Sukanya Samriddhi Yojana - SSY | सुकन्या समृद्धि योजना

Narendra Modi was launched the Sukanya Samriddhi Yojana under 'Beti Bachao, Beti Padhao' campaign on 22nd January 2015.

Sukanya Samriddhi Yojana

The aim of this scheme is to meet the education and marriages expenses of a girl child.

What are the Features Sukanya Samriddhi Yojana?

• It permits opening of one account per girl child. A family can have a maximum two accounts, If there are two girls.
• Birth certificate must be submitted at the time of  opening of the account.
• Minimum Rs 1000 and maximum of Rs 1.5 lakh can be deposited during one financial year.
• Deposits in the account can be made until the completion of 14 years from the date of opening of the account.
• The account can be closed only when the girl turns 21.
• Passbook will be issued to customers.
• Maximum investment of Rs 1,50,000 can be made in one financial year.

Benefits of Sukanya Samriddhi Yojana

The account can be opened and operated by a parents or guardian as soon as a girl child turns 10.

Up to 50% of the balance can be withdrawn to meet educational requirements of the girl after she turns 18.

Interest rate on 8.6% and provides income tax benefit.

How to Open a Sukanya Samriddhi Yojana Account?

• Fill out the Sukanya Samriddhi Yojana account opening form
• Keep the documents ready along with photographs.
• Pay the deposit amount Rs 250.

Minimum Deposits

• You can give a standing instruction at a branch or you can set up automatic credit to SSY Account through Net Banking.

Required Documents For Sukanya Samriddhi Yojana Account

• Sukanya Samriddhi Yojana Account opening form
• Birth certificate
• Address proof of the guardian
• Id proof of the guardian

Who is Eligible to Open the Sukanya Samriddhi Yojana Account?

If you are parent or a legal guardian of a girl child aged less than 10 years.

Sukanya Samriddhi Yojana Interest Rates 2020

Sukanya Samriddhi  Interest Rates 2020

The Sukanya Samriddhi Yojana Interest Rates FY 2020 is 7.6%, compounded annually. The interest rate is fixed by the government and revised quarterly. The following are the historic interest rates of this government scheme for the girl child.

How to Invest in the Sukanya Samriddhi Yojana?

You can invest in this scheme through your nearby post office or designated branches of participating public and private bank. You will need to submit KYC documents like Aadhar Card, Passport etc, along with the required from and initial deposit by the cheque /draft. The wide reach is designed to help ensure success of the Beti Bachao Beti Padhao Yojana.

How to Download Sukanya Samriddhi Yojana Application from Online?

Sukanya Samriddhi yojana Account application from can be downloaded from various sources such as:

• The Reserve Bank of India website
• The India post website
• Individual website of public sector banks ( SBI, PNB, BOB, etc.)
• The websites of participating of private sector banks (e.g. HDFC Bank, ICICI Bank and AXIS Bank.)
• While there are multiple sources for downloading the SSY application form, the fields in the form will be the same regardless of source.

Tenure 

Sukanya Samriddhi Yojana has a tenure equal time the girl child is 21 years of age or upon her marriage attaining the age of majority (18 years). However contributions only need to be made for 15 years.Thereafter the account continues to earn interest until maturity even if no deposits are made into fit.

Benefits of Investing in Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana introduced as a part of Beti Bachao Beti Padhao initiative, provides investors with range of benefit.

a. Sukanya Samriddhi Yojana Account can be opened for more than two girls in some specials which are:

1. If a girl child is born after the birth of twin or triplet girls, third Sukanya Samriddhi Yojana Account cannot be opened
2. If a girl child is born before the birth of twin or triplet girls, or triplets are born are first then a third account can be opened 
3. Provides tax deduction benefit under section 80 C up to Rs. 1.5 lakh annually
4. Flexible investment option with minimum deposit of Rs. 250 in a year maximum Rs. 1.5 lakh per annum
5. Guaranteed returns instrument backed by the government of India
6. Higher fixed rate of return (Currently 7.6% per Annum for Q 1 FY 20-21) as compared to other government backed tax savings scheme such as a PPF
7. Long term investment hence provides the benefit of compounding
8. Can be freely the transferred from one part of the country to other (bank, post office) in case of transfer of parent /guardian operating the Sukanya Samriddhi Yojana Account