Sukanya Samriddhi Yojana Eligibility

Sukanya Samriddhi Yojana forms one of the most popular savings schemes launched by the Government of India, focusing on the financial well-being of the girl child. The present article shall guide regarding the eligibility criteria of the scheme so that parents and guardians can understand whether they are eligible for the said scheme for availing benefits meant for their daughters.

What is Sukanya Samriddhi Yojana?

Before we discuss eligibility, let us briefly understand what Sukanya Samriddhi Yojana is. The SSY scheme was introduced in 2015 to support the “Beti Bachao, Beti Padhao” campaign. It is a small-savings scheme for the bright future of girl children of India. It is supplemented by attractive interest rates and tax benefits, making it an excellent investment for parents planning for their daughter’s education and marriage expenses.

Age Eligibility Criteria of the Girl Child

The primary eligibility criteria for opening a Sukanya Samriddhi Yojana account are simple, with only the age factor of the girl child having to be taken into consideration, which is as follows:

1. Minimum age: The account can get opened anywhere from the birth of the girl child to her attaining the age of 10 years.

2. Grace: There is a grace time of one year, by which parents can even open an account before the daughter reaches 11 years of age.

3. Maximum age: No new accounts can be opened for girls who have crossed 11 years of age.

Note that only one SSY account can be opened per girl child. Of course, if you have more than one daughter, you can open separate accounts for each of them—to the extent they meet the age criteria.

Residency Requirements

The Sukanya Samriddhi Yojana is available for :

1. Resident Indians- This scheme is open to girl children who are residents of India.

2. NRI restrictions- NRIs are not allowed to open an SSY account

3. Change in residency status- If the account holder becomes NRI after opening, the account has to be closed immediately.

Eligibility of Guardian

This SSY account is opened and operated during this period by the guardian of the girl child till she attains the age of 18. Given below are the eligibility criteria for guardians:

1. Natural guardian: Parents come under the category of natural guardians and, therefore, can open an SSY account for their daughter.

2. Legal guardian: In the event of the death of parents, a legally constituted guardian appointed by a court of law may open and operate the same.

3. Age limit: There is no specific age limit for guardians to open an SSY account.

Documentation Required for Sukanya Samriddhi Yojana

The following documents are normally required to open a Sukanya Samriddhi account:

1. Birth certificate of girl child

2. Guardian’s identity proof: Aadhaar card, PAN card, or other government-issued ID

3. Proof of guardian address

4. Two passport-sized photographs of the girl child

5. Two passport-sized photographs of the guardian

Keep the following documents ready before applying for the opening of an SSY account.

Where to Open the Account Sukanya Samriddhi Yojana

A Sukanya Samriddhi account can be opened by eligible individuals in:

1. Post offices: Any post office that offers savings bank services

2. Nationalized banks: Most public sector banks in India

3. Some Private Banks: Very few private banks that are as approved by the Government

Inquire if the SSY account is available when you visit your local post office or bank.

Financial Eligibility and Contribution Limits:

While there are no income-based restrictions for opening an SSY account, here are some financial criteria to be kept in mind:

1. Minimum deposit: The account opens with a minimum deposit of ₹250.

2. Maximum deposit: The maximum that can be deposited in a financial year is ₹1,50,000.

3. Deposit frequency: It can be deposited in one go or in parts, with a minimum of one deposit per financial year.

Not making the minimum yearly deposit can render the account inactive.

Tax Benefits Eligibility

Among the many attractive features that Sukanya Samriddhi Yojana confers are the tax benefits, which include the following:

1. Deduction under Section 80C: The contribution made to SSY is eligible for exemption on tax deduction under Section 80C of Income Tax Act, up to ₹1,50,000 per annum.

2. Tax-free interest: The interest accruing on SSY is exempt from tax.

3. Tax-free maturity amount: The maturity amount received is also exempt from tax.

These tax benefits make SSY an attractive investment option for eligible individuals.

Special Categories and Exceptions

In some cases, there will be special considerations in SSY eligibility cases:

1. Adopted girls: Legally adopted girl children are eligible for SSY accounts.

2. Girls with disabilities: Special provisions may apply for opening accounts for girl children with disabilities.

3. Multiple births: In case of birth of twin girl children or more than one girl child in a single birth, separate accounts may be opened for each such girl child.

Account Closure and Maturity

The following account closure rules are notable:

1. Premature closure: The account shall prematurely close in the event of the death of the account holder or to withdraw for the surgical treatment of life-threatening ailments;

2. Maturity: The account matures on the date the account holder attains the age of 21 years.

3. Extension option: The account can be extended by another 4 years after maturity, if the girl child is not married.

Conclusion

The Sukanya Samriddhi Yojana offers a unique opportunity to the parents to secure the future of their daughter. You could know about the eligibility that takes into consideration your age, place of residence, and financial details to decide whether the scheme will suit your family or not. Do keep in mind that rules and interest rates are subject to change, so track the latest government instructions, if any. With its high interest rates and tax benefits, SSY remains an incendiary proposal for all those who are eligible to invest in this girl child-centric savings scheme.