Sukanya Samriddhi Yojana Scheme Details
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in India on January 22, 2015, as part of the “Beti Bachao, Beti Padhao” campaign. This scheme aims to promote the financial security and empowerment of girl children by providing a high return rate and several tax benefits to parents in India.
Table of Contents
Sukanya Samriddhi Yojana Scheme Details in a nutshell
- Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
- The SSY account can be opened in the name of a girl child before she attains the age of 10 years.
- One girl child and one account. You cannot open duplicate accounts in the same name as a girl child.
- You can open the account either in Post offices or authorized banks.
- Withdrawal shall be allowed for higher education of the Account holder to meet education expenses.
- The account can be prematurely closed in case of marriage of a girl child after she attains the age of 18 years.
- The account can be transferred anywhere in India from one Post office to another, or from any Bank to another.
- The minimum investment in the scheme will be for 15 years.
- The account shall mature only after 21 years from the date of opening of the account.
- Deposit qualifies for deduction under Section 80C of I.T.Act.
- Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.
Sukanya Samriddhi Yojana Scheme Details
The Sukanya Samriddhi Yojana is a deposit scheme designed to ensure a financially secure future for the girl child. It encourages parents or legal guardians to invest in the scheme for the betterment of their daughters. The scheme offers a high rate of interest, tax benefits, and the option of partial withdrawals for specific purposes.
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Eligibility Criteria for pradhanmantri sukanya yojana (SSY)
To participate in the Sukanya Samriddhi Yojana scheme and avail of its benefits, certain eligibility criteria must be met. These include:
- The girl child must be a resident of India.
- Only parents or legal guardians can open an account for the girl child.
- The girl child must be below the age of 10 years at the time of account opening.
- A family can open a maximum of two Sukanya Samriddhi Yojana scheme accounts.
- The maturity period of the Sukanya Samriddhi Yojana scheme is 21 years from the date of opening the account or until the girl child marries after the age of 18.
How to Open a Sukanya Samriddhi Yojana Account
It is easy to open a Sukanya Samriddhi Yojana account in any post office or bank. Here are the steps to open an account:
- Visit your preferred bank or post office.
- Fill out the application form (Form SSA-1) with the necessary information.
- Submit the required documents, including the girl child’s birth certificate, parent or guardian’s photo ID, and address proof. The Aadhar Card and PAN card of one parent will be good enough.
- Make the initial deposit. The initial deposit can be as low as Rs. 250 and a maximum of Rs. 1.5 lakh.
- Once the application and documents are verified, the account will be opened, and a passbook will be issued.
- You can also download the Sukanya Samriddhi Yojana (SSY) application form from the RBI website, the Indian Post website, or the official website of any participating public sector or private bank.
How Can you Open Sukanya Samriddhi Yojana Online
Yes, one can open an account for Sukanya Samriddhi Yojana Online. Make sure you have a savings account at any nationalized bank. Log in to the bank account. The below instructions are from HDFC Bank.
- Fill out the SSY Account opening form
- Keep the documents ready along with photographs
- Pay the initial deposit amount through cash, UPI, or cheque payment.
- You can give a standing instruction at the branch or you can set up automatic credit to an SSY Account through NetBanking.
Documents to Open Sukanya Samriddhi Yojana Account
Below documents are required to open a Sukanya Samriddhi Yojana account.
- Girl child’s birth certificate as proof of age.
- Parent or guardian’s photo ID (PAN card, Aadhaar card, Voter ID, etc.).
- Parent or guardian’s address proof (Driving license, utility bills, etc.).
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Sukanya Samriddhi Yojana Scheme Interest Rates
The interest rate for the Sukanya Samriddhi Yojana scheme is reviewed by the government every quarter. As of April 2023, the interest rate stands at 8% per annum. Here is a table showing the historical interest rates for the scheme:
| Year of Investment | Sukanya Samriddhi Yojana Scheme Interest Rates |
|---|---|
| April 2023 – Present | 8% |
| April 2020 – March 2023 | 7.6% |
| January 2019 – March 2019 | 8.5% |
| October 2018 – December 2018 | 8.5% |
| July 2018 – September 2018 | 8.1% |
| April 2018 – June 2018 | 8.1% |
| January 2018 – March 2018 | 8.1% |
| July 2017 – December 2017 | 8.3% |
| October 2016 – December 2016 | 8.5% |
| July 2016 – September 2016 | 8.6% |
| April 2016 – June 2016 | 8.6% |
| April 2015 – March 2016 | 9.2% |
| December 2014 – March 2015 | 9.1% |
Sukanya Samriddhi Yojana Scheme Benefits
The Sukanya Samriddhi Yojana scheme offers several benefits, making it an attractive investment option for parents. Some of the key benefits are:
- Invest in SIP: This scheme accepts investment in SIP. One can invest every year till the completion of 15 years from the date of investment.
- High-Interest Rate: The Sukanya Samriddhi Yojana scheme offers a higher interest rate compared to other savings plans, ensuring substantial growth of the invested amount over time.
- Tax Benefits: Contributions to the Sukanya Samriddhi Yojana scheme are eligible for a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. Additionally, the interest earned and the amount at the maturity are also tax-free.
- Partial Withdrawal Option: The scheme allows for partial withdrawals after the girl child turns 18 years old. This can be utilized for her higher education or other specified purposes.
- Government-Backed Security: The scheme is backed by the government, providing a secure investment option for parents.
- Ease of Investment: You can invest in the scheme through online transfer, cheque, demand draft, or cash.
Tax Benefits of Sukanya Samriddhi Yojana Scheme
The Sukanya Samriddhi Yojana scheme offers various tax benefits to encourage investments. Some of the key tax benefits are:
- Deduction under Section 80C: Contributions made towards the scheme are eligible for a deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act.
- Tax-Exempt Interest: The interest earned on the Sukanya Samriddhi Yojana account is tax-exempt.
- Tax-Free Withdrawals: The maturity amount and partial withdrawals are also tax-free under the scheme.
सुकन्या समृद्धि खाता हिंदी में
Sukanya Samriddhi Yojana Scheme in Hindi
Sukanya Samriddhi Yojana Account Maturity and Withdrawal Rules
The Sukanya Samriddhi Yojana account has a maturity period of 21 years from the date of opening. After maturity, the entire corpus along with the accumulated interest can be withdrawn. However, partial withdrawals are also allowed for specific purposes, such as higher education or marriage, after the girl child turns 18 years old.
Final words
The Sukanya Samriddhi Yojana scheme is an excellent investment option for parents who want to secure their girl child’s future. With its high interest rates, tax benefits, and flexibility of partial withdrawals, it provides a comprehensive financial solution for the education and marriage expenses of the girl child. By opening a Sukanya Samriddhi Yojana account, parents can take a significant step towards ensuring the financial empowerment and well-being of their daughters. The best part of the Sukanya Samriddhi Yojana scheme is it is tax-free even after the maturity of the scheme. So, parents can also take the benefit of this along with a higher interest rate.
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