Overview about Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana/Scheme is one of the most popular government schemes launched by the Indian Prime Minister, Shri. Narendra Modi. The scheme is aimed at betterment of girl child in the country. Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family. The money saved via this scheme is to provide for higher education of girl and for her wedding expenses. The scheme has been accepted very well by the public since this is a great step towards providing financial security and financial dependence to women.
Gender inequality is one of the most pressing issues in the country today and hence, this scheme is being seen as a great step towards eliminating gender related issues. This scheme will help girls achieve financial independence and help them have money at hand for higher education as well as wedding expenses. One of the most distinguishing features of the scheme is that Sukanya Samriddhi deposit amount can only be withdrawn by the girl child and not even the depositor (parent or guardian) is allowed to withdraw money on behalf of the girl.
Features and Benefits of Sukanya Samriddhi Scheme
Since the time of inception and launch of the scheme, financial experts have debated the relevance and benefits of this scheme. One of the most commendable steps taken with respect to Sukanya Samriddhi scheme is the choice of banks and post offices as promoters and facilitators. Banks, especially public sector banks as well as post offices in India have one of the highest penetration in terms of covering the rural and urban locations. Hence, leveraging this network of banks and post offices is a good step towards ensuring inclusion of all economic and geographical sections of the Indian society.
How to Open Sukanya Samriddhi Account
Post offices in India have a huge presence and a well spread network of branches. Their penetration is especially remarkable in the rural areas. Hence, post offices are one of the foremost channels of spread and maintenance of small savings schemes. Sukanya Samriddhi scheme also can be availed at any of the post offices across all states of the country. Rural areas in India especially see a lower literacy rate among women as compared to the urban areas and hence, popularization of the scheme in such areas is a major aim of the Finance Ministry.
Sukanya Samriddhi Account can be opened at not just any post office but also at any of the public or private authorized banks in the country. The form for the scheme can be availed at any of these offices and can be filled and submitted along with relevant documents. The bank or post office will then verify the filled in details and approve the account opening. The account can be opened by legal guardian or parents of the girl child. The depositor also is either of the two.
Eligibility Criteria for Opening Sukanya Samriddhi Account
Like any other deposit account, availing Sukanya Samriddhi Account too requires a certain set of eligibility criteria to be met. The most basic being the age of the girl child under whose name the scheme is being availed.
Sukanya Samriddhi Scheme can be availed by parents or legal guardians of a girl child on behalf of the girl child. The Account is opened in the name of the child and is operated by parents or legal guardians. Following is the eligibility requirement to obtain the scheme.
Scheme can be availed any time before girl child reaches the age of 10 years
As a grace period, any girl child born between 2nd February 2003 and 1st December 2015 is also eligible to obtain the account under this scheme
Documents Required to Open Sukanya Samriddhi Account
A fixed set of documents are required in order to open a Sukanya Samriddhi Account. These documents need to be submitted to either bank or post office. Along with these documents, a duly filled application form also needs to be submitted. The list of required documents is mentioned below.
Sukanya Samriddhi Account Opening Form
Birth Certificate of girl child (Account Beneficiary)
Identity Proof of depositor (Parent or legal guardian)
PAN card, Ration card, Driving License, Passport
Address Proof of depositor (Parent or legal guardian)
Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License
Interest Rate on Sukanya Samriddhi Account
Sukanya Samriddhi Scheme offers an attractive rate of interest to account holders in order to facilitate and popularize the scheme. The current rate of interest being offered by the government of 8.4% per annum. It was 9.1%, when it was introduced in FY 2015-16.
See Sukanya Samriddhi Account Calculator to calculate interest