Sukanya Samriddhi Yojana HDFC

For any parent securing the financial future of their children becomes a topmost priority, and, if you are a parent of a girl child, then there is no better way to secure their future than opening a Sukanya Samriddhi Yojana account in her name. The Sukanya Samriddhi Yojana account is a small deposit account, which the Prime Minister of India Narendra Modi launched in 2015 under the ‘Beti Bachao, Beti Badao’ Campaign. 

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  • Insurer pays premium in case of loss of life of parent

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rating
6.7 Crore
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Policies Sold

The scheme aims to encourage parents to invest in the education of their girl child and save for their marriage. The scheme's main objective is to secure the financial future of the girl child and ensure that all their future needs are taken care of even in the absence of a parent.

Along with the benefit of investment returns, the plan also offers the advantage of tax exemption. The current interest rate applicable to the SSY account is 7.6%. 

Let’s read further to know about the benefits provided by the HDFC Sukanya Samriddhi Yojana account and why you should consider investing in it.

SSY Calculator HDFC

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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Benefits of Investing in Sukanya Samirddhi Yojana HDFC

  1. High-Interest Rate

    Compared to other investment options available in the market, the Sukanya Samriddhi Yojana account offers a high-interest rate of 7.6%, which accrues monthly and compounds every year. The Central Government quarterly regulates the interest rate of the scheme. The interest applicable to the SSY account is computed using the interest rate, maturity date, and the amount of deposition made towards the scheme.

  2. Tax Benefit

    This is another significant benefit offered by the HDFC Sukanya Samirddhi Yojana. The investors can gain tax benefits under the EEE format (exempt, exempt, exempt) along with the high investment return. Under this, the contribution made towards the scheme up to the maximum limit of Rs. 1.5 Lakh is tax-exempted U/S 80C of the IT Act. Further, the interest earned on the contributed amount and maturity proceeds is also tax exempted.

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  3. Lock-in Period

    The Sukanya Samriddhi Yojana HDFC account has a maturity period of 21 years from the date of opening or marriage of the girl child, whichever is earlier. The account gets terminated after the marriage of the girl child. However, the beneficiary can make one premature withdrawal once the girl reaches the age of 18 years. The contributor can use the premature withdrawal fund for the higher education of the girl child. This amount is limited to 50% of the balance at the end of the year. An individual can continue contributing towards the scheme for up to 15 years from the date of opening the account.

  4. Flexibility

    The Sukanya Samriddhi Yojana HDFC account offers flexibility to investors. An individual can start investing in the account with a minimum amount of Rs. 250 and can deposit up to a maximum of Rs.1.5 lakh in a financial year. Once the girl child reaches the age of 10 years, she can operate the account of SSY.

  5. Maturity Proceeds Paid to Girl Child

    At the time of maturity of the scheme, the accumulated fund and the accrued interest are paid to the girl child. Under SSY, the parents cannot withdraw the money and use it for their requirements, ensuring proper financial security for the girl child. The Sukanya Samriddhi Yojana account ensures that the gild has financial independence and is not treated like a burden.  A high-interest rate and tax-saving advantage make SSY one of the lucrative investment options available in the market.

    Now that we know the benefits offered by the Sukanya Samriddhi Yojana HDFC Account let’s look at the policy's eligibility criteria.

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Eligibility Criteria of Sukanya Samriddhi Yojana Account

  • The parent can open the account any time after the birth of the girl child until she turns the age of 10 years.

  • The account holder should be a resident of India.

  • Parents can open only one account per girl child. However, if a family has two daughters, a maximum of up to two accounts can be opened, one for each child. 

  • Deposits can be made by the parent/legal guardian of the girl child into the account until the girl reaches the age of 18 years.

  • After the girl child attains the age of 18 years, she can operate the account by herself.

Documents Required to Open Sukanya Samriddhi Yojana HDFC Account

Here are some of the important documents that should be kept handy while applying for the scheme.

  • Sukanya Samriddhi Yojana registration form

  • Birth Certificate of the girl child

  • ID proof of the depositor

  • Residential proof of the contributor

People also read: Sukanya Samriddhi Yojana Calculator

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Wrapping it Up!

By investing in the Sukanya Samriddhi Yojana HDFC Account, one can ensure a bright future for their girl child. The scheme helps to meet the future financial goals of the girl child, like higher education and marriage, and help them be financially independent in the long-term.

*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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^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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