Sukanya Samriddhi Yojana 

About:

Sukanya Samriddhi Yojana is a small deposit scheme for girl child, launched as a part of the ‘Beti Bachao Beti Padhao’ campaign, which would fetch an attractive interest rate and provide income tax rebate.

• ‘Sukanya Samriddhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years.

Objectives:

• To motivate parents to open an account in the name of a girl child and for her welfare to deposit maximum of their savings upto the prescribed limits. 
• To meet the requirement of higher education expense for girls. 
• It would prevent early marriages of girl and ensure equitable share to a girl child in resources and savings of a family in which she is generally discriminated as against a male child.

Salient features:

• The Sukanya Samriddhi Account (SSA) is opened to facilitate their education and marriage expenses with a minimum deposit of Rs 250 and a maximum of Rs 1.5 lakh. 
• A parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years. 
• She can withdraw 50% of the money after reaching age of 18 e.g. for higher education and marriage. 18 years deadline will also help preventing child-marriages. 
• The annual deposit (contributions) qualifies for Section 80C benefit and the maturity benefits are non-taxable. 
• Tenure of the Deposit: 21 years from the date of opening of the account 
• Deposits in SSY account can be made till the completion of 15 years from the date of opening the account. 
• Transfer of account: The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands 

Some of the modifications were made in the rules of the scheme:

• Higher interest rate for default accounts: earlier default accounts (did not maintain minimum payment of 250 annually) earned only post office bank interest rate. However, now, such accounts will continue to earn applicable higher rate. 

• Premature closure of account: along with earlier grounds of death of girl or change of residency, new rules add compassionate grounds as well including medical emergency or treatment of girl child. 
• Operation of account: earlier, the girl could operate the SSA after she turns 10. However, now it is increased to 18 and till then only guardian will operate it 
• Opening of accounts for more than two girl children: earlier, guardian had to submit medical certificate. Now, she/he has to submit birth certificates and affidavit.