The Sukanya Samriddhi Scheme (SSY), launched in 2015, is a government-backed savings program designed specifically to support the education and financial well-being of girls in India. A key component of the Beti Bachao Beti Padhao (BBBP) campaign, which translates to “Save the Girl Child, Educate the Girl Child,” the scheme empowers families to invest in their daughters’ futures.
Understanding Sukanya Samriddhi Scheme
- Eligibility: Parents or legal guardians of a girl child below the age of 10 can open an SSY account in her name.
- Investment: Deposits ranging from a minimum of ₹250 up to ₹1.5 lakh can be made annually.
- Tenure: The account matures after 21 years from the date of opening or upon the girl’s marriage after the age of 18.
- Interest Rates: SSY offers attractive interest rates, which are revised quarterly. Current rates are among the highest offered by government-backed savings schemes.
- Tax Benefits: Contributions to SSY enjoy tax exemptions under Section 80C of the Income Tax Act.
Benefits of Sukanya Samriddhi Scheme
- Financial Security for Daughters: SSY encourages families to build a substantial corpus for their daughters’ higher education, wedding expenses, and other future goals.
- High Returns: SSY’s competitive interest rates ensure significant growth of savings over time.
- Tax Advantages: The tax benefits make SSY a financially attractive investment option.
- Promoting Girl Child Welfare: The scheme aligns with BBBP’s objectives, combating gender inequality and empowering girls through financial security.
Example
A family invests ₹1 lakh annually in an SSY account for their daughter, opened when she was 5 years old. Assuming an average interest rate of 8%, the accumulated amount at maturity (after 21 years) would be approximately ₹63 lakhs. This substantial sum can play a significant role in funding her higher education or other aspirations.
The Connection to Beti Bachao Beti Padhao
SSY directly supports the core objectives of BBBP in several ways:
- Challenging Gender Bias: SSY reinforces the value of investing in a girl child’s future, contributing to changing societal mindsets that often favor sons.
- Educational Empowerment: By providing financial resources for higher education, SSY enables girls to pursue their aspirations and break through barriers.
- Greater Financial Independence: SSY creates a platform for girls’ financial independence, reducing reliance on families or spouses later in life.
FAQs
- Where can I open an SSY account? SSY accounts can be opened at authorized post offices and branches of public sector banks.
- Can I withdraw prematurely from an SSY account? Partial withdrawals are permitted after the girl turns 18 for specific needs like education or medical emergencies.
- What happens to the SSY account if the girl child passes away? In the unfortunate event, the account is closed, and the balance is transferred to the parent or guardian.
MCQs
- SSY is primarily designed to support:
- A. Healthcare for elderly women
- B. Girl child education and welfare
- C. Infrastructure development
- D. Agricultural subsidies
- The minimum annual deposit in an SSY account is:
- A. ₹5000
- B. ₹100
- C. ₹1000
- D. ₹250