Sukanya Samriddhi Yojana {Updated 2022} – Complete Guide

SSA – Sukanya Samriddhi Account, i.e. Sukanya Samriddhi Yojana is currently the most prestigious government scheme in terms of earning interest since its inception, paying every account holder an interest rate of 7.6% on a yearly basis. Sukanya Samriddhi Yojana has the distinction of being the highest interest-earning government scheme as of today, paying 7.6% interest to every account holder yearly, while PPF pays 7.1% percent.

So, if the account is opened during the very first days of the girl child’s life, then you need to invest in the account every year until the girl child reaches the age of 15, which can amount to up to a maximum of Rs 1,50,000.

This will result in you investing a total of Rs 22,50,000 for 15 years, with the maturity amount being transferred to your daughter at the time of her 21st birthday. As a result, your daughter will receive the maturity amount of Rs 65,93,071 by the time she reaches the age of 21 if the current interest rate does not change and your investment is made over a fifteen-year period.

Here are all the details regarding the Sukanaya Samriddhi Yojana Account opening procedure, tax benefits, maturity period, withdrawals, nominations, interest rates and premature withdrawals.

What is Sukanaya Samriddhi Yojana Scheme?

Sukanya Samriddhi Account (SSA) is a government initiative under which any Indian can open an account at a post office or bank upon the birth of their daughter under the Sukanya Samriddhi Account scheme. In that case, after investing for a period of 15 consecutive years, when 21 years of maturity have come to an end, 65 lakh 93 thousand rupees of maturity will be transferred to the daughter’s account at the end of the year.

Who Can Open Sukanya Samriddhi Yojana Account?

Persons Eligible to Open Sukanaya Samriddhi Yojana: The following persons are eligible to open an account in the Sukanaya Samariddhi Scheme.

• An individual is a natural or legal guardian, and may open an account in the name of a girl child up to ten years of age.
• Only one account can be opened in the name of a child.
• Accounts may be opened for a maximum of two girls children in a family.
• More than two accounts may be opened where more than two girl children are born in the first and/or second order of birth, on the production of a certificate to this effect from the competent medical authorities.
• However, where two or more girl children are born in the first order of birth, girl children born in the second order of birth shall not be eligible.

Where to Open Sukanya Samriddhi Account?

Where to Open Sukanaya Samriddhi Scheme:  The Sukanya Samriddhi Yojana may be opened with a post office for all public sector banks and ICICI Bank, Axis Bank and HDFC Bank authorised on this behalf. The Sukanya Samriddhi Yojana Account can be opened in any authorised bank or post office branch. Your net banking facility can also be used to set it up.

How to Open

Procedure to Open Sukanaya Samriddhi Yojana: The procedure is very simple to open the Sukanaya Samriddhi scheme. Please follow the below steps to open an account.

• For opening Sukanya Samriddhi Yojana Account the depositor shall furnish the birth certificate of the girl child and the documents of identity and residence proof of the guardian.
• An applicant should furnish his Aadhaar Number or proof of enrolment for Aadhaar, at the time of application.
• Existing account holders are also required to furnish their Aadhaar numbers latest by 31.3.2018.

Max and Min Deposits

• The Sukanya Samriddhi Account may be opened with an initial deposit of minimum Rs. 1000 and thereafter any amount in multiple of Rs. 100.
• Deposit of a minimum of Rs. 250 and a maximum of Rs. 1,50,000 shall be required to be made in every financial year.
• Deposit may be made in a lump sum or in instalments.
• The amount deposited in excess of Rs. 1,50,000 shall not earn any interest and may be withdrawn at any time by the depositor.
• In case an account becomes irregular for failure to deposit the minimum amount as aforesaid, it may be regularised by depositing a penalty of Rs. 50 per year along with the said minimum deposit for the year(s) of default, at any time till the account completes 15 years.
• The deposit may be made either in cash or by cheque/demand draft in favour of the Postmaster/Manager of the bank concerned or through e-transfer.

Interest

The deposit in the Sukanya Samriddhi Account shall earn interest at the notified rate as follows.

Period	SSY Interest Rate (% annually)
Apr to Jun 2022 (Q1 FY 2022-23)	7.6
Jan to Mar 2022 (Q4 FY 2021-22)	7.6
Oct to Dec 2021 (Q3 FY 2021-22)	7.6
Jul to Sep 2021 (Q2 FY 2021-22)	7.6
Apr to Jun 2021 (Q1 FY 2021-22)	7.6
Jan to March 2021 (Q4 FY 2020-21)	7.6
Oct to Dec 2020 (Q3 FY 2020-21)	7.6
Jul to Sep 2020 (Q2 FY 2020-21)	7.6
Apr to Jun 2020 (Q1 FY 2020-21)	7.6
Jan to March (Q4 FY 2019-20)	8.4
Oct to Dec 2019 (Q3 FY 2019-20)	8.4
Jul to Sep 2019 (Q2 FY 2019-20)	8.4
Apr to Jun 2019 (Q1 FY 2019-20)	8.5
Jan to March 2019 (Q4 FY 2018-19)	8.5
Oct to Dec 2018 (Q3 FY 2018-19)	8.5
Jul to Sep 2018 (Q2 FY 2018-19)	8.1
Apr to Jun 2018 (Q1 FY 2018-19)	8.1
Jan to March 2018 (Q4 FY 2017-18)	8.1
Oct to Dec 2017 (Q3 FY 2017-18)	8.3
Jul to Sep 2017 (Q2 FY 2017-18)	8.3
Apr to Jun 2017 (Q1 FY 2017-18)	8.4

Operation of Account

• The Sukanya Samriddhi Account shall be operated by the guardian till the girl child attains the age of 10 years.
• On attaining the age of 10 years, the girl child herself may operate the account.
• On attaining the age of 18 years, the account shall be operated by the beneficiary herself.

Transferability

• The Sukanya Samriddhi Yojana account may be transferred anywhere in In if the account holder’s girl child or guardian shifts to some other place, free of cost, on furnishing proof of shifting of residence.
• In other cases, the account may be transferred to another post office or bank in India on payment of a fee of Rs.100.

Premature Closure

• A Sukanya Samriddhi Yojana may be closed before maturity in the event of death of the account holder on production of death certificate.
• The balance along with interest till the death of death shall be paid to the guardian.
• In cases of extreme compassionate grounds such as medical support in life-threatening diseases of the amount holder or death of the beneficiary, premature closure of account not before completion of 5 years) maybe allowed after complete documentation and recording of reasons in writing.
• Premature closure of an account may be allowed at any time for any other reason, provided the whole deposit shall be eligible for interest at the POSB rate only.

Withdrawal

• Withdrawal from the Sukanya Samriddhi Yojana Account may be allowed only when the account holder girl attains 18 years or has passed class X, whenever is earlier, for the purpose of her higher education, up to 50% of the balance at credit at the end of the preceding financial year, restricted to the actual fee of the institution.

Sukanya Samriddhi Account Maturity

• The Sukanya Samriddhi Yojana Account shall mature on completion of 21 years from the date of opening of the account or on marriage of the account holder (not less than 18 years age), whichever is earlier.
• On maturity, the entire balance including interest shall be payable to the account holder. If the account is not closed, it shall not earn only interest.

Pass Book

• On opening an Sukanya Samriddhi Yojana Account, a pass book shall be issued bearing the date of birth, name and address of the girl child, date of opening account, account number, name, address and relationship of guardian and amount deposited.
• The guardian/account holder may opt for maintaining account record in electronic form only, where the post office/bank has the CBS facility.

Sukanya Samriddhi Account Tax Benefit

• The annual deposit in the Sukanya Samriddhi Yojana up to Rs. 1,50,000 is eligible for deduction from the income of the depositor u/s 80C.

Sukanya Samriddhi Account Scheme – Official Notification – Visit Here