SUKANYA SAMRIDDHI ACCOUNT – Central Government Program for Daughters

Sukanya Samriddhi Account: Sukanya Samriddhi Yojana (SSY) is a scheme started for daughters. By investing in this government scheme, parents can ensure their daughter’s golden future along with saving. Sukanya Samriddhi Account is a small savings scheme account which has been launched under the Beti Bachao-Beti Padhao scheme on January 22, 2015, by Prime Minister Narendra Modi. Sukanya Account is the best interest rate scheme in a small savings scheme.

If you want to give a gift to your daughter on the occasion of New Year then Sukanya Samridhi Yojna (SSY) is a good option. The government’s Sukanya Samriddhi Yojana not only gives you an opportunity to earn great returns but you will also be assured of your daughter’s higher education, career and marriage. An account can be opened for a daughter below the age of 10 years under Sukanya Samriddhi Yojana.

What is Sukanya Samriddhi Account?

Sukanya Samriddhi Account is a small saving scheme account introduced by the Government of India to provide a bright future, particularly for a girl child. It was launched by our honourable Prime Minister Mr. Narendra Modi in the year 2015 as a part of the Beti Bachao Beti Padhao campaign. Its motive is to encourage parents to invest or build funds for their girl’s education or marriage. Under this scheme maximum of two girl child accounts can be opened and three in the case of twins by the parents.

Sukanya Samriddhi Account
Image courtesy: Central Bank of India FB page

What is the eligibility required for Sukanya Samriddhi Yojana account?

Sukanya Samriddhi Account can be opened for any girl child who is newborn or anytime before the girl child attains 10 years of age.

Who can open Sukanya Samriddhi Yojana account?

The account can be opened by parents or any legal guardian on behalf of their girl child.
What is the interest rate of the Sukanya Samriddhi Yojana account?

• The interest rate is fixed by the government and is revised on a quarterly basis.

• The interest rate is compounded on a yearly basis but if someone wants they can opt for monthly interest.

• Current rate of interest of Sukanya Samriddhi account for Q4 January-March FY 2021-2022 IS 7.6 percent p.a.

What is the maximum and minimum deposit for Sukanya Samriddhi Yogana account?

Minimum deposit for Sukanya Samriddhi account is rs250 each year.

The maximum deposit amount for the Sukanya Samriddhi account could be rs1.5 lakh in a financial year.

What is the maturity period of the Sukanya Samriddhi Yojana account and how long depositor need to pay?

The maturity period of the scheme is 21 years but the depositor needs to pay till the end of 15 years.

What is the tax benefit of the Sukanya Samriddhi Yojana scheme?

Sukanya Samriddhi Yojana Scheme is eligible for deduction under 80c and a maximum of Rs1.5lakh can be deducted. The interest earned on the deposits and the maturity amount during withdrawal both are exempted from tax.

Who can withdraw the amount of Sukanya Samriddhi account?

Only the girl child can withdraw the amount upon maturity. The amount cannot be withdrawn if the girl child age is less than 18 years. When the girl child attains 18 years of age ,she can withdraw 50 percent of the amount in the account for higher educationor marriage.However full amount can only be withdrawl upon maturity.

What happens to the Sukanya Samriddhi account if the girl is married before maturity period?

The maturity period of this scheme is 21 years however it is not applicable if the girl is married before the maturity of the account. The account cannot be operated after the girl is married. Then the amount can be withdrawn by the girl and the account can be closed prematurely.

Can anyone close the Sukanya Samriddhi account prematurely?

The account may be closed and claim the deposit prematurely only after completing 5 years of account opening and under certain circumstances:

• Death of the account holder
• Death of the legal guardian or parents
• Account holder is suffering from a severe deadly disease

Where the Sukanya Samriddhi Account can be opened?

Sukanya Samriddhi Account can be opened in any bank branch authorized by the scheme or in a post office.

What KYC documents are required to open Sukanya Samriddhi account?

Two KYC documents are required to open the Sukanya Samriddhi accounts. One is for identity proof and another is for address proof.

List of KYC documents to Open Sukanya Samriddhi Account:

• Birth certificate of girl child
• Identity and address proof of parents or legal guardian of girl child.
• Any other document if asked by the bank or post office.
EX- Aadhar Card , driving licence, voter ID , passport or any government issued ID card
How to apply for Sukanya Samriddhi account in bank or post office branch offline?
• First visit any authorised bank or post office branch.
• Ask and fill the account opening form with the details required.
• Attach the photocopy of all the KYC documents asked by the branch.
• Pay the first deposit in the form of cash, cheque,or demand draft.The deposit amount can range from rs 250 to rs 1.5 lakh.
• Now the application for account opening will be processed by the branch.
• As the application is successfully processed Sukanya Samriddhi Yogana account will be opened.
• As the account is opened a passbook will be issued by the branch marking the initiation of the account.

How to apply for Sukanya Samriddhi Yogana account online?

The facility of opening Sukanya Samriddhi Yojana account online is completely not available in any bank or post office currently. You can deposit money in Sukanya Samriddhi Yojana account with the help of their website or app, but you cannot open the account online. Yes, you can download the form online. After filling it, it will have to be deposited in the bank or post office itself. Photo and necessary documents will also have to be attached with the form as mentioned above in this post.

How to check the balance of Sukanya Samriddhi yogana account?

Balance of the account can be checked either offline or online. However not all the branches are offering the facility to check the balance online. Thus if anyone wants to enjoy the online facility should inquiry before opening account.

Offline- When an account is opened , a passbook is issued by the bank or post office branch. An individual should update the passbook on a regular basis to know the balance of the Sukanya Samriddhi yogana account.

Online- First apply and collect the branch executive to provide login ID and password to access the Sukanya Samriddhi Yogana account.

Second log in to the internet banking portal of the bank using loginID and password provided by the bank.

Third after logging , individual can go to the homepage and check the balance there.

How to deposit /tranfer money online in Sukanya Samriddhi Yogana account in bank branch?

How to deposit/transfer money online in Sukanya Samriddhi Yogana account in post office?

How to transfer Sukanya Samriddhi Yogana account?

• Visit the same branch where an individual is holding an account.
• Fill and submit the account transfer form with the details required.
• Attach all the KYC documents asked by the branch.
• Also submit the passbook issued by the branch
• After fulfilling all the requirements the branch executive will deactivate the account.
• Now visit the branch where the individual have decided to transfer the account.
• Submit all the KYC documents and other necessary details asked by the branch
• After verifying all the documents the branch will process the transfer request.
• The transfer request is processed by closing the existing Sukanya Samriddhi Yogana account.
• A new passbook would be generated by the branch as soon as the account is opened.

Why to choose Sukanya Samriddhi Yogana account?

• Focused on securing the future of girl child.
• Provides attractive interest rate.
• Investment in this scheme comes under EEE(exempt-exempt-exempt) category which means investor can enjoy the income tax benefit on the amount deposited,interest earned on it and on the maturity amount.
• Minimum deposit of Rs250 in a financial year.

Sukanya Samridhi Yojna Summary

Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.

The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.

The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.

Account can be opened in the name of a girl child till she attains the age of 10 years.

Only one account can be opened in the name of a girl child.

Account can be opened in Post offices and in authorised banks.

Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.

Deposit qualifies for deduction under Sec.80-C of I.T.Act.

Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

The account can be transferred anywhere in India from one Post office/Bank to another.

The account shall mature on completion of a period of 21 years from the date of opening of account.

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