Prime Minister Narendra Modi announced the Sukanya Samriddhi Yojana Plan on 22 January 2015 as a part of the "Beti Bachao Beti Padhao" initiative with the primary goal of safeguarding the future of female children. The Pradhan Mantri Sukanya Samriddhi Yojana initiative aims to improve the lives of girls in our nation and provide a way of savings for every family's girl child.
 

In this article, we'll go through the PM Sukanya Samriddhi Yojana or Sukanya Yojana details, including the features of Sukanya Samriddhi Yojana and the eligibility of Sukanya Samriddhi Yojana.
 

Continue reading to learn more.
 

Sukanya Samriddhi Yojana: Everything to Know
 

The Sukanya Policy or Sukanya Samriddhi Yojana is a modest deposit plan for girls that was introduced as a part of Narendra Modi's "Beti Bachao Beti Padhao" initiative. It's for guardians or parents who have been blessed with a girl child and are seeking ways to prepare their child's financial future. The Sukanya policy enables parents or guardians to invest money in the policy and save for their female child's welfare in a methodical manner.
 

The policy is primarily intended for newborn girl children in order to make sure that they aren't left behind. According to the plan, it gives financial stability to a girl child until she reaches the age of 18.
 

The following are the highlights of the SSY:
 

Investment Value	₹250 (minimum value) and ₹1.5 lakh/annum (maximum value)
Present Yearly Interest Rate	7.6%/annum
Maturity Value	Differs based on the amount invested
Maturity Duration	21 years from the investment date

The plan includes a number of tax* benefits. For example, it gives an income tax* break under the 1961 Income Tax* Act (under Section 80C). Furthermore, the plan's maturity and return amount are tax*-free.
 

A PM SSY account can be opened at any authorised commercial bank branch or post office. However, the guardian of the girl child must remember that it can only be opened after the birth of a girl until she reaches the age of 10.
 

Features of Sukanya Samriddhi Yojana
 

Sukanya Samriddhi Yojana has the following distinguishing features:
 

• The account can be operated by the girl's guardians or parents until the girl child attains the age of 18.
• When the girl child reaches the age of 18, she must run the account.
• An individual can begin making SSY deposits with as little as ₹250, with a max deposit of ₹1.5 lakh every fiscal year. Deposits can be made in multiples of 100.
• The PM SSY scheme has a deposition term of 15 years and a maturity period of 21 years.
• The SSY account may be moved from a bank to any post office across the country. There are no fees associated with the account transfer.
• In order to transfer the account from the post office to the bank and vice-versa, evidence of residential change is necessary. If someone fails to produce the proof, they must pay ₹100.
• The deposit to the account may be made in the form of an online transfer, cash, demand draft, or cheque.
   

Eligibility of Sukanya Samriddhi Yojana
 

Let us look at the eligibility requirements for creating a Sukanya Samriddhi Yojana Account:
 

• Just the legal parents or guardians of a girl child may create an SSY account in her name.
• The girl child's age must be below 10 when the account is opened.
• The maturity term of the account is until the girl child becomes 21 years old. Individuals can begin investing in Pradhan Mantri Sukanya Samriddhi Yojana with as little as ₹250 and also can invest a maximum of ₹1.5 lakhs every fiscal year.
• An individual can create just one account in the name of that girl child.
• Just two SSY accounts are permitted per family, that is, one for each female child.
   

Interest Rate of Sukanya Samriddhi Yojana (2022)
 

The Pradhan Mantri Sukanya Samriddhi Yojana investment can be utilised to financially ensure the female child's future. The interest rate on the Sukanya Samriddhi Yojana is calculated quarterly and is regarded as one of the interest rates among numerous investment alternatives.
 

Presently, the Sukanya Samriddhi Yojana policy's interest rate has been cut from 8.4 per cent to 7.6 per cent, and it's compounded annually. Interest is not due once the policy's tenure has expired or if the female child becomes a non-citizen or NRI (Non-Resident Indian).
 

The following table shows the interest rate given by the policy:
 

Duration	Rate of Interest (%)
October to December 2021-2022	7.6%
July to September 2021-2022	7.6%
April to June 2021-2022	7.6%
January to March 2021-2022	7.6%
October to December 2020-2021	7.6%
July to September 2020-2021	7.6%
April to June 2020-2021	7.6%
January to March 2020-2021	8.4%
October to December 2019-2020	8.4%
July to September 2019-2020	8.4%
April to June 2019-2020	8.5%
January to March 2019-2020	8.5%
October to December 2018-2019	8.5%
July to September 2018-2019	8.1%
April to June 2018-2019	8.1%
January to March 2018-2019	8.1%

Sukanya Samriddhi Yojana: Benefits
 

Sukanya Samriddhi Yojana provides other benefits in addition to financial stability for girl children. Let us take a closer look at these perks:
 

• The EEE tax break that can't be overlooked
  
  The PM SSY provides tax advantages under EEE (exempt, exempt, exempt) forms. That is to say:
  
  
  • Contributions to the plan for a maximum of ₹1.5 lakhs are tax-exempt under the Income Tax Act (Section 80C).
  • The earned interest on contributions made to the plan is tax-free.
  • The maturity amount is tax-exempt under the Income Tax Act (Section 10D).
     
• Straightforward procedure of account opening
  
  
  The SSY account may be simply started with a little deposit of ₹250. An individual can also deposit a maximum of ₹1.5 lakh every fiscal year. Anyone in any income group can register an account with just ₹250.
   

• Aids in the development of a financial reserve for the female child
  
  The PM Sukanya Samriddhi Yojana assists individuals in creating financial reserves for their female children from the start. Furthermore, because half of the account balance may be withdrawn once the girl reaches 18, it may assist pay her higher education expenses.
   

• Premature withdrawals may be made in certain conditions
  
  If the female child attains 18 years, she can make an early withdrawal. Furthermore, premature withdrawal is permitted after the fulfilment of five years of the plan from the initiation date in the event of a medical emergency or the untimely death of the guardian or parent. However, submitting the application form is mandatory.
   

• Appealing rate of interest
  
  The Pradhan Mantri Sukanya Samriddhi Yojana puts forward an appealing 7.6% interest rate compounded yearly, as compared to any other investment plan. The SSY rate of interest is subject to quarterly changes.
   

Conclusion
 

The Pradhan Mantri Sukanya Samriddhi Yojana is a terrific initiative by our Indian Government that attempts to address a fundamental issue for female children: education and marriage. The Sukanya policy aims to provide a bright future for the female child in our nation by assisting parents or guardians of a girl child in establishing a fund for their kid's appropriate education and blithe marriage expenditures.
 

Together with opening an account under the Pradhan Mantri Sukanya Samriddhi Yojana, it's also imperative to protect your girl child's life as well as yours with a robust life insurance policy. Opting for insurance for life can provide you with financial assurance in unfortunate circumstances, ensuring you don't need to dry out your bank accounts.
 

All Tata AIA Life Insurance plans are designed to provide financial coverage in times of medical emergencies. As leading providers of protection, we provide personalised solutions that allow clients to secure the smiles of their family members and loved ones. So, why wait? Contact us to get started!
 

L&C/Advt/2022/Sep/2177