Sukanya samriddhi yojana pdf

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“Sukanya Samriddhi Yojana pdf”

Here are some information about Sukanya samriddhi yojana:

The Beti Bachao Beti Padhao campaign was launched by the Government of India on 22 January 2015 to effectively show the gap in the rising child sex ratio in India. In the Beti Bachao Beti Padhao campaign, the message of educating and saving the girl child has been given. National initiative Ministry of Health and Family Welfare, Ministry of Women and Child Development and Ministry of Human Resource Development are associated with this campaign.

What is the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a scheme designed to promote the Beti Bachao Beti Padhao campaign. Along with this, the Ministry of Women and Child Development, Ministry of Human Resource Development and Ministry of Health and Family Welfare etc. are jointly associated with this scheme.

The Primary objectives of Sukanya samriddhi yojana:

◼️The primary objective of the SSY scheme is to ensure the participation of more girls in education and other fields.

◼️Against gender discrimination, gender performance and reduction of priority of gender discrimination among children.

◼️As well as secure the safety of girls.

One of the important objectives of the Sukanya Samriddhi Yojana (SSY) is to address education and marriage which is a significant challenge related to girls. A fund has been set up to provide financial assistance to parents in India to cover their child’s education expenses and to ensure that there is no hindrance in marriage so that the girl child can secure a promising future. For this purpose, Sukanya Samriddhi Account has been started.

The primary goals of Beti bachao beti padhao yojana

◼️Ending gender discrimination against children and ending the practice of sex determination.

◼️To secure the safety and survival of the girl child.

◼️To promote increased participation of girls in education and various other fields.

Benefits of Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana was run to emphasize the Beti Bachao Beti Padhao campaign, (SSY) its main target was to ensure the secure future of girls and their safety.

1.Modest Payments: 250 Rs is the minimum account balance that required to maintain an SSY account per financial year. You also have the facility of depositing , you can deposit Rs. 1.5 lakh per financial year to make it easier for people from all sections of society. If for any reason you miss the payment for one year, even Rs. will be fined. If the minimum payment is Rs.50, a fee of Rs.250 will be charged, but the account will continue.

2.Covered Educational Expenses: You can withdraw up to 50% of the balance in the account till the end of the previous financial year to cover the educational expenses of the girl child. To avail of this benefit by providing proof of admission, it is necessary to submit the proof of admission.

3.Interest Rates: SSY Accounts SSY accounts give higher interest rates as compared to other government-backed schemes. The current rate is 8% per annum.

4.Convenient Transfer: you can easily transfer an SSY account from bank to post office or from post office to bank anywhere in India.

5.Tax Benefits: To encourage investment in SSY, the scheme offers the following tax benefits,

6.Guaranteed Returns: Since SSY is a government-backed scheme, the returns on maturity are assured.

◼️Section 80C Deduction: The investment made by the SSY scheme can be deducted under Income Tax Act Section 80C to a maximum limit of Rs. 1.5 lakhs.

◼️Tax-free interest: Interest compounded every year on say account is exempt under section 10 of the Income Tax Act.

◼️Tax-free Income: The income received on withdrawal from the SSY account is exempt from income tax.

age limit and maturity period under the Sukanya samriddhi Yojana:

Opening an Account:

◼️ A girl child can have only one SSY account and not more than that.

◼️you can open your SSY account in any authorized commercial bank branch or any post office.

◼️The account should be opened anytime between the birth till her 10th Birthday

Deposits under Sukanya Samriddhi yojana:

◼️ The guardian can deposit funds by operating the account only till the age of 18 years of the girl child.

◼️Once the girl child turns 18, she has to operate her SSY account.

◼️Minimum Deposit Rs. 250, and following deposits can be made of Rs. 50.

◼️Maximum annual deposit amount of Rs. 1,50,000 for the time being of up to 15 years.

◼️cheque, demand draft (DD), online transfer, or cash, are the source to make a deposit.

Deposits interest:

◼️The first quarter of FY 2023-2024’s current interest rate (1 April 2023 to 31 June 2023) is 8% per annum.

◼️You need to pay the minimum annual deposit of rs 250, if you don’t want your account to be considered in default.Account Under Default’ will continue to earn interest till the end date, but it takes a penalty of Rs.50 To regulate the account within 15 years of account opening, Rs 50 per default year has to be paid.

Maturity Period of SSY:

◼️The maturity period of the SSY account is at the age of 21 years or 18 years if the girl is married from the date of opening.

◼️ With only 15 years of contribution, interest will continue to accrue on the SSY account till maturity, even if you do not make any further deposits.

◼️Interest will not be payable on completion of the tenure of the SSY account, if it’s been 21 years of the account opening.

◼️Earning of interest also stops if the girl child ceases to be a resident of India.

◼️Interest is not available beyond the maximum limit of Rs 1,50,000 but the depositor can withdraw it at any time.

The compound interest rate of Sukanya Samriddhi Yojana:

The compound interest rate of Sukanya Samriddhi Yojana interest rate has increased from the present 7.6% to 8.0% per annum on an annual basis. No interest will be payable on completion of the scheme term or if the girl child is a Non-Resident Indian. This interest is fixed by the government and determined every quarter.

Time period Interest rate
1 July 2016 – 30 September 20168.6%
1 October 2016 – 31 December 20168.5%
1 July 2017 – 31 December 20178.3%
1 January 2018 – 31 March 20188.1%
1 April 2018 – 30 June 20188.1%
1 July 2018 – 30 September 20188.1%
1 October 2018 – 31 December 20188.5%
1 January 2019 – 31 March 20198.5%
April 2023 – June 2023 8.0%

Documents required to open an SSY account:

These are the Following documents required for opening an SSY account:

▪️SSY form for account opening.

▪️It is necessary to submit the birth certificate of the girl child for opening the account.

▪️The account will be opened only on submission of ID proof and address proof of the depositor.

▪️A medical certificate will be required to be submitted for children born in the same birth order.

▪️Other documents

Withdrawal rules:The entire amount available in the account along with interest can be withdrawn by the girl child only when the term of the account is over. Along with this,

it is necessary to submit the following documents:

◼️ Application form

◼️ id proof

◼️ Address proof

◼️ citizenship Document

Withdrawal is permitted when the girl turns 18 and completes 10th standard. But this money should be used only for the fee charged at the time of admission or any other fee for the girl child. Withdrawal has to be submitted along with the admission to the university or college along with the college fee receipt.

Sukanya Samriddhi Yojana Account Eligibility:

Parents or legal guardians can open an SSY account on behalf of a girl child if the parent or guardian has not attained the age of 10 years. But the girl child must be an Indian resident. A maximum of two accounts can be opened if there are two girl children in the same family. A third SSY account can be opened for cases like twin girls.

Rules for closure The account under Sukanya Samriddhi Yojana:

Rules for closing the account under Sukanya Samriddhi Yojana: The account matures when the age of the girl child is 21 years, thus the maturity value along with interest is paid to the depositor, the girl child, but it is necessary to submit proof of residence, identity and citizenship documents, otherwise, no payment will be made.

premature shutdown:

Premature closure may be permitted only in the following cases:

On submission of a death certificate on the death of the girl child, the balance amount in SSY along with interest will be given to the guardian only in the case when the girl child has passed away.

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