Sukanya Yojana Rules:
Sukanya Samriddhi Yojana (SSY) is one of the various welfare schemes run by the Government of India.
This scheme provides risk-free returns and helps in planning for bigger goals like a marriage of daughters.
Sukanya Samriddhi Account can be opened by the natural or legal guardian of a girl child below the age of 10 years.
However, a person can open only one account in the name of a girl child.
Only two girl children per family are covered in this scheme. Thus, one account can be opened for both the girl children.
How to open this account for three girls?
However, parents or guardians with three girl children can also open a third account provided they fulfill the criteria specified by the government.
The government has said that a Sukanya Samriddhi account can be opened for the third girl child.
If a girl child is born during the first delivery and then twin girls are born during the second delivery, then they will also benefit from this scheme.
So, if a person has three girl children and two are twins, all three will be covered under the Sukanya Samriddhi Yojana (SSY).
Sukanya Samriddhi Yojana interest rate and other key features
The SSY scheme offers an attractive interest rate of 7.6 percent.
The interest income earned from the scheme is entirely exempt from tax under section 10 of the Income Tax Act 1961.
Also, the investment made in the scheme is eligible for deduction under section 80-C of the Act.
Whereas, when it comes to the minimum investment amount, one can invest as low as Rs 250 per year and
up to a maximum of Rs 1,50,000 in the account for 15 years. This deposit will mature in 21 years.
Also, if the minimum deposit of Rs 250 is not made in a financial year, the account can be revived by paying a fine of Rs 50.
The account will attain maturity on completion of 21 years from the account’s opening date.
However, the operation of the account will not be allowed after the girl child’s marriage date.
