Sukanya Samriddhi Yojana (SSY) - Eligibility and How to Open Account

Sukanya Samriddhi Yojana (SSY) - Eligibility and How to Open Account: Sukanya Samriddhi Yojana is a savings scheme applicable to girl child below the age of 10 years. This is a part of the “Beti Bachao, Beti Padhao Yojana” scheme of Indian Government. This scheme helps the girl child for pursuing higher education and also for the marriage. This is a special long term savings scheme.

Sukanya Samriddhi Yojana (SSY) - Eligibility and How to Open Account

Interest Rate For Sukanya Samriddhi Yojana

Interest rates of Sukanya Samriddhi Yojana are changed for every three years by the government. The rate of interest is more than the interest rate applicable to fixed deposits or other government schemes. Deposits can be done on monthly are yearly basis for 15 years from the date of opening the account. Money can be withdrawn from the time the girl child attains the age of 18 years or later in some special events. Deposit should be done before 10th of every month to get the interest for the whole month. Since the interest rates for this scheme are decided by the government, the rates are the same in every same. However, interest is not paid if the money is not withdrawn even after the tenure if completed, that is after the girl attains the age o 21 years.

Eligibility For Sukanya Samriddhi Yojana

Any girl child below 10 years is eligible for Sukanya Samriddhi Yojana Scheme.

She should be an Indian citizen to avail the benefits o the scheme.
Parents or guardian can open only two accounts under this scheme. If the parents give birth to triplets in first deliver or twins in the second delivery, they have to submit medical documents to open the third account.

How to Open Account For Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana account has to be opened in offline mode only. It cannot be opened online as this facility is not offered by the banks or post offices. Personal identification, address and birth certificate are the documents that are to be submitted. The minimum deposit to open the account is Rs. 250. At least Rs. 250 must be deposited per annum and the maximum amount that can be deposited is Rs. 1.5 lakh. Money can be deposited in the form of cash, cheque or demand draft (DD).