SUKANYA SAMRIDDHI YOJANA (SSY)

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 years from 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 balance for 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.
• Documents required for opening an account
  • Sukanya Samriddhi Account Opening Form.
  • Birth certificate of girl child
  • Identity proof (as per RBI KYC guidelines)
  • Residence proof (as per RBI KYC guidelines)