The Sukanya Samriddhi Yojana (SSY) is a central government saving scheme only for girls. It was launched on January 22, 2015 by Prime Minister Narendra Modi.
Sukanya Samriddhi Yojana Details:
- You can open an account for a maximum of 2 girls (Indian residents).
- Sukanya Samriddhi Yojana Account can be opened for more than two girls only if the girl child is born in twins/triplets in the first or second birth in a family.
- The maximum age of the child (girls only) is 10 at the time of account opening.
- The account can only be opened by the legal guardian of the girl child.
- Sukanya Samriddhi Yojana account can be opened through the Post Offices, public sector banks, and three private sector banks: HDFC Bank, ICICI Bank, and Axis Bank.
- The documents required are the Filled Registration Form, Birth certificate of the girl child, ID proof of the depositor, Residential proof of the depositor, and Stamp stamp-sized photos.
- You can invest for 15 years. The maturity period is 21 years (15 Years investment and 6 years lock-in period) from the account opening date.
- You can deposit a maximum of ₹1.5 Lakh in a financial year. The initial deposit is at least ₹250, and subsequent deposits must be in multiples of ₹50.
- You can pay both yearly and monthly basis. For the yearly deposit, every 1st April of that year, and for monthly, every 1st day of that month.
- Interest rates are usually higher than other saving schemes. The Interest rate is 8.2% yearly for 2024.
- The interest rate of Sukanya Samriddhi Yojana is fixed by the government of India and is revised quarterly.
- The interest rate is compounded and calculated on the lowest balance for the calendar month and credited at the end of each financial year.
- It provides tax benefits under section 80C. You can claim a maximum amount of ₹1.5 Lakh per year.
- You can partially withdraw 50% of the total savings for the marriage or higher education of the child.
- The Sukanya Samriddhi account allows partial withdrawal only after the girl reaches the age of 18.
| Latest Interest Rate | 8.2% Yearly (Q2 2024) (compounded annually) |
| Minimum Investment | ₹250 in a financial year |
| Maximum Investment | ₹1.5 lakh in a financial year |
| Maturity Period | When a girl child is 21 years |
| Tax Benefit | under 80C |
| Partial withdrawal | 50% of the amount after girl child is above 18 years |
| Eligibility to age limit | Girl child must be 10 years old or younger at the time of account opening |
For more details about the Sukanya Samriddhi Yojana, please read below.
Sukanya Samriddhi Yojana documents:
The complete list of required documents to open a Sukanya Samriddhi Yojana account is below.
- Filled application form
- Birth certificate of child
- Identity and address proof of the parent or legal guardian
- Other documents like PAN card, and Aadhar card for KYC.
- Medical certificate to prove multiple gird children born together if applicable.
Any other documents might be required based on the post office or bank type.
Sukanya Samriddhi Yojana Eligibility Criteria:
- The account can be opened for girls only. One account is permitted per child.
- The girl child must be an Indian citizen and must be below 10 years old at the time of opening the account.
- Maximum 2 accounts can be opened per family.
- Only parents or legal guardians can open an SSY account.
- More than 2 accounts can be opened per family only if a girl child is born in twins or triplets in the first or second birth in a family.
Where to open Sukanya Samriddhi Yojana Acount?
You can open a Sukanya Samriddhi Yojana Account in the below institutes.
- Government Bank
- Post office
- Few participating private banks
The list of participating banks is given below.
List of Banks Offering Sukanya Samriddhi Yojana:
| State Bank of India | Corporation Bank | Axis Bank |
| State Bank of Travancore | Central Bank of India | ICICI Bank |
| State Bank of Mysore | Indian Overseas Bank | HDFC Bank |
| State Bank of Hyderabad | Dena Bank Indian | |
| State Bank of Bikaner and Jaipur | Bank UCO Bank | |
| State Bank of Patiala | Syndicate Bank | |
| Allahabad Bank | United Bank of India | |
| Andhra Bank | Punjab National Bank | |
| Punjab and Sind Bank | Union Bank of India | |
| Bank of Baroda Canara | Oriental Bank of Commerce | |
| Bank Bank of India | IDBI Bank | |
| Bank of Maharashtra | Vijaya Bank |
How to open Sukanya Samriddhi Yojana Acount?
You can open Sukanya Samriddhi Yojana with a post office or participating bank. It is more convenient to open a Sukanya Samriddhi Yojana account where you already have a savings account. You have to submit a filled application form along with the required documents.
Sukanya Samriddhi Yojana Online Payment
- Download the India Post Payments Bank (IPPB) app from the Google Play Store or Apple App Store.
- Transfer the necessary amount from your primary bank account to your IPPB account.
- Open the IPPB app and log in using your credentials.
- Go to the “DOP Products / Services” tab and select “Sukanya Samriddhi Yojana.”
- Enter your SSY account number and customer ID.
- Choose the amount you wish to pay and specify the payment frequency (e.g., monthly, or quarterly).
- Confirm the payment setup. IPPB will notify you of the success of setting up the payment routine.
You will receive notifications each time a payment is processed.
Sukanya Samriddhi Yojana Calculator/SSY Calculator
Sukanya Samriddhi Yojana provides compounded interest. The interest for the SSY account is calculated on the lowest balance for the calendar month and credited once, at the end of each financial year.
A few links are given below to calculate your maturity amount. You can refer to any link.
From HDFC Bank: Click to calculate
From Axis Bank: Click to Calculate
From SBI Bank: Click to Calculate
How to Transfer Sukanya Samriddhi Yojana Acount?
Only a few banks allow the transfer of Sukanya Samriddhi Yojana online. Also, make sure whether or not the branch office to which you’d like to transfer the account is authorized for the SSY account. There is no requirement to visit the Bank/Post office by girl child. Parents or legal guardians can complete the process. To transfer your SSY account, you need to follow the below procedure.
- Submit the transfer request to your current Bank or Post office.
- Bank or Post office will send your request to the new bank or Post office.
- You have to complete the KYC procedure at the new bank or post office.
Sukanya Samriddhi Yojana Tax Benefits:
- You can claim a tax deduction of up to ₹1.5 Lakh under section 80C on the principal amount deposited in the SSY account.
- The interest earned on the deposits, the maturity benefits, and the principal amount are tax-exempt.
- Any withdrawals from the SSY account are also tax-free.
Sukanya Samriddhi Yojana Withdrawal Rules:
You can withdraw the complete or partial amount from the Sukanya Samriddhi Yojana account. But, there are certain conditions for both.
Partial withdrawal from Sukanya Samriddhi Yojana account:
You must submit a filled withdrawal form (Form-3) along with the SSY account passbook to the bank or Post Office branch where the account is maintained. There are certain conditions for withdrawing prematurely.
- Partial withdrawals from a Sukanya Samriddhi Yojana (SSY) account are permitted after the account holder turns 18 years old or passes the 10th standard, whichever comes first.
- The account holder can withdraw up to 50% of the account balance for higher education or marriage.
- The amount withdrawn must be restricted to the actual requirements for fees and other admission charges, as shown in the offer of admission or the relevant fee slip.
Complete withdrawal from Sukanya Samriddhi Yojana account:
After completion of 21 years of the girl child, You need to submit an application and proof of identity, residence, and citizenship documents. The complete amount with interest will be paid to the girl child.
Premature Closure of Sukanya Samriddhi Yojana account:
Certain conditions permit to closing of Sukanya Samriddhi Yojana before maturity.
- In case of the Death of the girl child, the balance in the SSY along with interest will be paid to the guardian after the production of the death certificate.
- For the treatment of life-threatening diseases of the girl child or death of the guardian.
- The girl child either becomes a non-resident or a non-citizen of India.
Conclusion:
The Sukanya Samriddhi Yojana (SSY) offers a robust savings plan for the future of girl children, combining attractive interest rates, tax benefits, and flexible investment options. With eligibility criteria focused on supporting families and a simple process for opening and managing accounts, SSY stands out as a valuable financial tool for securing a girl child’s education and marriage expenses.
FAQs
1: How much money should I put into the Sukanya Samriddhi Yojana?
You can invest an amount between 250 to 1.5 lakh in one financial year.
2: Is Sukanya Samriddhi Yojana tax free?All three components amount deposited, interest earned, and withdrawal are tax-free.
3: Who is the Guardian in the Sukanya Samriddhi Scheme?
Parents or legal guardians assigned by the court or if parents are not alive then the person entitled under current law is called guardian.
4: How To Obtain Sukanya Samriddhi Account Passbook?
You can download passbook like other bank statements using official mobile apps or net banking provide by the bank or Post office.