InvestorQ : Can I save money through the Sukanya Samriddhi Yojana?
leah Diaz made post

Can I save money through the Sukanya Samriddhi Yojana?

Sam Eswaran answered.
2 years ago

This special scheme was launched in January 2015 by the Honourable Prime Minister of India, Shri Narendra Modi, under the Beti Bachao, Beti Padhao program. The SSY is intended to save and provide for the education and marriage expenses of the girl child. The SSY account can be opened either at a bank or at the post office and has to be opened before the girl child turns 10 years of age. While the account has a maturity period of 21 years, there is a facility of partial withdrawal of the money up to 50% when the girl child attains 18 years of age. The SSY account can only be opened by the girl child’s parents or legal guardians and is subject to a maximum deposit limit of Rs.150,000 per annum. The SSY scheme is also eligible for tax exemption under Section 80C of the Income Tax Act. Interest rates on the SSY are relatively more attractive compared to other deposits of similar tenure.