SBI Sukanya Samriddhi Yojana

SBI Sukanya Samriddhi Yojana is a government-backed savings scheme for the girl child. The scheme aims to encourage savings for the girl child's future education and marriage expenses. SBI offers online tools like online calculators and policy portals to invest and manage the scheme.

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SBI 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
Explore Tax Saving Funds

What are the Features of SBI Sukanya Samriddhi Yojana?

The key features of Sukanya Samriddhi Yojana SBI are:

  1. Eligibility Criteria:

    • The SBI Sukanya Samriddhi Yojana scheme is valid only for girl children who are residents of India.

    • Female children with non-resident Indian status are not eligible.

    • If a girl child acquires non-resident Indian status post-account opening, the parents/legal guardian must inform the SBI branch within 1 month, and the account will be closed.

  2. Account Opening Criteria:

    • The account under SBI Sukanya Samriddhi Yojana can be opened by biological parents or legal guardians of a girl child.

    • A minimum deposit of ₹250 is required to initiate the account.

    • Two accounts are allowed in a family under the SBI Sukanya Samriddhi Yojana scheme, and in the case of the birth of twins/triplets, a maximum of three accounts can be opened.

    • Accounts can be opened at all post offices and authorized bank branches across India.

  3. Tenure:

    • The tenure for a Sukanya Samriddhi Yojana SBI account is 21 years or until the girl child marries after the age of 18.

    • The account remains active for a maximum of 21 years from the opening date. After this period, no interest is earned.

  4. Age Criteria for SBI Sukanya Samriddhi Yojana:

    The account can be opened from the birth of the girl child until she attains the age of 10 years.

  5. Deposit Criteria:

    • A Sukanya Samriddhi Yojana account in SBI can be initiated with an initial deposit as low as ₹250 per year.

    • The maximum annual deposit allowed is ₹1.5 lakh.

    • Deposits can be made through cash and/or cheques.

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  6. Partial Withdrawal:

    • Once the girl child attains the age of 18 years, 50% of the funds can be withdrawn from the SBI Sukanya Samriddhi account.

    • The withdrawal can be utilized for purposes like higher education or marriage.

  7. Reactivation of SBI Sukanya Samriddhi Yojana Account:

    • A minimum deposit of ₹250 per year for at least 14 years is required to ensure the continuity of the account.

    • The SBI Sukanya Samriddhi Yojana account will be deactivated if this requirement is not met in any particular year.

    • The account can be revived by paying a fee of ₹50, along with the minimum deposit amount.

Sukanya Samriddhi Yojana Interest Rates Historical Data

Policy Period SSY Interest Rate (% annually)
Jan to Mar 2024 (Q4 FY 2023-24) 8.2
October to December 2023 (Q3 FY 2023-24) 8
Jul to Sep 2023 (Q2 FY 2023-24) 8
Apr to Jun 2023 (Q1 FY 2023-24) 8
Jan to Mar 2023 (Q4 FY 2022-23) 7.6
October to December 2022 (Q3 FY 2022-23) 7.6
Jul to Sep 2022 (Q2 FY 2022-23) 7.6
Apr to Jun 2022 (Q1 FY 2022-23) 7.6
Jan to Mar 2022 (Q4 FY 2021-22) 7.6
Oct to Dec 2021 (Q3 FY 2021-22) 7.6
Jul to Sep 2021 (Q2 FY 2021-22) 7.6
Apr to Jun 2021 (Q1 FY 2021-22) 7.6
Jan to March 2021 (Q4 FY 2020-21) 7.6
Oct to Dec 2020 (Q3 FY 2020-21) 7.6
Jul to Sep 2020 (Q2 FY 2020-21) 7.6
Apr to Jun 2020 (Q1 FY 2020-21) 7.6
Jan to March (Q4 FY 2019-20) 8.4
Oct to Dec 2019 (Q3 FY 2019-20) 8.4
Jul to Sep 2019 (Q2 FY 2019-20) 8.4
Apr to Jun 2019 (Q1 FY 2019-20) 8.5
Jan to March 2019 (Q4 FY 2018-19) 8.5
Oct to Dec 2018 (Q3 FY 2018-19) 8.5
Jul to Sep 2018 (Q2 FY 2018-19) 8.1
Apr to Jun 2018 (Q1 FY 2018-19) 8.1
Jan to March 2018 (Q4 FY 2017-18) 8.1
Oct to Dec 2017 (Q3 FY 2017-18) 8.3
Jul to Sep 2017 (Q2 FY 2017-18) 8.3
Apr to Jun 2017 (Q1 FY 2017-18) 8.4

People also read: Best Child Plan

What are the Benefits of the SBI Sukanya Samriddhi Yojana Account?

Listed below are some significant benefits of Sukanya Samriddhi Yojana SBI:

  • High-Interest Rate: One of the most significant benefits of the SBI Sukanya Samriddhi Yojana Account is that it offers a high interest rate of 8.2% per annum the rate has hiked from the previous quarter. This SSY interest rate is subject to change every quarter, but it is still much higher than most other savings schemes.

  • Relocate the account: If the account holder wants to relocate, Sukanya Samriddhi Yojana SBI offers you an option to transfer your account to another approved post office or bank. 

  • Easy to Open: The SBI Sukanya Samriddhi Yojana Account can be easily opened at any SBI branch across India. Minimum documents are required for opening a bank account in SBI.

  • Tax Benefits: Investments made in Sukanya Samriddhi Yojana SBI Account are eligible for tax benefits under Section 80C of the Income Tax Act. 

  • Compound Interest Post Maturity: SBI Sukanya Samriddhi Yojana Earns compound interest even after the 21-year maturity period if the amount remains untouched.

  • Affordable Deposits: Nominal deposits of just ₹250 per year make it accessible for every family, allowing consistent contributions without financial pressure under SBI Sukanya Samriddhi Yojana.

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How to Open a SBI Sukanya Samriddhi Yojana Account (SSY)?

Follow these steps to open the Sukanya Samriddhi Yojana SBI account:

  • Fill in the details in the account form

  • Submit the form to the concerned office along with other required documents. 

  • After submitting all the documents, make the minimum deposit amount of Rs. 1000 in cash.

  • Once the account is opened, the applicants can continue their deposits

What are the Documents Required to Open a SBI Sukanya Samriddhi Yojana Account?

Here is a list of documents required for Sukanya Samriddhi Yojana SBI:

  • Identity/address proof of parents/legal guardians such as Aadhaar Card, PAN Card

  • Girl child's birth certificate, photo of child and parent, completed Form 1

  • For twins/triplets: Medical certificate is required to prove birth order

  • A certificate of relationship is needed, especially for adopted children to open a SBI Sukanya Samriddhi Yojana Account

How to Open SBI Sukanya Samriddhi Yojana Account?

Here are the steps to open a SBI Sukanya Samriddhi Yojana Account:

  • Visit any authorized bank branch or post office to open the SBI Sukanya Samriddhi Yojana Account.

  • Fill out the application form and submit it with the required documents.

  • Make the initial minimum deposit (₹250)

  • After opening the account, deposits can be made via cash, cheques, or demand drafts.

SBI Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana SBI calculator is an online tool that helps you calculate the interest earned and the maturity amount on the investments made in the SSY account. The calculator takes into account the following factors:

  • Amount invested every year

  • Age of the girl child

  • Starting year of the investment

  • Interest rate

To use the SBI Sukanya Samriddhi Yojana calculator, simply enter the required details in the calculator and press the "Calculate" button.

For example

If you invest ₹10,000 per year in the SBI Sukanya Samriddhi Yojana account for a girl child, who is born in 2022, assuming an interest rate of 8.2% per annum. The calculator will display the following:

By 2043 (when your girl turns 21 years you will have)

Total amount invested: ₹1,50,000

Interest earned: ₹3,11,839

Maturity Value: ₹4,61,839

Wrapping It Up

SBI Sukanya Samriddhi Yojana is not just a savings scheme; it's a powerful tool for social change, by empowering girl children with financial security and independence. Furthermore, the scheme offers a fixed interest rate and tax benefits. 

Frequently Asked Questions

  • What is Sukanya Samriddhi Yojana 1000 per month?

    If you invest ₹1000 per month into your SSY account starting from 2023, your maturity year will be 2044. Assuming an SSY interest rate of 8.2%, according to the SSY calculator, your investment will grow as follows:

    Total Investment: ₹1,80,000

    Total Interest: ₹3,94,547

    Maturity Value: ₹5,74,547

  • Can I invest in SSY after 15 years?

    No. You cannot invest in SSY after 15 years from the account opening date. However, the account continues to earn interest on the deposited amount until maturity (21 years) even without further contributions.
  • Can I open two Sukanya Samriddhi accounts for one child?

    No, you can open only one account in the name of a girl child.
  • Is there taxation on the interest earned in the SSY account?

    No, the Sukanya Samriddhi Yojana is a tax-exempt investment. This means that the principal amount, interest earned, and maturity amount are exempt from taxation.
  • Can I close my Sukanya Samriddhi Yojana Account prematurely?

    Yes, premature closure is allowed under specific circumstances, such as terminal illness or untimely death of the primary account holder. However, it is advisable to consult the bank to determine if any specific conditions apply.
  • Can I avail loan against my SBI Sukanya Samriddhi Yojana account?

    If you are looking to take a loan against your Sukanya Samriddhi Account, it's important to be aware that loan facilities are not available for this scheme.
  • How can I check the current balance of my SBI Sukanya Samriddhi Yojana account?

    • Access the internet banking portal of the bank authorized for Sukanya Samriddhi Yojana account opening.
    • Enter your login information.
    • View Sukanya Samriddhi's account balance on the homepage dashboard.
  • Can I withdraw money from my SBI Sukanya Samriddhi Yojana account before maturity?

    Withdrawing a portion, up to 50% of the total balance, of your Sukanya Samriddhi account is permitted for two specific purposes: when the girl child is getting married or for higher education.
  • How to Open the Sukanya Samriddhi Yojana Account Online for SBI?

    The SBI Sukanya Samriddhi Yojana Account can be opened without any hassles. Individuals who do not have a savings bank account with SBI can also open the Sukanya Samriddhi Yojana Account by simply submitting the following documents:
    • Certificate of birth of the girl child
    • Passport size photo of the child
    • Identity proof of the parents or guardian
    • Address proof of the parents or guardian

    Fill up the application form to open the SBI Sukanya Samriddhi Yojana Account. Attach all the required documents with the photograph. Deposit the minimum initial sum. Post verification by the bank, the SBI SSY Account will be opened.

  • Is it possible for the parents to withdraw money from the Sukanya Samriddhi Account?

    On completing 21 years of opening the Sukanya Samriddhi Account, the balance can be withdrawn along with the interest. In case the balance is not withdrawn after 21 years, the corpus will not earn any interest.

    An individual can opt for partial withdrawal up to 50% of the balance of the Sukanya Samriddhi Account for reasons such as marriage or the education of the child. In case the withdrawal is made for higher education, then the account holder needs to be 18 years of age and should have passed class 10. 

    A letter of admission acceptance needs to be submitted from the respective educational institution along with other relevant documents. On the other hand, if the reason is marriage, then withdrawal is permitted only when the girl has attained 18 years of age.

  • Does the applicant need to have an existing account for opening Sukanya Samriddhi Yojana in SBI?

    It doesn’t matter whether the applicants have an account in SBI or not; they still need to open a new account under SSY in the name of the girl child by providing the aforementioned documents.
  • What is the minimum deposit required to open an SBI Sukanya Samriddhi Yojana Account?

    The Sukanya Yojana SBI can be availed of at a minimum deposit amount of Rs. 250 per account; and subsequent deposits can be made in multiples of Rs. 50, on the condition that a minimum of Rs. 250 shall be deposited in one account in a financial year.
  • Who should you contact to open a Sukanya Samriddhi Yojana in the SBI branch?

    There are designated officials in the SBI branch who are responsible for opening SBI Sukanya Samriddhi Yojana accounts. The designated official will guide you through the rest of the process.

*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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