Sukanya Samriddhi Yojana in Jharkhand

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the financial future of girl children in India. Launched in 2015 under the Beti Bachao Beti Padhao campaign, the scheme provides a high-interest savings plan with tax benefits, ensuring financial stability for a girl's education and marriage. In Jharkhand, this scheme has been a great help to families looking for a safe and high-yield investment for their daughters' future.

In this blog post, we will cover everything about Sukanya Samriddhi Yojana in Jharkhand, including its features, benefits, eligibility, required documents, how to open an SSY account, and frequently asked questions.

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What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana is a long-term savings scheme that allows parents or guardians to open a savings account in their daughter's name. The deposited amount earns a high interest rate (currently around 8% per annum), and the maturity amount is completely tax-free. This ensures that the girl child has sufficient funds for her higher education or marriage.

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Key Features of Sukanya Samriddhi Yojana

1. Eligibility: Only girl children below 10 years can have an SSY account opened in their name.

2. Number of Accounts: A family can open up to two accounts for two different girl children. In case of twins or triplets, a third account is allowed.

3. Minimum and Maximum Deposit:

Minimum deposit: ₹250 per year

Maximum deposit: ₹1.5 lakh per year

4. Interest Rate: The interest rate is revised quarterly by the Government of India. As of now, it is around 8% per annum.

5. Tax Benefits:

Contributions are eligible for tax deductions under Section 80C of the Income Tax Act.

The interest earned and the final maturity amount are completely tax-free.

6. Maturity Period:

The account matures after 21 years from the date of opening.

Partial withdrawal of 50% is allowed after the girl turns 18, mainly for education or marriage purposes.

7. Account Closure Conditions:

The account matures at 21 years from the date of opening.

In case of marriage of the girl child after 18 years, the account can be closed early.

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Benefits of Sukanya Samriddhi Yojana in Jharkhand

1. Financial Security for Girl Child

The scheme ensures that every girl child has sufficient funds for her education and marriage, reducing financial burden on parents.

2. Higher Interest Rate

The interest rate of 8% per annum is much higher than regular savings accounts or fixed deposits, making it one of the best investment options.

3. Triple Tax Benefits

SSY offers exemption on principal amount, interest earned, and maturity amount, making it a completely tax-free investment.

4. Encourages Girl Child Education

Since partial withdrawal is allowed only for education purposes, it ensures that the savings are used for the girl’s better future.

5. Government-Backed Scheme

Being a government initiative, SSY is 100% secure and risk-free, making it a reliable investment.

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Who is Eligible for SSY in Jharkhand?

1. Only girl children who are Indian citizens can have an SSY account.

2. The account can be opened before the girl turns 10 years old.

3. The girl should be a resident of Jharkhand to avail the benefits in the state.

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Documents Required for SSY in Jharkhand

To open an SSY account, you need to provide the following documents:

Birth certificate of the girl child (mandatory)

Identity proof of parent/guardian (Aadhaar Card, PAN Card, Voter ID, Passport)

Address proof of parent/guardian (Aadhaar Card, Ration Card, Passport, Utility Bill)

Passport-size photographs of the child and parent/guardian

Duly filled Sukanya Samriddhi Account application form

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How to Open a Sukanya Samriddhi Account in Jharkhand?

You can open an SSY account at any post office or authorized bank in Jharkhand. Here’s how:

Step 1: Visit a Nearby Bank or Post Office

The SSY account can be opened at SBI, PNB, ICICI, Axis, HDFC, or any post office in Jharkhand.

Step 2: Collect & Fill the Application Form

You can get the SSY account opening form at the bank or download it online.

Fill in the required details carefully.

Step 3: Submit the Documents

Attach the birth certificate of the girl child along with ID proof, address proof, and photographs.

Step 4: Deposit Initial Amount

The minimum deposit to open an account is ₹250.

Step 5: Receive the Passbook

Once the account is opened, you will receive a passbook to track your deposits and interest earnings.

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How to Check SSY Account Balance in Jharkhand?

1. Visit your bank/post office and update your passbook.

2. If your bank offers online banking, log in to your net banking account and check the balance.

3. Some banks provide SMS and mobile banking services for SSY accounts.

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Premature Withdrawal Rules for SSY

At Age 18: Up to 50% withdrawal is allowed for education or marriage.

In Case of Emergency: Premature closure is allowed in case of death of the account holder or if the girl becomes critically ill.

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Frequently Asked Questions (FAQs)

1. Can I open an SSY account for my daughter after she turns 10?

No, the SSY account can only be opened before the girl child turns 10 years old.

2. Can I open the SSY account online?

Currently, SSY accounts can only be opened by visiting a bank or post office physically. However, some banks allow deposits through online banking.

3. What happens if I miss a yearly deposit?

If you fail to deposit the minimum amount of ₹250, your account will be considered inactive. You can reactivate it by paying a penalty of ₹50 per year along with the minimum deposit.

4. Can NRIs open an SSY account for their daughters in Jharkhand?

No, only Indian citizens can open an SSY account. NRIs are not eligible.

5. Can both parents deposit money in an SSY account?

Yes, both parents or guardians can contribute to the account, but the total deposit should not exceed ₹1.5 lakh per year.

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Conclusion

Sukanya Samriddhi Yojana is one of the best financial schemes for girl children in Jharkhand, providing high returns, tax benefits, and financial security. If you have a daughter under 10 years old, opening an SSY account is a smart decision to ensure a bright future for her.

If you have any questions about SSY in Jharkhand, feel free to comment below! Also, don’t forget to share this post with others who might benefit from this scheme.

Happy Saving!