Sukanya Samriddhi Yojana

Sukanya Yojana    

The government of India has taken up various measures to educate and empower financial freedom for the girl child. Prime Minister Narender Modi launched the Sukanya Samariddhi Yojana under the campaign Beti Bachao Beti Padhao intending to secure the financial future of the girl child.  

Sukanya Samariddhi Yojana is a long-term savings scheme, which can be opened in any designated public and private banks and post-offices. The major advantages offered by Sukanya Samariddhi Yojana are:

• It offers a high-interest rate of 8.5% per annum.
• Offers the benefit to transfer the account.
• Tax benefits can be availed up to the maximum limit of Rs.1.5 lakh.

What is Sukanya Samriddhi Yojana?  

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 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 the 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 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

Padhao Yojana and it aims at the welfare of the girl child. The interest rate as per the Sukanya Samriddhi Yojana is 8.1% as per the July September quarter and now the minimum annual deposit for the scheme has also been revised to Rs. 250 from Rs. 1000 which was earlier.

Sukanya Samriddhi Yojana Interest Rate  

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. Let’s take a look at the interest rates of SSY year wise.

Time-Period	Interest Rate
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%

Sukanya Samriddhi Yojana Account Details 

1. Eligibility
   You can only open the Sukanya Samriddhi Accountin 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
2. Sukanya Samriddhi Yojana Interest Rate
   As per the scheme of Sukanya Samriddhi Yojana, the interest rate is 8.5 per cent for a financial year. With such interest, one should definitely invest in such a plan that will give them good returns on maturity.
3. Return on SSY
   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 future needs.
4. Tenure of Deposit for Sukanya Samriddhi Yojana
   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.
5. Sukanya Samriddhi Yojana Tax Benefits
   With Sukanya Samriddhi account, the account holder gets triple tax benefits which mean that no tax is levied on the amount withdrawn, amount invested and amount earned as interest.
6. Premature closure of Sukanya Samriddhi account
   You can close the account after an authorized order by the Central government in these scenarios:
   • If the account holder dies, then he/she can withdraw the amount.
   • If there is a case of life-threatening disease or a medical emergency
7. Withdrawal from Sukanya Samriddhi Account
   Parents or legal guardians can make a partial withdrawal of maximum 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 the cases like higher education or for marriage expenses.
8. Initial deposit for opening Sukanya Samriddhi account
   As per the scheme of Sukanya Samriddhi account, the legal guardian needs to pay Rs 1000 at the time of opening the account.
9. Penalty & Late Fees
   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 minimum amount required for deposit of that financial year.

How to Start Sukanya Samriddhi Yojana

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 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 as.	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 birth certificate of the girl child, address proof, PAN card and relationship certificate.	3. Attach the copy of documents such as birth certificate of 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

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 girl child one can certainly ensure their girl child’s future and meet her financial requirements in future. 

This small saving scheme Sukanya Samriddhi Yojana in Post Office is a good investment plan for the parents who don’t want to get burdened by the financial needs later on. They can also take advantage of the investment in Sukanya Samriddhi Yojana Account for tax exemption under section 80C of the IT Act, 1961. 

Features of Sukanya Samriddhi Yojana  

Following are some of the salient features of Sukanya Samriddhi Yojana:

• The parents or the guardian of the girl child can operate the account until the girl reaches 10 years of age.
• The girl must operate the account once she reaches 18 years of age.
• One can start making deposition in Sukanya Samriddhi Yojana with a minimum amount of Rs.250 and can deposit up to maximum Rs.1.5 lakh in a financial year. The deposition can be made in the multiples of 100.
• The deposition period of Sukanya Samriddhi Scheme is of 15 years and the maturity period of the scheme is 21 years.
• The Sykanya Samriddhi Yojana Account can be transferred from banks to post-office and vice versa anywhere within India. No charges are applicable for the transfer of account.
• To transfer the account from bank to post-office and vice-versa, proof of change is residence is required to be submitted. In case an individual fails to submit the proof then she will have to Rs.100.
• The deposition made towards the account can be in the form of demand draft, online transfer, cheque or cash.

Eligibility for Sukanya Samariddhi Yojana   

Let’s take a look at the eligibility criteria for opening a Sukanya Samariddhi Yojana Account.

1. Only the legal guardian or parents of the girl child can open the Sukanya Samriddhi account in the name of the girl child.
2. While opening the account, the age of the girl child should be less than 10 years.
3. The maturity tenure of the account is until the girl reaches the age of 21 years.
4. 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.
5. Only one account can be opened in the name of a single girl child.
6. Only two Sukanya Samriddhi Yojana account is allowed per family i.e. one for each girl child.
7. Investors can take advantage of the higher interest rates offered by the company fixed deposits.

 

Here are some other important details you need to know about sukanya samriddhi yojana account. All these details will help you to deal with samriddhi yojana account.

How to Download Sukanya Samriddhi Application Form onine?   

The application form of Sukanya Samriddhi Yojana can be downloaded  from various sources such as:

• From the website of Indian Post.
• From the website of Reserve Bank of India.
• Individual website of public sector banks such as PNB, SBI, BOB,etc.)
• From the website of participating private sector banks such as HDFC, Axis, ICICI, etc.

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.

How to Fill The Application Form of Sukanya Samriddhi Account?

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.

• Name of the girl child (Primary account holder).
• Name of the legal guardians/ parents opening the account (joint holder).
• Date of birth of the girl child.
• Initial deposit amount.
• DD/cheque number and date (used of the primary deposit).
• Identity proof of guardian/ parent (Aadhaar, driving license, etc.).
• Primary account holder birth certificate details (date of issue, certificate number,etc.).
• Any other KYC documents detail ( Voter ID, PAN, etc).
• Permanent address proof and present address.

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. 

What happens if excess or less amount is paid towards Sukanya Samriddhi Scheme?

• Excess Amount – No interest is applicable for any deposits above Rs.1,50,000. The account holder can withdraw the excess amount at any time.
• Lesser Amount- In case the investor fails to pay a minimum amount of Rs.250 in a financial year, the account will be considered as a default. However, one can activate the account by paying a fine of Rs.50.

Sukanya Samriddhi Yojana Withdrawal Rules

Here are the withdrawal rules of SSY.

• The account holder can withdraw the entire accumulated amount including the interest from the account after the completion of tenure of the scheme. However, these are the documents that one needs to submit.
• ID Proof
• Application form for the withdrawal of the amount.
• Address proof
• Citizenship Documents.
• If the girl child has reached at age of 18 years and has completed the 10^th standard then she can make a withdrawal for higher education. However, the withdrawn amount should be used for the payment of the fees or any other charges that are imposed at the time of admission.
• While applying for withdrawal from Pradhan Mantri Sukanya Samriddhi Yojana, it is important to keep handy the documents such as admission to the college or university and fee receipt.
• The maximum amount that one can withdraw from the account is 50% of the amount that is available in the previous year.
• The account holder can withdraw the amount from the Sukanya Samriddhi Yojana account either in lump-sum or in 5 installments.

Pre-mature Withdrawal Rules of Sukanya Samariddhi Yojana   

Let’s take a look at the rules, which allow pre-mature withdrawal of the account.

• Sukanya Samriddhi scheme premature withdrawal is applicable if the girl reaches 18 years of age and is getting married. However, it is mandatory to submit an application at least one-month prior marriage and three months after marriage to avail the benefit.
• Along with the submitted application, the account holder is also required to submit the documents that determine the age of the girl.
• If the girl child becomes non-resident or non-citizen then the account will be considered as closed. In such a case, the guardian or the girl must inform about the change of status one month before from the date of status change.
• In case of the demise of the girl child during the tenure of the scheme, the balance available in the account can be withdrawn by the guardian. Nevertheless, the guardian will have to submit the death certificate of the girl child.
• One can make premature withdrawals from the Sukanya Samariddhi account due to many other reasons as well. However, the interest earned from the contribution will remain the same as the interest rates offered by the post-offices.

 

Tax Benefits Offered by Sukanya Samriddhi Yojana                                                                          

Here are the tax benefit offered by Sukanya Samriddhi Yojana:

• The contribution made towards Sukanya Samriddhi Yojana Up to the maximum limit of Rs.1.5 Lakh is eligible for tax exemption under section 80C of Income Tax Act.
• The interest amount generated on the contribution made towards Sukanya Samriddhi Scheme is also applicable for tax exemption.
• Moreover, the maturity amount or the withdrawal amount is also applicable for tax exemption under section 10(10D) of the Income Tax Act.

Documents Required to Open Sukanya Samriddhi Account  

The documents that should be kept handy while opening Sukanya Samriddhi Account is:

• Sukanya Samriddhi Yojana opening form
• A certificate of birth of the girl child is required to be submitted at the time of opening the account.
• Identity proof and address proof of the depositor.
• Any other documents that are requested by the post-office and bank.
• A medical certificate is required to be submitted in case twins or triplets are born under one order of birth.

Sukanya Samriddhi Account Offered by Banks  

Here is the list of banks that offers 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

What is recorded in the passbook? 

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.

How to Calculate the Maturity Amount of Sukanya Samriddhi Yojana?  

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.

 

Sukanya Samriddhi Yojana- FAQs  

Q: Where to open Sukanya Samriddhi Yojana account?

Ans: One can go to any Indian post office to open Sukanya Samriddhi Yojana Account. The individual would get all the instructions by the official who is assigned for opening the accounts.  Some other financial institute also offering this scheme like Sukanya Samriddhi Yojana SBI, sukanya samriddhi yojana HDFC and sukanya samriddhi yojana in PNB.

How to Open Sukanya Samriddhi Yojana Account?

Ans: One can open Sukanya Samriddhi Yojana Account in the name of the girl child with a minimum deposit of Rs.250 before she turns 10 years of age. In the current financial year, one can deposit up to a maximum of Rs.1.5 lakh in the SSY account.

Q: Under Sukanya Samriddhi Scheme, what is the maximum age limit given to the girl child to avail the scheme?

Ans:  As Sukanya Samriddhi Yojana is a newly launched government schemes which aim to provide financial security to all girl child. Thus, any girl who reaches the age of 10 years or less is eligible to avail the scheme. Moreover, the girl child who attained the age of 10 years, precisely 1 year before the launch of the scheme is also eligible for the scheme.

Q: Why Opt for Sukanya Samriddhi Yojana?

If you don’t want to have stress on financial grounds for your girl child, Sukanya Samriddhi Yojana is the best investment plan for you. It will secure the future of your girl child as you can use the maturity amount for her higher education and as well as at the time of her marriage. Both of these responsibilities require a good amount of money in future. So, if you don’t plan it from the start, there are chances that you might have a problem in future to meet the financial requirements.

Q: Who can deposit and operate the account?

Legal guardians or parents can operate this account until the insured girl child attains the age of 10 years or until the maturity of the account. The girl child is eligible to operate this account as soon as she turns 10 years old if she wants to.

Q: What are the tax benefits offered under Sukanya Samriddhi Yojana?  

Ans: There are various tax benefits offered under Sukanya samriddhi yojana. The SSY investment plan is designated as an EEE (Exempt, exempt, exempt) investment option. This means that the amount contributed towards the scheme up to the maximum limit of Rs.1.5 lakhs, the interest received on the invested amount and the maturity proceeds are all tax exempted under section 80C of Income Tax Act.

Q: Who can open Sukanya Samriddhi Account?

Ans: The Sukanya Samriddhi Yojana account can be opened by any parents or legal guardian of a girl child on behalf of their daughter. However, while opening an account the parents or legal guardian should fulfill certain eligibility criteria such as:

• The maximum age limit of the girl should be 10 years or less.
• Only 2 SSY account is allowed for a single-family i.e. one for each girl child.
• Only one account can be opened in the name of a single girl child.

Q: What is the time period of Sukanya samriddhi Scheme?

Sukanya samriddhi Account can be opened for 21 years, however you can keep account open after 21 years but no interest will be paid after maturity of the account.

Q: When parents can withdrawal from the Policy?

The Sukanya Samriddhi Account allows 50 percent withdrawal of the deposited money when the covered girl child reaches 18 years for the purpose of higher education. However, the account gains maturity after completion of 21 years from the date of account opening.

Q: Is there a facility to take a loan against the balance of SSY account?

Ans: No, the facility of loan is not applicable against SSY account.

Q: Can a Non-Resident Indian avail the Sukanya Samriddhi Scheme?

Ans: As of now, the NRIs (Non-Residential Indian) are not eligible to avail Sukanya Samriddhi Yojana Account.

Q: Can I Make Premature closure of Sukanya Samriddhi Account?

Ans: Yes, you can make premature closure of Sukanya samriddhi account in specific cases. This may include sympathetic ground such as terminal illness, the unexpected demise of the primary account holder, etc. however, premature closure of the account entirely varies from situation to situation.

Q: Can I continue to invest in SSY account if I and my daughter move to another country?

Ans: The Sukanya Samriddhi Account will have to be closed if the girl child becomes an NRI or loses Indian citizenship.

Q: What happens in case of an uncertain demise of the girl child during the tenure of the scheme?

Ans: In case of the unfortunate demise of the girl child during the tenure of the scheme, the account is discontinued and closed and the proceeds are transferred to the parents or guardian of the girl child.

Q: Can I convert my bank deposit account to Sukanya Samriddhi Account?

Ans: No, currently there is no feature available to convert the bank deposit account to SSY account. SSY is a specifically launched scheme by the government under the campaign of Beti Bachao Beti Padao, which aims to uplift the financial status of the girl in the country.

Q:What happens if the depositor dies during the tenure of the scheme (guardian or parent of the girl child)?

Ans: In case of the unfortunate demise of the parent or legal guardian of the girl child, the scheme is either closed and the accumulated fund is given to the girl child or family. Or, the scheme continues with the deposited amount till the time of maturity and the amount deposited continues to earn interest until the girl child reaches the age of 21 years.

Q: Is premature withdrawal of money is allowed from Sukanya Sariddhi Account?

Ans: No, only 50% of partial withdrawal is allowed under the scheme when the girl child reaches the age of 18 years. This partial withdrawal can be made only for the higher education of the girl child or to cover the wedding expense of the girl child.

Q: Is the Sukanya Samriddhi scheme available throughout India?

Ans: Yes, one can avail the Sukanya Samriddhi Scheme from any banks or post-office throughout India.  

Q: Can I tranfer my Sukanya Samriddhi Scheme as per location?

Ans: Yes, one can transfer the scheme from bank to post-office and vice-versa or from one authorized bank to another. This is because the girl child may require to move to another city due to study or other such situations.

Q: What penalty I will have to pay if I miss the minimum annual payment of Sukanya Samriddhi Account?

Ans: You will have to pay a penalty of Rs.50 in case you fail to make a minimum contribution of Rs.250 in a financial year.