The Sukanya Samriddhi Yojana is a savings scheme regulated by the government of India for the well-being of a girl child. Anyone who wishes to open a Sukanya Samriddhi Yojana account can do so with any authorized bank in India. The banks in India have been given authority by the Indian government to open the Sukanya Samriddhi Yojana account with a minimum deposit sum of Rs.250.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
Yearly Investment
You can invest maximum upto â‚ą1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsThe Sukanya Samriddhi Yojana (SSY) is a government savings scheme in India specifically for girl children. It is part of the Beti Bachao Beti Padhao initiative that aims to empower girls. Here's an overview of the scheme:
Eligibility: Open an account for a girl child up to 10 years old.
Minimum deposit: Rs. 250 per year.
Maximum deposit: Rs. 1.5 lakh per year.
Where to open an account: Authorized branches of public sector banks, three private sector banks, and post offices.
Benefits:
Attractive interest rates (currently 8.2% as of January-March 2024 Q4).
Tax benefits**: Deposits qualify for deductions under Section 80C of the Income Tax Act, and the interest earned is tax-free.
Maturity period: 21 years from opening or upon marriage after the girl turns 18 (whichever is earlier).
Financial Objectives: Serves long-term investment objectives with the power of compounding.
Security: Being a government-backed scheme, it is safe and offers guaranteed returns.
Transfer: It can be transferred from one post office/ bank to any other within the country.
One can use the Sukanya Samriddhi Yojana calculator and calculate the maturity sum at the end of the term.Â
**Note: Tax benefit is subject to changes in tax laws.
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Listed below are the names of the banks that offer the Sukanya Samriddhi Yojana to all eligible individuals:
State Bank of India
Bank of India
Canara Bank
Corporation Bank
ICICI Bank
Indian Bank
Oriental Bank of Commerce
Punjab National Bank
UCO Bank
United Bank of India
Axis Bank
Andhra Bank
Bank of Baroda
Bank of Maharashtra
Central Bank of India
Dena Bank
IDBI Bank
Indian Overseas Bank
Punjab & Sind Bank
Syndicate Bank
Union Bank of India
Vijaya Bank
Allahabad Bank
If you have a savings account with one of these banks, you can easily open a Sukanya Samriddhi Yojana Account with minimal paperwork and no hassles. If you don't have a savings account with any of these authorized banks, you can still open an SSY account with them. There are two methods to open the SSY Account, as follows:
Anyone who wishes to benefit from the Sukanya Samriddhi Yojana scheme needs to open an account in the name of a girl child. The Sukanya Samriddhi Yojana account can be opened with authorized banks or post offices with 2 methods.
Offline: Anyone who is taking the offline route needs to visit the branch physically to open the SSY account. Once at the branch, fill in the Sukanya Samriddhi Yojana scheme application. Submit the form with all the relevant documents attached and the deposit. Once the form and attached documents are verified by the bank, the SSY account will be opened.
Online: Opening an account at a bank branch:
Visit any authorized bank branch or post office offering SSY accounts.
Collect and fill out the SSY account opening form.
Submit the required documents along with the form and a photograph. These documents typically include:
SSY Account opening form
Birth certificate of the girl child
Identity proof and residence proof of the guardian (as per KYC guidelines)
Make the initial deposit (minimum Rs. 250, maximum Rs. 1.5 lakh in a financial year).
You can manage the SSY account online through the bank websites.
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The following documents are required to open the Sukanya Samriddhi Yojana account:
The duly filled application form
The certificate of birth of the beneficiary (girl child)
An address of evidence and identity for the parent/ guardian
The passport-size photographs
Anyone who has a daughter should start planning for their future by investing in the Sukanya Samriddhi Yojana savings scheme. This savings scheme will not only let one earn guaranteed returns but also create a tax-efficient corpus to fund the higher education or any other expenses of the daughter without any financial strain.
However, the Sukanya Samriddhi Yojana (SSY) can help you accumulate a significant amount for your daughter's future, potentially reaching Rs. 65 lakh or more depending on factors like investment amount and interest rates. It's a government-backed savings scheme designed for girl children's education and marriage expenses.
Investments qualify for deduction under Section 80C (up to Rs. 1.5 lakh).
Interest earned on the deposit is tax-free.
The maturity amount (including principal and interest) is tax-free.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^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 investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^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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