The Sukanya Samriddhi Yojana (SSY) Scheme is started in 2015 by government of India as a small saving scheme for girl child as a part of “Beti Bachao Beti padhao” (save the Daughter, Educate the Daughter) campaign. The main objective of SSY is to encourage parents to save for their daughters education and marriage expenditure. It is design to provide financial security and support to the girl child.
Key Features of Sukanya Samriddhi Yojana
- Eligibility: Up to 10 years can open the account
- Account opening: Any authorized banks or Post office
- Deposit limits: min Rs. 250 to Rs. 1.5 lakhs per annum
- Maturity: After 21 years from date of account opening
- Intrest rate: Present 8% per annum
- Partial Withdrawal: 50% for higher education
- Tax benefits: Deductions under 80C
Sukanya Samriddhi Yojana Calculator
Maturity amount = P(1+r/n)^nt
P = Principal amount
r = Rate of interest
n = Number of times the interest compounded in a year
t = Number of years
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Sukanya Samriddhi Yojana Intrest Rate 2023
The Government of India decides every quarter Intrest rate of SSY. Present Intrest rate is (I.e January to March 2024) 8.2%.
Sukanya Samriddhi Yojana Post office
You can open SSY account in any post office of India and any authorized banks in India.
Sukanya Samriddhi Yojana Details
SSY Scheme is an government backed saving Scheme started in 2015 in “Beti Bachao Beti padhao” (save the Daughter, Educate the Daughter) campaign.
In this Scheme parents/guardians of girl child can open account in any authorized banks or post office.
From this Scheme parents to save money for their girl child education and marriage, from this Scheme parents become financially independent for their daughters education and marriage.
Only a girl’s parents or legal guardians can open an SSY (Sukanya Samriddhi Yojana) account.
At the time of opening the account, the girl’s age should be less than 10 years.
One account only can be opened in the name of a girl.
For one family, permission is given for only two SSY accounts, which means one account per girl.
Note: Sukanya Samriddhi Yojana accounts can be opened for more than two girls in some specific cases, which are as follows:
If there is a birth of twin girls or three girls before the birth of another girl, then a third account can be opened.
If there is a birth of twin girls or three girls, and after that, a daughter is born, then a third SSY account cannot be opened.
Sukanya Samriddhi Yojana Benefits
High-Interest Rate –
Compared to other government-supported savings schemes like PPF, SSY provides a higher fixed interest rate (currently 8% per year for Q2 of the financial year 2023-24).
Guaranteed Return –
Since SSY is a government-supported scheme, it provides a guaranteed return.
Tax Benefits –
SSY Scheme offers tax deduction under Section 80C of up to Rs. 1.5 lakh annually.
Flexible Investment –
Any individual can deposit a minimum of Rs. 250 and a maximum deposit amount in a year is Rs. 1.5 lakh. This ensures that people with varying financial situations can invest in the SSY scheme.
Compound Interest Benefit –
Sukanya Samriddhi Yojana (SSY) is an excellent long-term investment plan as it provides the benefit of annual compounding. Hence, even small investments yield higher returns over an extended period.
Convenient Transfer –
In the case of a transfer of the SSY account from one place to another (bank/post office) within the country due to parents’/guardians’ relocation, the transfer can be easily done independently.
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Sukanya Samriddhi Yojana Tenure/Maturity Period
The Sukanya Samriddhi Yojana (SSY) account can be opened for a girl child who is either 21 years old or has attained the age of 18 years and is married. However, contributions to the account can only be made for a maximum of 15 years. After the SSY account earn interest continues until maturity, even if no further deposits are made
Read more: NPS Intrest Rate 2023 and Extra Tax Benefit
Premeture Closure of Sukanya Samriddhi Yojana Account
The Sukanya Samriddhi Yojana (SSY) account can be closed prematurely by the girl when she attains the age of 18 years for the purpose of marriage expenses. However, there are specific cases under which the account can be closed, and the relevant amount can be withdrawn:
- Premature Closure Due to the Account Holder’s Untimely Demise: If the registered girl unfortunately passes away, then the parents or legal guardians are eligible to claim the final amount along with the accrued interest. The amount will be handed over to the appointed individual immediately. Additionally, the parents or legal guardians need to submit relevant documents duly verified by the concerned authorities to confirm the demise of the account holder.
- Inability to Sustain the Account: If the depository finds it impossible to keep the account active due to any directions received from the central government, then the Sukanya Samriddhi Yojana account can be closed prematurely. If the depositor faces financial stress due to contributions made to the account, the closure process can also be initiated. However, the closure and settlement procedures must be authorized by competent officials.
It should be noted that the provision for premature closure of the Sukanya Samriddhi Yojana account is only applicable in extreme cases, such as life-threatening illnesses or medical emergencies
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