Sukanya Samriddhi Yojana (SSY) Scheme

Sukanya Samriddhi Yojana (SSY) is one of the National Savings Schemes offered by the India Government. This small-deposit scheme has been designed especially for securing a girl child's future.

What is Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”.

The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.

Eligibility Criteria for Sukanya Samriddhi Yojana

Here are the Sukanya Samriddhi Yojana details about the eligibility criteria-

1. The account can be opened by a parent or legal guardian of the girl's child
2. The girl child must be below the age of 10 years
3. Only one account is allowed for a girl child
4. A family can open only 2 SSY scheme accounts

Benefits of Sukanya Samriddhi Yojana Scheme

Here are the primary Sukanya Samriddhi Yojana benefits-

• Economic: SSY is an affordable option when it comes to saving up money for your girl child. Only a minimum account balance of Rs 250 per fiscal year is required to maintain an SSY account.
• Good Interest Rates: The scheme offers high interest rates when compared to other schemes offered by the government
• 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 exempt from tax.
• Assurity of Returns: One can receive guaranteed returns upon maturity.

How to Invest in Sukanya Samriddhi Yojana (SSY)

Investors can apply for Sukanya Samriddhi Scheme through the post offices or participating public and private banks. Investors need to submit a few documents and follow the process listed below:

Documents required to open a SSY account are-

1. Birth certificate of the girl child
2. Photo ID of applicant's parent or legal guardian
3. Address proof of applicant's parent or legal guardian
4. Other KYC proofs such as PAN, Voter ID.

How to Apply for Sukanya Samriddhi Yojana

• Download the application form from either the RBI website, the Indian Post website, or participating public sector and private bank’s official websites.
• Fill up the form with key details of the girl child and a parent or legal guardian.
  
  Following are the key mandatory fields to be filled in Sukanya Samriddhi Yojana scheme form-

• 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

How to Open SSY Account Offline

A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch. To open the account, complete the steps outlined below.

• Go to the bank or Post Office where you want to open the account.
• Fill out the application form with the necessary information and attach any supporting papers.
• Pay the first deposit in cash, check, or demand draught. The payment can range between Rs.250 and Rs.1.5 lakh.
• Your application and payment will be processed by the bank or the Post Office.
• After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening.

You can check the List of Banks Offering SSY here.

How to Open the SSY Account Online

To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You can use this app to set up standing instructions for a specific amount to be deposited online to your SSY account.

Here’s how to make payment for Sukanya Samriddhi Yojana online, step by step:

• Money should be transferred from your bank account to the IPPB account.
• Navigate to DOP Products on the IPPB app and choose the Sukanya Samriddhi Yojana account.
• Enter your SSY account number as well as your DOP client ID.
• Choose the amount you want to pay and the length of the instalment.
• The IPPB will tell you when the payment procedure has been successfully set up.
• You will be notified each time the app conducts a money transfer.

Sukanya Samriddhi Yojana Interest Rates

The interest rate on the Sukanya Samriddhi Yojana is fixed by the government and reviewed every quarter. For the current quarter of 2024, Sukanya Samriddhi Yojana interest rate is 8.2% p.a.

Here is a Sukanya Samriddhi yojana chart with additional details-

Sukanya Samriddhi Yojana (SSY) Interest Rates: Previous Rates

Here is a list of the previous Sukanya Samriddhi interest rates-

Tax Benefits of Sukanya Samriddhi Yojana (SSY)

The principal amount deposited, interest earned during the entire tenure and maturity benefits are tax-exempt. The principal amount is deductible under Section 80C up to Rs 1.5 lakh.

Sukanya Samriddhi Yojana Withdrawal Rules

The SSY withdrawal rules are as follows-

• After the SSY account duration is completed, the complete sum (including the interest) can be withdrawn by the girl child.
  
  
• The documents required for the Sukanya Samriddhi Yojana account withdrawal are as follows-

• 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 will be required for the withdrawal.
  
  
• The withdrawal is permitted for the higher education's purpose if the girl has attained the age of 18 and has also completed the 10th standard. Note the money should be used for the fees/charges applied during admission.
  
  
• The maximum amount available for withdrawal is 50% of the amount that is available in the previous year. Note the amount is available for withdrawal in 5 instalments or even in a lump sum.

Key Pointers Related to Sukanya Samriddhi Account Scheme

1. The account matures after 21 years of opening the account or in the event of the marriage of the girl child after she gains the age of 18 years
2. A premature withdrawal of up to 50% of investment is allowed after the child gains the age of 18 years even if she is not getting married. 
3. Duration of investment- 21 years
4. Minimum Investment: Rs 1,000 per annum
5. Maximum Investment: Rs 1.5 lakh per annum
6. On Maturity of the account, the balance which is principal and interest earned is paid to the girl child on submitting an application along with proof of citizenship, residency and identity.

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