Govt slashes minimum annual deposit requirement under SSY

The minimum annual deposit requirement for Sukanya Samriddhi Yojana accounts has been lowered to Rs 250 from Rs 1,000 earlier in a bid to enable more people to take advantage of girl child-focussed savings scheme.

The government has amended the Sukanya Samriddhi Account Rules, 2016, to bring the minimum initial deposit to open the account down to Rs 250. The minimum amount one needs to save in the account every year has also been lowered to Rs 250 from Rs 1,000.

Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign.

It is currently 8.1 percent and provides an income-tax benefit under section 80 C of the Income Tax Act,1961. Even the returns are tax-free in the scheme.

A Sukanya Samriddhi Account can be opened any time after the birth of a girl till she turns 10, with a minimum deposit of Rs 250 (Earlier it was Rs 1,000). In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.

The account can be opened in any post office or authorized branches of commercial banks.

The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18.

To meet the requirement of her higher education expenses, partial withdrawal of 50% of the balance is allowed after she turns 18.

Beti Bachao Beti Padhao (BBBP) Scheme was launched in January 2015. The scheme is aimed at promoting gender equality and the significance of educating girls.

The Scheme is targeted at improving the Child Sex Ratio through multi-sectoral interventions including prevention of gender-biased sex selection and promoting girls’ education and her holistic empowerment.

It is a tri-ministerial effort of Ministries of Women and Child Development, Health & Family Welfare and Human Resource Development.

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