Sukanya Samriddhi Yojana HDFC

For any parent securing the financial future of their children becomes a topmost priority, and, if you are a parent of a girl child, then there is no better way to secure their future than opening a Sukanya Samriddhi Yojana account in her name. The Sukanya Samriddhi Yojana account is a small deposit account, which the Prime Minister of India Narendra Modi launched in 2015 under the ‘Beti Bachao, Beti Badao’ Campaign.

Benefits of Investing in Sukanya Samirddhi Yojana HDFC

High-Interest Rate

Compared to other investment options available in the market, the Sukanya Samriddhi Yojana account offers a high-interest rate of 7.6%, which accrues monthly and compounds every year. The Central Government quarterly regulates the interest rate of the scheme. The interest applicable to the SSY account is computed using the interest rate, maturity date, and the amount of deposition made towards the scheme.

Tax Benefit

This is another significant benefit offered by the HDFC Sukanya Samirddhi Yojana. The investors can gain tax benefits under the EEE format (exempt, exempt, exempt) along with the high investment return. Under this, the contribution made towards the scheme up to the maximum limit of Rs. 1.5 Lakh is tax-exempted U/S 80C of the IT Act. Further, the interest earned on the contributed amount and maturity proceeds is also tax exempted.

Lock-in Period

The Sukanya Samriddhi Yojana HDFC account has a maturity period of 21 years from the date of opening or marriage of the girl child, whichever is earlier. The account gets terminated after the marriage of the girl child. However, the beneficiary can make one premature withdrawal once the girl reaches the age of 18 years. The contributor can use the premature withdrawal fund for the higher education of the girl child. This amount is limited to 50% of the balance at the end of the year. An individual can continue contributing towards the scheme for up to 15 years from the date of opening the account.

Flexibility

The Sukanya Samriddhi Yojana HDFC account offers flexibility to investors. An individual can start investing in the account with a minimum amount of Rs. 250 and can deposit up to a maximum of Rs.1.5 lakh in a financial year. Once the girl child reaches the age of 10 years, she can operate the account of SSY.

Maturity Proceeds Paid to Girl Child

At the time of maturity of the scheme, the accumulated fund and the accrued interest are paid to the girl child. Under SSY, the parents cannot withdraw the money and use it for their requirements, ensuring proper financial security for the girl child. The Sukanya Samriddhi Yojana account ensures that the gild has financial independence and is not treated like a burden. A high-interest rate and tax-saving advantage make SSY one of the lucrative investment options available in the market.

Now that we know the benefits offered by the Sukanya Samriddhi Yojana HDFC Account let’s look at the policy's eligibility criteria.

Eligibility Criteria of Sukanya Samriddhi Yojana Account

The parent can open the account any time after the birth of the girl child until she turns the age of 10 years.

The account holder should be a resident of India.

Parents can open only one account per girl child. However, if a family has two daughters, a maximum of up to two accounts can be opened, one for each child.

Deposits can be made by the parent/legal guardian of the girl child into the account until the girl reaches the age of 18 years.

After the girl child attains the age of 18 years, she can operate the account by herself.

Documents Required to Open Sukanya Samriddhi Yojana HDFC Account

Here are some of the important documents that should be kept handy while applying for the scheme.

Sukanya Samriddhi Yojana registration form

Birth Certificate of the girl child

ID proof of the depositor

Residential proof of the contributor