Sukanya Samriddhi Yojana or SSY account offers a lucrative interest rate of 8.6 per cent, tax-free accumulated and interest amount after maturity, and tax reliefs under Section 80C of the Income Tax Act, 1961. This small savings scheme backed by the Government itself provides lucrative financial benefits to the girl child of a parent or guardian. Hence, this investment scheme is exclusively dedicated to securing the future wealth of girls aged below 10 years, as it is the last account opening age.
So, if you are even a little bit interested then read this article to know all about this scheme.
Major Details About Opening a Sukanya Samriddhi Yojana or SSY Account
Documents Required to Open an SSY Account:
- Birth Certificate of a girl child.
- Address proof of the guardian or parents of the child.
- IDs of the guardian or parents of the beneficiary child.
- Lastly, the SSY account opening form
Steps to Open an SSY Account:
- First, fill up your SSY account opening form.
- Ready all the above-mentioned documents and passport-sized photographs.
- Now pay the deposit amount.
- Then, visit your bank’s branch or post office to complete the final formalities.
Most Common Questions Asked About SSY Account Opening Process:
Who is eligible to open an SSY account?
- A parent or guardian can open an SSY account for a girl child aged below 10 years.
How many SSY accounts can one open?
- Only two SSY accounts can be opened for two girl children per family unless it’s the case of twins being born the second time.
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What are the minimum and maximum deposit amounts for an SSY account?
- The minimum and maximum amount to deposit in an SSY account are ₹250 and ₹1.5 lacks in a financial year.
What is the deposit period for the SSY scheme?
- It’s 21 years from the date of the account opening.
