Sukanya Samriddhi Yojana – Post Office

The Post Office Sukanya Samriddhi Yojana is a government-backed savings scheme designed to promote girl child's welfare and financial security. Currently, the interest rate being offered is 8.2% p.a. The Sukanya Samriddhi Yojana Post Office scheme is a part of the Government of India's 'Beti Bachao Beti Padhao' initiative. This scheme encourages parents and guardians to save for their daughter's higher education and marriage expenses.

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Post Office Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8.2%

Yearly Investment

You can invest maximum upto ₹1,50,000

Girl's Age

Maximum age should be 10 years
Yrs

Start Year

Investment term is 21 years
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
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What is Sukanya Samriddhi Yojana Post Office Scheme?

The Post Office Sukanya Samriddhi Yojana is a small savings scheme launched by the Government of India in 2015 to promote the welfare of the girl child. This is one of the best investment plans launched under the "Beti Bachao, Beti Padhao" (Save the Girl Child, Educate the Girl Child) campaign of the Government of India. It is a government-backed savings scheme that offers a high interest rate and tax benefits to encourage parents to save for their daughter's future. You can open a Sukanya Samriddhi Yojana Post Office  Account at any branch across India.

Who is Eligible to Apply for the Post Office Sukanya Samriddhi Yojana Scheme?

You need to follow the below-listed eligibility criteria to apply for the Post Office SSY Account (SSA):

  • The Post Office Sukanya Samriddhi Yojana account holder must be a female child under the age of 10.

  • The girl child must be an Indian citizen and resident in India until the maturity of the Sukanya Samriddhi Yojana Post Office account.

  • Only biological parents or legal guardians can open the Post Office Sukanya Samriddhi Yojana account.

  • Only one account can be opened in the name of one girl child.

  • Two girl children per family can avail of the Post Office Sukanya Samriddhi Yojana Scheme facility.

  • The family can open a maximum of 3 Sukanya Samriddhi Yojana Post Office Accounts for twins or triplets.

People also read: Sukanya Samriddhi Yojana Calculator

What are the Key Features of the Sukanya Samriddhi Yojana Post Office Scheme?

The key features offered under the Post Office Sukanya Samriddhi Yojana are as follows:

  • Beneficiary: Every girl child below the age of 10 years is eligible for the Sukanya Samriddhi Yojana post office scheme with a maximum of 2 girl children per family.

  • Objective: The Post Office Sukanya Samriddhi Yojana scheme aims to provide for the girl child’s education and marriage expenses after the age of 18 years.

  • Minimum Investment Amount: A minimum deposit amount of Rs. 250 is required, thereafter in multiples of Rs. 50. Contributions can be made any number of times in a month or financial year.

  • Maximum Investment Amount: Rs. 1.5 lakhs per financial year.

  • Contributions Payment Mode: Sukanya Samriddhi Yojana Post Office scheme allows contributions in lump sum or instalments, allowing contributions any number of times in a month or year.

  • Interest Rate: 8.2% p.a., compounded annually.

  • Maturity Period: The Post Office Sukanya Samriddhi Yojana account matures after 21 years from the date of opening or when the girl child gets married after the age of 18 years, whichever is earlier.

  • Premature SSA Closure: Allowed after 5 years of Sukanya Samriddhi Yojana Post office account, on payment of penalty charges, under conditions like the death of the account holder or extreme compassion situations.

  • Partial Withdrawal: Can avail up to 50% of the Post Office Sukanya Samriddhi Yojana Scheme Account balance after the age of 18 years or upon passing the 10th standard.

  • Operation of Sukanya Samriddhi Yojana Post Office Account: Operated by the parents or legal guardians of the girl child until she attains the age of 18 years, after which the girl child can operate the account herself.

  • Transferability: Post Office Sukanya Samriddhi Yojana Account can be transferred across post offices in India.

*You can easily check the returns on the maturity of the Post Office SSY Account using the Sukanya Samriddhi Yojana Calculator (SSY Calculator).

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What are the Benefits of the Sukanya Samriddhi Yojana Post Office Scheme?

The following are the benefits of the Post Office Sukanya Yojana Account:

  • High-interest rate: Currently offers an attractive interest rate of 8.2% p.a. (as of Q3 FY 2023-24), one of the highest among small savings schemes in India.

  • Tax benefits: Post Office Sukanya Samriddhi Yojana investments qualify for deductions under Section 80C of the Income Tax Act up to a maximum of Rs 1.5 lakh. Additionally, the interest earned and the maturity amount are tax-free.

  • Long-term financial security: Sukanya Samriddhi Yojana Post Office Scheme is designed to help parents and guardians save for the girl child's future education and marriage expenses.

  • Flexible investment: Post Office Sukanya Samriddhi Yojana allows for deposits as low as Rs. 250 per year and a maximum of Rs. 1.5 lakh per year, making it accessible for people from various income brackets.

  • Partial withdrawal:  Partial withdrawals are allowed for the girl child's higher education and marriage expenses after she turns 18 years old.

  • Guaranteed returns:  Since the Sukanya Samriddhi Yojana Post Office scheme is government-backed, it offers guaranteed returns on your investment.

  • Long tenure:  The maturity period is until the girl child turns 21 years old or upon her marriage after attaining the age of 18 years. However, contributions only need to be made for 15 years. Even if no further deposits are made, the account continues to earn interest.

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What are the Documents Required to Apply for Sukanya Samriddhi Yojana Post Office Scheme?

Documents required to open a Post Office Sukanya Samriddhi Yojana account are listed below:

  • Post Office Sukanya Samriddhi Yojana Form

  • Birth Certificate or Age Proof of the Girl's Child

  • Passport-Size Photographs

  • Identity and Residential Proof (e.g. Aadhaar Card, PAN Card, Driving License, Voter ID, Passport)

  • Proof of Relationship of the Sukanya Samriddhi Yojana Account Holder with the Girl Child (Birth Certificate, Adoption Certificate, or Court Order)

  • Address Proof of Account holder (Utility Bill, Bank Statement, or Rent Agreement)

How to Apply for the Post Office Sukanya Samriddhi Yojana Scheme?

The process of joining the Sukanya Samriddhi Yojana Post Office Scheme is simple, fast, and easily accessible. Below are the steps to apply for the same: 

Step 1: Check eligibility criteria before applying for Post Office Sukanya Samriddhi Yojana Scheme

Step 2: Download the application form from the official Indian Post Office portal or visit the nearest India Post Office branch.

Step 3: Carefully fill in the Sukanya Samriddhi Yojana Post Office Account application form with accurate and complete details.

Step 4: Attach the above-mentioned and other necessary documents and complete the application form.

Step 5: Submit the application form and documents to the Indian Post Office staff at the designated counter.

Step 6: Pay the initial deposit to open the Post Office Sukanya Samriddhi Yojana Scheme account 

Step 7: After processing the application, the post office will provide you with a Sukanya Samriddhi Yojana Post Office account passbook.

Frequently Asked Questions

  • What is the maturity amount of Sukanya Samriddhi Yojana?

    There's no fixed maturity amount. It depends on your contributions and the interest rate. You can use online calculators to estimate based on your planned deposits.
  • What is Sukanya Yojana 250 per month?

    This refers to the minimum annual contribution allowed for Sukanya Samriddhi Yojana, which is ₹250. You can deposit in smaller instalments throughout the year as long as the total for the year adds up to at least ₹250.
  • Which is better SSY or PPF?

    Both are government schemes, but they have different purposes:
    • SSY: Designed for girl child's future, matures in 21 years, offers high interest rate, tax benefits.

    • PPF: For long-term savings and retirement planning, matures in 15 years with an extension option and offers moderate interest rate, and tax benefits.

    Consider your goals and beneficiaries when choosing.

  • What is the post office scheme for a girl child?

    The post office scheme for a girl child is known as the Sukanya Samriddhi Yojana. It is a government-backed savings scheme specifically designed to promote the welfare and financial security of girl children in India. Under this scheme, parents or guardians can open an account in the post office in the name of the girl child and make regular deposits to build a corpus for her future education and marriage expenses.
  • What is the Sukanya Scheme in the post office?

    Sukanya Samriddhi Yojana Post Office (Post Office SSY Scheme) is a government-backed small savings scheme to empower and financially secure the future of a girl child. It is a part of the Beti Bachao Beti Padhao campaign. Post Office Sukanya Yojana Accounts can be opened by the parents or a legal guardian for a girl child of less than or up to the age of 10 years. SSY accounts can be opened at designated banks or post offices.
  • Is Sukanya Samriddhi Yojana better in the post office or SBI?

    Sukanya Samriddhi Yojana (SSY) is a government-backed small investment option, so it is available in both post offices and banks. The interest rate, tax benefits, and other features of the SSY scheme are the same across all Indian Post Office branches and designated SBI Bank branches.
  • Can I deposit Rs. 10 lakhs in Sukanya Samriddhi?

    No, you cannot deposit Rs. 10 lakhs in Sukanya Samriddhi Yojana Account (SSA) in a single instalment. The maximum amount that can be deposited in Sukanya Samriddhi in a single instalment is Rs. 1.5 lakhs. 

    However, if you want to deposit Rs. 10 lakhs in Sukanya Samriddhi Yojana, you can do so in instalments of Rs. 1.5 lakhs each over a period of 7 financial years.

  • Which bank is better for Sukanya?

    A few banks that are often recommended for Sukanya Samriddhi accounts are as follows:
    • State Bank of India (SBI Bank)

    • Union Bank of India

    • Canara Bank

    • HDFC Bank

  • Is Sukanya Samriddhi Yojana good or bad?

    Yes, Sukanya Samriddhi is a good investment option for parents who want to save for their daughter's education and marriage, especially if they want a safe and tax-efficient investment option.

    However, whether Sukanya Samriddhi Yojana (SSY) is good or bad depends on your financial goals, risk tolerance, and specific circumstances.

  • What is the maximum deposit in Sukanya Samriddhi?

    The maximum deposit in Sukanya Samriddhi per financial year is Rs. 1.5 lakhs. This means that you can deposit a maximum of Rs. 1.5 lakhs in your daughter's Sukanya Samriddhi account in a single financial year.
  • What is Sukanya Samriddhi Yojana Rs. 1000 per month?

    Sukanya Samriddhi Yojana Rs.1000 per month refers to a savings investment option under the Sukanya Samriddhi Yojana scheme where parents or guardians make monthly deposits of Rs. 1000 for their girl child's financial future. 

    This scheme allows regular contributions in smaller amounts to accumulate over time, ensuring steady savings growth. 

    The deposited amount earns interest as per the prevailing rates, and the scheme's benefits, such as tax deductions and long-term financial security, apply to these monthly deposits as well.

  • What are the benefits of Sukanya in the post office?

    The benefits of Sukanya Yojana - Post Office are as follows:
    • High-interest rate of 8.00% p.a. (as of October 2023)

    • Tax Benefits u/ Section 80C of the IT Act, 1961

    • Tax-free interest returns and maturity amount

    • Long-term financial security for the girl child's future

    • Partial withdrawals for higher education and marriage expenses (after the girl child turns 18 years old)

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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