Sukanya Samriddhi Yojana (SSY)

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The government keeps taking various measures in the education and financial sector for the girl child. Sukanya Samriddhi Yojana/ Scheme (SSY) is one of such schemes, launched by Prime Minister Narendra Modi. It is a Government-backed small saving scheme for the girl child. The scheme is launched as a part of the ‘Beti Bachao Beti Padhao’ campaign.

Sukanya Samriddhi Yojana (SSY)

A lot of people are not aware of this initiative by the government to encourage a girl child’s education. It is one of the high paying investment options with small savings only. Here are the interest rates offered under the Sukanya Samriddhi Yojana (SSY) Scheme.

Time Period Interest Rate (%)
Jan to Mar 2020 (Q4 FY 2019-20) 8.4
Oct to Dec 2019 (Q3 FY 2019-20) 8.4
July to Sep 2019 Q2 FY 2019-20) 8.4
April to June 2019 (Q1 FY 2019-20) 8.5
Jan to March 2019 (Q4 FY 2018-19) 8.5
Oct to Dec 2018 (Q3 FY 2018-19) 8.5
Jul to Sep 2018 (Q2 FY 2018-19) 8.1
Apr to Jun 2018 (Q1 FY 2018-19) 8.1
Jan to March 2018 (Q4 FY 2017-18) 8.1
Oct to Dec 2017 (Q3 FY 2017-18) 8.3
Jul to Sep 2017 (Q2 FY 2017-18) 8.3
Apr to Jun 2017 (Q1 FY 2017-18) 8.4

Here is everything you need to know about Sukanya Samriddhi Yojana (SSY):

1. Eligibility: Sukanya Samriddhi Account can be opened by parents or legal guardians of the girl child anytime after the birth of a girl child till the age of 10 years. Further, the account remains operative for 21 years from its opening date or till the marriage of the girl.

Moreover, after completing the age of 18 years, the girl is allowed to operate her account independently after submitting all necessary documents at the post office.

Note:

  • A girl can open only a single Sukanya Samriddhi Yojana Account.
  • A family is allowed to open only two Sukanya Samriddhi Yojana Accounts that is one for each girl child. However, in the case of twins, the facilities can be availed up to three children.

2. Where to open an account: SSY small saving scheme can be opened in post offices, designated public and private banks in the form of savings account. 

3. Minimum & Maximum deposit: You can open the Sukanya Samriddhi account with a minimum deposit of Rs. 250. The maximum amount allowed depositing Rs. 1.5 lakh during the financial year with further deposits in the multiples of Rs. 100.

4. Withdrawal Limit: Partial amount can be withdrawn when the girl turns 18 and the full amount after she turns 21. The withdrawal is allowed to meet the requirement of her higher education expenses.

5. Premature closure: The girl can do premature closure after attaining the age of 18 years. However, in the following cases, also it is allowed, such as:

  • Death of the girl child/Guardian: In this case, the amount shall be transferred to the nominee account.
  • Life-threatening disease demanding medical treatment of the girl

6. Loan Facility: There is no facility available under Sukanya Samriddhi Yojana for providing loans based on the balance available in the account.

7. Penalty: If you fail to deposit the minimum account of Rs. 250 during the financial year, a penalty of Rs. 50 per year shall be levied.

8. Account closure: The Sukanya Samriddhi Yojana account can be closed after completing the age of 21 years of the account holder.

Benefits of investing in Sukanya Samriddhi Yojana

  • Tax deduction benefit under section 80C of the Income Tax Act
  • Flexible investment option starting from Rs. 250 to upto Rs. 1.5 lakh
  • Guaranteed returns as backed up by the government
  • The highest fixed rate of return as the current rate is 8.4% per annum, which is even more than the FD or other government schemes.
  • The interest is calculated and compounded every year.
  • The account can be freely transferred from one part of India to another.

How to open Sukanya Samriddhi Account in a Post Office?

With the help of below mentioned simple steps, you can open the Sukanya Samriddhi Account in any of the post offices around your convenient place.

Before opening the account, make sure you have the following documents with you:

  • Photograph of girl and Parent/guardian
  • Birth certificate of girl child
  • ID Proof (Aadhar Card mandatory)
  • Address proof

Step 1: Download the form from the government portal or can also ask for forms by visiting the nearby post office.

Note: Government portals to download the forms are as below:

  • The Indian post website
  • The Reserve Bank of India Website
  • Websites of Banks such as SBI, ICICI, AXIS, etc.

Step 2: Fill the required details asked in the form

Step 3: Submit all the documents as mentioned above and filled the application form at the post office.

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