(THE GIST OF PIB) Sukanya Samriddhi Yojana (SSY)

(THE GIST OF PIB) Sukanya Samriddhi Yojana (SSY)

(JANUARY-2025)

Sukanya Samriddhi Yojana (SSY)

• This year marks the 10 years of Sukanya Samriddhi Yojana encouraging families to invest in the bright futures of their daughters, fostering a culture of inclusion and progress.

About SSY:

• It is a savings scheme launched back in 2015 as part of the Government initiative, Beti Bachao, Beti Padhao campaign.

• This scheme enables guardians to open a savings account for their girl child with an authorized commercial bank or India-Post branch.

Eligibility:

• The applicant must be a citizen of India.

• The account can be opened by a parent or legal guardian of the girl's child.

• The girl child must be below the age of 10 years.

• Only one account is allowed for a girl child.

• A family can open only 2 SSY scheme accounts.

• NRIs are not eligible to open these accounts.

Key Features:

Minimum & Maximum Deposit:

• Investment of minimum Rs. 250 and maximum Rs. 1.5 lakh in a financial year. Subsequent deposits in multiples of Rs. 100.

• No limit on the number of deposits either in a month or in a Financial Year.

• Tenure: The maturity period of SSY is 21 years from the account opening. However, contributions have to be made for the first 15 years only. Thereafter, the SSY account will continue to earn interest until maturity.

• The SSY account will be mandatorily operated by the girl child after she attains the age of 18 years. 

• Interest on SSA as announced by Govt. of India every quarter will be applicable and compounded annually.

Partial withdrawal:

• Withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed the tenth standard, whichever is earlier.

• For higher education 50% of the balance at the end of the previous financial year can be withdrawn. For marriage of adult account holder, 100% withdrawals

CLICK HERE TO DOWNLOAD FULL PDF

CLICK HERE TO DOWNLOAD UPSC E-BOOKS

Study Material for UPSC General Studies Pre Cum Mains

Get The Gist 1 Year Subscription Online

Click Here to Download More Free Sample Material

<<Go Back To Main Page

Courtesy: PIB