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Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana is an investment scheme launched by the government in India to help in providing the means of savings for the girl child in every family. The SSY was launched under the Beti Bachao Beti Padhao scheme. Under this scheme the parent/legal guardian of the girl child can open a savings account under the name of the girl child. This investment scheme can help a parent of the girl child to create a corpus for the girl child’s higher education. Investments made under the Sukanya Samriddhi Yojana can be utilized to fund girl’s education or marital expenses.

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Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana is a government introduced investment scheme aimed to benefit girl children. Sukanya Samriddhi Yojana also known as SSY was launched with an aim to provide means of savings for the girl child in every family. Sukanya Samriddhi Yojana’s tenure is 21 years which starts from the date of opening an account till the date of marriage of the girl after she has completed 18 years of age.

Sukanya Samriddhi Yojana was launched by the Prime Minister of India under the Beti Bachao Beti Padhao Scheme with a motive to secure girl child’s future. Investments made under the Sukanya Samriddhi Yojana can be utilized to fund girl’s education or marital expenses.

Sukanya Samriddhi Yojana Highlights

Below mentioned are some key highlights of Sukanya Smariddhi Yojana:

Interest Rate

7.6% per annum

Investment Amount

Minimum - Rs. 250 and Maximum Rs. 1.5 Lakh per annum.

Maturity Amount

Maturity amount solely depends on the invested amount.

Maturity Time Period

21 years from the date of opening the account.

Features Of Sukanya Samriddi Yojana

Below mentioned are some main features of Sukanya Samriddhi Yojana:

  • In case the girl child is under 10 years of age the guardian/parent of the girl child can operate the account until the girl child completes the age of 10 years.
  • The girl must operate the account once she completes the age of 18 years.
  • The minimum amount of deposit can be Rs. 250 and maximum can be Rs. 1.5 Lakh. The deposit amount should be multiples of 100.
  • Deposit towards the scheme should be made for a time period of 15 years but the scheme matures after 21 years.
  • A Sukanya Samriddhi Yojana account can be transferred from post offices to banks and vice versa anywhere in the nation.

Sukanya Samriddhi Yojana Interest Rate

Currently, the interest rate of Sukanya Samriddhi Yojana is 7.6% which is compounded annually. The rate of interest under this scheme is determined by the government. The rate of interest that has been offered by this scheme is as mentioned below:

Duration

Interest Rate (in percentage)

April to June(2020 - 2021)

7.6

January to March (2020)

8.4

April to June (2019)

8.50

January to March (2019)

8.50

October to December (2018)

8.50

July to September (2018)

8.10

April to June (2018)

8.10

January to March (2018)

8.10

October to December (2017)

8.30

July to September (2017)

8.30

April to June (2017)

8.40

January to March (2017)

8.50

October to December (2016)

8.50

July to September (2016)

8.60

April to June (2016)

8.60

From April 2015

9.20

From April 2014

9.10

Benefits Of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched with a main objective to provide a means of savings for the girl child. Apart from this, there are several other benefits that this scheme offers. Below mentioned are some benefits of Sukanya Samriddhi Yojana:

1. Simple Process of Opening the Account: Opening a Sukanya Samriddhi account is a very easy process. The parent/guardian can open a Sukanya Samriddhi account with a minimum amount of deposit of Rs. 250 and maximum deposit of Rs. 1.5 Lakh.

2. Financial Security of Girl Child: Sukanya Samriddhi Yojana was launched with a motive to provide an opportunity to the parents of the girl child to ensure a financially secured future for her. This investment scheme can help a parent of the girl child to create a corpus for the girl child’s higher education.

3. Tax Benefits: Under Sukanya Samriddhi Yojana one can avail tax benefits as investment made towards this scheme qualifies for tax exemptions under Section 80C of the Income Tax Act. The interest earned on the investments are tax-free and the maturity amount available under the scheme also qualifies for tax exemptions under Section 10(10D) of the Income Tax Act.

Eligibility Criteria To Open A Sukanya Samriddhi Yojana Account

Below mentioned are the eligibility criteria to open a Sukanya Samriddhi Yojana account:

  1. Only the guardian/parent of the girl child can open the Sukanya Samriddhi Yojana account under the name of the girl child.
  2. While opening the SSY account the girl child should be below the age of 10 years.
  3. One SSY account can be opened under the name of a single girl child.
  4. In case a family has two girl children, one individual account for each girl child can be opened by the parent/guardian.

Banks That Offer Sukanya Samriddhi Yojana Account

Mentioned below is the list banks in India that offer Sukanya Samriddhi Yojana Account:

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • Corporation Bank
  • Dena Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Punjab & Sind Bank
  • Punjab National Bank
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank

Premature Withdrawals Rules Under Sukanya Samriddhi Yojana Account

Under Sukanya Samriddhi Yojana premature withdrawals are allowed when the girl child completes the age of 18 years. In case of an untimely demise of the parent or any medical emergency, premature withdrawals can be after the completion of 5 years of the scheme from the date of opening the account.

Documents Required To Open A Sukanya Samriddhi Yojana Account

The list of documents required to open a Sukanya Samriddhi Yojana account is as mentioned below:

  1. Sukanya Samriddhi Yojana account opening form
  2. Birth certificate of the girl child
  3. ID proof and address roof of the depositor. (Aadhar Card, Passport, Voter ID Card, Latest Utility Bills)
  4. Photograph of the parent/legal guardian of the girl child

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