This is a central government scheme for all the parents under ” the Beti Bachao, Beti Padhao scheme, who have daughters. The core goal of the scheme is to foster a bright destiny for females and secure their future financially. Under this scheme, the guardian may open a savings account on behalf of their daughters in any bank. On completion of the terms and coverage year, the guardian can use the gathered sum of money to pay the costs of their daughter’s schooling or marry her. Many parents have joined this scheme and commenced saving for their daughter’s brighter destiny.
All About The Scheme: Sukanya Samriddhi Yojana 2024.
This policy allows parents to open a savings account free of cost under their daughter’s names and start saving up for their future expenses. This plan has helped many guardians across the country raise their daughters with less worry about their future needs. Recently the government has increased the interest rate for the scheme to 8.2% for each account.
What Is Sukanya Samriddhi Yojana: Investment Criteria
The SSY scheme naturally matures in 21 years since the opening of the account and allows 50% payment withdrawal when the girl turns 18. In the Sukanya Samriddhi 2024 scheme, parents are free to invest any amount from Rs 250 to over Rs 150,000 each year. This amount is to be paid each year, on which they will earn an interest rate of 8.2% per year. The SSY account can be shut down at the wish of the parents at a time and the saved money can be used for the girl’s schooling or marriage.
Eligibility To Know for Sukanya Samriddhi Yojana
These are the government-set criteria that should be fulfilled before parents can set up a savings account for their daughter under Sukanya Samriddhi Yojana 2024.
- The child and the parents should possess a domicile and be a permanent national resident.
- The scheme can only be availed of by two girls per family. If any parents have three girls, the scheme can be used only for two girls. In the case of triplets, the parents can open up to three accounts, too.
- To open a savings account under this scheme, the girl should be younger than 10 years.
- Only the biological mother or father and legal guardians in case of adoption, can open this account for the girl child.
All the Documents You Need For Sukanya Samriddhi Yojana 2024
Parents must have all these important documents already made with them to create a Sukanya Samriddhi Yojana 2024 account:
- 4 passport sized pictures that were taken recently
- A girl’s birth certificate will be required to approve her age.
- Parent’s Aadhaar Card / PAN Card / Identity Card
- Any official government document as an address proof (Ration card, driver’s license, Electricity bill, etc)
- The bank or post office might require a few additional documents.
- 2 recent passport-sized pictures of the girl and the parents.
These were the documents parents must submit to the bank or post office for opening their daughters Sukanya Samriddhi Yojna 2024 Account. Yet, there must be one or two documents which are not written here, so please, contact the nearest post office or bank.
How To Open an Account Under Sukanya Samriddhi Yojana 2024.
To open a savings account under the SSY scheme, parents can follow these very simple steps.
- Go to any post office or bank close by.
- Get an SSY form from someone at the help desk.
- Fill in the form with care to avoid mistakes, as they can cause problems later.
- Once done, attach your recent passport-size photos and all the needed papers.
- Then, hand in the form to the bank or post to finish your part.
- Once they check and accept your form, they will tell you what to do next.
How To Withdraw From Sukanya Samriddhi Yojana 2024 Account?
As said before, the plan ends after 21 years and then the person who owns the account can get the cash withdrawn in EMI. But, when there are major needs or urgent situations, there is a way to obtain some money before the scheme ends. Following are the ways to obtain the scheme money before the period of maturation:
- When the girl turns 18, half of the money can be taken out to help pay for college or other big needs.
- It’s important to know this money can only be taken out once a year and bit by bit, in small parts 5 or 7 times. You can’t get all the cash at once after the 21 years are up.
To withdraw 50% of the amount before the period of 21 years, it is mandatory to invest in an account for 15 years from the day of the Sukanya Samriddhi Yojana 2024 account opening. The scheme does not allow for an all-in-one withdrawal before maturation.
Conclusion
Sukanya Samriddhi Yojana 2024 is an excellent scheme for all parents with 2 or fewer daughters. All over India, this scheme has been used by more than 3 crore parents till 2024. With the help of this initiative, parents can easily be prepared for their daughter’s future by saving up little by little. Now that you are aware of the scheme, hurry to your nearest bank and take the first step towards a brighter future for your daughter.
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