Sukanya Samriddhi Account (SSA) Scheme || Eligibility || Rules || Features

The Sukanya Samriddhi Account (SSA) Scheme was introduced on January 22, 2015, by Prime Minister Modi as part of the Beti Bachao Beti Padhao campaign. The scheme's principal goal is to help a girl kid finance her education and marriage. The Government of India launched it on December 14, 2014. In other words, the initiative encourages parents to save aside money for their daughter's education schooling, and marriage expenses.

What was the source of the scheme?

All Post Offices, Public Sector Bank branches, and three private sector banks, HDFC Bank, Axis Bank, and ICICI Bank, participate.

What is the interest rate?

The scheme now has the highest interest rate of 7.6 percent among all Small Savings Schemes. Around 2.73 crore accounts have been opened under the plan since its start, with nearly Rs. 1.19 lakh crore in deposits.

What distinguishes the Sukanya Samriddhi Account (SSA) Scheme from others?

Until the girl child reaches the age of ten, the account will be opened in her name.
In the name of a girl child, only one account can be opened.
It can be opened at Post Offices and Commercial Bank notified branches.
The birth certificate must be provided when a girl child's account is opened.
The account can be started with a minimum initial deposit of 250 rupees, and subsequent deposits are in multiples of 50 rupees. The following deposits must be in multiples of 50 rupees, with a least two hundred and fifty rupees put in one account per financial year.
The total amount deposited in a fiscal year cannot exceed Rs 1,50,000.
Interest on the balance will be calculated and credited to the account on an annually compounded basis.
A withdrawal of up to 50% of the money in the account is permissible on a Form-3 application at the end of the fiscal year preceding the year of the application for withdrawal. It is permitted for the account holder's educational purposes.
The account can be transferred from one post office or bank to another in India.
The account will mature after 21 years, whichever comes first: the date of opening or the marriage of the female child in whose name the account was opened.

What are the advantages of setting up a Sukanya Samriddhi Account (SSA)?

Interest rates have increased.
The tax benefit will be provided under Section 80C.
A girl child will be paid when she reaches adulthood.
Interest is paid even if the account is not closed at maturity.
It can be used anywhere in India.
Once a girl child reaches the age of ten, she can handle the account.
Deposits can be made in the account for a period of fifteen years from the account's opening date.

What are the requirements for participation?

After the girl child is born, her guardian can open an account for her until she reaches the age of ten.
Each child is only permitted one account.
This account can be opened for a maximum of 2 girl children in one family under this scheme.