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Sukanya Samriddhi Yojana

sukanya samriddhi yojana scheme

Sukanya Samriddhi Yojana (SSY) |is a government-sponsored small savings scheme aimed towards girls. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. It can be used to open a bank account or a post office account. Sukanya Samriddhi Accounts are valid for 21 years or until the girl child reaches the age of 18.

What is the Sukanya Samriddhi Yojana (SSY) and how does it work?.

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme for the benefit of girl child. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. It can be opened at designated banks or post offices.

SSY attempts to address a fundamental issue that affects the girl child: education and marriage. Its goal is to provide a bright future for India’s female children by assisting their parents in establishing a fund for their child’s good education and worry-free marriage expenditures. For this reason, SSY has created the Sukanya Samriddhi Account.

Sukanya Samriddhi Yojana (SSY) Highlights

Interest Rates 7.6% per annum (Q1 FY 2021-22)
Maturity Period 21 years or until the girl child marries after the age of 18
Minimum Deposit Amount Rs. 250
Maximum Deposit Amount Rs. 1.5 Lakh in a financial year
Eligibility Parents or legal guardian of a girl child below the age of 10 are eligible to open the SSY in the name of the girl child
Income Tax Rebate Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year)

Sukanya Samriddhi Sukanya Samriddhi Sukanya Samridd Interest rate on Yojana

  • The interest rate for the second quarter of FY 2021-2022, which runs from July 1 to September 30, has remained steady at 7.6%.
  • The interest rate for the first quarter of FY 2021-2022, i.e. from 1 April to 30 June 2021, was 7.6%.
  • Except if the default is due to the death of the guardian who started the account, the full deposit in a ‘Account under default’ (where a minimum amount of Rs 250 has not been placed) that is not regularised within the specified period will accrue interest on the post savings bank account.

Sukanya Samriddhi Yojana (SSY) Eligibility

  1. An SSY account can only be opened by the parents or legal guardians of a girl child.
  2. At the time of account opening, the girl kid must be under the age of ten.
  3. In the name of a girl kid, only one account can be created.
    A household is only permitted two SSY accounts, one for each girl kid.

Sukanya Samriddhi Accounts can be formed for more than two females under the following circumstances:

A third account can be formed if a girl child is born before twin or triplet girls, or if triplets are born first.
A third SSY account cannot be formed if a girl kid is delivered after twin or triplet girls.

Benefits of Sukanya Samriddhi Investing (SSY)|benefits of sukanya samriddhi yojana

Sukanya Samriddhi Yojana( ), which was launched as part of the Beti Bachao, Beti Padhao Yojana project, offers a variety of incentives to investors. The following are some of the scheme’s main advantages:

High Interest Rate- When compared to other government-backed tax saving plans like PPF, SSY provides a higher fixed rate of return (currently 7.6% per annum for Q1 FY 2020-21).

Guaranteed Returns- Because SSY is backed by the government, it offers guaranteed returns.

SSY gives tax deduction benefits up to Rs. 1.5 lakh per year under Section 80C.

Flexible Investment- A minimum investment of Rs. 250 and a maximum deposit of Rs. 1.5 lakh can be made in a single year. This guarantees that people of all financial backgrounds can participate in the plan.

Compounding Benefits- The Sukanya Samriddhi Yojana (SSY) is a fantastic long-term investment strategy since it offers yearly compounding. As a result, even tiny investments will provide large profits in the long run.

In the event that a parent or guardian operating the Sukanya Samriddhi Account transfers, the SSY account can be freely transferred from one area of the nation to another (bank/post office).

Deposit Limits for Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Account has a minimum yearly contribution of Rs. 250 and a maximum contribution of Rs. 1.5 lakh every financial year. From the date of account establishment, you must invest at least the minimum amount every year for up to 15 years. Following that, the account will continue to receive interest until it reaches maturity.

Sukanya Samriddhi Yojana’s Other Highlights (SSY)

If an SSY account holder fails to make even the minimal deposit of Rs. 250 in a financial year, the account becomes a ‘Default Account.’ This default account will earn the scheme’s relevant interest rate until the maturity date.
After the age of 18, a girl kid can manage her own account. After presenting the appropriate documentation to the post office/bank where the account is housed, she is entitled to operate the SSY once she reaches the age of eighteen.


How can I register for the Sukanya Samriddhi Yojana?

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

  • Pay a visit to the bank or Post Office where you want to open the account.
  • Fill out the application form completely and attach any supporting documentation.
  • Pay the first deposit with cash, check, or demand draught. The payment might range between Rs.250 and Rs.1.5 lakh.
  • Your application and payment will be processed by the bank or the Post Office.
  • Your SSY account will be created once your application has been processed. This account will be given a passbook to indicate the beginning of the account.

What is the procedure for completing the SSY Application Form?

The SSY Application Form needs applicants to supply certain vital information about the female child in whose name the Beti Bachao, Beti Padhao Yojana investment will be made. It’s also necessary to provide information on the parent or guardian who will be creating the account and making deposits on her behalf. The following are the most important fields on the SSY Application Form:

  1. Girl Child’s Name (Primary Account Holder)
  2. The name of the parent or guardian who is opening the account (Joint Holder)
  3. Amount of the first deposit
  4. Date and Number of Cheque/DD (used for an initial deposit)
  5. Date of the female child’s birth
  6. Details of the primary account holder’s birth certificate (Certificate number, date of issue, etc.)
  7. Parent/Guardian ID Information (Driving License, Aadhaar, etc.)
  8. Current and Permanent Address (as per parent/ID guardian’s document)
  9. Information about any other KYC documents (PAN, Voter ID card, etc.)

After filling out the given information, sign the form and send it to the account opening authority (Post office/Bank Branch) together with copies of any relevant papers.

Sukanya Samriddhi Yojana Account Transfer

The fact that the Sukanya Samriddhi Yojana Account may be readily transferred from one area of India to another is one of its main advantages. You can easily move this tax-saving deposit account for the benefit of girls from one India Post Office to another or from one approved bank branch to another under existing guidelines.

Fill up and submit the transfer request form with the Post Master of the India Post Office where your account is now situated to start the transfer of your SSY account from a post office. If you wish to move your deposit from one specified bank branch to another, similar transfer forms are accessible both online and offline.


Calculator for Sukanya Samriddhi Yojana

Any investment’s benefit can only be calculated by looking at how much it increases over time. The example computation below shows the large profits you may obtain by contributing to the Sukanya Samriddhi Yojana.

Let’s make the following assumptions:

In 2020, a female kid is born, and her parents open an SSY account for her that same year. After 21 years, the account will mature, and the female kid will receive the entire maturity sum.

  1. 1 lakh rupees in annual investments
  2. 15-year investment period
  3. After 15 years, the total amount invested is Rs. 15 lakh.
  4. The one-year interest rate is 7.6%.
  5. Maturity Value at the end of 21 years= Rs. 43,95,380.96 Interest at the end of 21 years= Rs. 3,10,454.12

How can I fill out the paperwork for the Sukanya Samriddhi Yojana at the Post Office?
The following is a picture of the Post Office account opening form:

  1. You may fill out the form by following these steps:
  2. Fill in the name of the Post Office branch.
  3. Mention the account number if you already have a savings account with the Post Office.
  4. Mention the Post Office branch and postal address in the ‘To The Postmaster’ section.
  5. Copy and paste the applicant’s photo to the right.
  6. Mention the applicant’s name next to ‘I/We,’ and Sukanya Samriddhi Yojana in the area below.
  7. The material in the box can be ignored because it only applies to the establishment of PO savings accounts.
  8. Tick the appropriate account type under ‘Account Holder Type.’ Seek assistance from the Post Office workers in determining this.
  9. The ‘Account Type’ field is the same way.
  10. Also, provide the amount you want to put into the SSY account after it has been established. Write the total in both figures and words.
  11. Select a payment method, such as cash, check, or DD. If the check or DD has a number and a date on it, make a note of it.
  12. In the table, enter the applicant’s name, gender, Aadhaar number, PAN, address, and any other information requested.
  13. At the bottom of Page 1, the applicant(s) should sign to authorise all of the information written thus far.
  14. If you want to set up standing instructions to pay for the SSY account, write it down on Page 2 section (5).
  15. To confirm that no additional SSY accounts have been created in the depositor’s name, check the square box next to SSA.
  16. After that, add the date and sign the document.
  17. Complete the nomination form.

Where can I establish a sukanya samriddhi yojana account?

Sukanya Samriddhi Yojana accounts can be opened at any participating bank or Post Office branch. The banks that are taking part include:

  • State Bank of India
  • Allahabad Bank
  • Andhra Bank
  • Punjab and Sind Bank
  • Bank of Baroda
  • Canara Bank
  • Bank of India
  • Bank of Maharashtra
  • Corporation Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Dena Bank
  • Indian Bank
  • UCO Bank
  • Syndicate Bank
  • United Bank of India
  • Punjab National Bank
  • Union Bank of India
  • Oriental Bank of Commerce
  • IDBI Bank
  • Vijaya Bank
  • Axis Bank
  • ICICI Bank

How to pay for sukanya samriddhi yojana online?

To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You may use this app to set up standing orders for a specific amount to be deposited online to your SSY account. Here’s how to do it step by step:

Step 1: Deposit funds into the IPPB account from your bank account.

Step 2: Go to DOP Products on the IPPB app and choose the Sukanya Samriddhi Yojana account.

Step 3: Enter your DOP customer ID and your SSY account number.

Step 4: Decide how much you want to pay and how long you want to pay it in instalments.

Step 5: If the payment process is successfully set up, IPPB will notify you.

Step 6: You will be alerted each time the app does a money transfer.


When did the Sukanya Samriddhi Yojana begin?

Prime Minister Narendra Modi launched the Sukanya Samriddhi Yojana in Panipat, Haryana, on January 22, 2015.

What is the procedure for submitting proof for the Sukanya Samriddhi Yojana?

To submit the paperwork and evidence, head down to the Post Office or a bank branch where you submitted the SSY application. The following documents must be submitted in hard copy:

  • The girl child’s birth certificate
  • The guardian’s identity and residence must be verified.
  • In the case of several female children born in a single birth order, a medical certificate is required to prove the same.Any other documentation that the post office or banks may request

How do you compute the interest on a sukanya samriddhi yojana?

The SSY account’s interest is computed on the lowest balance for the calendar month, that is, from the fifth to the last day of the month. At the conclusion of each fiscal year, the interest will be credited once.

Generally, you can use the below formula to calculate the interest earned on an SSY account:
A = P(1+r/n)^nt
P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years
A = Amount at maturity

Because the interest on an SSY account is compounded on an annual basis, manually calculating the interest may be difficult. Instead, you may use our Sukanya Samriddhi Yojana Calculator to calculate the maturity amount by inputting information such as the likely annual investment amount, the female child’s age, and the account start year.

What is the frequency of investment allowed under sukanya samriddhi yojana?

You can deposit money into an SSY account once a year or in smaller, more frequent instalments. To keep the account open and operational, you must make a minimum contribution of Rs.250 every financial year and adhere to this condition for a minimum of 15 years.

If you opt to make payments in instalments, the time between each instalment can be as long as you choose. There are no limits on how many deposits you can make per month or per fiscal year.

How to claim/withdraw sukanya samriddhi yojana?

The completed withdrawal form must be sent to the bank or Post Office branch where the account is kept, together with the SSY account passbook.

To claim or withdraw benefits early, you must meet certain criteria, such as paying for wedding expenses or the female child’s further education.

The sum will be paid to the female kid who holds the account when it matures.

In another situation, you may end the account early and receive the deposit only after five years have passed since it was opened, for the following reasons:

  • When the account holder passes away.
  • An a/c holder’s life-threatening sickness.
  • The guardian who was in charge of the account died.

How many sukanya samriddhi yojana accounts have been opened?

Per girl child, only one account can be opened, either at the Post Office or at any bank. This account may only be used by a family with a maximum of two female children. More than two accounts can be established in a household only if the girls are twins or triplets.

Who is eligible to withdraw funds from the Sukanya Samriddhi Yojana?

Only the female kid in whose name the account is created has the ability to withdraw money from her SSY account when it reaches maturity. If the girl kid is under the age of 18, the guardian can remove the funds.

What should my sukanya samriddhi yojana investment be?

The SSY account allows you to invest any amount between Rs.250 and Rs.1.5 lakh every financial year.

What is the sukanya samriddhi yojana’s age limit?

The SSY account must be opened from the time of the female child’s birth until she reaches the age of ten.

What is the procedure for transferring the Sukanya Samriddhi Yojana?

Follow these steps to move your SSY account from a Post Office (PO) to a bank:

  • Pay a visit to the PO office where your account is located. The girl youngster does not need to go to the PO branch because the process may be completed by her guardian.
  • Notify the PO executive that you want to transfer your SSY account.
  • Submit the account transfer form, passbook, and KYC papers, all of which must be filled out completely. On your request, the executive will close the account.
  • Now go to the bank branch where you want to keep your SSY account.
  • When seeking to keep the account with the PO, submit the self-attested KYC papers as well as any additional paperwork given by the PO executive.

Once your request has been processed by a bank official,

How long does the sukanya samriddhi yojana account last?

The payment duration for SSY accounts is 15 years, and the account has a minimum maturity period of 21 years.

Which is the superior option? Sukanya samriddhi yojana or PPF?

PPF is a government-sponsored retirement savings plan, whereas SSY is a government-sponsored modest savings plan targeted to the development of girls. Both accounts offer tax advantages. A PPF account may be started by anybody, but an SSY account can only be opened in the name of a girl child under the age of ten. A PPF balance can be liquidated to some extent, however this may not be the case with an SSY account.

Because both systems are created for distinct reasons, deciding which is the superior solution is difficult. A table that compares the two methods may be seen below.

Parameters Public Provident Fund (PPF) Sukanya Samriddhi Yojana (SSY)
Minimum Deposit per Financial Year Rs.500 Rs.250
Maximum Deposit per Financial Year Rs.1.5 lakh Rs.1.5 lakh
Eligibility Criteria Any single adult who is a resident Indian Girl child below the age of 10 years
Maturity Period 15 years 21 years
Payment Period 15 years 15 years
Interest Rate 7.1% p.a. (Q2 of FY 2021-22); Compounded yearly 7.6% p.a. (Q2 of FY 2021-22); Compounded yearly
Tax Benefits EEE benefit EEE benefit
Premature Withdrawal Upon completing five financial years Upon the girl child attaining 18 years


In the Sukanya Samriddhi Yojana, how much money will I receive?

An SSY account’s maturity amount is determined by the annual contributions you make. Furthermore, if the girl child reaches the age of 18, you can take 50% of the deposit sum for educational purposes or for wedding expenditures.

How can I check the amount of my Sukanya Samriddhi Yojana account?

When you open an SSY account with a bank or the Post Office, you will receive a passbook. You may acquire the most up-to-date information on the account balance displayed on the passbook by going to the bank or PO branch where the account is housed.

How can I get a copy of the statement for the Sukanya Samriddhi Yojana?

You may not be able to view your SSY account information online with all banks. Check to see if the bank where your account is stored offers this service. If it does, ask for a login ID and password to access your SSY account online from the bank executive.

Use the credentials provided by the bank executive to get into the bank’s online banking system.
The account balance will be displayed on the homepage/dashboard.

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