Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY)

Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY) is a small savings scheme, launched by the Government of India in 2015, with the aim of promoting the welfare of the girl child. This scheme encourages parents to save for their daughter’s future education and marriage expenses and ensures financial security and independence for them.

Features of PMSSY:

1. Eligibility: Parents or legal guardians of a girl child can open a Sukanya Samriddhi account in her name before she attains the age of 10 years.
2. Deposits: The account can be opened with a minimum deposit of Rs. 250 and a maximum of Rs. 1.5 lakh per year. The deposits can be made in multiples of Rs. 100.
3. Interest rate: The interest rate on the account is fixed by the government and is reviewed and revised periodically. As of April 2021, the interest rate is 7.6% per annum.
4. Tenure: The account matures when the girl child attains the age of 21 years. The account can be continued after maturity, with interest, till the girl gets married or till she attains the age of 25 years.
5. Withdrawals: Partial withdrawals are allowed from the account after the girl child attains the age of 18 years for the purpose of higher education or marriage.
6. Tax benefits: The scheme provides tax benefits under Section 80C of the Income Tax Act, and the interest earned on the account is tax-free.
7. Transfer: The account can be transferred from one post office or bank to another.

Benefits of PMSSY:

1. Financial security: PMSSY ensures financial security and independence for the girl child by providing a corpus for her future education and marriage expenses.
2. Tax benefits: The scheme provides tax benefits under Section 80C of the Income Tax Act, and the interest earned on the account is tax-free.
3. Fixed interest rate: The interest rate on the account is fixed by the government and is reviewed and revised periodically. The current interest rate of 7.6% per annum is higher than the interest rates of other small savings schemes.
4. Gender equality: PMSSY is a step towards gender equality and empowering the girl child by providing them with financial security and independence.

In conclusion, Pradhan Mantri Sukanya Samriddhi Yojana is an excellent savings scheme for parents who want to ensure the financial security of their girl child.