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SUKHANYA SAMRIDDHI YOJNA SUKANYA SAMRIDDHI YOJANA A SMALL SAVINGS SCHEME 1 SUKANYA SAMRIDDHI YOJANA(SSY) WHAT, WHY,WHOM,WHEN AND WHERE? Meaning : Girl Child Prosperity Account Notion : A savings scheme to encourage parents of girl child to build a fund for the future education and marriage expenses. Initiative by : Hon.PM Narendra Modi Launched on : 22nd January 2015 Place of Launch : Panipat, Haryana THREE STEPS TO GAIN THE BENEFITS OF SSY 1)Account Opening 2)Investment 3)Maturity 1)ACCOUNT OPENING Account can be opened at post offices and commercialized banks. RULES : Account can be opened only by parents of the child/Legal Guardian only for Indian Residential Citizens and remains so until the maturity or closure of the account. Only two girl children below the age of 10years from a family can have the SSY account. One girl child cannot hold two accounts. DOCUMENTS TO CARRY: Birth certificate of the child. Address proof(Passport, Ration card, driving license, Aadhar card, Election ID Card, Electricity and telephone bill or any address proof issued by the Government of India) of the child’s parents or the legal guardian. Identity proof(Passport, PAN Card, Matriculation certificate, Election ID Card or any other certificate issued by Government of India) of the child’s parents or the legal guardian. PLACES WHERE YOU CAN OPEN YOUR SSY ACCOUNT POST OFFICE: COMMERCIALIZED BANKS OFFERING SSY ACCOUNTS: 2)INVESTMENT Open with 1000 Subsequent Deposits can be made in multiples of 100 only. Maximum deposit for 1 financial year (Up to 1,50,000) No limit on number of deposits Interest Rate : 8.6% pa Minimum deposit in an account annually must be at least 1000.Otherwise, you will have to pay the minimum amount along with a fine of 50 will be charged. Deposits can be made up to a maximum of 14years from the date of opening. 3)MATURITY Partial withdrawal of up to 50% can be done only for education or marriage after the 18years of the girl. Can be closed after 21years of age. Premature at 18years of the girl child in case of marriage. Why is SSY unique? The interest accrued on the account would be completely exempted from taxes. Also the maturity amount received after the account is closed would be exempted from taxes. On maturity of Sukanya Samriddhi Account, the account balance along with accrued interest will be paid directly to the account holder (i.e) Girl Child. It gives financial independence to Girl child which is currently missing in India. High interest rate among all saving schemes. Account can be closed after marriage of the child. Even after maturity if the account is not closed by the account holder, Interest shall be payable in the account till final closure of the account. BENEFITS OF SSY Encourages every girl child from the very young age and their parents in the rural areas, to hold an account, learn how to operate it and also acquire a good knowledge about the banking system. Encouraging people in rural areas to open accounts and to deposit money as a part of this scheme helps in promoting the financial status of our country. By being a part of SSY, girls would also learn to become independent by the time they attain maturity. CONCLUSION Every girl child deserves a better future, because every girl child is India’s daughter. She has the power to change the country, if she is allowed to live independently. Hence , every girl child’s family must promise to be a part of this scheme, in order to change the financial status of India and the social status of her daughters. THANK YOU!!