The central government’s Sukanya Samriddhi Yojana aims to help parents to plan for their daughter’s future and build a substantial fund to cater to her future needs.
In line with the ‘Beti Bachao Beti Padhao’ campaign, the central government launched a social initiative named Sukanya Samriddhi Yojana (SSY) to address the issue of the declining child sex ratio and to promote girls’ education in India. With the help of the scheme, parents can plan for their daughter’s future and build a substantial fund to cater to her future needs. The initiative which was launched in January 2015 aims toward promoting the ‘Beti Bachao Beti Padhao’ campaign in order to convey the message of educating the girl child.
Parents can open up to two Sukanya Samriddhi accounts per family in the name of their two daughters aged 1 year to less than 10 years.
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What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a social effort, which is managed collaboratively by the Ministry of Health and Family Welfare, the Ministry of Women and Child Development, and the Ministry of Human Resource Development. It is a national initiative that aims to address a significant challenge in society pertaining to the education and marriage of girls. The scheme focuses on aiding parents secure a promising financial future for their daughters to help in covering their education expenses and also their marriage expenses.
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Sukanya Samriddhi Yojana: Interest rate
The scheme presently offers an interest rate of 8 per cent, which allows individuals to invest up to Rs 1.5 lakh per annually per account. The interest which compounds on a yearly basis on the deposited amount in the SSY account matures 21 years from its opening. It is pertinent to note that a person can make a minimum annual contribution of Rs 250 and a maximum of Rs 1.5 lakh.
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Sukanya Samriddhi Yojana: Eligibility
1. The parent or legal guardian of the girl child is eligible to open an SSY account on behalf of their daughter until she attains the age of 10.
2. The girl child must be an Indian.
2. While two accounts are allowed for two girls in a family, a third SSY account can be opened in the case of twin girls.
How to save up to Rs 67 lakh through Sukanya Samriddhi Yojana?
If calculated on a Sukanya Samriddhi Yojana calculator, parents can earn around Rs 67 lakh by depositing the maximum amount of Rs 1.5 lakh annually. Speaking of which, considering the present interest rate of 8 per cent, if a parent invests Rs 1.5 lakh every year for the next 15 years, an SSY account will save up to Rs 67.3 lakh upon maturity.
