The Sukanya Samriddhi Yojana is a saving scheme launched for girls in Maharashtra under the ‘Beti Bachao, Beti Padhao’ initiative to promote the financial security. This scheme introduced by the Government of India in 2015 to provides a high interest rate and tax benefits, making a huge investment option for parents of girl children.
In Maharashtra, Sukanya Samriddhi Yojana is widely available through post offices and authorized banks, ensuring easy access for eligible beneficiaries. It promotes and encourages long-term investment for a girl child’s future education and marriage expenses.
Details of Sukanya Samriddhi Yojana
| Feature | Details |
|---|---|
| Eligibility | Indian girl child below 10 years of age |
| Number of Accounts | One per girl child (maximum of two per family) |
| Minimum Deposit | Rs. 250 per year |
| Maximum Deposit | Rs. 1.5 lakh per year |
| Deposit Duration | 15 years from the date of account opening |
| Account Maturity | 21 years from the date of account opening |
| Interest Rate | 8.2% per annum (subject to revision by the government) |
| Tax Benefits | Exempt under Section 80C of the Income Tax Act |
| Premature Withdrawal | Allowed after the girl turns 18 (up to 50% for education/marriage) |
Key Features of Sukanya Samriddhi Yojana
- Eligibility: The account can be opened by legal guardian for a girl child from the birth or below the age of 10 years.
- Deposit Limit: The minimum initial deposit of Rs. 250, and the maximum of Rs. 150,000 per year is required.
- Tenure: Deposits can be made for up to 15 years, and the account matures after 21 years from the date of opening.
- Interest Rate: The interest rate is revised quarterly by the Government of India. As of 2025, the rate is 8.2% per annum (compounded annually).
- Tax Benefits: Contributions qualify for tax deduction under Section 80C of the Income Tax Act.
- Partial Withdrawal: The account allows Up to 50% of the withdrawal at the age of 18 primarily for higher education or marriage expenses.
- Premature Closure: The account can be closed in cases of the depositor’s death, extreme financial distress, medical emergencies, or the girl’s unfortunate demise.
Benefits of Sukanya Samriddhi Yojana
- High Rate of Interest: This scheme offers and receives one of the highest rates of interest among small savings schemes.
- Triple Tax Benefits: Under this scheme will get a tax exemption under the 80C section on earned income, interest, and partial withdrawals for education, and medical purposes.
- Encourages Long-Term Savings: It helps parents to secure their daughter’s future education and marriage expenses.
- Government-Backed Security: This scheme is a very safe and reliable investment option for the girl’s parents with a sovereign guarantee.
- Flexible Investment: It allows the depositor to deposit the money as per their financial convenience, with just Rs. 250 as the minimum amount.
How to Open an Sukanya Samriddhi Yojana Account in Maharashtra?
- Visit a Bank or Post Office: You need to approach an authorized bank (such as SBI, PNB, Bank of Maharashtra, etc.) or the nearest post office.
- Fill Out the SSY Application Form: Obtain and complete the application form with accurate details.
- Submit Required Documents: Provide necessary documents, including:
- Birth certificate of the girl’s child
- Parent/guardian’s ID proof (Aadhaar, PAN, Voter ID, etc.)
- Address proof (Electricity bill, Aadhaar, Passport, etc.)
- Passport-sized photographs of the applicant and the child
- Make an Initial Deposit: To activate the account need to a deposit a minimum of Rs. 250.
- Receive Passbook: The bank/post office will issue a passbook that records transactions and interest earned.
Frequently Asked Questions (FAQs)
1. Who can open an SSY account?
A parent or legal guardian can open an account for a girl child from the birth or below 10 years of age. Each family can open up to two accounts, one for each daughter.
2. What is the interest rate for SSY in 2025?
The current interest rate for SSY (January-March 2025) is 8.2% per annum, compounded annually.
3. Is the investment in SSY tax-free?
Yes, deposits in SSY qualify for tax exemption under Section 80C, and both interest earned and the maturity amount are tax-free.
4. Can I transfer my SSY account?
Yes, the SSY account can be transferred from one post office/bank to another anywhere in India, including within Maharashtra.
Conclusion
Sukanya Samriddhi Yojana is a high financial tool for securing a girl child’s future with its high interest rate, tax benefits, and government-backed security. It is a huge investment choice for parents. Parents can ensure a strong financial investment for their daughter’s higher education and marriage by regularly depositing in SSY. If you haven’t opened an SSY account yet, visit your nearest bank or post office today and take a step toward securing your daughter’s future.