KNOW YOUR BENEFITS

Name of the Scheme - Sukanya Samriddhi Scheme

Scheme Category – Education

Scheme Description - This scheme offers guaranteed annual returns of 9.2% and the minimum contribution is Rs. 1,000 in a year. This scheme is ideal for all those domestic workers who tend to take their daughters out of school due to lack of funds for her education. This scheme should ideally help them build funds for their daughters’ education or marriage plans.

Eligibility:

It can be opened in the name of girl child by her parents or legal guardians. The girl child has to be below the age of 10 at the time of account opening. Multiple accounts per child CANNOT be opened. Only two accounts per family are allowed.

Procedure to apply for the scheme:

  • 1) It can be opened by the parents of a girl child below the age of 10.
  • 2) A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18.
  • 3) From April 2020, this scheme offers an interest rate of 7.6% compounded annually.
  • 4) • The Sukanya Samriddhi Yojana (SSY) application form for new account can be obtained by visiting a nearby post office or participating public/private sector bank. Alternately, you can also download the SSY new Account application form from the RBI website.

Important Facts to know about APY:

Sukanya Samriddhi Yojana Account Application form can be downloaded from various sources such as:

  • 1) The Reserve Bank of India Website
  • 2) The India Post Website
  • 3) Individual websites of public sector banks (SBI, PNB, BoB, etc.) The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank and HDFC Bank)

Compiled and Edited by Lead Optimist(PFA) - Syeda Ummay Husna