Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by Prime Minister Narender Modi under the campaign Beti Bachao Beti Padhao intending to secure the financial future of the girl child. From April 2020 the Sukanya Samriddhi Yojana offers an interest rate of 7.6%, compounded annually.
Sukanya Samriddhi Yojana is a long-term savings scheme, which can be opened in any designated public and private banks and post-offices. With a tenure of 21 years or until the girl child is married after the age of 18, the major advantages offered by Sukanya Samriddhi Yojana are:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Sukanya Samriddhi Yojana is for the parents or guardians who are blessed with a daughter and are looking for the options to plan the future of their daughter in financial aspects. Pradhan Mantri Sukanya Samriddhi Yojana gives an opportunity to the parents to invest in the plan for the welfare of their girl children. If you invest in this scheme, it can be one of the best gifts that you can give to your girl child on her birth as you can systematically plan savings for her.
Sukanya Samriddhi Scheme is basically for the newborn girl child to ensure that female children are not left behind. As per the scheme, it provides financial security to a girl until the time she attains 18 years of age. Parents who have a girl child who is below the age of 10 years are eligible to opt for the benefits of Sukanya Samriddhi Yojana. The plan matures in 21 years.
The scheme was launched by the Prime Minister, Narendra Modi under the Beti Bachao Beti
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Padhao Yojana and it aims at the welfare of the girl child. The interest rate as per the Sukanya Samriddhi Yojana is 7.6% as per the April-June 2020 quarter and now the minimum annual deposit for the scheme has also been revised to Rs. 250 from Rs. 1000 which was earlier.
The following are some of the salient features of Sukanya Samriddhi Yojana:
Let’s take a look at the eligibility criteria for opening a Sukanya Samriddhi Yojana Account.
The investment made towards SSY can be used to financially secure the future of the girl child. The Sukanya Samriddhi Yojana interest rate is determined on a quarterly basis and is considered as one of the highest among various investment options. The current Sukanya Samriddhi Yojana interest rate for FY2020-2021 is 7.6% compounded annually. Let’s take a look at the interest rates of SSY year wise.
|April- June2020 (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%|
The best part about Sukanya Samriddhi Account is that it offers a higher rate of interest in comparison to all other saving schemes. Therefore, with this child education plan for the girl child, one can certainly ensure their girl child’s future and meet her financial requirements in the future.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Along with providing financial security to the girl child, there are a plethora of benefits offers by Sukanya Samriddhi Yojana. Let’s take a look at these benefits in detail.
The Sukanya Samriddhi Yojana offers tax benefits under exempt, exempt & exempt form. This means that:
The Sukanya Samriddhi Yojana Account can be opened easily with a minimum deposition of Rs.250 and can invest up to a maximum of Rs.1.5 lakh in a financial year. With a minimum contribution limit of Rs.250, the account can be opened by anyone in a simple and hassle-free way.
Pradhan Mantri Sukanya Samriddhi Yojana helps the individual to create a financial backup for the girl child right from the beginning. Moreover, it is also considered as a remunerative way to finance the higher education of the girl child. Under Sukanya Samriddhi Yojana Scheme, after the girl turns 18, 50% of the balance can be withdrawn from the account to meet the educational expenses of the girl child.
Premature withdrawals can be made if the girl reaches the age of 18 years. Besides this, premature withdrawal is also allowed after completion of the 5 years of the scheme from the date of initiation, in case of any medical emergencies or the unfortunate demise of the parent. However, to do premature withdrawals it is mandatory to submit the application form.
As compared to any other investment scheme Sukanya Samriddhi Yojana offers an attractive interest rate of 7.6%, compounded annually. The Sukanya Samriddhi Yojana interest rate is fixed by the government and is revised on a quarterly basis.
Here we have mentioned the detailed process to open the Sukanya Samriddhi Yojana Account with post-office and both online and offline.
|How to Open Sukanya Samriddhi Yojana Account With Post Office||To Open Sukanya Samriddhi Yojana Account With Financial Institution (Offline)||To Open Sukanya Samriddhi Yojana Account With Financial Institution (Online)|
|1. Go to the nearest post office and fill out the application for opening Sukanya Samriddhi Account.||1. Go to the nearest bank and ask the assigned official to help you out with filling up the form for Sukanya Samriddhi Yojana.||1. Check out the official website of the bank from where you want to open the account and find out the link for the Sukanya Samriddhi Yojana Scheme to open the account.|
|2. Fill in the required information in the application form with the details of the girl child and her legal guardians/parents.||2. Fill in the required information in the application form with the details of the girl child and her legal guardians/parents.||2. Fill in the required information in the application form including details of the girl child and her legal guardians/parents.|
|3. Attach the required documents like the birth certificate of the girl child, address proof, PAN card, and relationship certificate.||3. Attach the copy of documents such as the birth certificate of the girl child, Aadhaar card, PAN card, address proof, and relationship certificate which would be verified by the official agents of these banks.||3. Attach the scanned copy of the birth certificate of girl child along with address proof, aadhar number, PAN card, and relationship certificate|
|4. After completing all the required forms’ and documents’ verification, by the officials, the account will be opened and the passbook will be given to the legal guardian/parents.||4. After completion of all the form and documents verification, the Sukanya Samriddhi Account is opened and the legal parents/guardians will be given a passbook.||4. Click on the submit button after completion of the form|
As a small savings scheme, Sukanya Samriddhi Yojana post office scheme is a good investment plan for the parents who don’t want to get burdened by the financial needs later on.
The documents that should be kept handy while opening Sukanya Samriddhi Account is:
You can close the account after an authorized order by the Central government in these scenarios:
You can only open the Sukanya Samriddhi Account in the name of your girl child before she reaches the age of 10 years. However, there has been a relaxation introduced where one year grace is given in special cases
As per the scheme of Sukanya Samriddhi Yojana, the interest rate is 7.6 % for a financial year. With such interest, one should invest in such a plan that will give them good returns on maturity.
You can get a decent return by investing in this scheme. For example, if you invest Rs. 1000 per year, you would get Rs. 46,821 at the maturity of the scheme i.e. after 21 years. So, the more you invest, the more returns you can get in this plan and it will help you secure your girl child's future needs.
As per the Sukanya Samriddhi Yojana, one can deposit for a maximum period of 15 years and the account exists for 21 years from the date of opening the account.
With Sukanya Samriddhi's account, the account holder gets triple tax benefits which means that no tax is levied on the amount withdrawn, amount invested and amount earned as interest.
Parents or legal guardians can make a partial withdrawal of a maximum of up to 50% of the amount at the end of the previous financial year. However, withdrawal can only be made if the account holder has attained the age of 18 years and for cases like higher education or for marriage expenses.
As per the scheme of the Sukanya Samriddhi Account, the legal guardian needs to pay Rs 1000 at the time of opening the account.
If the legal guardian fails to pay the minimum amount of Rs. 1000 in a financial year, the account will be discontinued. It can be revived by paying the penalty of Rs. 50 per year the payment has been missed and also by making the payment of the minimum amount required for deposit of that financial year.
Here are some other important details you need to know about the Sukanya Samriddhi Yojana account. All these details will help you to deal with the Sukanya Samriddhi account.
The application form of Sukanya Samriddhi Yojana can be downloaded from various sources such as:
As there are multiple sources to download the Sukanya Samriddhi Yojana application form online, the format of the form will be the same regardless of the source.
The Sukanya Samriddhi Yojana application form requires the account holder to provide some key information about the girl child in whose name the contribution will be made towards the scheme. Details of legal guardian or parent are also required who will contribute/deposition on her behalf. The following are the key information that is required to be filled in the application form.
Once the applicant fills all these details in the application form, the form needs to be signed by the account opening authority and submitted to the post office/ banks along with the copies of documents applicable.
Here are the withdrawal rules of SSY.
Let’s take a look at the rules, which allow pre-mature withdrawal of the account.
Here is the list of banks that offers Sukanya Samriddhi Scheme:
|United Bank of India||Union Bank Of India||Indian Bank|
|State Bank of India||Vijaya Bank||Canara Bank|
|Punjab National Bank||Punjab & Sind Bank||Corporation Bank|
|UCO Bank||Syndicate Bank||Axis Bank|
|Oriental Bank of Commerce||IDBI Bank||Bank of India|
|ICICI Bank||Indian Overseas Bank||Allahabad Bank|
|Bank of Maharashtra||Dena Bank||Bank of Baroda|
|The central bank of India||Andhra Bank|
After the opening of Sukanya Samriddhi Account, a passbook is given to the depositor which includes information such as date of opening of the account, date of birth of the girl child, the amount deposited, and name, and address of the account holder.
The account holder needs to show this passbook to the banks or post-office, at the time of deposition of money into the account or at the time of receiving interest. Moreover, at the time of final withdrawal and maturity of account the banks and post-office verifies the passbook.
Sukanya Samriddhi Yojana Calculator is a tool, which helps the subscribers to calculate the maturity amount at the end of the scheme tenure. The subscribers can use this calculator to estimate how much they will receive as a maturity benefit at the end of the tenure of the scheme.
The interest rates of Sukanya Samriddhi Yojana are fixed by the government every quarter. The individual can estimate the maturity amount with the help of the Sukanya Samriddhi Yojana calculator.
In order, to use the Sukanya Samriddhi Yojana Calculator the individual should enter all the required information such as the age of girl child, minimum contribution amount, etc. Once, the account holder enters all the details, the SSY calculator estimates the amount of money the girl child will receive on the maturity of the scheme.
However, while contributing to Pradhanmantri Sukanya Yojana, it is important to keep in mind that the applicant should fulfill the above-mentioned eligibility criteria.
Yearly InvestmentYou can invest maximum upto ₹1,50,000
Girl's AgeMaximum age should be 10 years
Start YearInvestment term is 21 years