TOI Business Desk
Jun 10, 2024
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana: Families across India are increasingly turning to SSY to secure their daughters’ futures. This government-backed savings scheme offers attractive benefits. Here are key things you should know: (AI image)
Image Source: TIMESOFINDIA.COM
Who can open an SSY Account?
Sukanya Samriddhi Yojana accounts can only be opened by parents or legal guardians of girl children below the age of 10. Families are allowed a maximum of two accounts per household, with an exception for twins born during the second child birth. (AI image)
Image Source: TIMESOFINDIA.COM
SSY: Documents Required
To open an SSY account, you need an SSY account opening form, birth certificate of the beneficiary (your daughter), address proof of the guardian or parents and ID proof of the guardian or parents. (AI image)
Image Source: TIMESOFINDIA.COM
SSY Account Opening
After completing the SSY account opening form and gathering necessary documents and photos, you can submit it with an initial contribution ranging from Rs 250 to Rs 1.5 lakh. (AI image)
Image Source: TIMESOFINDIA.COM
SSY Minimum & Maximum Contribution
Deposits to the SSY account can be made annually, with a minimum contribution of Rs 250 and a maximum of Rs 1.5 lakh. (AI image)
Image Source: TIMESOFINDIA.COM
SSY Maturity
The maturity period of the account is 21 years from the date of opening or upon the daughter’s marriage after she turns 18. (AI image)
Image Source: TIMESOFINDIA.COM
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Sukanya Samriddhi Yojana Calculator
Assuming an annual lump sum investment of Rs 1.5 lakh at the current interest rate of 8.2%, the account holder will receive Rs 71,82,119 at maturity. This amount includes the investment of Rs 22,50,000 and total interest of Rs 49,32,119, according to the HDFC Bank website. (AI image)
Image Source: TIMESOFINDIA.COM
SSY: Important point to remember
If you fail to make annual deposits, your account may be classified as defaulted. However, you can reactivate it by paying a Rs 50 fine for each year missed, up to 15 years from the account opening. (AI image)
Image Source: TIMESOFINDIA.COM
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