SSY is a government-backed savings scheme to encourage the parents of a girl child to create a corpus for her future education and other expenses. A parent or legal guardian of a girl child can open this account until 10 years from her birth.
More than 25 banks in India are accessible to open SSY accounts and update passbooks. Plus, the government offers interest at 7.6% on investments.
Here are more details regarding this scheme.
You can deposit the following amount in a financial year -
- Minimum: ₹250
- Maximum: ₹1.5 lakh
The account remains operative for a maximum of 21 years from its date of initiation, and you can withdraw the amount after she attains 18 years of age on 2 occasions -
- Full withdrawal for marriage.
- 50% withdrawal for education.
Individuals can perform a Sukanya Samriddhi account online check via post office or through a bank with just their account number. It also gets tax exemption under Section 80C of the income tax act.
The legal guardian or parents can close the SSY account -
- After completion of 21 years from the date of account opening.
- Minimum after 15 years with 5 years of continuous deposit.
Here are all the details of this beneficial plan in a nutshell -