Context:
Recently, India Post has taken significant steps to empower daughters through the Sukanya Samriddhi Yojana (SSY).
More on the News:
On the occasion of International Daughter’s Day (22 Sept 2024), the Postmaster General announced that over 4.50 lakh Sukanya Samriddhi accounts (SSA)have been opened in post offices throughout the North Gujarat region.
- Since 2007, International Daughter’s Day is traditionally observed on the fourth Sunday of September each year.
487 villages have been designated as complete “Sukanya Samriddhi Grams”, ensuring that all eligible daughters receive the benefits of this empowering scheme.
About Sukanya Samriddhi Account (SSA) Scheme:
- It was launched in January 2015 as part of the Beti Bachao, Beti Padhao initiative, aiming to secure the financial future of young girls across India.
- To ensure that the benefits of the Scheme reach far and wide, the “Sampoorna Sukanya Gram Campaign” was launched in June 2019.
Salient features of the scheme:
- This scheme encourages parents to build a fund for the future education and marriage expenses of their female child.
- It is operated through all Post Offices, branches of Public Sector Banks, and three Private Sector Banks viz. HDFC Bank, Axis Bank and ICICI Bank.
- The guardian can open the account immediately after the birth of the girl child till she attains the age of 10 years.
- Only two SSA accounts can be opened by a family, i.e. one for each girl child (more in the case of twins/triplets).
- Parents can deposit a minimum deposit of ₹250 and a maximum of ₹1.5 lakh annually into the account.
Benefits of the Scheme:
- The account can be transferred anywhere in India from one post office or bank to another.
- The scheme currently offers an attractive interest rate of 8.20% and tax exemptions under Section 80C, making it an appealing investment option for families.
- Interest payment even after maturity if the account is not closed.
- Funds can be partially withdrawn when the girl turns 18 for educational purposes, while the entire amount can be accessed after she reaches 21 years of age.
- This structure encourages long-term savings while providing flexibility for educational expenses.
- Beyond financial benefits, this scheme plays a crucial role in promoting gender equality by encouraging families to invest in their daughters’ education and future prospects.