LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
In a world that strives for gender equality, it is essential to secure a bright and empowered future for the girl child. In this pursuit, the Government of India introduced the Sukanya Samriddhi Yojana (SSY), a commendable initiative aimed at providing financial support and fostering the socio-economic development of young girls.
Launched as part of the ‘Beti Bachao, Beti Padhao’ campaign, this savings scheme has gained significant popularity since its inception. With its focus on long-term financial planning and high interest rates, the Sukanya Samriddhi Yojana offers a secure and prosperous future for young girls.
This article delves into the key features, benefits, eligibility criteria, and steps to open an account under this scheme, highlighting how it has become a transformative tool for nurturing the dreams and aspirations of the girl child in India.
The main objectives of the ‘Beti Bachao, Beti Padhao’ campaign are as follows -
Discussed below are the key features of Sukanya Samriddhi Yojana -
Listed below are the major Sukanya Samriddhi Yojana benefits -
To apply for the Sukanya Samriddhi Yojana, investors can choose either post offices or participating public and private banks. They would be required to submit specific documents and follow the process outlined below.
As an investor, you would need to apply for the form in the following manner -
To initiate a Sukanya Samriddhi Yojana (SSY) account, you have the flexibility to choose any participating bank or Post Office branch. Follow the outlined steps below for a hassle-free account opening process:
By following these simple steps, you can swiftly set up your SSY account and start securing a prosperous future for your child.
The India Post Payments Bank (IPPB) app must first be downloaded to your smartphone to make payments via the internet to your Sukanya Samriddhi Yojana account. This programme allows you to set up recurring requests for a certain amount to be transferred online into your SSY account.
Here are the detailed instructions -
To provide the supporting documents and evidence, you must go to the post office or bank location where you submitted your Sukanya Samriddhi Yojana application in person. A printed copy of all of the following papers must be submitted -
Here are the eligibility criteria for opening a Sukanya Samriddhi Yojana account -
A Sukanya Samriddhi Yojana account can be opened at a post office branch or a bank that is a participant in the programme. If your current bank is one of the cooperating banks, it will be easier for you to open a Sukanya Samriddhi Yojana account there.
The SSY Account Opening Application Form is available for download on the websites of the relevant banks. To open an SSY account, you must fill out the form and deliver it to the partnering bank.
Here is the list of the partnering banks -
The Sukanya Samriddhi Yojana calculator is a simple online tool that aids in calculating the total maturity amount for the policyholder.
Provide the calculator with the following details -
Since the interest rate is set by the Indian government, the user won’t be required to enter any details related to it here.
After the 15-year plan has been in place, the investor may withdraw the amount of their investment. The investor may take an early or partial withdrawal of the fund in case of a financial emergency or crisis.
When the investment matures, the investor has the right to withdraw both the principal and interest. To withdraw money, the investor must, however, produce the following paperwork -
When the beneficiary, who has reached the age of 18, marries, an early withdrawal of the fund is permitted. Before a month has passed since the girl child's wedding, the depositor must complete the application and provide documentation of the beneficiary's age.
To shift the Sukanya Samriddhi Yojana account from the post office to the bank, the depositor must take the actions outlined below -
Have a look at what people are asking about the Sukanya Samriddhi Yojana in the FAQ section next -
Ans: As per the guidelines, only one account can be opened per girl child - whether at the post office or any bank. There is a limit of two girl children per family who can have this account setup. More than two accounts can be formed in a household only in the event of the birth of twins or triplets of females.
Ans: When the covered girl child reaches the age of 18, the Sukanya Samriddhi Yojana account permits a 50% withdrawal of the deposited funds for higher education. However, the account matures once 21 years have passed since the account's opening.
Ans: You can move your account under this scheme from a post office to a bank or from one approved bank to another. This is due to the possibility that a girl child may need to move at some point for academic or other reasons.
Ans: The scheme is either ended and the earnings are given to the family or the female child in the event of the passing of a girl child's legal guardian or parent, or the programme may be continued with the initial deposit up until the maturity stage, and the initial deposit will continue to generate interest until the girl child is 21.
Ans: Yes, while PPF or Personal Provident Fund is meant to help people plan for retirement or longer tenures, Sukanya Samriddhi is a programme primarily for girl children. Both schemes can be used at the same time because they have different financial goals.
Ans: There is unequivocally no distinction in features or benefits, regardless of whether it's private banks, public banks, or post offices. All authorised entities provide precisely identical features and benefits because the scheme is driven by the central government.
Ans: Indeed, every account holder of the Sukanya Samriddhi Yojana will receive a passbook that serves as a record of all their transactions. The passbook contains essential personal details such as the account holder's name, age, and address. This proves to be a valuable point of reference for depositors in various situations such as resolving disputes, transferring accounts between locations, or moving from a post office to an authorised bank.
Ans: If a deposit of less than INR 250 is not made, the account will be deactivated. Nevertheless, it is possible to restart the account by paying a penalty fee of INR 50. The terms of this program have been designed to be highly flexible in order to encourage the participation of individuals from diverse economic backgrounds.