Sukanya Samriddhi Account

The Sukanya Samriddhi Account (SSY), launched as part of the "Beti Bachao, Beti Padhao" campaign, is a government-backed savings scheme that empowers parents or guardians to secure their daughter's financial well-being. The SSY offers various benefits, including a high interest rate, tax exemptions, and a long-term saving approach. The Sukanya Samriddhi Account empowers you to plan for the girl child’s educational needs, marriage, or any other significant life goals.

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Disclaimer: #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 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Sukanya Samriddhi Account?

The Sukanya Samriddhi Account is a government savings scheme in India specifically designed to promote the betterment of the girl child. It was launched to help parents or guardians of a girl child to save funds for higher education and other expenses of the girl child. It falls under the "Beti Bachao, Beti Padhao" campaign. Parents or legal guardians can open this account for their girl child until she turns 10 years old. The account offers an attractive interest rate and tax benefits. Deposits qualify for deduction under Section 80C of the Income Tax Act, and the interest earned is completely tax-free. This makes it a great way to save for your daughter's future needs like education or marriage.

Features of Sukanya Samriddhi Yojana

  • Minimum deposit of ₹250 per year.

  • Maximum deposit of ₹1.5 lakh per year.

  • Deposits can be made for a maximum of 15 years from account opening.

  • The account continues to earn interest even after deposits stop.

  • The account matures on completion of 21 years from the opening date.

  • Premature closure is allowed for the girl's higher education after she turns 18.

  • Partial withdrawal for education purposes is permitted under specific conditions.

  • Offers competitive interest rates (currently 8.2% as of July 2024).

  • Deposits up to ₹1.5 lakh qualify for tax deduction under Section 80C of the Income Tax Act.

  • Interest earned on the deposit is tax-free.

  • The maturity amount is also tax-free.

Benefits of Sukanya Samriddhi Yojana Account 

Here are some benefits of the Sukanya Samriddhi Yojana acccount:

  • High Interest Rate: SSY accounts currently offer one of the highest interest rates among small savings schemes in India.

  • Triple Tax Benefit: SSY boasts a unique "EEE" tax benefit. This means:

    • Investments made towards the account qualify for a deduction under Section 80C of the Income Tax Act, up to a maximum of Rs. 1.5 lakh annually.

    • The interest earned on the deposit is completely tax-free.

    • Even the maturity amount you receive is not taxed.

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  • Flexible Investment Options:

    • The minimum deposit amount is just Rs. 250, making it accessible to people with different financial backgrounds.

    • You can invest a maximum of Rs. 1.5 lakh per year.

    • Deposits must only be made for 15 years from the account opening date. The account continues to earn interest even after that.

  • Partial Withdrawal Facility: After your daughter turns 18, you can withdraw up to 50% of the balance for her higher education expenses.

  • Long-Term Security: With a maturity period of 21 years from the account opening date, the SSY ensures a long-term financial plan for your daughter's future needs.

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Eligibility for Sukanya Samriddhi Yojana Account 

Below are the eligibility criteria for opening a Sukanya Samriddhi Yojana (SSY) account:

  • Account Holder: The account can only be opened for a girl child by her parent or legal guardian.

  • Age Limit: The girl child must be below 10 years old at the time of opening the account.

  • Number of Accounts:

    • A maximum of one SSY account can be opened in the name of each girl child.

    • A family can open a maximum of two SSY accounts, one for each girl child.

    • An exception exists for families with twins or triplets born the second time, or triplets born the first time. In these cases, a third account can be opened with a medical certificate as proof.

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Sukanya Samriddhi Yojana Interest Rates

The interest rate for Sukanya Samriddhi Yojana (SSY) is currently 8.2% per annum. The interest is compounded annually, which means you earn interest on your interest, leading to better returns in the long run.

How to Open a Sukanya Samriddhi Account?

You can open the Sukanya Samriddhi Account in two ways:

  • Banks

  • Post Office

At a Bank:

  • Visit Your Bank: Head to your preferred bank branch.

  • Fill the Application Form: Ask for the Sukanya Samriddhi Yojana application form (Form SSA-1)  and fill out the form carefully.

  • Gather Documents: You'll need some documents:

    • Birth certificate of the girl child.

    • Parent/guardian's identity proof (Aadhaar card, PAN card, Voter ID etc.).

    • Address proof for the parent/guardian (license, utility bill etc.).

  • Make Your Initial Deposit: Deposit a minimum of ₹250 or any amount up to ₹1.5 lakhs for the first installment.

  • Submit Everything: Hand over the completed application form and all the required documents to the bank representative.

  • Processing and Account Opening: The bank will process your application. Once verified, your SSY account will be opened, and you'll receive a passbook.

At a Post Office:

  • Visit Your Local Post Office: Go to your nearest post office with Sukanya Samriddhi Yojana services.

  • Obtain the Application Form: The post office will provide you with an account opening form for the Post Office Savings Bank scheme.

  • Attach Required Documents: Attach your ID proof, address proof, and any other documents requested by the post office with the application form.

  • Make Your Initial Deposit: Deposit at least ₹250 as the initial amount.

  • Application Processing: The post office will process your application.

  • Account Opening and Passbook: Upon successful verification, your SSY account will be opened, and you'll be issued a passbook.

Sukanya Samriddhi Account Calculator

A Sukanya Samriddhi Account Calculator is an online tool that helps you estimate the future maturity amount of your SSY account. It considers factors like your annual investment amount, the girl's current age, and the existing interest rate.

Here's how it benefits you:

  • Planning: You can get an idea of how much the account will be worth at maturity, helping you plan for your daughter's future needs.

  • Comparing Scenarios: Try out different investment amounts and see how they impact the final maturity value.

  • Goal Setting: It can motivate you to save regularly to achieve your financial goals for your daughter.

These calculators are readily available on the websites of many Indian banks and financial institutions.

Conclusion

The Sukanya Samriddhi Account is an excellent government scheme designed to empower girl children and promote their financial security. Opening an SSY account is convenient and accessible through banks or post offices. By taking advantage of this beneficial scheme, you can ensure your daughter has a strong financial foundation for the years to come.

Frequently Asked Questions

  • How many years do we have to deposit for Sukanya Samriddhi Account?

    You need to make deposits towards your SSY account for a minimum of 15 years from the account opening date. However, the account continues to earn interest until maturity (21 years old or earlier upon marriage after 18).
  • Can we deposit after 15 years in Sukanya Samriddhi Account?

    No, deposits can only be made for the initial 15 years from the account opening date. There is no option to contribute after that period.
  • Can I close my Sukanya Samriddhi Account before maturity?

    Generally, you cannot close an SSY account before maturity (21 years). However, there's an exception: partial withdrawal is allowed if the girl child is above 18 years old and getting married.
  • Is Sukanya Samriddhi tax-free?

    Yes, Sukanya Samriddhi offers tax benefits on both ends:
    • Deposits made towards the account qualify for deduction under Section 80C of the Income Tax Act.

    • The interest earned on the account is completely tax-free.

  • Which banks are offering Sukanya samriddhi account?

    The list of banks authorized to offer Sukanya Samriddhi Account is:
    • Andhra Bank
    • Axis Bank
    • Allahabad Bank
    • Bank of Maharashtra
    • State Bank of India
    • Bank of India
    • Bank of Baroda
    • Vijaya Bank
    • State Bank of Mysore
    • Indian Overseas Bank
    • State Bank of Hyderabad
    • Indian Bank
    • Indian Overseas Bank
    • IDBI Bank
    • United Bank of India
    • ICICI Bank
    • State Bank of Travancore
    • UCO Bank
    • Union Bank of India
    • Punjab National Bank
    • State Bank of Bikaner and Jaipur
    • Syndicate Bank
    • Punjab & Sindh Bank
    • Dena Bank
    • Oriental Bank of Commerce
    • Corporation Bank
    • Central Bank of India
    • Canara Bank
  • Can Sukanya samriddhi account be transferred from post office to bank?

    Yes, you can transfer your Sukanya Samriddhi account opened in the post office to the bank. However, you have to fill the Sukanya Samriddhi Yojana transfer request form. You can get this form from the post office where your account currently is held.
  • What are the documents required to open Sukanya samriddhi account?

    You need to provide the following three documents in order to open the Sukanya Samriddhi account:
    • Girl child’s birth certificate with her name on it.
    • Identity proof of the legal guardians or parents.
    • Address proof of the guardians or parents. 
  • Can I open multiple Sukanya samriddhi accounts?

    Ideally, for one girl child, only one Sukanya Samriddhi account is allowed. However, the maximum number of accounts allowed for a guardian is two as per the rules of the bank and post office. The guardian can open the third account only if the first birth is the triplets or second birth of the person is twin girls.
  • Who would be the beneficiary of the SSY account?

    The beneficiary of Sukanya Samriddhi Yojana is the minor girl child for whom the guardian (legal or natural) has taken the subscription of the plan.
  • Who can open the SSY account?

    Legal guardians or parents of girl child can open SSY account.
  • How to open Sukanya samriddhi Account online?

    The steps to open Sukanya Samriddhi Account online are:
    • Fill up the Sukanya Samriddhi Yojana account opening form.
    • Submit the required documents with a photograph.
    • Deposit the cash (this amount can vary from Rs.250 to Rs.1.5 Lakh).
    • After opening the account, you can set up the automatic credit option through the net banking.

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.
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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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