Sukanya Samriddhi Yojana 2024: The Sukanya Samriddhi Yojana is a government savings plan for girls. Parents can start an account before their daughter turns 10 and deposit Rs 250 to Rs 1.5 lakh per annum. It gives high-interest rates and tax-free returns. So, invest in your daughter’s education and marriage today.
The Sukanya Samriddhi Account Scheme offers tax benefits as one of the major advantages it provides to customers. Investors may claim a deduction of up to ₹80C on deposits made in this account which helps them save taxes.
Updates: The government slightly raised the interest rates on the Sukanya Samriddhi Yojana scheme – a special saving scheme for girl children. This scheme allows families to save money for their daughters’ future needs such as education or marriage. From now onwards if you put your money under this scheme then the Government will give a little bit more interest i.e., 8.2% instead of the earlier 8%. They keep changing these things every few months but they did this time just before the big election is coming up soon possible.”
What’s Sukanya Samriddhi Yojana (SSY)?
Financial Security: You can get tax benefits and a savings account backed by the government.
Financial Security: A tax break and government-backed savings account is available.
Support for Education and Life Events: It can be hard to pay for girls’ education or weddings in some families. This programme provides money for school as well as other important events in life.
Accessibility of Funds and Promotion of Higher Studies: When your daughter turns 18, you will be able to withdraw the money she saved with interest. If not used for marriage then it could go towards her college fees or anything else needed for studies.
Transferability & Maturity Benefit: You are allowed to shift accounts all over India. Also after completion of 21 years, a lump sum would have been accumulated which will help shape up one’s tomorrow.
Eligibility Criteria
Age Limit and Maturity Period of Sukanya Samriddhi Yojana:
- Age Limit for Account Opening: A Sukanya Samriddhi Yojana (SSY) account can be opened in the name of a girl child until she turns 10 years old. This means that the account must be started before the girl child completes 10 years of age.
- Maturity Period: The SSY account will mature after twenty-one years from the opening date. Also, if the girl child in whose name this account has been opened gets married after attaining eighteen years of age then it will be treated as mature.
In short, the account can be opened till the girl is 10 years old; and it takes either 21 years or when she gets married after turning 18, earlier than that to get matured.
- Any person can open an account for a girl child under ten years of age. Another way to say this is that only parents or legal guardians are allowed to have accounts under Sukanya Samriddhi Yojana with their daughters’ names.
- You can open just one account on behalf of each girl child.
- A maximum number of two accounts are allowed per family for two daughters.
- Opening Multiple Accounts for Girls in Special Cases: More than two accounts may be permitted under certain circumstances.
- If twins or triplets are born first before a girl is delivered, then you can open a third account.
- However, if twins or triplets are born before a girl is delivered then you cannot open a third account.
Where to Open Sukanya Samriddhi Account?
You can open an account in any post office or public sector bank. In addition, some private banks such as ICICI Bank, Axis Bank and HDFC Bank also provide this facility. You can easily open a Sukanya Samriddhi Yojana account at the post office or any public/private sector bank. You can choose to open the account through offline mode as well as online payment or offline payment method.
How to Open Sukanya Samriddhi Account in Post Office?
You can conveniently begin a Sukanya Samriddhi Yojana (SSY) account at the Post Office. To do so, take these steps:
- The first thing you need to do is select the relevant branch of the Post Office.
- Fill up an application form (Form-1) correctly and attach all supporting documents required.
- As part of step three, make the initial deposit either in cash or by cheque or demand draft; this can be between Rs 250 and Rs 1.5 lakhs.
- In Step 4, The post office will accept your initial deposit and process your application
- Once processing is done, your SSY account will become active with them; Later passbook shall be sent to you after the successful initiation of account.
With these steps, anyone can easily open a Sukanya Samriddhi Yojana account at their nearest post office.
How to Fill SSY Application Form?
To fill out an SSY account form for a post office is a quite easy task. Here is how you can do it:
- Get the Form: Collect Sukanya Samriddhi Yojana (SSY) account opening form from any nearby post office. This form is available at the counter or can be downloaded from the official website of India Post.
- Personal Details: Write down name of girl child, date of birth and gender. Mention name of guardian along with their relationship and contact details.
- Address Details: Give permanent address of guardian and girl child.
- Nomination Details (Optional): If you want to nominate someone then write their name and relationship with them too.
- Mode of Operation: Indicate whether the account shall be operated jointly or exclusively by guardian only.
- Deposits and Transaction Details: Clearly mention the amount which you wish to deposit initially as well as mode of payment i.e., cash / cheque / demand draft etc., whichever suits best according to your convenience.
- Attach Documents: Attach copies of birth certificate of girl child, ID proof & address proof of guardian along with other necessary papers if any required by department concerned.
- Nomination Details (Optional): Fill up nominee name & his/her relation with her/him in case if somebody wants so otherwise leave this column blank also will work fine here but still its good thing have everything clear always better than sorry later on some point during life journey anywhere anything happen who knows what might come up next time around huh why not be prepared now itself right my friend?!?
- Signatures: Put signature wherever necessary both for Guardian and Girl Child Name
- Submit Form : After filling all informations duly complete given space provided submit same either directly concerned branch office where said scheme being implemented or else through designated postal channel after enclosing requisite supporting documents thereof ;
Required Documents for Opening an SSY Account
To open an account under the Sukanya Samriddhi Yojana (SSY) scheme, you will require the following documents:
- Complete the account opening form of SSY.
- Get the birth certificate of the girl child.
- Carry proof of your identification and address too.
- In case multiple children are born in one go; perhaps you are going to need a medical certificate.
- Keep other documents ready as per the bank or post office’s demand.
Deposits
- First Deposit: Start with a minimum of Rs. 250 and increase by multiples of Rs. 50.
- Range Of Annual Deposits: Every year, you should deposit between Rs. 250 and Rs. 1,50,000.
- Types Of Deposits: You can make the entire deposit at once or in installments.
- Deposit Excess: If you exceed the limit of Rs. 1,50,000 then that amount is not eligible for interest but it can be withdrawn.
- Irregular Accounts: If you fail to make any year’s deposit then you can compensate by paying a fine of Rs. 50 per year along with the due installment.
- Modes Of Payment: Cash, cheque, demand draft or e-transfer are acceptable for payments.
SSY Interest Rates
- From January to March 2024, the prevailing interest rate of Sukanya Samriddhi Yojana is 8.2%.
- If there is an account under default (that is if minimum yearly deposit of Rs. 250 has not been made), still then money will earn the interest till it matures.
- In case you have an account under default, you can fix it within 15 years from the opening by paying Rs. 50 for each year missed to deposit the minimum amount as a penalty.
- Once the account completes 21 years of its opening, no further addition on interest rate will take place.
- The moment a girl child becomes non-citizen or non-resident of India, the account stops gaining any more interest.
- If you put in more than what is allowed per annum i.e., Rs. 1,50,000; such excess sum remains unproductive but may be withdrawn anytime.
- Deposits made in this account shall earn interest at notified rates from time to time.
- Different rates have been prescribed over different periods as shown in table below.
- Interest is compounded annually and credited to the account.
- Interest shall be calculated on monthly basis with effect from fifth day of month and last working day of same month based on lowest balance between these days.
Interest Rate Period | Interest Rate (%) |
---|---|
From 1.1.2024 | 8.2 |
From 1.4-2023 | 8.0 |
From 1.4.2020 | 7.6 |
1.7.2019 to 31.3.2020 | 8.4 |
1.10.2018 to 30.6.2019 | 8.5 |
1.1.2018 to 30.9.2018 | 8.1 |
1.7.2017 to 31.12.2017 | 8.3 |
1.4.2017 to 30.6.2017 | 8.4 |
1.10.2016 to 31.3.2017 | 8.5 |
1.4.2016 to 30.9.2016 | 8.6 |
F.Y. 2015-16 | 9.2 |
F.Y. 2014-15 | 9.1 |
Sukanya Samriddhi Yojana Calculator Excel: Download Free SSY Calculator
Sukanya Samriddhi Yojana Calculator – Calculate Maturity Amount, Period and Interest Amount
Account Operation Process
- Guardian’s Role: The guardian will manage the account until the girl child reaches 18 years of age.
- Beneficiary’s Takeover: Once the girl child turns 18, she will take control of the account’s operation.
Transferring the Account
- In India, if the account holder’s daughter/guardian changes places within the country, she can transfer the account without any cost. She must only provide evidence of relocation.
- To Another Bank or Post Office: In all other cases except that, if you want to transfer your RD account to another bank or post office anywhere in India then it would attract Rs 100/- as service charges.
Transferring SSY Account from Post Office to Bank
The girl child doesn’t need to be present during the transfer process thus making it very simple. The process of transferring can either be to post offices or to a bank and it will not cost any money. Unlike moving, other transactions have a fee of Rs. 100 that has to be paid. The only thing this does is make sure that transferring is easy and safe for her money.
To transfer a Sukanya Samriddhi account from a post office to a bank, do the following:
Step 1: Visit Post Office
Visit the post office where your account is located.
Step 2: Notify Transfer Intent
Inform an executive at the post office about your plan to transfer the account to a bank. Submit an account transfer form duly filled out.
Step 3: Submit Required Documents
Give passbook and necessary KYC documents with the transfer form.
Step 4: Account Discontinuation
The post office executive discontinues the account upon request by the beneficiary.
Step 5: Visit Bank Branch
Go to the branch of bank you want to shift your account in.
Step 6: Submit Documents
Hand over required documents including self-attested KYC documents.
Step 7: New Passbook Issuance
After processing transfer request, new passbook shall be issued by bank.
Premature Closure
There are some reasons for the untimely closure of a Sukanya Samriddhi Yojana account. These are:
- Death of Account Holder: If the person in whose name this account has been opened dies, then it can be closed prematurely. A death certificate has to be submitted with the application form. The balance amount along with interest earned till the date of death will be paid to the guardian.
- Interest After Death: The interest from date of death till closing date of such accounts shall be paid at Post Office Savings Bank rate.
- On Compassionate grounds: Early closure may be allowed on extreme compassionate grounds such as life-threatening diseases or death of the beneficiary after a minimum tenure of 5 years subject to proper documentary proof and satisfactory explanation being given in writing about reasons for such early closure.
Sukanya Samriddhi Yojana Withdrawal Rules
- The following are the rules for withdrawal of Sukanya Samriddhi Yojana account.
- Age or Class X: The account can be withdrawn when the girl child account holder attains 18 years of age or completes X class, whichever is earlier.
- Purpose: The purpose of this withdrawal is to meet higher education expenses.
- Limit: It allows one to take fifty percent from previous financial year closing balance in account
- Fee Restriction: Withdrawals are limited upto actual fee charged by institution for education
- These regulations make sure that this scheme acts as a savings plan for girl’s education under sukanya samridhi yojna.
Maturity of Sukanya Samriddhi Yojana Account
Here are the terms of maturity for a Sukanya Samriddhi Yojana account:
- Maturity Period: An account matures after 21 years from its opening or when the account holder gets married, whichever is earlier.
- Marriage Clause: If a girl having this account reaches 18 years and marries, then it becomes mature immediately.
- Payout: When maturity occurs, all amounts in the account together with interest earned thereon shall be paid out to such accountholder.
In other words, it takes 21 years for an SSYA to mature or marriage of the owner whichever happens fast. The full balance plus interest is paid at once when maturity arrives.
Sukanya Samriddhi Yojana Passbook
- Issuing a Passbook: Once you initiate the Sukanya Samriddhi Yojana account, you shall be given a pass book. This book is going to have some vital details such as the girl’s date of birth, name and address, opening date of the account, account number, guardian’s name with address & relationship along with deposited amount.
- Choice for keeping records: The record keeping of this account can be done only in electronic form if CBS (Core Banking Solution) enabled by post office or bank chosen by you.
Tax Benefit under Sukanya Samriddhi Yojana
- Eligible Deduction: One can save income tax by investing in Sukanya Samriddhi Yojana and under Section 80C of the Income Tax Act, a maximum of Rs 1,50,000 annually is allowed as investment.
- Maturity Amount: The amount received on maturity from Sukanya Samriddhi Yojana is tax-free.
So to speak, if you make deposits into your account in Sukanya Samridhi Scheme within the prescribed limits then this will help you avail deductions against your taxable income as provided for under Section 80C thereby leading onto possible savings in taxes.
Benefits of the Sukanya Samriddhi Yojana Scheme
To make sure a girl child’s future is financially stable and to promote education and welfare among them, the Sukanya Samriddhi Yojana presents many benefits. Here are some of the key ones:
1. Financial Security: Under this scheme, there is a savings platform which is dedicated towards ensuring that all the financial needs for future such as education, marriage etc., are met.
2. Tax Benefits: The deposits made in SSY accounts can be claimed under section 80C of Income Tax Act that provides potential tax saving for guardians or depositors.
3. Higher Interest rates: The compound interest offered by this scheme on a yearly basis helps in growing the deposited amount significantly over time.
4. Flexibility in Deposits: The scheme allows for flexible amounts of deposits so as to enable contributors invest according to their financial wherewithal while targeting maximum limit per year.
5. Withdrawal for Education: When she turns 18 years or completes class X, the girl child can withdraw partially for higher studies.
6. Transferability: It is possible to transfer an account anywhere within India which means it remains accessible even if one moves from place to another.
7. Maturity Benefits: A corpus fund necessary things comes into being either after completion of 21 years from opening date or at marriage of account holder who has attained majority i.e., eighteen years age bracket; whichever event occurs first in life should be taken as maturity event trigger under sukanya samridhi yojna .
8. Empowering Girls : This program recognizes gender equality and empowerment through finance thus assuring support towards any future venture of hers being cared about by setting up an exclusive establishment meant entirely for her benefit alone
9.Government Backing : Government support ensures safety net where funds have been deposited with government agencies known as post office savings banks or authorized branches thereof instead of other non-banking financial companies (NBFCs), commercial banks etcetera.
To summarize, the Sukanya Samriddhi Yojana is a package that provides financial security for girls’ education and welfare.
SSY vs PPF
Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) are two popular savings schemes in India, each with its unique features and benefits. The following table highlights the key differences between these schemes, helping you make an informed decision based on your financial goals and circumstances.
Aspect | Sukanya Samriddhi Yojana (SSY) | Public Provident Fund (PPF) |
---|---|---|
Target | Girl child’s education & marriage | All Indian citizens |
Purpose | Education & marriage funding | Various financial goals |
Eligibility | Girl child up to age 10 | All Indian citizens, including minors and NRIs |
Deposit Limits | Min Rs. 250, Max Rs. 1.5 lakh/year | Min Rs. 500, Max Rs. 1.5 lakh/year |
Duration | Matures after 21 years or girl’s marriage after 18 | Fixed 15-year maturity, extendable in 5-year blocks |
Tax Benefits | Deduction under Section 80C | Deduction under Section 80C |
Withdrawal Rules | Partial withdrawal for education after 18 or Class X | Partial withdrawals allowed from 7th year onward |
Current Interest Rate | 8% | 7.1% |
Interest Rates | Periodically revised by the government | Periodically revised by the government |
Primary Focus | Girl child’s financial security | Long-term savings |
Bear in mind that over time rates of interest, rules and regulations can change, therefore it is better to consult official sources or financial experts for current information before acting.
Fantastict Scheme Beti Bachao – Beti Padhao Sir please the online payment service, because in my area (Harsul Aurangabad 431001) their is a post office which never start the business before 10.30 AM as well as at the Head Post Office Aurangabad their is always mad rush)
look into the matter
Sukanya Samriddhi Scheme
A/c Holder:- Mahed Wajid Khan