Advantages of Sukanya Samriddhi Yojana or SSA / SSY

 

Advantages of Sukanya Samriddhi Yojana or SSA / SSY 

Advantages of Sukanya Samriddhi Yojana (SSA or SSY). Sukanya Samriddhi Yojana, a scheme started to secure the future of girl child in India has been well accepted by the citizens and we can witness lot of people enquiring about the pros and cons of Sukanya Samriddhi Account.

For every middle and lower income family in India, marriage of a girl child is definitely a financial burden for the parents and through this scheme, parents or guardians can surely meet most of the expenses related to the education and marriage of a girl child through saving regularly from the day she is born.

Advantages of Sukanya Samriddhi Yojana

Advantages of Sukanya Samriddhi Account

  • The account can be opened for any girl child in India till she attains an age of 10 years
  • SSA offers the highest rate of interest of 9.1% for the current financial year, which is even higher than the much popular PPF investment
  • The maturity of account only happens after 21 years of the age of girl child or at the time of marriage of the girl child
  • A partial withdrawal of up to 50% can be made after 18 years of age for higher education purposes
  • One of the best tax saving options for parents and legal guardians of girl child. The scheme offers exemption from Income Tax under 80C for an amount up to 1.5 lakh
  • The maturity proceeds would be paid only to the girl child. This way, the maturity amount would never be compromised and used for any other purposes and thus secures the financial future of a girl child
  • There is no maximum of minimum number of times money can be deposited in the account.
  • Any parent or legal guardian can get the account for their girl child just by paying Rs 1,000 as an opening balance
  • SSA offers an attractive rate of interest every year on the account, however the deposits in the account has to be made only till fourteen years
  • The account can also be closed at any point in time, if the authorities feel that running of the account is causing undue hardship to the depositor. The accumulated amount at the time of closing would be handed over to the depositor along with interest accrued. [You can read here full details about “sukanya samriddhi account premature closure“.]
  • SSA is transferrable to anywhere in India. This means, if the parents or girl child moves from one location to the other, the account can be easily transferred
  • Easy process of opening SSA. Under the scheme, the formalities and documents required for opening of SSA are minimal and anyone can open the account
  • Sukanya Samriddhi Account can be opened at 28 authorized banks and all post offices. This means, you don’t have to walk too far in order to open SSA
  • SSA can be opened by any of the parents or legal guardian of the girl child. All they need is take along their identity proof, address proof and birth certificate of the girl child. [Documents List]

Sukanya Samriddhi Account has caught attention of a lot many parents and guardians in India.  This scheme, we are sure will go a long way in making parents feel secure about the future of their daughters.

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  11 Responses to “Advantages of Sukanya Samriddhi Yojana or SSA / SSY”

  1. It is a Good investment

  2. This is a good scheme for girl children but drawbacks like Less clarity on future Rate of Interest, payment can’t be made online and lock in period can prove it wrong

  3. good and well desired scheme which will help the girl

  4. maximam kitna

  5. how to apply for Sukanya Samriddhi Yojana

  6. Nice plan

  7. can account be opened for a girl above age 10?

  8. SSY is very good scheme but lock in period not more than 3 years. Also not for future rate of interest.

  9. but same scheme in fix deposit 9.1% interest

  10. If parent paid for 6years, later he cannot able to pay that amount, that he decides to close the policy.Then how much time will take for handover the money what he had paid.
    Is that he want wait until maturity.

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