For securing a girl child’s future government of India has introduced a small deposit scheme called Sukanya Samriddhi Yojana (SSY). This is the savings scheme for a girl child. The parent or guardian of a girl child who is 10 years of age or younger can open an account on her name under this scheme. This scheme carries a higher interest rate along with several tax benefits. Parents can build a fund for the future of their girl child through this SSY scheme. If you are parent of a girl child who is attending below 10 years of age can apply for this Sukanya Samriddhi Yojana in post office or any designated private or public bank through online and offline.
What is Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana is a savings scheme for a girl child offered by government of India. The scheme encourages parents to build a fund for the future education of their girl child.
The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 8.2%(For Jan -Mar 2024 quarter) and tax benefits. Initially, the interest rate was set at 9.1% but later revised to 9.2% in late March 2015 for FY2015-16.
The Sukanya Samriddhi account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the parent/guardian at any India Post office or designated private or public banks in the form of saving account. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets).The account can be transferred to anywhere in India. A minimum of ₹250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited. However, the maximum deposit limit is ₹150,000. If the minimum deposit of ₹250, (initially which was 1000) is not made in a year, a fine of ₹50 will be put on. Sukanya Samriddhi Yojana Calculator can be helpful to calculate the maturity amount for the scheme.
The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity after time period of 21 years from date of opening it. Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. After this period the account will earn only applicable rate of interest. If the account is closed, then it will not earn interest at the prevailing rate. If the girl is over 18 and married, normal closure is allowed.
Eligibility Criteria for SSY
- The account can be opened by a parent or legal guardian of the girl’s child
- The girl child must be below the age of 10 years
- Only one account is allowed per a girl child
- A family can open a maximum of two accounts for each of their children. Exception allowed incase of twins and triplets
Benefits of Sukanya Samriddhi Yojana Scheme
- Economic benefit: when it comes to saving up money for your girl child SSY is an affordable option. A minimum account balance of Rs 250 per fiscal year is required to maintain an SSY account.
- Good Interest Rates: SSY scheme offers high interest rates when it compared to other government schemes available.
- Tax Benefits: One can claim tax deductions under Section 80C up to Rs 1,50,000. Also, the interest accrued on SSY and proceeds received upon maturity/withdrawal are free from tax.
- Assurity of Returns: One can receive guaranteed returns after maturity.
Documents required to open a SSY account
- Birth certificate of the girl child
- Photo ID of applicant’s parent or legal guardian
- Address proof of applicant’s parent or legal guardian
- Other KYC proofs such as PAN card, Voter ID.
How to Apply for Sukanya Samriddhi Yojana
Online Process
- To apply for Sukanya Samriddhi Yojana online, download the application form from either the RBI website, the Indian Post website, or designated private or public banks official websites.
- Fill up the form with the details of the girl child and a parent or legal guardian.
- Mandatory fields to be filled
- Primary Account Holder – Name of Girl Child
- Joint Holder – Name of A parent or legal guardian
- Initial deposit amount
- Cheque/DD Number and Date for the initial deposit
- Date of Birth of girl child along with Birth Certificate details
- Identity of Parent or legal guardian such as Driving License, Aadhaar, etc.
- Present and Permanent Address as per the ID document of the parent or legal guardian
- Details of other KYC proofs such as PAN, Voter ID card, etc
Offline Process
- You can open a Sukanya Samriddhi Yojana (SSY) account at your nearest Post office or any designated private or public banks.
- Go to the bank or Post Office where you want to open the account.
- Fill out the application form with the necessary information and required documents.
- Then, pay the first deposit in cash, check, or demand draft. The payment can be between the Rs.250 and Rs.1.5 lakh.
- Your application and payment will be processed by the post office or bank.
- After processing, your Sukanya Samriddhi Yojana account will be activated and a passbook will be given.
Sukanya Samriddhi Yojana Withdrawal Rules
- After the SSY account duration is completed, the complete sum including the interest can be withdrawn by the girl child.
- To withdrawal the Sukanya Samriddhi Yojana account you need some documents such as application form for the withdrawal of the amount,ID and Address proof, citizenship documents,all the documents/fees receipt required for the submission while taking admission.
- The withdrawal is permitted for the higher education’s purpose if the girl has attained the age of 18 and has completed the 10th standard.
- The maximum amount available for withdrawal is 50% of the amount that is available in the previous year.
Rules for Premature Withdrawal from SSY Account
- When the girl attains 18 years of age and is about to get married, the premature withdrawal of SSY is permitted.
- One application will be required to be submit at least 1 month prior to the wedding and 3 months post the wedding to receive the benefit.
- If the girl becomes a non-resident/non-citizen, the SSY account will be deemed closed.
- In any case if the girl child passed away, the balance available in the SSY account can be withdrawn by the guardian by submitting the death certificate.
- One can be allowed to close the account for other reasons, too.
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