The popular long-term investment program for the girl, Sukanya Samriddhi Yojana (SSY), which was rolled out in 2015 with the aim of giving parents the opportunity to build a long-term corpus that would be helpful in financing the child’s education and career, is witnessing has seen a spurt among states across the country in account opening. Uttar Pradesh, the most populous state in the country, currently ranks first as more than four lakh SSY accounts have been opened there in the 2020-21 period.
According to figures from the Ministry of Finance, a total of 4,15,818 accounts were opened in Uttar Pradesh under SSY during fiscal year 2020-21.
After Uttar Pradesh, Karnataka and Rajasthan are the other two states to witness the opening of maximum number of SSY bank accounts in 2020-21, according to official data.
While 3,92,319 accounts were opened in Karnataka, 3,55,195 SSY accounts were opened in Rajasthan.
Uttar Pradesh record opening such a large number of SSY accounts is an encouraging development, considering that the sex ratio was a poor 912 females for every 1,000 males according to 2011 census figures. Also, the child sex ratio was a horrendous 902 female children. for every 1000 male children.
The same is also true for Rajasthan where quite a large number of SSY bank accounts have been opened in the period 2020-21. According to the 2011 census, the sex ratio in Rajasthan was 928 females to every 1,000 males. The child sex ratio was worse, as there were only 888 girls to 1,000 boys.
Only Karnataka, which has registered the second largest number of SSY accounts opened, has a better sex ratio of 973 females to 1,000 males. The child sex ratio is also slightly higher: 948 girls against 1,000 boys.
The SSY account is required to be closed 21 years after opening and the maximum amount that can be deposited into it is Rs 1,50,000 per annum.