Sukanya Samriddhi Yojana - Post Office Savings Scheme For Girl Child

Sukanya Samriddhi Account at the Post Office: Key Features
How To Open a Sukanya Samriddhi Account In a Post Office?
Conclusion

The Post Office Sukanya Samriddhi Yojana is a government-sponsored savings program for a family's female child. It is a part of the "Beti Bachao – Beti Padhao Yojana," which was established to encourage parents and guardians of female children to save in order to develop a corpus for her future education and marriage expenditures. It can be opened by a girl's parent or legal guardian until she reaches the age of 10. The government's initiative to support a female child's education and save for them through the Sukanya Samriddhi has gotten a resoundingly favorable reaction and is extremely praiseworthy.

Sukanya Samriddhi Account at the Post Office: Key Features

Each family is permitted a maximum of two Post Office Sukanya Yojana accounts. In the event of the delivery of twins or triplets, three accounts may be opened. For a girl child under the age of ten, the account can be created by her parents or legal guardians.
A Sukanya Samriddhi Yojana in the Post Office can be opened for as little as Rs. 250 per year and as much as Rs.1.5 lakh per year. Cash and/or checks are accepted forms of payment.
An SSY account is valid for 21 years or until the girl Child turns 18, whichever comes first. The account can be maintained open for up to 21 years after it was first opened. The Post Office Sukanya Samriddhi account earns no interest once this time period has passed.
Only a girl Child who is an Indian resident is eligible for this program. A non-resident Indian female child is not permitted to open an SSY account in her name.
Once a girl child reaches the age of 18, the A Sukanya Samriddhi Yojana in the Post Office allows for partial withdrawal. After that, you can withdraw 50% of your cash at the Post Office. Sukanya Samriddhi account for further education/marriage purposes
As previously stated, an annual minimum contribution of Rs. 250 is necessary to keep the account alive for at least 14 years. The account will be deleted if this criterion is not satisfied within a year, and it may be reopened by paying a charge of Rs.50 along with the minimum deposit amount.

How To Open a Sukanya Samriddhi Account In a Post Office?

The government's attempt to encourage a female child's education and the ability to save money for it, known as the Sukanya Samriddhi, has gotten a lot of support and is quite laudable. The Sukanya Samriddhi Yojana is yet unknown to many organizations. However, the post office on your corner may be the most convenient location to create an account. Here's how to go about it:

You must first obtain a copy of the form from the appropriate government website.
Fill out the form with all of the required information.
Carry all essential documentation, including photographs of the female child and her parent/guardian.
Proof of identification
The Aadhaar card, which has address proof, is quite helpful in this regard.
The girl child's birth certificate

All of the aforementioned, as well as the application form, should be submitted to the post office.

Conclusion

A Post Office Sukanya Samriddhi Yojana account comes with a slew of advantages, which is why it's one of the most popular savings plans. As of 2020-21, an annual interest rate of 7.6% is compounded and credited to the account every year. If the money is not withdrawn after the 21-year maturity term, the interest will continue to compound at the current rates. The SSY account at the Post Office can be transferred. In the event that the depositor chooses to relocate. The account can be moved to any approved post office in the new location, and other steps can be taken.