Introduced under the Government's initiative of the 'Beti Bachao Beti Padhao' campaign, on January 22, 2015, to address the declining child sex ratio in India. The ‘Sukanya Samriddhi Yojana’ (SSY) is aimed to solve a major problem of poor parents of girl children, which is their financial burden of education and marriage expenses. Hence SSY tends to focus on securing girls' bright futures in India by helping parents build savings for their daughters' education and wedding costs.

The campaign sends the message "Save girls, educate the girl child." It is a national initiative jointly run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.

Details About The Sukanya Samriddhi Yojana Account

The Sukanya Samriddhi Yojana (SSY) account is designed to promote savings for the girl child's future and is one of the most popular long-term investment schemes in India. Below are the key details elaborated:

Opening an Account

• Parents or legal guardians of a girl child who is below the age of 10 years can open an account.

• Only one SSY account for a single girl child is permissible.

• A family is allowed to open only two accounts in case of two girl children only. In the case of twins or triplets, more than two accounts may be sanctioned.

Where to Open the Account

• Designated Banks: The government cognizes opening of SSY accounts at most of the public and private sector commercial banks-Mainly SICB, ICICI, HDFC etc.

• Post Offices: An SSY account can be opened at any branch of any of the authorized post offices of India.

Documents Required

• SSY Account Opening FORM: Is one is available where the account is to be opened at the bank or post office?

• Birth Certificate of the Girl Child: This is to ascertain the age and status of the child.

• Identity Proof of the Parent/Guardian: This can be Aadhaar, PAN card, voter ID and so on.

• Address Proof of the Parent/Guardian: Information such as utility bills, Aadhaar or passport can serve as proof.

• Photographs: Parent/guardian’s recent passport size photograph may also be required.

Deposits:

A guardian can deposit money and manage the account until the girl turns 18. After 18, the girl must manage it herself. The minimum deposit is 250 rupees, then deposits of 50 rupee multiples are allowed. The maximum yearly deposit is 150,000 rupees for the first 15 years. Deposits can be made with cash, checks, bank drafts, or online transfers.

Maturity:

The account matures in 21 years or when the girl marries after 18. Deposits only need to be made for the first 15 years, and then they earn interest until maturity.

Also read: Financial Security with Mahila Samman Savings Certificate

Eligibility For Sukanya Samriddhi Yojana Account

To open and benefit from the Sukanya Samriddhi Yojana (SSY), there are specific eligibility criteria that must be met. Below are the key eligibility points that help you qualify for the SSY scheme:

• Only parents or legal guardians of a girl child can open an SSY account.

• The girl child must be a resident of India and under 10 years old when the account is opened.

• Only one account can be opened for each girl child.

• A family can open a maximum of two SSY accounts, one for each girl child.

• However, more than two accounts are allowed if a family has girl twins/triplets for their first or second birth.

How To Fill Out The Sukanya Samriddhi Yojana Application Form?

Filling out the Sukanya Samriddhi Yojana (SSY) application form is a straightforward process. Follow these steps to ensure that the form is completed correctly:

• In the section for 'To The Postmaster/Manager', provide the details of the Post Office/bank branch including the postal address.

• Paste the applicant's photograph on the right side.

• Next to 'I/We', write the applicant's name and below that write "Sukanya Samriddhi Yojana".

• Enter the deposit amount in numbers and words. Select whether the payment is by cash, cheque or demand draft. If by cheque or demand draft, write the number and date.

• Provide the name of the depositor (girl child) and her date of birth.

• Give the name, date of birth, Aadhaar number and PAN number of the guardian.

• Provide the address and contact details.

• Include details of the birth certificate of the depositor.

• List the KYC documents attached.

• Sign with your name.

• Fill in the nomination details.

• Get two witness signatures if the applicant is illiterate.

How To Make Online Payments For Sukanya Samriddhi Yojana?

Follow these steps to set up online payments through the IPPB app:

• Transfer money from your bank account to the IPPB account.

• On the IPPB app, select "DOP Products/Services" and then the Sukanya Samriddhi Yojana account.

• Enter the SSY account number and customer ID.

• Choose the payment amount and installment duration.

• IPPB will notify you when the payment routine is set up. You'll also get notified each time a transfer is made.

Conclusion

The Sukanya Samriddhi Scheme (SSY) is meant to empower and secure the future of the girl child. Every parent of a girl child should consider investing in this scheme. It also helps with tax savings. Parents can open an SSY within 10 years of her birth. The maturity proceeds from SSY will help cover college and marriage expenses.

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