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Home / IAS Preparation / Government Schemes of India / Sukanya Samriddhi Yojana UPSC

Sukanya Samriddhi Yojana UPSC Notes: Features, Eligibility, Benefits & More

Last Updated on Jul 22, 2024
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GS Paper

General Studies Paper III

Topics for UPSC Prelims

Sukanya Samriddhi Yojana, Inclusive growth

Topics for UPSC Mains

Impact of Girl Child's Education, Financial Security for Women, Gender Equality, Government Strategies for Women Empowerment

Sukanya Samriddhi Yojana is a special deposit scheme for girls launched by the Ministry of Finance on January 22, 2015. It is part of the Beti Bachao Beti Padhao campaign, aiming to address education and marriage expenses for the girl child. Notified by the Government of India on December 14, 2014, the scheme encourages parents to save for their daughter's future. Applications for SSY can be submitted through Post Offices or Public Sector Banks, including HDFC Bank, Axis Bank, and ICICI Bank. The account can be opened by a parent or legal guardian for a girl child below 10 years, limited to one account per child. Families are allowed to open a maximum of two SSY accounts. The minimum annual investment is ₹250, while the maximum is ₹1,50,000; the maturity period is 21 years. The current interest rate, effective from April 1, 2023, to June 30, 2023, is 8.0%. Both the principal amount and interest earned, along with maturity benefits, are tax-exempt. 

The Sukanya Samriddhi Yojana UPSC falls under the purview of the General Studies Paper 3 (GS Paper 3) of the UPSC examination. 

In this article on Sukanya Samriddhi Yojana UPSC, we shall discuss the scheme in detail. This will be very useful for aspirants in the UPSC Exam.

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What is Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana scheme is a small deposit scheme introduced by the Government of India in 2015 as a part of the 'Beti Bachao Beti Padhao' initiative. The scheme aims to encourage parents, especially fathers, to open savings accounts for their girl child and make periodic deposits to build a fund for her future education and marriage expenses.

The Sukanya Samriddhi Yojana allows parents to open a savings account for their girl child. This can be done anytime from the birth of the child until she attains the age of 10 years. The account can be opened at any post office or authorized bank branch. The deposits can be made regularly until the girl child reaches the age of 21 years.

The funds deposited in the PM Sukanya Samriddhi Yojana Account are eligible for tax deductions under Section 80C of the Income Tax Act, and the interest earned on the account is also tax-free. The account holder can make partial withdrawals from the account for the girl child's education expenses after she turns 10 years old. She can access the full maturity amount for her marriage or other expenses after she turns 18 years old.

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Objectives of the Sukanya Samriddhi Yojana Scheme

The Sukanya Samriddhi Yojana (SSY) aims to promote savings for the girl child's education and marriage by offering a secure and high-interest investment option. It thereby encourages financial security and empowerment of girls in India.

  • The primary objective of the Sukanya Samriddhi Yojana is to encourage parents to save for their daughter's future. This ensures that she has access to quality education and other opportunities.
  • The scheme provides a structured savings platform for parents to regularly contribute towards their girl child's financial security and independence.
  • By building a corpus of funds, the scheme aims to empower girls and give them a better start in life. This enables them to pursue their aspirations and achieve financial independence.
  • The scheme's withdrawal provisions for educational expenses and the overall focus on the girl child's welfare contribute to her empowerment and access to opportunities.
  • By investing in the education and well-being of girls, the Sukanya Samriddhi Yojana scheme aims to drive the broader socio-economic development of the girl child and promote gender equality.

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Salient Features of the Sukanya Samriddhi Yojana

Key features of SSY include a high-interest rate, tax benefits under Section 80C, flexible investment options starting as low as ₹250, and a long-term savings scheme that matures in 21 years or upon the girl’s marriage after 18 years.

  • The account can be opened in the name of a girl child below the age of 10 years.
  • The minimum deposit amount is Rs. 250 per year, and the maximum deposit amount is Rs. 1.5 lakh per year.
  • The interest rate on Sukanya Samriddhi Yojana is 8% per annum. It is one of the highest among all government-backed savings schemes. 
  • The maturity period is 21 years.
  • The entire amount, including interest, is payable to the girl child on maturity.
  • The account can be opened in any post office or bank.
  • The account can be operated by the girl child's parents or guardians.
  • The account is eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

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Eligibility for Sukanya Samriddhi Yojana

The scheme is open to girl children up to 10 years of age, with each family allowed to open one account per girl child, and a maximum of two accounts for two girl children.

  • The scheme’s purpose is to challenge parents’ burden mentality and provide financial stability to female offspring.
  • Despite the Government of India’s best efforts, the gender ratio in India remains a major problem, demonstrating the country’s backwardness. It is great that the Government of India is taking measures to improve people’s attitudes regarding girl children.
  • Here are the essential factors to remember when determining eligibility for the Beti Bachao Beti Padhao initiative.
  • The household must have a girl kid under the age of ten.
  • In the name of the family’s girl child, a Sukanya Samriddhi Account, or SSA, should be created in any Indian bank.
  • The girl child should be an Indian resident. NRI citizens are not eligible for the BBBP scheme.

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Benefits of Sukanya Samriddhi Yojana

Benefits of SSY include high returns, tax exemption on interest earned, secure government-backed investment, and the promotion of financial planning for a girl's future education and marriage.

  • The BBBP plan provides various practical and social benefits. This initiative allows a female kid to register an account in order to achieve financial security in the future.
  • The account is still exempt under Section 80C of the Act of 1961. The female child’s account will stay totally tax-free, which means that no money will be removed from it in the form of taxes.
  • A savings system known as the SSA (Sukanya Samriddhi Account) has been introduced as part of the Beti Bachao Beti Padhao Yojana.
  • This account is only for girl children, and guardians or parents may conveniently save money for their daughters.
  • In the future, this might be utilized for the female child’s marriage or schooling.
  • The account will have no tax deductions, which is a huge advantage.
  • This will address the issue of female children being seen as financial burdens in many sections of the country, which is a heinous way of thinking and doing.
  • This account earns a reasonable rate of interest, and withdrawals are permitted only when the female child reaches the age of 18. When the girl becomes an adult citizen of India, she will have financial stability.

Tax Benefits of SSY

The Sukanya Samriddhi Yojana (SSY) offers the following tax benefits to its account holders:

  • Tax deduction under Section 80C of the Income Tax Act, up to a maximum of ₹1.5 lakh per financial year. 
  • The interest earned on the SSY account is exempt from income tax. 
  • The maturity proceeds of the SSY account are also exempt from income tax.

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Challenges Faced by the Sukanya Samriddhi Yojana

Challenges include limited awareness and accessibility in rural areas, potential misuse of funds, and the need for continued financial literacy efforts to ensure effective utilization of the scheme.

  • Despite the scheme's benefits, many parents are still unaware of its existence or hesitant to open accounts, especially in remote and rural areas. Lack of financial literacy and awareness campaigns has hindered the scheme's wider adoption.
  • The uptake of the Sukanya Samriddhi Yojana has been uneven across different states and regions. Some areas show much higher participation rates than others. This has led to geographic imbalances in the scheme's reach and impact.
  • The strict withdrawal rules and penalties associated with the Sukanya Samriddhi Account can sometimes discourage parents from opening and maintaining the accounts, as they may need to access the funds for other pressing needs.
  • Many parents, especially in rural and low-income households, lack the financial knowledge and understanding to fully comprehend the features and benefits of the Sukanya Samriddhi Yojana scheme. This hinders their ability to make informed decisions about the account.
  • Deeply rooted societal biases and prejudices against the girl child can sometimes hinder the effective implementation of the Sukanya Samriddhi Yojana scheme. Some parents still prefer to invest in their sons instead of their daughters.

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Key Takeaways for UPSC Aspirants

  • Scheme Overview: Sukanya Samriddhi Yojana (SSY) is a savings scheme launched to secure the financial future of girls in India, emphasizing education and marriage expenses.
  • Eligibility Criteria: The scheme is open for a girl child up to the age of 10 years. A maximum of two accounts can be opened for two different girl children in a family.
  • Account Operation: The account can be opened in the name of the girl child by her parents or legal guardians. It operates until the girl reaches the age of 21 or until her marriage after the age of 18.
  • Deposit and Interest Rates: Minimum deposit of INR 250 and a maximum of INR 1.5 lakh per financial year. The interest rate is determined by the government and is compounded annually.
  • Tax Benefits: The deposits made under SSY qualify for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-exempt.
  • Maturity and Withdrawal: The account matures after 21 years from the date of opening. Partial withdrawal up to 50% of the balance is allowed for higher education or marriage once the girl reaches 18 years.
  • Financial Inclusion and Women's Empowerment: The scheme promotes financial inclusion by encouraging savings for girl children and supports female education and welfare through financial security.
  • Social Impact and Challenges: The scheme aims to address gender disparity by promoting education and financial independence of girl children. However, challenges include awareness and accessibility in rural areas.

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Sukanya Samriddhi Scheme UPSC FAQs

The Sukanya Samriddhi Account Scheme is a small deposit scheme introduced by the Government of India in 2015. The scheme encourages parents to save for their girl child's future education and marriage expenses.

The Sukanya Samriddhi Scheme is a government-backed savings scheme. It allows parents to open a savings account for their girl child. The account can be opened at any time from the birth of the girl child until she attains the age of 10 years. Parents can make periodic deposits into the account, and the funds can be withdrawn for the girl's education or marriage expenses.

The current interest rate on Sukanya Samriddhi Scheme accounts is 7.6% per annum, compounded annually.

The key benefits of the Sukanya Samriddhi Scheme include tax-free interest, partial withdrawal facility for the girl's education, and the ability to access the full maturity amount for her marriage or other expenses.

The Sukanya Samriddhi Scheme account can be opened from the birth of the girl child until she attains the age of 10 years. Parents can make deposits into the account until the girl child reaches the age of 21 years.

The Sukanya Samriddhi Scheme is open to all Indian citizens who have a girl child. The account can be opened by the father or the mother, or by a legal guardian, for a maximum of two girl children per family.
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