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Saturday, July 24, 2021

Sukanya Samriddhi Yojana (SSY) Details & Download Form

  Sukanya Samriddhi Yojana (SSY) Details & Download Form

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme as part of the "Beti Bachao, Beti Padhao Yojana" for the benefit of girls. Parents can open two such accounts for girls (if they are more than two girls they cannot open third / fourth account). The tenure of these accounts is till the marriage of the girl child after the age of 21 years or 18 years. ICICI Bank is authorized by the Ministry of Finance to offer SSY accounts. Customers can open an account at any a ICICI bank branch by submitting account opening documents.

  Features and benefits of Sukanya Samriddhi Yojana:

  • Get higher returns than other similar savings schemes
  • Authorized by Ministry of Finance it is a Government of a India supported savings scheme
  • Minimum investment - Rs 250; Maximum investment - Rs 1,50,000 in a financial year
  • Triple tax benefit - Principal investment, interest as well as maturity amount is also tax free.

  Know before investing:

  • Yield: 7.6% per annum
  • Lock in period: 21 years from the date of your account opening.
  • The girl's age must be less than 10 years of age at the time of opening the account
  • To be credited till the completion of 15 years, from the date of account opening
  • Partial withdrawal facility is available after the account holder attains the age of 18 years

The rate of interest is subject to change by the Government of India

  Document List:

  • SSY account opening form
  • Birth certificate of girl child (compulsory)
  • Identity proof (as per RBI KYC guidelines)
  • Residence proof (as per RBI KYC guidelines)

Premature closure of Sukanya Samriddhi account:

Only premature closure can be done by a girl child attaining the age of 18 for the purpose of marriage. However, there are some special cases under which the account can be closed and the related amount can be withdrawn:

Premature death of account holder:

If the registered girl dies unfortunately, the parent or legal guardian is eligible to claim the final amount on the account and also earn interest. The amount will be immediately handed over to the nominee of the account. Further, the parent or legal guardian has to submit relevant documents confirming the death of the account holder duly verified by the concerned authorities.

Important Links

Inability to continue account:

Sukanya Samriddhi account can be closed prematurely if there is some kind of instruction from the central government about the inability of the depository to carry forward the account. Contribution towards the account can be closed to the depositor due to any financial stress. Further, due permission should be obtained from the competent authorities for the account closure and closing process.

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