhi Scheme Account
- The account is managed by the guardian until the girl child reaches the age of eighteen.
- Upon turning eighteen, the account holder can take control of the account by submitting the necessary documents.
Interest Calculation
- Interest is calculated monthly based on the lowest balance in the account between the close of the fifth day and the end of the month.
- Interest is credited to the account at the end of each financial year.
Maturity of the Account
- The account matures upon the completion of twenty-one years from its opening date.
- Early closure is permitted under specific circumstances, such as the account holder intending to marry before reaching maturity.
Withdrawals
- Up to fifty percent of the balance can be withdrawn for educational purposes after the account holder turns eighteen or completes the tenth standard.
- Withdrawals can be made as a lump sum or in installments, with a maximum of one withdrawal per year for up to five years.
Premature Closure
- In the event of the account holder’s death, the account can be closed immediately upon submitting an application along with the death certificate.
- Premature closure is also allowed on compassionate grounds, such as life-threatening medical issues or the death of the guardian.
Post Office Sukanya Samriddhi Yojana: Monthly ₹1,000 Plan
Monthly Deposit Plan
- Parents can choose to deposit ₹1,000 monthly, which totals ₹12,000 annually.
- This plan ensures a disciplined savings habit and helps in accumulating a substantial corpus over time.
Age Limit
- The account can be opened for a girl child from birth until she attains the age of 10 years.
Interest Rate
- The current interest rate for the Sukanya Samriddhi Yojana is 8.2% per annum (subject to change as per government notifications).
- Interest is compounded annually, providing significant growth over the long term.
How to Open an Account
- Visit any post office or designated commercial bank branch.
- Fill out the Sukanya Samriddhi Account Opening Form.
- Submit the required documents: birth certificate of the girl child, identity proof, and residence proof.
- Make the initial deposit of at least ₹250.
Conclusion
The Sukanya Samriddhi Yojana embodies a transformative initiative aimed at securing the future of young girls in India. By fostering financial discipline among families and prioritizing education and empowerment, the scheme has emerged as a powerful catalyst for social progress. The steady growth in account openings reflects the growing awareness and acceptance of this visionary program. As the nation continues its journey towards gender equity and inclusion, the Sukanya Samriddhi Yojana ensures that every girl has the opportunity to dream, achieve, and thrive in a supportive and empowered environment.