Sukanya Samriddhi Yojana or SSY savings scheme is a Government backed initiative for girl children in India. This scheme both works as returns giving investment schemes and a corpus of funds for long-term goal planning like a wedding or higher education for the girl child. An SSY account can be opened by both biological parents or guardians for a girl child below the age of 10 years. But, a parent can only open a single account against the name of a girl child. Per family, the government allows opening only two SSY accounts, meaning one for the earth. However, the rules can bend in the case of twins or triplets.
Sukanya Samriddhi Yojana Account For Three Girls
The rules of opening only two SSY accounts per family are applicable to the Government. But, this rule can be twisted and a parent or guardian can open three accounts for three girls under certain conditions regulated by the Government. So, as per the Government rules, a third Sukanya Samriddhi Yojana account can be opened in case of twins or triplets, either in the first delivery or second.
SSY Interest Rates, Benefits, Tenure and Other Features
The SSY scheme attracts parents or guardians with its lucrative 7.6 per cent interest rate. Moreover, the interest income earned on this scheme is completely tax-free as per under Section -10 of the Income Tax Act 1961 and the invested amount is eligible for deductions under Section 80-C of the Act.
The minimum and maximum investment amount for SSY, it’s ₹250 and ₹1,50,000 per year respectively, which has to be deposited for 15 years. The maturity period is 21 years.
If the premium amount is missed then a certain amount of penalty is charged which depends on the deposit amount value.
“To meet the financial requirements of the account holder for the purpose of higher education and marriage, the account holder can avail of partial withdrawal facility after attaining 18 years of age. If the beneficiary is married before the maturity of the account, then the account has to be closed.”
Major Facts About Marinating An SSY Account For Girls:
- You can’t contribute more than ₹1,50,000 to your SSY account and if even you do, by mistake, then the contributed amount above the capped limit will not earn a single penny of interest.
- If you continue your SSY account even after completing the maturity period, which is 21 years, then also it will not earn a single rupee. The interest rate will not be applicable after maturity.
- You can make early withdrawals from your SSY account up to 50 per cent of the total amount only when the girl passes 10th standard or turns 18 years or older.
- Transferring an SSY Account is an easy process, no one needs to hold the account for a complete 21 years in the same branch. You can transfer your account across the nation without any restrictions.