Sukanya Samriddhi Yojana – Benefits, Account Opening, Interest Rate

Sukanya Samriddhi Yojana Details

Make your daughter’s future bright by investing in Sukanya Samriddhi Yojana

If you have a young daughter, you can invest in the Central Government’s Sukanya Samriddhi Yojana for lump sum assistance throughout your education or marriage. The national government’s Sukanya Samriddhi Yojana is an excellent investment plan for saving for higher education and the marriage of a girl under the age of ten. Investing in this excellent investment choice also allows you to save on income taxes.

Those who want to stay away from stock market risks and are concerned about falling interest rate on fixed deposit (FD), Sukanya Samriddhi Yojana can be a big step for them.

The Sukanya Samriddhi Account is planned to create a bright future for your female child by offering a high interest rate and tax benefits of less than 80c.

What exactly is the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a small central government savings plan for daughters introduced as part of the Beti Bachao-Beti Padhao scheme. Sukanya offers the highest interest rate in the small savings programme.

Currently, SSY interest was given at a rate of 7.6%, which is exempt from income tax. Previously, you also earned tax-free interest of up to 9.2 percent. The Sukanya Samriddhi Yojana account, which can be opened with a very small amount, has been started with those families in mind who wish to deposit money for their son’s marriage or higher education through small savings.

“Sukanya Samriddhi Yojana is a very good plan for people who are low-income and don’t believe in investing money in the stock market. Capital security along with fixed income is the specialty of this scheme.

Sukanya Samriddhi Yojana

Sukanya Samridhi Account Key Features

  1. Attractive interest rate of 7.6 percent, which is entirely tax-free under Section 80C.
  2. A minimum of Rs. 1,000 can be invested in one financial year;
  3. A maximum of Rs. 1,50,000 can be invested in one financial year;
  4. If the minimum amount of Rs 1000/- is not deposited in any financial year, a penalty of Rs 50/- will be charged;
  5. Deposits in an account can be made for a period of 14 years from the date the account was opened.
  6. The account shall mature after 21 years from the date of opening, except that if the account holder marries before the completion of such period of 21 years, the operation of the account shall not be authorized beyond the date of her marriage.
  7. A passbook will be supplied to clients.

Withdrawal Opportunity

  1. To satisfy the financial needs of the account holder for higher education and marriage, the account holder can benefit of a partial withdrawal facility after reaching the age of 18.
  2. If the beneficiary marries before the account matures, the account must be cancelled.

Sukanya Samridhi Yojana Account Eligibility

  1. A natural or legal guardian of a female child under the age of ten can create an account for her.
  2. According to the scheme regulations, a depositor may create and manage just one account in the name of a girl child.
  3. A natural or legal guardian of a female kid may create an account for no more than two girl children.

Sukanya Samriddhi Yojana Interest Rate

How is interest calculated on Sukanya Samriddhi Yojana’s account?

Sukanya Samriddhi Yojana Interest Calculator

The government sets the interest rate in SSY each quarter according to the performance of G-sec. The interest rate on the Sukanya Samriddhi Yojana account is up to 75 basis points higher than the comparative maturity of the G-Sec rate.

Interest paid so far in this scheme

PERIOD (date)RATE OF INTEREST (%)
03.12.2014 TO 31.03.20159.1
01.04.2015 TO 31.03.20169.2
01.04.2016 TO 30.09.20168.6
01.10.2016 TO 31.03.20178.5
01.04.2017 TO 30.06.20178.4
01.07.2017 TO 31.12.20178.3
01.01.2018 TO 30.09.20188.1
01.10.2018 TO 30.06.20198.5
01.07.2019 TO 31.03.20208.4
01.04.2020 TO 30.09.20217.6

Under what circumstances can Sukanya Samriddhi Yojana’s account be closed before expiration? If the account holder Sukanya Samriddhi Yojana dies, the account can be closed by showing the death certificate. After this, the amount deposited in Sukanya Samriddhi Yojana’s account can be returned to the girl’s guardian along with interest.

In other cases, the SSY account can be closed after five years from the opening date. This can also be done in many circumstances, such as life-threatening illnesses.

Even after this, if the account is closed for any other reason, then it can be allowed, but the interest will be in accordance with the savings account.

Sukanya Samriddhi Yojana Maturity

When will Sukanya Samriddhi Yojana’s account mature?

The account will expire after 21 years of age from the day the account is opened or the girl marries.

In this Sukanya Samriddhi Yojana, however, there are also some conditions.

• If the account holder marries within 21 years of the account opening, the amount cannot be deposited into the account.

• If the account is closed before the age of 21, the account holder must submit an affidavit that the account is not less than 18 years of age at the time the account is closed. The amount of the deposit together with the interest will be returned to the account holder on presentation of the savings passbook and the withdrawal slip at the time of maturity.

• Under Sukanya Samriddhi Yojana, the account can be opened only for an Indian citizen, who resides here and also resides here at the time of maturity. Non-resident Indians cannot open an account with Sukanya Samriddhi Yojana. If the girl after opening the account moves to another country and obtains citizenship there, from the day of taking citizenship, interest on the amount deposited in the account of Sukanya Samriddhi Yojana will stop. .

Premature Closure of Sukanya Samriddhi Yojana Account

After 5 years of account opening, Sukanya Samriddhi Yojana’s account may be closed prematurely in the event of serious illness of the account holder or death of the guardian who manages the account on behalf of the girl. In the event of death, the rate of the PO Savings Account will be applied from the date of death to the date of the last payment. For premature account closure, the application along with the required documents must be sent to the bank or post office.

Sukanya Samriddhi Yojana Account Transfer

Sukanya Samriddhi Yojana’s account can be transferred anywhere in the country, if the account holder has moved from the original place of account opening. The transfer of the account is free, however, for this, the owner of the account or the parents / guardians of the account must show proof of change.

If no such proof is shown, a fee of Rs 100 will have to be paid for account transfer to the post office or bank where the account was opened.

The Sukanya Samriddhi Yojana account transfer can be done electronically at the bank or post office which has the facility of the central banking system.

Withdrawal Rules

Once the girl turns 18 or completes the 10th standard, she is allowed to withdraw money from the account. A maximum of 50% of the amount available in the account may be withdrawn at the end of the previous financial year for the purpose of the account holder’s education or marriage. Withdrawals can be made in a lump sum or once a year in installments of up to 5 years depending on the applicable rules.

Partial withdrawal from Sukanya Samriddhi Yojana’s account

Partial withdrawals can be made from Sukanya Samriddhi Yojana’s account to meet the financial needs of the account holder, including jobs such as higher education and marriage. In this, you can withdraw 50 percent of the amount deposited in the scheme until the end of the last financial year. This withdrawal of Sukanya Samriddhi Yojana is possible only when the account holder has passed the age of 18 years.

To withdraw money from the account, a written request and an offer of admission or a pay slip is required at any educational institution. In these cases, however, the amount to be withdrawn can be equal to the fee and other charges and no more than that.

Sukanya Samriddhi Yojana Calculator

At maturity, she will get more than 30 lakhs if invested Rs.6000 per month as an example.

Suppose she invests Rs. 6000 every month in this scheme, that is, Rs 72000 annually, she will get Rs.18,23,148 after 14 years at 7.6 percent annual compounding. In 21 years, that is, with maturity, this amount will be around 30,44,442 rupees. We inform that at present interest in SSY is given at a rate of 7.6 percent which is exempt from income tax.

Under this scheme, any citizen can open an account for her daughter who is less than 10 years old on the day the account is opened. Once the girl turns 18, she will become the account holder. The investment period in this is 15 years and the maturity period is 21 years. Only 2 accounts per family are allowed under this scheme; however more accounts can be opened in the case of twins or triplets.

Tax Exemption with Sukanya Samriddhi Yojana

For the quarter ending September 2021, the amount deposited in Sukanya Samriddhi Yojana’s account will earn interest at a rate of 7.6 percent per annum. Tax exemption is also available under section 80C of the Income Tax Act on deposits and the amount due on this account. A maximum of Rs 1.5 lakh can be deposited into the account annually. The amount can be deposited into this account for 14 years from the account opening date.

Pradhan Mantri SuKanya Yojana Tax Benefits

Under Section 80C of the Income Tax Act 1961, the amount deposited in the Sukanya Samriddhi Yojana, the amount of interest and the maturity amount has been made tax free. The government has provided a rebate on the contribution made under this scheme, which is up to ₹150000 per annum.

Sukanya Samriddhi Yojana Tax Benefits as follows

• As per the Income Tax Act, all investments made under this scheme are eligible for the benefit of tax deduction. Maximum 1.5 lakh tax deduction is admissible for SSY.

• Under this, interest is accumulated, which is deposited in the account on an annual basis. No tax is levied on this earned/accumulated interest. It allows maximizing the funds under the plan.

• Tax exemption can be claimed by the parents or legal guardian of the girl child. Only one depositor is eligible for tax exemption under section 80C of the Income Tax Act.

Key facts of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Details

As you all know that Sukanya Samriddhi Yojana has been started by the government to secure the future of daughters and for their education and marriage. Daughter’s future can be secured by investing under this scheme. Some of the features of this plan are as follows.

• Under Sukanya Samriddhi Yojana, the account of a daughter below the age of 10 years can be opened.

• Account can be opened in any post office or bank.

• Under this scheme, the account of maximum two children of a family can be opened.

• In some special circumstances, the account of three children of a family can also be opened.

• Account can be opened under this scheme for at least ₹ 250.

• Under Sukanya Samriddhi Yojana, minimum ₹250 and maximum ₹1.5 lakh can be invested in 1 financial year.

• The interest rate under this scheme has been fixed at 7.6%.

• Tax exemption under section 80C of the Income Tax Act is also available under this scheme.

• Returns received through this scheme are also tax free.

• 50% amount can be withdrawn from Sukanya Samriddhi Yojana for daughter’s higher education also.

• Sukanya Samriddhi Yojana is a small savings scheme of the central government for daughters.

• Beneficiaries under this scheme are Nationalized Banks, Post Office, SBI, ICICI, PNB, Axis Bank, HDFC etc. in all these banks.

• You can open an account for your daughter

Banks authorized for Sukanya Samriddhi Yojana

There are total 28 banks authorized by Reserve Bank of India (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open SSY account in any of the following banks and avail this scheme.

Authorized Banks for Sukanya Samriddhi Yojana
• Allahabad Bank
• State Bank of IndiaState Bank of India (SBI)
• Axis Bank
• Andhra Bank
• Bank of Maharashtra (BOM)
• Bank of India (BOI)
• Corporation Bank
• Central Bank of India (CBI)
• Canara Bank
• Dena Bank
• Bank of Baroda (BOB)
• State Bank of Patiala (SBP)
• State Bank of Mysore (SBM)
• Indian Overseas Bank (IOB)
• Indian Bank
• Punjab National Bank (PNB)
• IDBI Bank
• ICICI Bank
• Syndicate Bank
• State Bank of Bikaner and Jaipur (SBBJ)
• State Bank of Travancore (SBT)
• Oriental Bank of Commerce (OBC)
• State Bank of Hyderabad (SBH)
• Punjab and Sind Bank (PSB)
• Union Bank of India
• UCO Bank
• United Bank of India
• Vijay Bank

Advantages of PM SuKanya Samridhi Yojana

• The benefit of this scheme will be provided to the girls of the country below the age of 10 years.

• Under Sukanya Samriddhi Yojana, parents of girl child can open savings account for them. Until the girl turns 10 years old.

• Maximum Rs 1.5 lakh can be deposited under this scheme during the current financial year.

• Under PM Kanya Yojana 2021, you can easily secure the future of your girls.

• It will help in your girl’s education or marriage.

• You can easily start this scheme in any bank or post office.

• This scheme is beneficial for both the girl child and her parent/guardian as it helps both.

• Guardian or natural parent is allowed to open account under this scheme for only two girls.

• The depositor can deposit money in the account till the girl child completes fourteen years from the date of account opening.

SSY 2021 Documents (Eligibility)

• The age of the girl child should be less than 10 years to open an account under this scheme.

•    Aadhar Card

• Photo of child and parent

• Girl Child Birth Certificate

• Residence proof

• Depositor (parent or legal guardian) ie PAN Card, Ration Card, Driving License

Rules for opening account in Sukanya Samriddhi Yojana

The account under Sukanya Samriddhi Yojana can be opened or opened by the parents or legal guardian of the daughter. This account can be opened from the birth of the daughter till the age of 10 years. Under Sukanya Samriddhi Yojana, only one account can be opened for a daughter and the birth certificate of the daughter has to be submitted at the post office or bank at the time of opening the account. Along with this, other necessary documents like identity card and address proof will also have to be submitted.

Terms and Conditions of Sukanya Samriddhi Yojana

Investment Terms and Conditions

  1. Age of Account Opening: Sukanya Samriddhi Account can be opened by the guardian before the girl child attains the age of 10 years.
    1. Number of Accounts: Under this scheme only one account can be opened for a girl child. Under this scheme, a separate account cannot be operated by the mother and a separate account can be operated by the father for a daughter.
    1. Number of account holders of the family: Only two daughters of a family can take advantage of this scheme.
    1. Number of account holders of a family in case of twin daughters: If twin or triplets are born then more than 2 accounts can also be opened in that case.
    1. Operation of Account: Sukanya Samriddhi Account is operated by the guardian of the account holder till the account holder attains the age of 18 years.

Maximum and minimum deposit terms and conditions

  1. Minimum Account Opening Amount: The account can be opened under this scheme for a minimum amount of Rs.250.
    1. Minimum investment per year: Under this scheme every year the beneficiary will have to invest Rs.250.
    1. Status of Default: If the minimum investment of Rs 250 per year is not made by the account holder, the account will be in default. If the account is in default, then in this case the account can be revived by paying a minimum amount of Rs 250 and a penalty of Rs 50.
    1. Maximum investment amount: Maximum amount up to ₹ 150000 can be invested under Sukanya Samriddhi Yojana.
    1. Important documents for account opening: To open an account under this scheme, the guardian will have to submit Form-1, birth certificate of the daughter and PAN card and Aadhaar number of the guardian.
    1. Duration of investment: Investment can be made under this scheme up to 15 years from the date of account opening.

Terms and conditions relating to maturity, tax benefits and interest rates

  1. Maturity Age: Sukanya Samriddhi will mature after 21 years from the date of account opening or after the girl child attains the age of 18 years at the time of marriage.
    1. Rate of interest: The rate of interest will be notified by the government on a quarterly basis. The interest rate for January 2021 to March 2021 under this scheme is 7.6%.
    1. Interest Amount: Under this scheme, the interest amount will be deposited in the account at the end of the financial year. Sukanya Samriddhi account can be opened in post office or bank.
    1. Tax Benefits: The investment made under this scheme is tax free under section 80C. The interest and maturity amount received under this scheme is also tax free.

Terms and conditions regarding premature closure of account

  1. Premature Closure: Sukanya Samriddhi Account can be closed prematurely (after 5 years of account opening).
    1. Death of the account holder: If the account holder dies, in this case the account can be closed.
    1. Life-threatening illness: If the account holder gets any kind of life-threatening illness, then this account can also be closed in such a situation.
    1. Death of the Guardian: This account can also be closed in the event of the death of the guardian of the account holder (the account operator).

Terms and conditions for withdrawing money from Sukanya Samriddhi account

  1. Withdrawal Status: Up to a maximum of 50% of the available balance at the end of the previous financial year can be withdrawn from the Sukanya Samriddhi Yojana account. This withdrawal can be done for the education of the girl child.
    1. Age for Sukanya Samriddhi Account Withdrawal: This withdrawal can be done after the girl child attains the age of 18 years or after passing class X (whichever is earlier).
    1. Mode of Withdrawal: Withdrawals from the account can be made in one go or in installments.

Application form for opening Sukanya Samriddhi Yojana account

  1. Interested beneficiaries who want to apply for opening a savings account under this scheme, they must first download the Sukanya Samriddhi Yojana Account Opening Form.
    1. After this the application form has to be filled with all the required information. After filling all the information, you have to attach all your necessary documents with the form.
    1. Then the application form and documents have to be submitted along with the amount to the desired bank and post office

Download the Sukanya Samriddhi Yojana Application Form Here

Procedure to check account balance under Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by the Government of India. Under which 7.6 percent interest is given on the investment. The passbook of Sukanya Samriddhi Yojana can be accessed both online and offline. You can check your account balance very easily under Sukanya Samriddhi Yojana. At present, more than 25 banks are providing Sukanya Samriddhi Yojana accounts. You have to open your account in these banks. After this the passbook will be provided to you by the bank. You can check your account balance under Sukanya Samriddhi Yojana through passbook. This account balance can be checked digitally or through account statement. You need to follow the following procedure to check main account balance.

  1. First you need to request your bank to provide you login credentials.
    1. These login credentials are not provided by all banks. Only a few banks provide this facility.
    1. After receiving the login credentials, you will be required to login to the Internet Banking Portal of the Bank.
    1. After this the home page will open in front of you.
    1. Now you have to click on confirm balance option.
    1. As soon as you click on the Confirm Balance option, the amount of Sukanya Samriddhi Account will open in front of you.
    1. Through this only the balance check of Sukanya Samriddhi account can be done.

Process to revive default account

As you all know that it is mandatory to invest at least ₹250 in Sukanya Samriddhi Account. If the minimum investment of ₹ 250 is not made by the account holder, then the account is considered as a defaulter. The account can be revived after the account defaults. Account revival can be done for 15 years from the date of account opening. To revive the account, you have to make a minimum investment which is ₹250 and pay a penalty of ₹50 per annum for all the years in which you have not made the minimum investment. After making this payment your account will be restarted.

Sukanya Samriddhi Yojana interest determination process

Account can be opened in post office or bank under Sukanya Samriddhi Yojana. An interest of 7.6% is given on the investment under this scheme. The method of calculation of interest under this scheme has been decided by the government. Under Sukanya Samriddhi Yojana, interest is calculated on the minimum balance in the account between the 5th day and the end of the month. The interest rates are changed every year by the government and the interest amount is credited to the beneficiary’s account at the end of the year. Deduction under section 80C is also available on deposits made under this scheme.

Sukanya Samriddhi Yojana FAQ’s

How can I register and create account for the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana accounts can be created with a minimum deposit of Rs 250 following the birth of a girl before the age of ten. A maximum of Rs 1.5 lakh can be deposited with Sukanya Samriddhi Yojana in the current fiscal year.

Sukanya Samriddhi Yojana’s account would be opened where?

Sukanya Samriddhi Yojana accounts can be opened at any approved post office or business branch and banks.

How long will Sukanya Samriddhi Yojana’s account have to work for?

After opening the Sukanya Samriddhi Yojana account, it can be run until the girl turns 21 or until she marries after 18 years.

What is the use of Sukanya Samriddhi Yojana?

Up to 50 percent of the amount can be withdrawn from Sukanya Samriddhi Yojana’s account after the age of 18 in case of expenses for the child’s higher education.

Rules for opening Sukanya Samriddhi Yojana account

The girl’s parents or legal guardian can open the Sukanya Samriddhi Yojana account in the girl’s name before she turns 10 years old. According to this rule, only one account can be opened for a girl and money can be deposited into her. Two accounts for the same girl cannot be opened.

Documents required for Sukanya Samriddhi Yojana

At the time of opening the Sukanya Samriddhi Yojana account, it is necessary to deliver the child’s birth certificate to the post office or bank. Along with this, it is also necessary to provide proof of identity and address of the girl and the guardian.

How much quantity is required for Sukanya Samriddhi Yojana?

250 rupees is enough to open a Sukanya Samriddhi Yojana account, but then the money can be deposited in multiples of 100 rupees. At least Rs 250 must be deposited in any financial year. In any financial year, no more than Rs 1.5 lakh can be deposited into the SSY account at the same time or multiple times.

The amount in Sukanya Samriddhi Yojana’s account can be deposited for 15 years from the day the account is opened. In the case of a 9-year-old girl, the amount can be deposited until she turns 24. Until the girl turns 24-30, when Sukanya Samriddhi Yojana’s account expires, interest will continue to accrue on the amount deposited in her.

When could the amount not be deposited in Sukanya Samriddhi Yojana?

An irregular Sukanya Samriddhi Yojana account where the minimum amount has not been deposited can be regularized by paying a fine of Rs 50 per year. Along with this, the minimum amount deposited for each year must also be deposited into Sukanya Samriddhi Yojana’s account.

If the fine is not paid, the amount deposited into Sukanya Samriddhi Yojana’s account will earn interest equal to the post office savings account, which is currently around four percent. If more interest has been paid to Sukanya Samriddhi Yojana’s account, then it can be reviewed.

How will the amount be deposited into Sukanya Samriddhi Yojana’s account?

The amount can also be deposited into Sukanya Samriddhi Yojana’s account in cash, check, demand money order, or any other instrument accepted by the bank. To do this, it is necessary to write the name of the depositor and the name of the account holder.

The amount in Sukanya Samriddhi Yojana’s account can also be made through electronic transfer mode, if the central banking system is present at that post office or bank.

If the amount in Sukanya Samriddhi Yojana’s account is paid by check or money order, then interest will be paid on the amount after the amount has been settled on the account, while in the case of electronic transfer, it will be calculated from of the day of the deposit.

Sukanya Samriddhi Yojana Vs PPF

Sukanya Samriddhi Yojana vs PPF

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