Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection)
The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme by the Ministry of Finance exclusively for a girl child. SSY was launched by the Hon’ble Prime Minister on 22nd January 2015 as a part of the Beti Bachao Beti Padhao campaign. The scheme is meant to meet the education and marriage expenses of a girl child. Notified by the Government of India on 14th December 2014, this scheme encourages parents to build a fund for the future education and marriage expenses of their female child. One can apply for SSY through Post Offices or through the branches of Public Sector Banks and three Private Sector Banks viz.HDFC Bank, Axis Bank, and ICICI Bank. The account can be opened by a parent or legal guardian of the girl child. The girl child must be below the age of 10 years. Only one account is allowed for a girl child. A family can open only two SSY accounts. The Minimum Investment is ₹250 per annum; The Maum Investment is ₹1,50,000 per annum. The Maturity Period is 21 years.
At present, SSY has several tax benefits and the highest rate of interest among all the Small Savings Schemes i.e. 7.6%. The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt. The principal amount is deductible under section 80C up to ₹1,50,000. Since the inception of the scheme, around 2.73 crore accounts have been opened under the scheme, having nearly ₹ 1.19 Lakh Crore deposits.
Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
Account can be opened in the name of a girl child till she attains the age of 10 years.
Only one account can be opened in the name of a girl child.
Account can be opened in Post offices and in authorised banks.
Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
The account can be transferred anywhere in India from one Post office/Bank to another.
The account shall mature on completion of a period of 21 years from the date of opening of account.
Deposit qualifies for deduction under Sec.80-C of I.T.Act.
Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.
- The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.
- Every account holder shall have a single account under this Scheme.
- An account under this Scheme may be opened for a maximum of two girl children in one family: Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family. Provided further that the above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.
- The Minimum Investment is ₹250 per annum; The Maximum Investment is ₹1,50,000 per annum. The Maturity Period is 21 years.
- At present, SSY has several tax benefits and the highest rate of interest among all the Small Savings Schemes i.e. 7.6%.
- The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt under Section 80C.
- The account can be transferred anywhere in India from one post office/Bank to another.
- Interest payment even after maturity if the account is not closed.
- A premature withdrawal of up to 50% of investment is allowed after the child gains the age of 18 years even if she is not getting married.
How to Apply
- Birth certificate of the girl child
- Photo ID of applicant parent or legal guardian
- Address proof of applicant parent or legal guardian
- Other KYC proofs such as PAN, and Voter ID.
- SSY account opening form.
- A medical certificate has to be submitted in case multiple children are born under one order of birth.
- Any other documents that are requested by the bank or post office.