Finance Ministry recently increased the interest rate for the Sukanya Samriddhi Account Scheme from 8% to 8.2% for January-March (2024) quarter.
Objectives
Salient features
Aim is to provide a small investment for the girl, which is to be used to facilitate payment of education and marriage expenses
Ministry: Ministry of Finance
Background: SSY is a small deposit scheme for a girl child and was launched in 2015 as a part of the Beti Bachao Beti Padhao campaign.
Account Opening: Account can be opened in Post Offices and notified branches of Commercial Banks.
Account Name: Opened in the name of a girl child and an account under this Scheme may be opened for a maximum of two girl children in one family.
Account portability: The account can be transferred anywhere in India from one post office/Bank to another
Interest Rate: Interest on balance (at rate notified by the government from time to time) will be calculated on yearly compounded basis and credited to the account.
Maturity of scheme: The account shall mature after 21 yearsfrom the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier.
Premature closure of account: In the event of death of the account holder or where the Central Government is satisfied that continuation of the account is causing undue hardship to the account holder.
Premature withdrawal: Once the girl child is 18 years old, she can make an early withdrawal of up to 50% of the balancefor higher education.
Other benefits of Sukanya Samriddhi Account Scheme
Even girl child can operate the account after she attains the age of 10 years.
Payment on maturity to girl child.
Interest payment even after maturity if account is not closed.
Transferable anywhere in India.
Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account.
