The Complete Guide to Sukanya Samriddhi Yojana and How You Can Take Advantage of It.

What is the Sukanya Samriddhi Yojana?

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The Sukanya Samriddhi Yojana is a long-term savings scheme for girls that was launched in the year 2015. It is a scheme that aims to help parents and guardians save money for their daughters’ future.

The Sukanya Samriddhi Yojana was introduced as a part of the Beti Bachao, Beti Padhao campaign by Prime Minister Narendra Modi. The objective of this scheme is to help parents and guardians save money for their daughters’ future needs, such as marriage or higher education.

What Are the Benefits of Sukanya Samridhi Yojana?

It is designed to help parents save for their daughter’s future education, marriage, and other needs.

The Sukanya Samridhi Yojana offers several benefits for both the parents and the girl child. For example, it offers tax benefits and also provides social security to the girl child in the event of her parents’ death.

What are the eligibility criteria to open a Sukanya Samriddhi Account?

  • The account can be opened by a parent or guardian of a girl child.
  • The girl child must be below the age of 10 years.
  • Only one account is allowed for a girl child.
  • A family can open a max of 2 accounts only if they have another girl child.

Documents are required to open an account.

  • A birth certificate of the girl child.
  • Photo ID of the applicant’s parent or guardian.
  • Address proof of the parent or guardian.
  • Passport-size photo.

How to Open a Sukanya Samriddhi Yojana Account 

A Sukanya Samriddhi Yojana (SSY) account can be opened at any bank or post office branch. To open the account, complete the following steps.

  • Go to the bank or post office where you want to open the account. Most private and government banks open sukanya accounts.
  • Fill out the application form with the necessary information and with the supporting documents.
  • Pay the first amount in cash, check, or demand draft. The payment can range between Rs. 250 and Rs. 1.5 lakh.
  • After processing, your SSY account will be activated. A passbook will be given to you after a successful account opening.

The Advantages of the Sukanya Samridhi Scheme

  • Try to open an account, early as possible so that you can take full advantage of the scheme. 
  • You can invest in a monthly mode. 
  • It has the highest interest rate compared to any other scheme.
  • It is an excellent plan for anyone looking to create a consistent, safe corpus.
  • It is a government-backed investment scheme, so your money is 100% safe.

Why should you invest in the Sukanya Samridhi Yojana?

There are many reasons why you should invest in it. Here are some of them:

  • It is a long-term investment that will help you build your future.
  • You can get a tax benefit on your investments up to Rs 1.5 lakhs.
  • You can also get an interest rate of 7.6% per annum.
  • The scheme has been designed to provide security for the girl child’s future.

Key Points Related to Sukanya Samriddhi Account Scheme

Investment Amount

  • The minimum deposit is 250 and the maximum deposit is Rs 1.5 lakh in a financial year.

Account Opening Criteria

  • The account can be opened in the name of a girl child until she turns 10.
  • Only one account can be opened in the name of a girl child.
  • The account can be opened at post offices and authorized banks.

Withdrawal

  • Withdrawal shall be allowed for the higher education of the account holder to meet education expenses.

Transfer of account

  • The account can be transferred anywhere in India, from one post office or bank to another.

Maturity Period

  • The account shall mature on completion of a period of 21 years from the date of the account’s opening.
  • The account can be prematurely closed in the event of the marriage of a girl child after she attains the age of 18 years.

Sukanya Samriddhi Yojana Tax Benefits

  • A deposit qualifies for a deduction under Sec. 80-C of the I.T. Act.
  • Interest earned in the account is free from income tax under Section 10 of the I.T. Act.

Sukanya Samriddhi Account Scheme
Interest Rate Since Inception

PeriodRATE OF INTEREST (%)
03.12.2014 TO 31.03.20159.1
01.04.2015 TO 31.03.20169.2
01.04.2016 TO 30.09.20168.6
01.10.2016 TO 31.03.20178.5
01.04.2017 TO 30.06.20178.4
01.07.2017 TO 31.12.20178.3
01.01.2018 TO 30.09.20188.1
01.10.2018 TO 30.06.20198.5
01.07.2019 TO 31.03.20208.4
01.04.2020 TO 31.03.20227.6

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