Sukanya Samriddhi Yojana (SSY) Details & Download Form 2021
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. Parents can open up to two such accounts for girls (they cannot open a third/fourth account, etc. if they have more than two girls). These accounts have a tenure of 21 years or until the girl child marries after the age of 18. ICICI Bank is authorized by the Ministry of Finance for offering SSY Accounts. Customers can open the account by submitting the account opening documents at any ICICI Bank branch.
Sukanya Samriddhi Yojana (SSY) Details & Download Form 2021
Features & Benefits of Sukanya Samriddhi Yojana:
- Get more returns than other similar savings scheme
- Authorized by the ministry of finance, it is a Government of India backed savings scheme
- Minimum investment - Rs 250; Maximum investment – Rs 1,50,000 in one financial year
- Triple Tax Benefit - Principal invested, the interest earned as well as the maturity amount is tax-free.
Know before you invest:
- Returns: The interest rate of 7.6% per annum
- Lock-in period: 21 years from the date of account opening.
- The girl child has to be below the age of 10 at the time of account opening
- Deposits to be made till completion of 15 years, from the date of opening of the account
- A partial withdrawal facility is available after the account holder attains 18 years of age
Interest rate is subject to change by the Government of India
Document Lists:
- SSY Account Opening Form
- Birth Certificate of the girl child (mandatory)
- Identity proof (as per RBI KYC guidelines)
- Residence proof (as per RBI KYC guidelines)
Premature closure of Sukanya Samriddhi Account:
Premature closure can only be done by a girl child on attaining the age of 18 years for the purpose of marriage expenses. However, there are some special cases under which the account can be closed and the respective amount can be withdrawn:
The untimely death of the account holder:
In case the registered girl child unfortunately dies, the parents or the legal guardian are eligible to claim the final amount on the account and accrued interest as well. The amount will be handed over to the nominee of the account immediately. Also, the parents or legal guardians are required to submit the relevant documents verifying the death of the account holder duly attested by the concerned authorities.
Important Links:
Read in Gujarati this (SSY) Schemes
Download Sukanya Samriddhi Yojana (SSY) Form
Inability to continue the account:
The Sukanya Samriddhi Account can be prematurely closed if there is any kind of direction from the Central Government regarding the inability of the depository to carry forward the account. The closure can also be processed in case the contribution towards the account is causing any kind of financial stress to the depositor. Moreover, proper permission from the competent authorities must be generated to process the closure and settlement of the account.
