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 Information

Interest rate	7.60% p.a.
Investment Amount	Minimum – Rs.250, Maximum Rs.1.5 lakh p.a.
Maturity Amount	Depends on the invested amount
Maturity Period	21 years

Also Read- PM Schemes List

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.

Also Read- Pradhan Mantri Suraksha Bima Yojana

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:

Duration	Rate of interest (%)
April 2020 onwards	7.6
1 January 2019 – 31 March 2019	8.5
1 October 2018 – 31 December 2018	8.5
1 July 2018 – 30 September 2018	8.1
1 April 2018 – 30 June 2018	8.1
1 January 2018 – 31 March 2018	8.1
1 July 2017 – 31 December 2017	8.3
1 October 2016 – 31 December 2016	8.5
1 July 2016 – 30 September 2016	8.6
1 April 2016 – 30 June 2016	8.6
From 1 April 2015	9.2
From 1 April 2014	9.1

Also Read- Pradhan Mantri Jeevan Jyoti Bima Yojana

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.

Also Read- Pradhan Mantri Kisan Samman Nidhi

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.

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.

Also Read- Ayushman Bharat Yojana

Features of Sukanya Samriddhi Yojana

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

Features	Details
Operation of the account	The 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 account	The 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 scheme	Deposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.
Transfer of account	An 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 deposits	Deposits 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.

Also Read- GST Rates

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.

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%.

Features	Description
Plan Name	Sukanya Samriddhi Account
Account Type	Small Saving Scheme
Specifically for	Girl Children
Age Limitation	Minimum: Less than 10Maximum: 10 year Old
Duration	21 Years
Lock-in Period	8 years
Minimum Deposit	Rs. 250
Maximum Deposit	Rs. 1.5 lakh
Premature Withdrawal	Allowed at 18 years only
Available Banks	More 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