Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY) is a savings scheme introduced under the campaign Beti Bachao Beti Padhao intending to secure the financial future of the girl child.Since April 2020, the interest rate for Sukanya Samriddhi Yojana has been revised to 7.6%, compounded annually. Sukanya Samriddhi Yojana is a long-term savings scheme that can be opened in any designated public and private banks and post offices. The policy comes with a maximum tenure of 21 years or until the girl child is married after the age of 18. 

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The major advantages offered by Sukanya Samriddhi Yojana are:

  • It offers a high-interest rate of 7.6%, compounded annually.

  • Offers the benefit to transfer the account.

  • Tax benefits can be availed as an EEE (exempt, exempt, exempt) form.

What is Sukanya Samriddhi Yojana?  

Sukanya Samriddhi Yojana is for the parents or guardians who are blessed with a daughter and are looking for options to plan the future of their daughter in financial aspects. Pradhan Mantri Sukanya Samriddhi Yojana allows the parents to invest in the plan and systematically save for the welfare of their girl children. 

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. 

Notably, the minimum annual deposit for the scheme has been revised to Rs.250 from the earlier standard set at Rs.1000.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Features of Sukanya Samriddhi Yojana  

The 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 18 years of age.

  • The girl must operate the account once she reaches 18 years of age.

  • One can start making depositions in Sukanya Samriddhi Yojana with a minimum amount of Rs.250 and can deposit up to a maximum of Rs.1.5 lakh in a financial year. The deposition can be made in multiples of 100.

  • The deposition period of the Sukanya Samriddhi Scheme is of 15 years and the maturity period of the scheme is 21 years.

  • The Sukanya 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 the account.

  • To transfer the account from the bank to the post office and vice-versa, proof of a change in residence is required to be submitted. In case an individual fails to submit the proof, he/she will have to deposit Rs.100.

  • The deposition made towards the account can be in the form of a demand draft, online transfer, cheque, or cash. 

Eligibility for Sukanya Samriddhi Yojana

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

  • Only the legal guardian or parents of a girl child can open the Sukanya Samriddhi account in 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.

  • Only two Sukanya Samriddhi Yojana account is allowed per family i.e. one for each girl child.

  • Investors can take advantage of the higher interest rates offered by the company's fixed deposits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Sukanya Samriddhi Yojana Interest Rate 2022

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 every quarter 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.

Time-Period Interest Rate
Oct-Dec 2021 (FY 2021-22) 7.6%
July-Sep 2021 (FY 2021-22) 7.6%
April-June 2021 (FY 2021-22) 7.6%
January-March 2021 (FY 2021-22) 7.6%
Oct-Dec 2020 (FY 2020-21) 7.6%
July-Sep 2020 (FY 2020-21) 7.6%
April-June 2020 (FY 2020-21) 7.6%
January-March 2020 (FY 2020-21) 8.4%
Oct-Dec 2019 (FY 2019-20) 8.4%
July-Sep 2019 (FY 2019-20) 8.4%
April-June 2019 (FY 2019-20) 8.5%
Jan-March 2019 (FY 2019-20) 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 2018-19) 8.1%

The best part about the 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, one can certainly ensure their girl child’s future and meet her financial requirements in the future. 

Benefits of Sukanya Samriddhi Yojana Account

Along with providing financial security to the girl child, there are a plethora of benefits offered by Sukanya Samriddhi Yojana. Let’s take a look at these benefits in detail.

  1. The EEE Tax Benefit Which Cannot Be Ignored

    The Sukanya Samriddhi Yojana offers tax benefits under exempt, exempt & exempt forms. This means that:

    • The contribution made towards the scheme up to the maximum limit of Rs.1.5 lakh is tax-exempted U/S 80C of the Income Tax Act.

    • The interest earned on the contribution made towards the scheme is tax-free.

    • The amount received upon maturity is tax-free under section 10(10D) of the Income Tax Act.

  2. Simple and Easy Process of Opening the Account

    The Sukanya Samriddhi Yojana Account can be opened easily with a minimum deposition of Rs.250 and 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 falling in any income bracket.

  3. Helps to Create a Financial Backup for the Girl Child

    Pradhan Mantri Sukanya Samriddhi Yojana helps the individual to create a financial backup for the girl child right from the beginning. Moreover, it can also help finance her higher education, given that 50% of the balance can be withdrawn from the account after the girl turns 18.

  4. Premature Withdrawals Can Be Made Under Special Circumstances

    Premature withdrawals can be made if the girl reaches the age of 18 years. Besides this, premature withdrawal is also allowed after the completion of 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 so, it is mandatory to submit the application form.

  5. Attractive Interest Rate

    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 subject to revisions every quarter. 

Comparison With Popular Government Schemes

How to Open a Sukanya Samriddhi Account in a Post Office?

Here we have mentioned the detailed process to open the Sukanya Samriddhi Yojana Account with the post-office and through both online and offline modes.

  1. Opening an Account with Post Office

    1. Go to the nearest post office and fill out the application for opening Sukanya Samriddhi Account.  

    2. Fill in the required information in the application form with the details of the girl child and her legal guardians/parents.  

    3. Attach the required documents like the birth certificate of the girl's child, address proof, 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.

  2. Opening an Account with Financial Institution (Offline)

    1. Go to the nearest bank and ask the assigned official to help you out with filling up the form for Sukanya Samriddhi Yojana. 

    2. Fill in the required information in the application form with the details of the girl child and her legal guardians/parents.  

    3. Attach a 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. 

    4. After completion of all the forms and documents verification, the Sukanya Samriddhi Account is opened and the legal parents/guardians will be given a passbook.  

  3. Opening an Account with Financial Institution (Online)

    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 including details of the girl child and her legal guardians/parents.  

    3. Attach the scanned copy of the birth certificate of the girl child along with address proof, aadhar number, PAN card, and relationship certificate.  

    4. Click on the submit button after completion of the form.

    As a small savings scheme, the Sukanya Samriddhi Yojana post office scheme is a good investment plan for parents who don't want to get burdened by financial needs later on.

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 

  • Identity proof and address proof of the depositor

  • Any other documents 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 Yojana Account Details 

  1. 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 a life-threatening disease or a medical emergency

  2. Eligibility

    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 a one-year grace period is offered under special cases.

  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's 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'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.

  6. Withdrawal from Sukanya Samriddhi Account

    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.

  7. Initial Deposit for Opening Sukanya Samriddhi Account

    As per the scheme of the Sukanya Samriddhi Account, the legal guardian needs to pay Rs.250 at the time of opening the account.

  8. Penalty & Late Fees

    If the legal guardian fails to pay the minimum amount of Rs.250 in a financial year, the account will be discontinued. It can however be revived by paying the penalty of Rs.50 per year.

How to Download the Sukanya Samriddhi Yojana Application Form Online?  

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 websites of public sector banks such as PNB, SBI, BOB, etc.

  • From the website of participating private sector banks such as HDFC, Axis, ICICI, etc.

Even with multiple sources to download the Sukanya Samriddhi Yojana application form online, the format of the form will be the same regardless of the source.

Comparison with Popular Government Schemes

Feature Child Savings Plan Sukanya Samriddhi Yojana Public Provident Fund
Returns
Returns as of Q4 2021-22 11% - 14% 7.6% 7.1%
Availability
Gender Girl child/boy child Girl child only Girl child/boy child
Max Entry Age Up to 18 years Up to 10 years No limit
Flexibility
Invested amount can be withdrawn after 5 years 21 years 15 years
Premature closure Any time after 5 years Extreme Compassionate Grounds Serious ailments or for education
Penalty on Premature Closure No penalty after 5 years Returns reduced to Post Office Savings rate 1% reduction in interest rate
Max annual deposit amount No limit Rs. 1.5 Lakhs Rs. 1.5 Lakhs
Documentation
Documentation Required for Withdrawal Low High  Low

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/deposit on her behalf. The following is 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 for 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 Does Happen 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, it 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 the tenure of the scheme. However, these are the documents that one needs to submit:

    1. ID Proof

    2. Application form for the withdrawal of the amount.

    3. Address proof

    4. Citizenship Documents.

  • If the girl child has reached the age of 18 years and has completed 10th standard in school, 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 Samriddhi Yojana   

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

  • Premature withdrawal of the Sukanya Samriddhi scheme is applicable if the girl reaches 18 years of age and is getting married. However, it is mandatory to apply at least one month before marriage and three months after marriage to avail of 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 closed. In such a case, the guardian or the girl must inform about the change of status one month before 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 Samriddhi 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.

Sukanya Samriddhi Account Offered by Banks  

Here is the list of banks that offers the Sukanya Samriddhi Scheme:

United Bank of India Union Bank Of India Indian Bank
State Bank of India Vijaya Bank Canara Bank
UCO Bank Syndicate Bank Axis Bank
Oriental Bank of Commerce IDBI Bank Bank of India
Punjab National Bank Punjab & Sind Bank Corporation Bank
ICICI Bank Indian Overseas Bank Allahabad Bank
Bank of Maharashtra Dena Bank Bank of Baroda
The Central Bank of India Andhra Bank

What is Recorded In the Passbook? 

After the opening of the Sukanya Samriddhi Account, a passbook is given to the depositor which includes information such as the 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 the account, the bank and the post office verify the passbook.

Sukanya Samriddhi Yojana Calculator

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.

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 the 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.

FAQs

  • Q: Where can one open a Sukanya Samriddhi Yojana account?

    Ans: One can go to any Indian post office to open a Sukanya Samriddhi Yojana account. The individual would get all the instructions from the official who is assigned for opening the accounts. Some other financial institutions also offering this scheme are Sukanya Samriddhi Yojana SBI, the Sukanya Samriddhi Yojana HDFC, and the Sukanya Samriddhi Yojana in PNB.
  • Q: How to open a 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 the Sukanya Samriddhi Scheme, what is the maximum age limit given to the girl child to avail of the scheme?

    Ans: As Sukanya Samriddhi Yojana is a newly launched government scheme that aims to provide financial security to a girl child. Thus, any parent with a girl who is below the age of 10 years is eligible to avail of the scheme. Moreover, a girl child who has attained the age of 10 years, precisely 1 year before the launch of the scheme is also eligible for the scheme.
  • Q: Why should I opt for Sukanya Samriddhi Yojana?

    Ans: If you do not want to have stress on the finances 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.
  • Q: Who can deposit and operate the account?

    Ans: 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 the 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 period of the Sukanya Samriddhi Scheme?

    Ans:The Sukanya Samriddhi Account can be opened for 21 years, however, you can keep the account open after 21 years but no interest will be paid after maturity of the account.
  • Q: When can parents withdraw from the Policy?

    Ans: The Sukanya Samriddhi Account allows 50 percent withdrawal of the deposited money when the covered girl child reaches 18 years for higher education. However, the account gains maturity after the completion of 21 years from the date of account opening.
  • Q: Is there a facility to take a loan against the balance of the SSY account?

    Ans: No, the facility of loan is not applicable against the 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 the Sukanya Samriddhi Account?

    Ans: Yes, you can make premature closure of the 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 the 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 an SSY account.
  • 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. Alternatively, 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 Samriddhi Account?

    Ans:Only 50% of partial withdrawal is allowed under the scheme if and 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 of the Sukanya Samriddhi Scheme from any bank or post office throughout India.
  • Q: Can I transfer 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.
  • Q: What penalty I will have to pay if I miss the minimum annual payment of the 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.

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