We all know that in a conservative country like India, the issue of gender inequality and women’s rights is a very important issue. Therefore, several schemes have been launched by the Government of India to overcome this problem, one of which is the Sukanya Samriddhi Yojana.
The main objective of the Sukanya Samriddhi Yojana (SSY) scheme is to encourage parents or guardians to create a fund for the future education and marriage expenses of a girl child. It is part of the “Beti Bachao – Beti Padhao” initiative of the Government of India, also known as BBBP.
SSY Account can be opened at Post Office or SBI and some specified banks. It offers tax exemption up to Rs 1.5 lakh under Section 80C of the Income Tax Act and higher interest rates compared to other small savings schemes.
Sukanya Samriddhi Yojana Post Office Calculator
- Current SSY Interest Rate = 8%
- Investment tenure = 15 years
- Maturity period = 21 years
- You can invest up to a maximum of ₹1,50,000
- Age of girl should be less than 10 years
Key Features of Sukanya Samriddhi Yojana Account
The Sukanya Samriddhi Yojana is essentially a savings and investment scheme that helps a family provide financial support to a girl child.
The main features of SSY are:
In case of account opening:
- Depositor can open account in name of girl child only.
- Parents (legal guardians) can open only one account in the name of one girl child and maximum two accounts in the name of two girl children.
- In case of birth of twins or triple girls simultaneously, the account holder can open a third account after presenting a medical certificate from the medical institution.
- Sukanya Samriddhi Yojana account can be opened by the parents or her legal guardian of a girl child if the child has not completed 10 years of age on the date of opening the account.
- This scheme is applicable only for female children residing in India.
- If a child acquires NRI status after opening an account, his parents should inform the same at the SBI branch or account opening location within one month. The account will then be closed based on that information.
In case of deposit:
- A minimum of Rs 250 (earlier Rs 1000) and a maximum of Rs 1.5 lakh can be invested in an account in a financial year.
- There is no limit to how many times an account holder can make deposits in a month or a financial year.
- An account in which the minimum amount of Rs.250/- in a financial year is not deposited will be considered as default. To revive the default account, a penalty of Rs.250 per annum and Rs.50 for each year of default will be levied.
Payment:
- You can deposit money for Sukanya Yojana through Check or Demand Draft (DD). DD or check should be drawn in the name of concerned manager of SBI. Parents should write girl child’s name and corresponding account number on the back of DD.
Interest Rate and Duration:
- Presently the annual interest is 8% from 1st April 2024.
- The maximum period of payment in the account is 15 years from the date of opening of the account. Once the account holder makes the payment for the mentioned period, he does not need to deposit any more money. Interest will continue to accrue until the account is closed or matured.
- Sukanya Samriddhi Yojana attains maturity after completion of 21 years after which it can be discontinued. After this period of 21 years, no further interest accrues on the account.
Withdrawal:
- At the time of withdrawal after account maturity, applicants must submit the account closure application form along with identity and address proof, along with proof of residence and citizenship.
- As an added benefit of Sukanya Samriddhi Yojana, the maturity amount, as well as the interest earned on the account, is completely tax free.
What documents are required to open a Sukanya Samriddhi Yojana account at Post Office or SBI?
Individuals who do not have an account with Post Office or SBI can open an SSY account by submitting the following documents:
- Birth certificate of girl child.
- Proof of identity and address of parents/legal guardians such as PAN Card, Aadhaar Card, Ration Card, Passport, Driving License etc.
- Photo of girl child and her parents (applicant)
- If there are twins or triplets, the applicant must submit a medical certificate to prove the birth of the children.
- In case of adopted child the applicant should also submit a certificate of his relationship with the child.
How to open SSY Account in Post Office or SBI?
- Fill in the details in the account form.
- Submit the form along with required documents to the concerned office.
- After submitting all the documents, deposit a minimum cash amount of Rs.250
- Once the account is opened, applicants can deposit their deposits in cash or through check or demand draft (DD).
How to fill Sukanya Samriddhi Yojana Form for Post Office?
Follow the below mentioned steps to fill the form:
- Enter the name of the post office branch.
- If you already have a savings account with the post office, mention that account number.
- Under ‘To The Postmaster’, mention the post office branch and postal address details.
- Paste the applicant’s photo on the right.
- Next to ‘I/We’, mention the applicant’s name and Sukanya Samriddhi Yojana in the space below.
- Skip the content in the box as it is applicable only for PO Savings account opening.
- Under ‘Account Holder Type’, tick the relevant account type. You can take the help of post office staff for this.
- Do the same for the ‘Account Type’ field.
- Again mention the amount you are going to deposit in the SSY account. Enter the amount in both numbers and words.
- Tick the mode of payment, Cash, Check or DD. Write down the number and date mentioned in case of check or DD.
- Enter the details in the table, such as applicant’s name, gender, Aadhaar number, PAN, address and others as asked.
- Applicant must sign at the end of page 1 to approve all information written so far.
- If done by a government representative such as Standardized Agency System or Mahila Pradhan Khetriya Bachat Yojana, his name, name of authority and date of validity should be mentioned.
- If you wish to set standing instructions for payment of SSY account, refer to the details in section (5) on page 2.
- Tick the square box next to SSA to indicate that no other SSY account has been opened in the name of the depositor.
- Next, add the date and sign.
- Fill in the nomination details.
- If the applicant is illiterate then get the signature of two witnesses.
- Finally sign under nomination section mentioning date, place.
Online Sukanya Samriddhi Yojana
As of now, there is no way to open Sukanya Samriddhi Yojana account online. But online you can download Post Office Savings Account Opening Application Form.
Details of Sukanya Samriddhi Yojana
Who is eligible to open an account?
Parents or legal guardians of the girl child
Maximum number of accounts
2 for girls and 3 for twins or triplets
Deposit Amount (Max & Min)
The minimum amount in a financial year is Rs.250 and the maximum is Rs.1.5 lakh
Duration of investment
15 years
Maturity period
21 years from the date of account opening
Means of payment
Cash/DD/Cheque/Online Payment
interest rate
8% (for deposits made after 1st day of April 2024)
Post Office Sukanya Samriddhi Yojana Questions (FAQ)
What loan facility does SSY provide?
No, loan facility is not provided under Sukanya Samriddhi Yojana account.
Can partial withdrawal be made to Post Office SSY account?
Yes, but partial withdrawal of up to 50% of the account balance can be made after the account holder (daughter) attains 18 years of age to meet education or marriage expenses.
Is interest earned on SSY taxable?
no SSY is a fully tax-free investment. Its principal amount, accrued interest and maturity amount are all subject to tax exemption.
How to check Sukanya Samriddhi Yojana account balance?
After opening SSY account in bank or post office you will be given a passbook. You can visit the bank or post office branch where the account is held and get the account balance information printed on the passbook.
Can Sukanya Samriddhi Yojana account be prematurely closed?
Yes. Premature closure of Sukanya account is permitted subject to certain conditions. Such as untimely death of the primary account holder or inability to continue the account due to financial stress. In that case due permission should be taken from the designated authority to close the account.