About the Scheme
- Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme that helps parents secure the future of their girl child. It was launched as a part of the ‘Beti Bachao Beti Padhao’ campaign.
- Accounts under SSY can be easily opened at post offices and designated private or public banks in the form of a savings account in the name of the baby girl. The interest rates for Sukanya Samriddhi Yojana are declared quarterly.
Eligibility criteria for opening a Sukanya Samriddhi Yojana account
- Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
- The girl child should be less than 10 years at the time of account opening. The account can be operational till the girl reaches the age of 21 years.
- To meet the requirement of the child’s higher education expenses, partial withdrawal of 50 per cent of the balance is allowed after she turns 18.
- The investment can start at Rs. 250 and go up to Rs. 1,50,000 annually.
- A single girl child cannot have multiple Sukanya Samridhhi accounts.
- Only two Sukanya Samriddhi Yojana accounts are allowed per family, i.e., one for each girl child.
Why in News?
- The Government of India has retained the interest rate on the Sukanya Samriddhi scheme at 8 per cent.