With the wave of women empowerment finally reaching the shores of India, governments all across the nation have ensured that there are provisions made to enable women to achieve more than they ever could. To help the cause further, the Post Office of India launched the Sukanya Samriddhi Yojana – a small scale savings scheme wherein your investments for your daughter’s future are safely kept; where market fluctuations never dictate your daughter’s college or life decisions.

About the scheme

The Sukanya Samriddhi Yojana is a small deposit scheme for the girl child and was essentially launched as a part of the “Beti Bachao Beti Padhao” campaign. One prime reason for the immense popularity of the scheme is due to the tax benefits it offers. It basically comes with a maximum tax benefit of ₹1.5 lakh under section 80C of the Income Tax Act.

Furthermore, the interest accrued and the maturity amount are exempt from taxation in the future. Currently, the scheme provides an interest rate of 7.6% and tax benefits. The Sukanya Samriddhi Scheme can be opened at any India post office or Branch of Authorised commercial banks.

How to apply for the Sukanya Samriddhi Yojana online

  1. In order to apply for the scheme, one would need an application form, which can be procured through the following: the Reserve Bank of India website, the India Post website, individual websites of Public Sector banks like SBI, PNB, BoB, etc, or through websites of certain participating private sector banks like ICICI Bank, Axis Bank and HDFC Bank.
  2. Once you get your hands on the form, you would have to fill in key information regarding the girl child on whose name the investments will be made. Details of the parent or guardian who will be opening the account will also be needed.
  3. Once all the details have been filled out, the form needs to be signed and submitted with the account opening authority along with copies of all applicable documents.

How can one check the SSY Account balance?

Frugal financial decisions happen when you have a tab on your investments and your accounts. If you wish to check your SSY account balance, here is what you need to do:

  1. If your account is maintained with a participating bank branch, the account balance can be checked easily through internet banking or mobile banking.
  2. You do, however, need to ensure that this account is linked to your existing bank account which has net banking activated so as to receive easy access to account records.
  3. This option of online balance check for SSY accounts is a process in addition to the passbook update option which can be done by visiting the bank account manually.

Summing it up

Women empowerment begins from home. With the Sukanya Samriddhi scheme, daughters in the country can be ready for a brighter future; one where the finances are taken care of, winging their dreams allowing them to reach out for what’s otherwise considered unreachable.


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