Sukanya Samriddhi Yojana (SSY)

GS 2 – GOVERNANCE

Launched in 2015, SSY is a savings scheme under the Beti Bachao, Beti Padhao initiative to provide financial security for the girl child. Parents or guardians can open an account in her name at authorized banks or India Post branches.

Eligibility:

• The applicant must be an Indian citizen.
• Only one account per girl child.
• Up to two accounts per family.
• The girl must be under 10 years old.
• NRIs cannot open an account.

Key Features:

• Deposit: Minimum ₹250/year, maximum ₹1.5 lakh/year.
• Tenure: Matures after 21 years; contributions stop after 15 years.
• Interest: Compounded annually, rate announced quarterly by the government.
• Partial Withdrawal: Allowed for education (up to 50%) or marriage (full withdrawal).
• Premature Closure: Allowed in cases like the depositor’s death or critical illness.
• Tax Benefits: Contributions, interest, and maturity proceeds are tax-free under Section 80C.

Party Whips
A party whip is a directive issued to legislators to ensure their attendance and voting according to party lines.

Types of Whips:

1. One-line: Attendance notification; no voting requirement.
2. Two-line: Attendance required; voting not mandatory.
3. Three-line: Strict attendance and voting as per the party; non-compliance may lead to disqualification.

Criticism:

• Limits legislators’ independence.
• Can reduce debate quality by enforcing party positions.