What is Sukanya Samridhi Yojana? Check out all the benefits of this scheme

Launched in 2015 as part of Beti Bachao Beti Phao initiative, Sukanya Samriddhi Yojana (SSY) is a unique savings scheme designed exclusively for welfare of girl child in India. This government-backed initiative aims to encourage parents to save for future education and marriage expenses of ir daughters while fostering financial inclusion and empowerment.    

re are so many benefits of Sukanya Samriddhi Yojana:  

1. High Interest:

Sukanya Samriddhi Account provides a higher rate of interest than or saving plans that offer financial security for girl child. Each financial year, government decides how much interest you get on your money in your Sukanya Samriddhi Yojana account. This interest increases each year, making your savings grow a lot by time y mature.  

2. Significant Tax Savings: 

Your contributions towards Sukanya Samriddhi Yojana for your daughter's future are eligible for tax deductions under Section 80C of Income Tax Act 1961. Sukanya Samriddhi Yojana is under authority of Department of Revenue (DOR) and is one of more popular investment schemes that come with exempt-exempt-exempt (EEE) status. 

3. Helps save for your girl child’s educational expenses:

If you are a parent or a guardian of girl aged less than 10 years, you are eligible to open a SSY Account for no more than two daughters. Here’s big bonus. After girl turns 18, 50 per cent of balance can be withdrawn to meet educational expenses. Proof of mission must be provided. 

4. Tax Benefits of Sukanya Samriddhi Yojana:

1. If you have an account under SSY n you are eligible to avail yourself of tax benefits on deposits. Let's take a look at tax benefits provided by Sukanya Samriddhi Yojana. 
2. Since an SSY account is a of investment, it is eligible for deductions provided u/s 80C of Income Tax Act. You can avail of a deduction of up to Rs 1,50,000. 
3. compound interest that is accumulated in your deposit account is also exempt from tax. 
4. withdrawals are also tax-free. Thus, once your account matures you can withdraw amount without deduction