Planning your daughter’s financial future begins with selecting a secure and rewarding investment option. Among the most reliable choices is the Sukanya Samriddhi Yojana (SSY)—a government-backed scheme that offers long-term benefits tailored for a girl child’s needs
Before opening a Sukanya Samriddhi Yojana account, it’s important to understand who can invest, the age criteria, and what paperwork is needed. In this article, we’ll walk you through the key eligibility criteria for investing in SSY, including who can make an SSY deposit and how to ensure your application is complete.
What Is the Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a small savings scheme introduced by the Government of India as part of the Beti Bachao Beti Padhao initiative, aimed at encouraging savings for the future needs of a girl child.
It encourages parents or legal guardians to invest for a girl child’s higher education and marriage. Among the best government savings schemes available in India, it offers attractive interest rates and tax-saving features, making it a popular choice among families.
Eligibility for Sukanya Samriddhi Yojana
To open a Sukanya Samriddhi Yojana account, certain conditions must be met. These criteria cover the girl child’s age, who can open the account, and the permitted number of accounts per family.
- Girl child’s age: The girl child must be below 10 years of age at the time of account opening.
- Residency: The girl child must be a resident Indian citizen.
- Who can open the account: Only the legal guardian of the girl child is allowed to open and operate the account.
- One account per child: Only one SSY account can be opened per girl child.
- Maximum accounts per family: A family can open up to two Sukanya Samriddhi Yojana accounts, with one account allowed for each eligible girl child.
Special Cases for More Than Two Accounts
- If twin or triplet girl children are born as the first birth or if a girl is born before the twins/triplets, a third account can be opened.
- However, if a girl is born after the birth of twins or triplets, a third SSY account cannot be opened.
Eligibility for Depositing Money in SSY Account
Once an account is opened, the eligibility for depositing money in SSY account depends on the depositor (parent or guardian) making regular contributions. The minimum deposit is ₹250 per year, and the maximum deposit allowed is ₹1.5 lakh per year. You are required to deposit for only 15 years from the date of account opening, while the account matures after 21 years.
Age Limit and Maturity Period
The Sukanya Samriddhi Yojana age limit is strict—only girls under 10 years old can have an account opened in their name. The account remains active for 21 years from the date of opening. Once matured, the corpus stops earning interest and can be withdrawn. If the girl child gets married after 18, the funds can be accessed even before the maturity period ends, provided proper documentation is submitted.
Aadhaar and PAN Now Mandatory
As per the recent update by the Ministry of Finance, it is now compulsory to submit your Aadhaar and PAN when opening an SSY account. These are part of the updated eligibility criteria for investing in SSY.
- If the Aadhaar is not available, proof of application or enrolment is acceptable, but the Aadhaar must be submitted within 6 months of account opening.
- If the PAN is not submitted at the time of account opening, it must be provided within 2 months of any of the following:
- The balance in the account exceeds ₹50,000.
- Annual contributions exceed ₹1 lakh.
- Withdrawals or transfers exceed ₹10,000 in a month.
If Aadhaar or PAN is not submitted in the given time, the account will be treated as inoperative until the required documents are furnished.
Conclusion
Understanding the Eligibility for Sukanya Samriddhi Yojana is key to making the most of this powerful savings instrument. From the girl child’s age limit to the number of accounts a family can open, all rules aim to ensure the scheme benefits its intended audience.
If you meet the eligibility for depositing money in SSY account, consider opening one today. It not only promotes disciplined savings but also ensures a secure future for your daughter with added tax benefits and peace of mind.
