Features of Sukanya Samridhi Yojana

Sukanya Samriddhi Yojana (SSY) is a savings plan that can be used for funding the education & marriage of a girl child, the plan was launched by India’s Prime Minister Mr Narendra Modi. 
The main aim of the SSY scheme is to benefit girl children. It can be opened by parents of the girl child under 10 years of age at your designated banks and post offices. Your SSY Account has 21 years of tenure or until the child marries after 18 years of age.

Key Features of Sukanya Samriddhi Yojana (SSY)

SSY was introduced to help the parents of a girl child to build a better corpus for her, which can help to achieve goals like marriage and education. It has several features that you must check out before opening your account. It includes:

Parents or guardians can open an SSY account for a girl child at any time till she is 10 years old.
A depositor may open or operate just one account in the name of the girl child under this scheme rule.
Every family is allowed only 2 SSY accounts (for each of their girl children).
A parent can just open 1 SSY account for a girl child.
An account stays operational until the girl child reaches 21 years of age.
Interest earned, and amount on maturity also are tax-free. 
The minimum deposit amount is Rs.250 yearly and the maximum deposit amount is Rs.1,50,000 yearly.
If a minimum amount of Rs 250 isn’t deposited in a financial year, the penalty will be charged that is of Rs 50/-.
Deposits account shall be made till the completion of fourteen years, from your date of opening an account
This account can be closed prematurely in case the depositor dies.

Advantages of Investing in Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana was introduced as a part of the Beti Bachao and Beti Padhao's initiative, this yojana offers investors various benefits. Some important benefits of the scheme are:

• Assured Returns- As SSY is a government-backed scheme, the yojana offers assured returns.
• Higher Interest Rate- Sukanya Samriddhi Yojana offers a higher fixed return rate (7.6% yearly for Quarter 2 FY (2022 and 2023) than other government tax saving schemes like PPF.
• Flexible Investment- A depositor can make a minimum deposit of around Rs. 250 in one year and a maximum deposit of around Rs. 1.5 lakh in one year. It ensures people with financial standing invest in this scheme.
• Tax Benefit- The yojana offers a tax deduction advantage under Section 80C of Rs. 1.5 lakh yearly.
• Compounding Advantages- Sukanya Samriddhi Yojana is a long-term investment plan since it offers the benefit of yearly compounding. Thus, even small investments can give huge returns over the long term.

Conclusion

The SSY or Sukanya Samriddhi Yojana scheme was made as a way for the girl child of a parent to save for their marriage and education, with the higher interest rate and other tax saving advantages, this scheme has an amazing response as the tax saving instrument too. Also, the interest rate gained in your Sukanya Samriddhi Scheme will be more than the RD interest rate