Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY) was launched by the Government of India in 2015 as part of the Beti Bachao, Beti Padhao campaign, aimed at promoting the welfare of the girl child. The scheme offers a long-term savings option specifically designed for the girl child, with the objective of ensuring her financial security and education expenses. SSY accounts can be opened by parents or legal guardians of a girl child below the age of 10 years, and deposits can be made until she reaches the age of 15 years. The scheme offers attractive interest rates, compounded annually, and tax benefits under Section 80C of the Income Tax Act, 1961 making it a popular choice among parents for their daughters' future financial planning. Despite its benefits, consumers have faced several issues with SSY. One significant concern is the lack of awareness about the scheme, particularly in rural and remote areas, which may hinder eligible families from availing its benefits. Additionally, the strict withdrawal rules and penalties for non-adherence to the contribution schedule can be a deterrent for some investors. Moreover, the scheme's dependency on post offices and designated banks for account opening and transactions can sometimes lead to administrative delays and challenges, affecting the overall user experience. These issues highlight the need for increased awareness campaigns and improvements in the accessibility and operational efficiency of Sukanya Samriddhi Yojana to ensure its widespread adoption and effectiveness in empowering the girl child. Those encountering concerns related to SSY can use our platform to file consumer complaints. With a commitment to providing exceptional Legal service, our team ensures prompt and effective assistance. We support through multiple online channels, and provide complete legal guidance and litigation support.