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Developed as part of the government's 'Beti Bachao, Beti Padhao' campaign, Sukanya Samriddhi Yojana or SSY is a welfare scheme designed for the girl child. Investing in this child insurance plan allows parents or legal guardians to ensure financial security for a girl child aging ten years or below. Under the Sukanya Samriddhi Yojana, an account in the name of the girl can be opened across any of the private and public sector banks for 21 years. The tenure of investment under SSY is 21 years, starting from the account's opening date.
Sukanya Samriddhi Yojana is a saving scheme by Government of India, which is aimed at the betterment of girl child in India. It is launched to help parents build a fund for the higher education and other expenses of their girl child.
Sukanya Samriddhi Yojana, also referred to as SSY, is a deposit scheme made especially for the girl child. This scheme was introduced to ensure a financially secure future for the girl child.
Through regular deposits, you can create a sufficient corpus as the years pass by, which can later be used for meeting your child’s life goals.
It is one of the multiple schemes that the Government introduced under its Beti Bachao Beti Padhao Yojana launched in the year 2015 by Prime Minister Narendra Modi. ‘Dhanlakshmi Scheme’, ‘Ladli Scheme’ were some of the other schemes launched.
The rate of interest that you will receive in your Sukanya Samriddhi Yojana account currently stands at 7.6% p.a. This interest rate is applicable from 1st April 2020.This is lower than the previous rate that was 8.4%.
However, if you have deposited between 12th December 2019 to 31st March 2020 then you will earn 8.4% p.a.
Here is a table that shows the interest rates offered by the SSY scheme since its inception:
|April 2020 – Present||7.6% p.a.|
|1 January 2019 – 31 March 2019||8.5% p.a.|
|1 October 2018 – 31 December 2018||8.5% p.a.|
|1 July 2018 – 30 September 2018||8.1% p.a.|
|1 April 2018 – 30 June 2018||8.1% p.a.|
|1 January 2018 – 31 March 2018||8.1% p.a.|
|1 July 2017 – 31 December 2017||8.3% p.a.|
|1 October 2016 – 31 December 2016||8.5% p.a.|
|1 July 2016 – 30 September 2016||8.6% p.a.|
|1 April 2016 – 30 June 2016||8.6% p.a.|
|1 April 2015 – March 31 2016||9.2% p.a.|
|3 December 2014 – March 31 2015||9.1% p.a.|
To determine the required corpus, we need to consider the interest that will be added. You can use the below formula to calculate your interest in Sukanya Samriddhi Yojana Scheme.
I = InterestP= Principle InvestedR= Rate of ReturnN= Number of Years
The compound interest on the SSY account is calculated every year. If you do not want to calculate manually, you can check the Sukanya Samriddhi Yojana Calculator available online.
Sukanya Samriddhi Yojana allows you to deposit regularly in the account and create a corpus that will be useful for your girl child. This investment is very safe as it is backed by the government and has a surety of returns.
Since it is safe, you can calculate an estimated amount that you can receive once the scheme matures. For this, you can use the Sukanya Samriddhi Yojana Calculator.
In the calculator, you need to enter the investment that you will make every year and the interest rate that is applicable currently.
The maturity period is pre-defined and is of 21 years.
As parents, you can invest a minimum of Rs 1,000 and up to Rs 1.5 lakhs every year into your daughter's account under the Sukanya Samriddhi Yojana. These deposits can be made only for the first 15 years after opening the account, after which the funds in the account would grow from the accumulated compound interest. The accumulated amount can help your daughter to achieve her dreams of higher education, starting a new venture or other major life goals.
The Government of India has made Sukanya Samriddhi Yojana accessible for everyone, and hence, you can open an account at any post office.
Sukanya Samriddhi Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly. By maturity, the assets under your Sukanya Samriddhi Yojana account will increase manifold – thanks to the power of compounding.
Your contributions towards the Sukanya Samriddhi Yojana for your daughter's future are eligible for tax deductions under Section 80C of the Income Tax Act 1961. Thus, you can claim tax deductions up to Rs 1.5 lakh invested in the scheme. Moreover, the tax-saving benefits are also available on the interest earned and the amount received upon maturity or withdrawals. The Sukanya Samriddhi Yojana is under the authority of the Department of Revenue (DOR) and is one of the more popular investment schemes that come with the exempt-exempt-exempt (EEE) status.
Upon maturity, your account balance under the Sukanya Samriddhi Yojana, including the accumulated interest, will be paid directly to the girl child (or policyholder). Thus, the scheme essentially helps your daughter becomes financially independent and empowered once she is mature enough to make life decisions on her own. Another benefit of investing under Sukanya Samriddhi Yojana is that your accumulated savings continue to accrue compounding interest even after maturity until it is finally closed by the account holder.
If you have an account under SSY then you are eligible to avail of tax benefits on deposits. Let's take a look at the tax benefits provided by Sukanya Samriddhi Yojana.
Thus, all these tax benefits make Sukanya Samriddhi Yojana an E-E-E instrument. That is, Exempt-Exempt-Exempt.
Sukanya Samriddhi Yojana was introduced to help the parents of the girl child build a corpus for her that could help in achieving goals such as education and marriage.Consider the below features of SSY account:
|DEPOSIT LIMIT||- Minimum Deposit: Rs 250 (Initial Deposit), Further deposits in multiples of 50- Maximum Deposit: Rs 1,50,000|
|ACCOUNT HOLDER||- If the girl child is below the age of 10 years, then the account will be handled by the parent/guardian of the girl.- A Girl can take control of the a/c once she turns 18|
|MATURITY||21 years after opening the account. You have to deposit for at least 15 years|
|DOCUMENTS REQUIRED||- Birth Certificate of the girl child- Form-1- PAN/AADHAR of the Parent/Guardian|
|DEPOSITS||Deposits can be made through the following:- online transfer/NEFT- demand draft- cash- cheque|
You can open a Sukanya Samriddhi Account by visiting any of the following:
Here are the steps you can follow to open your Sukanya Samriddhi Account
You can open your SSY account in a Post Office or a bank.
Visit your nearest Post Office (PO):
Before your Sukanya Samriddhi Account can be opened, you need to submit some documents to validate your identity. As of now, you cannot submit these documents online, so you have to visit your nearest bank or post office to do the same.
Here are the documents you require:
For the Girl Child
For the Parent
Though only these documents are required, the relevant bank can ask you for proof of other documents as well.
To make the payment process more convenient, the SSY scheme allows deposits from the online mode as well so that you do not have to visit the place. Here’s how you can deposit money online.
To know what happens if you pay more or less than the prescribed limit, first you should know about the minimum and maximum amount you can deposit in your SSY account.
If you pay below the minimum amount of Rs.250 in a financial year, then your account will have defaulted. To make your account active again you need to pay a fine of Rs.50.
No interest is generated for the deposit over and above the max limit, i.e., Rs 1.5 lakh. You can withdraw the excess amount at any time.
Sukanya Samriddhi Yojana Account has a maturity period of 21 years from the date of opening. But you are allowed to withdraw from your funds if conditions are met. Here are some of the rules regarding when and how much can you withdraw your funds.
For this, you need to submit the appropriate documents related to admission such as
There can be circumstances when you cannot continue with the account and thus have to withdraw your corpus before maturity. According to the scheme you are allowed premature withdrawal. But the following conditions will apply:
You are allowed premature withdrawal when the girl attains the age of 18 and is getting married. You will need the following:
You can transfer your Sukanya Samriddhi Yojana Account from Post Office to a Bank. This process can be performed by the guardian or the parent itself. Here’s how you transfer your account.
A passbook is issued to you after all the formalities have been taken care of and your account has been opened. The passbook is a small booklet issued by the bank or a post office that contains a record of all your transaction that you have done through your account. It contains the following details.
Apart from this it also contains your personal information such as your name and account number and opening date.
Sukanya Samriddhi Yojana provides one of the best investment opportunities for you to build up a sufficient corpus for your daughter when she turns 18 years old. The Sukanya Samriddhi Yojana comes with a sovereign guarantee, while its EEE status implies that it provides several benefits to both the parent and the girl children. Thus, you can invest a portion of your savings towards the Sukanya Samriddhi Yojana to earn compounding benefits on your contributions so that your daughter can financially support her dreams of higher education and marriage despite inflationary pressures.
If you are a parent of a girl child or a legal guardian, then you can open Sukanya Samridhhi Account. Through this account, you can deposit a certain sum regularly and earn yearly interest on it. This will help you create a corpus that will come in handy at the time your daughter achieves the age of higher education or marriage. SSY is a scheme that was launched by the government in the year 2015.
No, till now there is no provision which states that Non-Resident Indians can also avail the benefits of the Sukanya Samriddhi Scheme and open an account under this scheme.
As of now, the girl child should be an Indian citizen. If the girl child becomes an NRI later on, then the account under SSY will be closed.
A depositor is the person who puts in money in the SSY account. It is either the parent or the legal guardian of the girl child. If the depositor dies before the maturity of the term then either of the following happens.
You can open only one account for your daughter. In one family maximum of 2 accounts can be opened. So if you have two daughters then you can open separate accounts for both of them.
Sukanya Samriddhi Scheme is a government initiative under the Beti Bachao Beti Padhao programme, which aims to promote girl child’s education. This facility can be opted by anyone who has a girl child.
To open this account you can avail of the facility of any of the listed banks as well as post offices. You need to submit the necessary documents and make a deposit to open your account.
In a recurring deposit or RD, you are required to deposit a fixed amount regularly for some time. You gain interest on your invested amount.
Sukanya Samriddhi Scheme works on the same lines as an RD but it has a specific purpose to it. In an RD anyone can invest, but an SSY account is specifically for the girl child only.
Also, the rate of interest gained in the Sukanya Samridhhi Scheme is more than the interest rate of RD
To keep your Sukanya Samriddhi Account running, you need to deposit a sum at least equal to the minimum limit. As of now the minimum deposit amount you have to deposit yearly is Rs 250.
That is you need to put at least Rs 250 in a year to avoid penalty. This amount has been brought down from Rs 500.
Sukanya Samriddhi Account matures 21 years after the date of opening. Thus if you have opened the account in 2020, it will mature in the year 2041.
You have to deposit money for 15 years. Interest will keep on adding for a whole period of 21 years.
The amount that you will receive from your SSY account on maturity will depend on the deposits you make through the period. The more you invest, the better your corpus can be.
You can also withdraw a maximum of 50% of the deposit amount once the girl child attains 18 years of age for education and marriage.
After your account is opened with the bank of a post office, you are issued a passbook. A passbook contains all the transactions you have made with your account. It shows your deposits, withdrawal and interest as well.
Print your passbook regularly to get your latest balance.
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