Sukanya Samriddhi yojana is related to?
VerifiedAnswer: Small Savings Scheme Launched under Beti Bachao Beti Padhao
Explanation:
The Sukanya Samriddhi Yojana (SSY) is indeed a small savings scheme that was launched as part of the Beti Bachao Beti Padhao campaign by the Government of India. This scheme was introduced in January 2015 with the primary objective of encouraging parents to save money for their girl child's future education and marriage expenses.
The scheme is designed specifically for the girl child and her financial security. Parents or legal guardians can open this account for their daughter who is below 10 years of age. The account offers attractive interest rates and provides tax benefits under Section 80C of the Income Tax Act, making it a popular choice among families looking to secure their daughter's future.
Key features of the Sukanya Samriddhi Yojana include:
• Minimum deposit of ₹250 per year and maximum deposit of ₹1.5 lakh per year
• The account has a tenure of 21 years from the date of opening
• Higher interest rates compared to other small savings schemes
• Complete tax exemption on deposit, interest earned, and maturity amount (EEE status)
• Partial withdrawal allowed after the girl turns 18 for education purposes
The connection to Beti Bachao Beti Padhao is significant as both initiatives aim to improve the welfare and status of the girl child in Indian society. While Beti Bachao Beti Padhao focuses on preventing gender-biased sex selection and ensuring survival, protection, and education of the girl child, the Sukanya Samriddhi Yojana provides the financial foundation to support these goals.
This scheme can be opened at post offices and authorized branches of commercial banks. The government regularly reviews and updates the interest rates to ensure the scheme remains attractive to investors. The maturity amount can be substantial due to the power of compounding over the 21-year period, making it an excellent long-term investment option for securing a girl child's future financial needs.
