For up to 2 daughters aged below 10, either parents or legal guardians on behalf of their girl children can invest in this scheme.
To benefit girl children, Sukanya Samriddhi Scheme was introduced by the government. It currently offers an interest rate of 8.4 per cent per annum, and under Section 80C of the Income Tax Act, 1961, it comes with tax-free maturity and interest, and tax deductions are also available. The interest rate is subject to change on a quarterly basis.
For up to 2 daughters aged below 10, either parents or legal guardians on behalf of their girl children can invest in this scheme. The SSY account can also be opened for an adopted girl child. It can be opened in any post offices or authorized banks. In a financial year, the maximum amount that can be deposited is Rs 1.5 lakh and the minimum is Rs 1,000 under this scheme.
Earlier, after the girl child reaches 18 years, the scheme could be closed prematurely. As of now, the account holder can now withdraw the full amount when or after the girl child turns 18, which was initially not allowed. Partial withdrawal can also be made by the account holder, for the girl child’s education when she turns 18 years or has cleared 10th class.
If you also planning to open SSY account, then here’s all that you need to know about it.
- You need to visit any authorized bank branch or a post office branch, to open a Sukanya Samriddhi Yojana Account. Presently, neither post offices nor authorized bank branches allow opening Sukanya Samriddhi account online. However, after submission of all the documents, once the account is opened you can set the standing instructions online.
- You need to fill out the SSY Account opening form.
- Keep the documents ready along with photographs, beneficiary’s birth certificate, address proof and Id proof of the guardian or parents of the beneficiary.
- You need to pay the deposit amount which could be any amount between Rs 250 and Rs 1.5 lakh.
- To make your future transfers online, you can give a standing instruction at the branch or set up automatic credit to SSY account through NetBanking.
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- How to check Sukanya Samriddhi account balance online?
- From your respective bank, apply and collect the login credentials of your SSY account. (Note that not all banks have started offering this facility. Only a few banks let their SSY account holders check account balance online.)
- Use your login credentials, and log in to the internet banking portal of the bank.
- Go to the homepage after logging in to the account, and you can check the balance there. It could also be displayed on the dashboard of the account.
- Through this process, you will only be able to view the balance in your account, transactions through this portal can’t be made.