Ministry of Finance has launched a small deposite scheme 'Sukanya Samriddhi Yojana (SSY)' which was launched as a part of the 'Beti Bachao Beti Padhao' campaign, aims to promote the welfare of girl children. While this is a national scheme, its implementation and promotion can vary by state. All the states encourage participation of parents of girl child in this scheme to enhance the financial security and future prospects of girl children in the state.
Overview of Sukanya Samriddhi Yojana (SSY)
Launch and Objective:
The Sukanya Samriddhi Yojana was launched on January 22, 2015, with the primary objective of encouraging parents to save for the education and marriage expenses of their girl child. The scheme offers a high interest rate and tax benefits, this makes the scheme an attractive savings option for future of girl child.
Eligibility:
The account can be opened by the parent or legal guardian of a girl child.
The girl child must be below the age of 10 at the time of account opening.
Parents can open an account for their girl child.
Maximum two SSY accounts are allowed for a family which has girl child two or more than two.
Deposit Rules:
The minimum deposit required to open the account is INR 250.
Parents are allowed to deposite amount (annually) into the SSY account, 1.5 lakh per year.
Duration and Maturity:
The Maturity Period is 21 years.
Contributions are required for the first 15 years, after which the account continues to earn interest until maturity.
If a child gains the age of 18 years even if she is not getting married, the premature withdrawal of up to 50% of investment is allowed.
Interest Rate:
The interest rate for the scheme is determined by the Government of India and is subject to quarterly revision. For the period 01.04.2023 to 30.06.2023, the interest rate is 8% per annum, compounded annually.
Tax Benefits:
The deposits made under the SSY scheme are eligible for tax deduction under Section 80C of the Income Tax Act, up to a limit of INR 1.5 lakh per annum.
The principal amount that has been deposited by the parents, interest earned (entire tenure), and maturity benefits are tax-exempt.
Implementation in Madhya Pradesh:
Madhya Pradesh has actively promoted the Sukanya Samriddhi Yojana through various state-run initiatives and awareness campaigns. The state government collaborates with local banks, post offices, and financial institutions to facilitate the opening of SSY accounts. The programs are organized by the state government in the rural area or villages to educate and announce the benefits of the scheme to the people and the state govt ask educational institutions to spread awareness about the benefits of the scheme.
Promotional Activities:
Awareness Campaigns: The state conducts seminars, workshops, and public meetings to educate people about the importance and benefits of SSY saving scheme for their daughters' future through the SSY.
Integration with State Programs: Madhya Pradesh integrates the SSY with other state welfare schemes targeted at girl children, such as Ladli Laxmi Yojana, to provide a comprehensive support system.
Local Administration Support: To promote the scheme at the grassroots level - villages, small town or backward areas state took the help of the administrative bodies such as district collectors/magistrate and local administrative bodies, these play a vital role in promoting the scheme ensuring that even the most remote areas have access to information and facilities for account opening.
Impact and Reception:
The SSY scheme saw a positive result all over the country. Thousands of accounts opened since the launch of the scheme in the country. The Institute’s efforts to promote financial literacy and long-term savings benefits for girls have contributed to the success of the scheme.
Challenges:
There are challenges for the scheme such as to reach the remote areas, make the parents to open SSY accounts, and maintaining high levels of awareness persist. The state government continues to address these challenges through targeted interventions and support measures.
Conclusion:
The Sukanya Samriddhi Yojana, as implemented in Madhya Pradesh, plays a vital role in securing the financial future of girl children in the state. By providing a high-interest savings option along with tax benefits, the scheme encourages parents to invest in their daughters' education and marriage, ultimately contributing to their overall empowerment and well-being. The collaborative efforts between the state government and various stakeholders ensure that the scheme reaches a wide audience, making a significant impact on the lives of many girl children in Madhya Pradesh.
