In the year 2015, the government of India launched Sukanya Samriddhi Yojana under the campaign of ‘Beti Bachao,Beti Padhao’. This scheme was specifically launched to secure the financial future of the girl child. The scheme allows the parent/guardian to open a savings account for their girl child in any authorized commercial bank or Indian Post Office.
Read moreInsurer pays your premiums in your absence
Invest ₹10k/month and your child gets ₹1 Cr tax free*
Save upto ₹46,800 in tax under Section 80(C)
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Nothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr Tax Free*
Currently, the Sukanya Samriddhi Yojana interest rate is 7.6% compounded annually. The account can be opened by the parent of the girl child below the age of 10 years. The scheme tenure is of 21 years or until the girl gets married after the age of 18 years. Read further to know about various aspects of Sukanya Samrisshi Yojana.
For the financial year 2020, the Sukanya Samriddhi Yojana interest rate has been set at 7.6%, compounded yearly. The government of India fixes the rate of interest of the scheme and is revised every quarter. Let's take a look at the historical trend of Sukanya Samriddhi interest rates.
Time-Period | Interest Rate |
April- June 2020 (FY 2020-21) | 7.6% |
January-March 2020 (FY 2020-21) | 8.4% |
July-Sep 2019 (FY 2019-20) | 8.4% |
April-June 2019 (FY 2019-20) | 8.5% |
Jan-March 2019 (FY 2018-19) | 8.5% |
Oct to Dec 2018 (FY 2018-19) | 8.5% |
Jul-Sep 2018 (FY 2018-19) | 8.1% |
Apr-Jun 2018 (FY 2018-19) | 8.1% |
Jan-March 2018 (FY 2017-18) | 8.1% |
Oct-Dec 2017 (FY 2017-18) | 8.3% |
Jul-Sep 2017 (FY2017-18) | 8.3% |
Apr-Jun 2017 (FY2017-18) | 8.4% |
One of the major advantages of SSY is that it offers a higher interest rate as compared to the other savings scheme. Thus, with this savings scheme, one can certainly ensure the future of their girl child and meet her financial requirementsq2.
Along with securing the financial future of the girl child, there are many other benefits offered by Sukanya Samriddhi Yojana. Here we have explained some of the benefits in detail.
The parents of the girl child can open the SSY account with a minimum deposition of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year. The minimum contribution limit has been revised from Rs.1000.
The Pradhan Mantri Sukanya Samriddhi Yojana provides an opportunity for the parent of the girl child to create a financially secure future for their child right from the beginning. Moreover, it is also an excellent investment option to finance their child’s higher education. Under the SSY scheme, the guardian or parent can withdraw 50% of the accumulated sum to fulfill the higher education needs of the girl child once she completes 18 years of age.
Tax benefits can be availed under the SSY scheme in EEE (exempt – exempt – exempt) form:
Tax exemption can be claimed U/S 80C of the Income Tax Act on the investment made towards the scheme up to the maximum limit of Rs. 1.5 lakh.
The interest earned on the invested amount is tax-free.
The maturity proceeds are tax exempted under Section 10(10D) of the Income Tax Act.
If the girl child reaches 18 years of age, the account holder of the scheme can make premature withdrawals. In addition to this, in case of the uncertain demise of the parent or if any medical emergency occurs, premature withdrawals can be made after the completion of 5 years of the scheme from the date of initiation.
Let’s take a look at some of the salient features of the scheme:
Sukanya Samriddhi Yojana account can be managed by the guardian or parent of the girl child until she turns 10 years old.
Once the girl reaches 18 years of age, she can manage her account.
The contribution made towards Sukanya Samriddhi Yojana ranges from a minimum of Rs.250 to a maximum of Rs.1.5 lakh in a financial year. The contribution should be made in multiples of Rs.100.
The deposition tenure of the SSY scheme is of 15 years and the maturity period of the scheme is 21 years.
The subscriber can transfer the Sukanya Samriddhi Yojana account from post-office to bank and vice versa anywhere within India. No charges are applicable for the transfer of the account.
To transfer the account from post-office to bank and vice-versa, the subscriber is required to submit the address of residential change.
The deposition made towards the account can be in the form of online transfer, demand draft, cash, or cheque.
Here are the eligibility criteria for opening the Sukanya Samriddhi Yojana account.
Only the parent and legal guardian of the girl child is allowed to open the Sukanya Samriddhi accountin the name of the girl child.
While opening the account, the age of the girl child should be less than 10 years.
The maturity tenure of the account is until the girl reaches the age of 21 years.
An individual can start investing in SSY with a minimum of Rs. 250 and can invest up to a maximum of Rs. 1.5 lakh in a financial year.
Only one account can be opened in the name of a single girl child.
An individual family can open only two SSY accounts on the name of each girl child (exceptions are applicable in the case of twins and triplets).
Here is the list of banks that offers the Sukanya Samriddhi Scheme:
United Bank of India
State Bank of India
Punjab National Bank
UCO Bank
Oriental Bank of Commerce
ICICI Bank
Indian Bank
Canara Bank
Corporation Bank
Axis Bank
Bank of India
Allahabad Bank
Union Bank of India
Vijaya Bank
Punjab & Sind Bank
Syndicate Bank
IDBI Bank
Indian Overseas Bank
Bank of Maharashtra
The central bank of India
Dena Bank
Andhra Bank
Bank of Baroda
The government of India has taken up different initiatives to educate and empower a gild child with schemes such as the Sukanya Samriddhi Yojana. This initiative also serves to ensure financial freedom for the girl child. Even in the absence of a parent/guardian, the scheme helps to address the financial needs of every account holder.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
Nothing is more important than securing your child's future
29 Dec 2022
To secure a child's future, a well-informed parent ensures05 Aug 2022
This child plan by Bharti AXA is designed to help parents save04 Aug 2022
A child insurance plan is one of the most recommended ways to04 Aug 2022
The biggest aim of any parent is to provide their child with a04 Aug 2022
The plan is no longer offered by LIC. The company introduced theInsurance
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.
*T&C Applied.