SSY Scheme- Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana scheme is aimed at betterment of girl child in the country. Sukanya Samriddhi scheme has been launched to offer a means of saving to the girl child in every family. Tenure of SSY is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years.

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Information

Interest rate7.60% p.a.
Investment AmountMinimum – Rs.250, Maximum Rs.1.5 lakh p.a.
Maturity AmountDepends on the invested amount
Maturity Period21 years

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SSY full form- Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child. The main benefits of the SSY scheme is mentioned below:

  • Interest rate was reduced from 8.4% to 7.6%
  • Tax benefits of up to Rs.1.5 lakh
  • Account can be transferred

Investments made towards the scheme can be used for the girl child’s marriage and education. An SSY account can be opened at banks and post offices. Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.

Sukanya Samriddhi Yojana Age Limit

According to the rules, only female children under the age of 10 can have accounts opened in their names by parents or legal guardians. There is a slight relaxation in this rule for girls who were born on or after the 2nd of December, 2003.

A partial withdrawal of up to 50% is allowed under the scheme for the purposes of marriage or higher education. Sukanya Samriddhi Account withdrawl age Limit to make this is 18 years.

The account will attain maturity 21 years after it is created. At this time, the maturity amount will be payable to the person in whose name the account was made.

The birth certificate of the child is a document that’s required to open this account, and it will serve as proof of age as well.

Please note that this certificate will have to be issued by a competent government authority.

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Sukanya Samriddhi Yojana Interest Rate

Currently, the interest rate of SSY scheme was reduced from 8.4% to 7.6% and it is compounded on a yearly basis. Interest is not payable once the duration of the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is decided by the government and is determined on a quarterly basis.

The rate of interest that has been offered by the scheme is mentioned in the table below:

DurationRate of interest (%)
April 2020 onwards7.6
1 January 2019 – 31 March 20198.5
1 October 2018 – 31 December 20188.5
1 July 2018 – 30 September 20188.1
1 April 2018 – 30 June 20188.1
1 January 2018 – 31 March 20188.1
1 July 2017 – 31 December 20178.3
1 October 2016 – 31 December 20168.5
1 July 2016 – 30 September 20168.6
1 April 2016 – 30 June 20168.6
From 1 April 20159.2
From 1 April 20149.1

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SSY Registration- How to Open SSY Account

You can open a Sukanya Samriddhi Yojana (SSY) account with a participating bank or a Post Office branch. You need to follow the below procedure to open the account.

  1. Visit the bank or Post Office branch where you would like to open the account.
  2. Fill up the application form with relevant details and provide supporting documents.
  3. Pay the first deposit in the form of cash, cheque, or demand draft. The amount can be anything from Rs.250 up to Rs.1.5 lakh.
  4. The bank or Post Office will process your application and payment.
  5. Upon processing, your SSY account will be opened. A passbook will be issued for this account marking the initiation of the account.

SSY Calculator- Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana Calculator helps an individual to get an estimate of the investment plan under the Sukanya Samriddhi Yojana (SSY) scheme.

The calculator will use the details such as the investment made every year and the rate of interest mentioned by you to evaluate the data and give you the end result in terms of the maturity amount.

What happens if a lesser or excess amount is paid towards Sukanya samriddhi yojana scheme?

  • Lesser amount: In case the minimum amount of Rs.500 is not paid in a financial year, the account will be considered as default. However, the account can be brought back to the active status by paying a fine of Rs.50.
  • Excess amount: No interest is generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the excess amount any time.

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Sukanya Samriddhi Yojana Withdrawal Rules

The withdrawal rules of the SSY account are mentioned below:

  • Once the duration of the account has been completed, the entire amount that is available in the account including the interest can be withdrawn by the girl child. However, the below-mentioned documents must be submitted:
    • Application form for the withdrawal of the amount.
    • ID proof
    • Address proof
    • Citizenship documents
  • Withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed 10th standard. However, the money must be used for the fee or any other charges that are levied at the time of admission.
  • Documents such as admission to the university or college as well as the fee receipt must be submitted when applying for the withdrawal.
  • The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. The amount can be withdrawn in 5 instalments or in a lump sum.
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Rules for premature withdrawal from SSY account

The rules that allow premature closure of the account is mentioned below:

  • Once the girl attains the age of 18 years old and is getting married, SSY premature withdrawal is allowed. However, an application must be submitted at least one month before marriage and 3 months after the marriage to avail the benefit. Documents which determine the age of the girl must also be provided.
  • In case the girl child becomes a non-citizen or a non-resident, the account will be deemed as closed. Any such change in status must be informed by the guardian or the girl child within one month from the change in status.
  • In case the girl child passes away, the balance that is available in the account can be withdrawn by the guardian. However, the death certificate must be submitted.
  • If the account has been opened for 5 years and more, and the bank or post office feel that the continuation of the account is causing difficulties to the girl child, the guardian or girl child can opt for premature closure.
  • Permission to close the account will be permitted for other reasons as well, but the interest that is earned from the contributions will be the same as the interest rates that are provided by post offices.

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Features of Sukanya Samriddhi Yojana

The main features of the SSY account are mentioned in the table below:

FeaturesDetails
Operation of the accountThe guardian or parents can operate the account until the girl reaches the age of 10 years.The girl must operate the account once she attains the age of 18 years.
Deposits made towards the accountThe minimum and maximum deposit that can be made in an account in a financial year is Rs.500 and Rs.1.5 lakh, respectively. The deposits can be made in multiples of 100.
Duration of the schemeDeposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.
Transfer of accountAn SSY account can be transferred from post offices to banks and vice versa anywhere within India. No charges will be levied for the transfer of the account. However, a proof for change in residence must be produced. In case no proof is produced, a Rs.100 charge will be levied.
Mode of depositsDeposits towards the account can be made in the form of online transfer, demand draft, cheque, or cash.

Sukanya Samriddhi Yojana Tax benefits

Given below are the Sukanya Samriddhi Yojana tax benefits:

  • Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.
  • The interest amount that is generated is also exempt from tax.
  • Tax benefits are also provided for the maturity amount or the withdrawal amount.

Sukanya Samriddhi Yojana Eligibility

The Sukanya Samriddhi Yojana account eligibility are mentioned below:

  • The parent or legal guardian can open an SSY account on behalf of a girl child until she reaches the age of 10.
  • The girl child must be a resident Indian.
  • In a family, up to two accounts can be opened for two girls.
  • A third SSY account can be opened in case of twin girls.

Sukanya Samriddhi Account Balance

The Sukanya Samriddhi account balance can be checked both online and offline through its electronic and physical passbook. The passbook will reflect all the financial transactions that are made from the account. You can check the account balance through the bank or post office branches from where the account was opened. The balance can also be checked online on the bank’s website after receiving the internet login credentials from the bank where the account was opened.

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SS Online Application Status Check- How to check SSY Balance

Steps:

  1. Offline Method
  2. Online Method

1. Offline Method: As mentioned earlier, more than 25 banks offer the facility to open Sukanya Samriddhi Yojana account. When an individual opens an SSY account with one of these banks, they are provided with a passbook for the same. The passbook can be updated on a regular basis to know the balance of the Sukanya Samriddhi Yojana account.

2. Online method: With the advent of digitalisation, the SSY balance can now be checked online as well through the account statements. The steps mentioned below have to be followed to know the SSY account balance:

  • Step – 1: Apply and collect the login credentials of the SSY account from the respective bank. However, it should be noted that all the banks have not started offering this facility as of now. Thus, you will be able to enjoy this facility only if the bank offers the facility.
  • Step – 2: These login credentials can be used to log in to the internet banking portal of the bank.
  • Step – 3: After logging in to the account, you can go to the homepage and check the balance there. It might be displayed on the dashboard of the account as well.
  • Step – 4: It should be kept in mind that this process will only give you the access to view the balance. You will not be able to make any transactions through this portal.
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With the idea of helping the girl child, Sukanya Samriddhi was launched by the Indian Government which has a current interest rate of 7.6% (effective from April 2020). You can check your SSY account balance from time to time using the account passbook that is available both online and offline, and has a record of your transaction details.

On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 7.6%.

FeaturesDescription
Plan NameSukanya Samriddhi Account
Account TypeSmall Saving Scheme
Specifically forGirl Children
Age LimitationMinimum: Less than 10Maximum: 10 year Old
Duration21 Years
Lock-in Period8 years
Minimum DepositRs. 250
Maximum DepositRs. 1.5 lakh
Premature WithdrawalAllowed at 18 years only
Available BanksMore than 25 banks

Documents required to open an SSY account

The documents required to open an SSY account are mentioned below:

  • SSY account opening form.
  • The birth certificate of the girl child must be submitted at the time of opening the account.
  • The ID proof and address proof of the depositor must be submitted at the time of opening the account.
  • A medical certificate has to be submitted in case multiple children are born under one order of birth.
  • Any other documents that are requested by the bank or post office.

What are the details that are recorded in the passbook?

Once an SSY account has been opened, the depositor will receive a passbook. The date of opening the account, the date of birth of the girl child, the account number, the name, the address of the account holder and the amount that has been deposited will be mentioned on the passbook.

The passbook must be submitted to the bank or post office when money is deposited into the account, receiving the interest payment, and at the time of closing the account.

Documents needed to open a Sukanya Samriddhi Account

Individuals who wish to open a Sukanya Samriddhi Account for their daughter need to submit the following documents.

  • Birth certificate – The parents/legal guardian should provide proof of birth of girl child to the relevant authorities. This birth certificate can be obtained from the hospital where the child was born or through government agencies. In case the birth certificate cannot be obtained, a certificate of domicile issued by government officials will be needed. If this certificate cannot be obtained, one could get a certificate of the date of birth from the principal of the school in which the girl studies.
  • Address proof of parents/legal guardian – The parents/legal guardian who wish to open this account on behalf of a girl child are expected to furnish proof of their residence before an account can be opened. This address proof could be any valid government approved ID card like passport, driving license, ration card, electricity/telephone bill, etc.
  • Identity proof of parents/legal guardian – The parents/legal guardians who intend to open a Sukanya Samriddhi Account for their daughter should present a valid ID proof in order to process the application. This could be any government issued ID card like driving license, passport, Aadhar card, voter ID card, etc.

It is important for the birth certificate to have the correct name of the girl child as this document makes her eligible to withdraw the money on maturity and discrepancies in certain details could cause delays and complications in the future. The bank will issue a passbook containing details about the girl child. This passbook needs to be updated everytime a deposit is made and is required at the time of withdrawal.

Banks that offer SSY account

The below-mentioned banks offer SSY scheme:

  • State Bank of India
  • United Bank of India
  • UCO Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Andhra Bank

FAQ’s On Sukanya Samriddhi Yojana

  • What is the relaxation in age limit given to girl child under the Sukanya Samriddhi Scheme?
  • Since, Sukanya Samriddhi scheme is a newly launched scheme, the government does not want few people to miss availing it due to reasons pertaining to age. Hence, any girl child who has attained the age of 10 years, exactly 1 year prior to the launch of scheme is also eligible to avail the scheme. So, any girl child born between 2nd December 2003 and 1st December 2004 is eligible to avail the Sukanya Samriddhi Scheme.

    What is the taxation process of amount deposited under Sukanya Samriddhi Scheme?

    There is a limit of Rs.1,50,000 which is exempt from taxation. Any amount above this will not fetch any income tax relief under section 80C of the Income Tax Act.

    Can a Non-Resident Indian avail the Sukanya Samriddhi Scheme?

    As of now, there is no official communication regarding this issue and such NRIs are, for the time being, not covered under the Sukanya Samriddhi Scheme.

    What happens in the case the girl child who is the beneficiary meets with an unexpected death?

    In case of death of girl child, Sukanya Samriddhi Account is discontinued and closed and the proceeds are transferred to the guardian or parent of the girl child.

    What happens in case of death of the depositor (guardian or parent of the girl child)?

    In case of death of legal guardian or parent of girl child, the scheme is either closed and the proceeds are given to the family or girl child. Or, the scheme is continued with the deposited amount until the maturity period and the deposited amount continues to earn interest till the girl child attains the age of 21 years.

    Can I convert my normal bank deposit account to Sukanya Samriddhi Account?

    No. Only a partial withdrawal of up to 50% is allowed and that also when the girl child has attained at least the age of 18 years. This amount can be withdrawn only for higher education or wedding expense of the girl child.

    Can I withdraw money from my Sukanya Samriddhi Account, prematurely?

    No. Only a partial withdrawal of up to 50% is allowed and that also when the girl child has attained at least the age of 18 years. This amount can be withdrawn only for higher education or wedding expense of the girl child.

    Is the Sukanya Samriddhi scheme available throughout India?

    Yes. Sukanya Samriddhi is a central government scheme and as such is present in each and every state of the country.

    Is the Sukanya Samriddhi Scheme transferable as per location?

    Yes. This scheme can be transferred from post office to bank or from one authorized bank to another. This is because there may be times when girl child may require to move due to study or other such situations.

    Should I opt for Sukanya Samriddhi Scheme or s Recurring Deposit Scheme?

    Sukanya Samriddhi looks like a recurring deposit scheme in the way it is structured but customers need to understand that unlike recurring deposits, this scheme is aimed specifically at offering financial strength to girl child in the country. Also, the rate of interest offered on this scheme is higher than that being offered by any bank on recurring deposit schemes.


    Who can avail Sukanya Samriddhi Account?

    Only parents or legal guardians of one or more girl child can avail the Sukanya Samriddhi Scheme in the name of their daughter.

    How many Sukanya Samriddhi Accounts can I take for my daughter?

    Only one Sukanya Samriddhi Account per girl child is allowed. So if you have two daughters, you can avail two separate account in both of their names and if you have one daughter then only one account can be availed.

    Where can I open Sukanya Samriddhi Account for my daughter?

    Sukanya Samriddhi account can be opened at any of your nearest post offices or at any branch of the authorized banks. These banks include almost all top and most popular public sector and private sector banks like State Bank of India, ICICI, HDFC, Punjab National Bank etc.

    Has the interest rate on Sukanya Samriddhi Scheme changed since the time of launch?

    At the time of launch, in the year 2014-15, the rate was 9.1% per annum which has been revised and increased to 9.2% per annum for the year 2015-16. However it reduced to 8.6% for FY 201.6-17

    Do private sector banks also have the authority to open Sukanya Samriddhi Accounts for public?

    Yes. A few major private sector banks like ICICI, HDFC etc. are authorized by the Finance Ministry to furnish and maintain Sukanya Samriddhi Scheme to customers.

    happens if I do not deposit money in the account?

    The account gets deactivated if the minimum amount of Rs.250 is not deposited. However, it can be revived by paying a penalty fee of Rs.50. The terms of these scheme have been kept extremely flexible so as to ensure maximum participation by people with all kinds of economic status.

    Can both parents claim tax deduction for Sukanya Samriddhi deposit amount under section 80C?

    No. Only one of the parents or guardians can claim tax rebate as per section 80C for the amount deposited under Sukanya Samriddhi.

    Can a person avail both Sukanya Samriddhi and PPF schemes?

    Yes. Sukanya Samriddhi is a scheme aimed at mainly at girl child while PPF or Personal Provident Fund is there to help people save for retirement or longer tenures. Both can be availed simultaneously since both have different financial objectives

    Is there any difference between Sukanya Samriddhi scheme offered by public bank and that offered by private bank?

    No. There is absolutely no difference in features of benefits. Be it private banks or public banks or post offices, all authorized entities offer exactly the same features and benefits since the scheme is a central government driven scheme.

    What is the minimum annual deposit amount required for Sukanya Samriddhi Scheme?

    The minimum deposit amount required per annum is Rs.250.

    What is the maximum annual deposit amount that can be deposited under the Sukanya Samriddhi Scheme?

    The maximum amount that can be deposited under the Sukanya Samriddhi Scheme is Rs.1.5 lakh per annum.

    Is there a last date to avail the Sukanya Samriddhi Scheme?

    No. There is no last date to avail the scheme. However, standard tax filing dates will apply to this scheme too for purposes of taxation.

    Will I be issued a passbook under Sukanya Samriddhi Yojana?

    Yes. A passbook to track all your transactions will be furnished to all account holders of the Sukanya Samriddhi Scheme. The passbook will carry all personal details like address, name and age details of the account holder. This is a good reference for depositors in case a dispute arises or even in case of transfer of account from one place to another or from post office to an authorized bank.

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