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Today, in order to make the future of our daughters bright and safe, the government has initialed various schemes. Talking about saving schemes initiated for the welfare of our daughters, the central government has come up with a number of attractions like providing higher interest rates and income tax exemption in these schemes so that more people could come in and gets the benefits.
Apart from so many central government schemes initiated for the welfare of daughters, there is one called Sukanya Samriddhi Yojana. Now, this scheme is like a boon to the daughters of India where the beneficiary can easily invest a lump sum amount that can be used later for their marriage or education.
The article will narrate you all salient features of Sukanya samriddhi Yojana that you should know about. Like you will get to know the information related to eligibility, documentation and application required to apply under this scheme.
Table of Contents
Sukanya Samriddhi Yojana 2023
Sukanya Samriddhi Yojana is launched by the Government of India which is a saving plan meant to secure the future of our daughters. If you wish to apply under this scheme, you need to open an account before your daughter attains the age of 10 years.
The minimum investment that you can make under this scheme is of Rs 250 and the maximum limit is Rs 1.5 lakh. All the investment made under Sukanya Samriddhi Yojana can be later utilized for the higher education of your daughter or marriage.
One great benefit of this scheme is that government will directly provide an interest rate up to 7.6% on the investment you make. At the same time, the beneficiary will also get the facility of tax exemption under this scheme. The above scheme is basically a small saving scheme launched by the Central Government.
You might have heard the slogan Beti Bachao Beti Padhao scheme which has been launched under this scheme. Take a look at some of the salient features of Sukanya Samriddhi Yojana.
The beneficiary will have the leverage of opening his account under this scheme at any authorized Post Office branch or commercial branch.
Please note that Sukanya Samriddhi account can be operated till your daughter attains the age of 21 years. The amount can also be utilized till she gets married after attaining the minimum age of 18 years.
The beneficiary will also have the facility to withdraw an amount up to 50% after the age of 18 years to utilize it for the higher education of your daughter.
Money can be easily deposited directly through Sukanya Samriddhi Yojana digital account
The Sukanya Samridhi Yojana first started by the Indian Post Office. It was first started by Government of India to help our daughters in their marriage or education.
If you have a daughter and wish to apply under this scheme, then you can easily make your payment by visiting any of the nearby post office branches.
In the recent time, the government has launched the facility of making digital accounts for all the beneficiaries. Including digital accounts, beneficiaries can easily deposit money in the account of Sukanya Samriddhi Yojana.
Just like banks, digital saving account service has recently been launched by the government to facilitate beneficiaries. And so, they no longer need to visit post office every time to deposit money in their respective accounts. The beneficiary can directly transfer money from his mobile phone.
Also, beneficiaries not even need to visit post office to open their digital accounts. They can easily open it using their Aadhar and PAN cards by sitting at the comfort of their homes. The digital account will be valid for up to 1 year.
Please do also note that Account opened under Sukanya Sukanya Samriddhi Yojana will not default.
Sukanya Samriddhi Yojana was started with the aim to provide all the benefit and security of future of our daughters.
Beneficiaries who apply under this scheme simply need to deposit a small amount on a regular basis. If a regular amount will not get deposited, the account will be termed as defaulted.
The account can be opened before your daughter attains the age of 10 years
When Prime Minister Narendra Modi came to power, he not only reviewed but also started a number of government schemes to facilitate different sectors of our society. After he came to know about the poor conditions of our daughters, especially those living in rural India, he decided to provide loads of much needed benefits to all the daughters of this country.
He launched the scheme called Sukanya Samriddhi Yojana under which beneficiaries have to deposit a regular sum of money to ensure all the benefits at a later stage. The account can be opened before your daughter attains the age of 10 years. Earlier, the scheme had a rule that the beneficiary had to deposit a sum of Rs 250 annually. And if this minimum amount is not get deposited, the account will be turned as default.
As per the new terms, the account will no longer be turned as default even if you won’t be able to pay Rs 250 annually. In addition to this, the said interest rate will continue to be paid till maturity.
IPPB app launched
It’s the post office that first launched IPPB app. It has a very unique feature that gives customers all the facility to make transactions directly without undergoing any problems.
By using this app, the beneficiaries can not only deposit money online but can also be deposited to any post office branch under the Sukanya Samriddhi Yojana.
Beneficiaries can always make use of this app to open a digital account while sitting at their homes. Please note that you need to attain a minimum age of 18 years to operate this account.
How many daughters can get benefit under Sukanya Samriddhi Yojana?
Under Sukanya Samriddhi Yojana 2022, not more than 2 daughters can benefit. It means if you have more than two daughters then only two daughters of the family will be able to avail benefits under the scheme.
In case, a family has twin daughters, both of them can avail the benefits separately. In such cases, three daughters will be able to avail benefits under the Sukanya Samriddhi Yojana.
In such cases, count of twin daughters will always remain the same but they will be able to avail the benefits separately. All those people who have daughters and wish to avail benefits under this scheme can join the above scheme.
You can open an account for your daughter under this scheme before she attains 10 years of age. Please note that Sukanya Samriddhi Yojana started under the government’s Beti Bachao, Beti Padhao scheme.
Sukanya Samriddhi Yojana Interest Rate
Sukanya Samridhi Yojana was first launched by Prime Minister Narendra Modi under the ongoing campaign named Beti Bachao Beti Padhao campaign so as to make the futures of our daughters safe and secure.
The investment made under this scheme can be utilized later for the educational purpose or at the time of marriage of daughters.
In order to avail the benefits of this scheme, Sukanya Samriddhi Account needs to be opened either at Post Office and Bank.
The scheme is backed by a tax benefit of up to 1.5 lakh under Section 80C of the Income Tax Act 1961.
Earlier, the interest rate was fixed to be of 8.4% which was later reduced to 7.6%. In cases of the completion of this scheme or if the girl becomes an NEI (Non Resident Indian), in such cases, the interest rate will not be given. Please note that interest rate is fixed by the central government on a quarterly basis.
Sukanya Samriddhi Yojana Loan
Under the above scheme run by the central government, loans can be availed under various PPF schemes.
But Sukanya Samriddhi Yojana is different as here loans can’t be obtained just like under other PPF schemes.
If the girl child has attained the age of 18 years, then parents of the child can withdraw the amount. And this withdrawal can be made only up to 50% of the amount.
Please note that withdrawals made under Sukanya Samriddhi Yojana can be utilized for the bright future of the girl child like for her education or marriage.
Sukanya Samriddhi Yojana Account Transfer
Beneficiaries will be allowed to transfer their account from one post office branch to another or from one bank to another. In case, you wish to transfer your branch, you need to adhere to the following:
- Simply visit your nearest post office branch with your updated KYC documents and passbook. In doing the transfer, the presence of girl child is not mandatory.
- After the first step, the next will be to submit your KYC document and passbook of your Sukanya Samriddhi account to your respective post office or bank account that you wish to transfer your account.
- After you do this, the manager will close your old account and will transfer it to the new branch. He will also initiate a transfer request.
- Now, you need to take this transfer request and visit your new post office to submit all these documents.
You also need to submit your updated KYC documents as your identity proof and address
This is when you can easily operate your Sukanya Samriddhi Yojana account from your new account.
Sukanya Samriddhi Yojana December Update
Today, Indian post office is running up to 9 types of saving schemes, also known as Post Office Saving Schemes.
These 9 types of saving schemes include Senior Citizen Savings scheme, Kisan Vikas Patra, Post Office Time Deposit for 5 Years, National Savings Certificate, Sukanya Samriddhi Yojana, Public Provident Fund, Post Office Monthly Income Scheme, Post Office Time Deposit Account, and Post Office Savings Account.
If you check the interest rates being given to each of this saving plan, these are revised by the government from time to time. Out of the above schemes, Sukanya Samriddhi Yojana offers an interest rate of 7.6%.
In yet another condition of the scheme, a maximum of two daughters in a family can avail the benefits.
As per the schemes, when the girl child attains the age of 21 years, she can get the entire maturity amount. At present, up to 7.6% interest rate is being given to the beneficiaries who are registered in this scheme.
Sukanya Samriddhi Yojana Account Reopening Process
Sukanya Samriddhi Yojana was basically started under the Beti Bachao Beti Padhao scheme by the Government of India.
The scheme has a lot of benefit for a girl child. The amount deposited in this scheme can be withdrawn after the girl child attains 21 years of age. The account for the same can be opened by before the daughter attains the age of 10 years.
In another clause, beneficiaries can deposit a minimum of Rs 250 annually and maximum 1.5 lakh.
Also, it is mandatory for the beneficiary to deposit at least Rs 250 in the account. It’s because the account will be closed if Rs 250 is not deposited for any year in the account.
In order to activate the account, the beneficiary can visit any nearby post office branch or bank.
If a beneficiary is unable to pay the amount of Rs 250, then you first need to pay Rs 500 along with a penalty of Rs 50.
In the same way, if a beneficiary is unable to pay Rs 250 for two consecutive years, he will have to pay a penalty of Rs 100.
In other words, if you have not paid your minimum amount under the Sukanya Samriddhi Yojana account for 2 years, you will have to pay a total amount of Rs 600.
Sukanya Samriddhi Scheme New Update
In view of the ongoing COVID-19 crisis, it has impacted Indian economy quite drastically. In order to revive the economy, RBI has recently reduced the repo rates due to which the government had to cut interest rates for small saving schemes including SSY.
After the interest rate was reduced under Sukanya Samriddhi Scheme, the interest rates also came down from 8.4% to 7.6%.
How much money will have to be paid every year and for how long?
Under the Sukanya Samriddhi Yojana, there was a provision of giving up to Rs 1000 per month which has now been reduced to Rs 250 a month.
Beneficiaries can deposit from Rs 250 to 1.5 lakh a month under this scheme. Please note that it is mandatory to invest for a period of 14 years after opening a bank account.
Changes made in Sukanya Samriddhi Yojana
Under the above scheme, as many as 5 changes have been made so far by the government which is quite crucial to know them about. Take a look below to know some insights regarding the same
Higher Interest Rate On Default Account
If you are one of the beneficiaries of Sukanya Samridhi Yojana and do not intend to deposit a minimum, amount of Rs 250 annually, then your account will changed to be a default one.
As per the new rules made by the government in this regard, beneficiaries will continue to get the same interest rates even on default account.
In addition to 8.7% on Sukanya Samriddhi Yojana account and post office savings, the account will get an additional interest rate up to 4%.
Closing Premature Accounts
As per the new rule under the Sukanya Samridhi Yojana, the account will be closed in case of death of the girl child before it attains maturity period.
It’s done because of sympathy under this scheme which refers to a situation where an account owner has to go for a treatment which can happen in cases of any life-threatening illness or the guardian has died.
In all the above situations, the bank account of the owner can be closed before the maturity period.
Operation of account
As per the new rules attained by the government under the Sukanya Samridhi Yojana, the girl child can’t be asked to operate her account before she completes he minimum age of 18 years.
Earlier, the above age limit was 10 years. When the girl child attains the age of 18 years, her guardians need to submit all the related documents to their post office branch.
Opening of account for more than two girls
The new rule under the Sukanya Samridhi Yojana, if a beneficiary has to submit documents for more than two daughters, he will need to submit an affidavit along with a copy of the original birth certificate of the daughter.
Since its launch, Sukanya Samridhi Yojana is doing wonders for the welfare of girl child in the country. This is happening mainly due to a number of benefits attached with this scheme.
The government has recently added some new provisions and some are vanished. But there is no announcements made for the same.
Objective of Sukanya Samriddhi Yojana 2022
The sole purpose of Sukanya Samriddhi Yojana is to make a girl child economically strong where she can go ahead and complete her education without looking back.
They can even go for higher education. The money from this scheme can also be used in case of their marriage.
And this way, a girl child can make their own expenses as per thir needs and requirements.
The account uder this scheme needs to be opened by depositing a minimum of Rs 250 annually. Using this this SSY 2022, the girls of the country will get all the encouragement to do better in their lives.
SSY Scheme 2022
After a fresh account is opened under the Sukanya Samriddhi Yojana, the girl child will be able to operate the account only after she attains the minimum age of 18 years or after her marriage when she attains 21 years.
Please also know that under SSY 2022, a beneficiary can withdraw up to 50% of the total deposited amount for education purpose in cases where girl child has already attained the age of 18 years or above.
If the daughter has attained 21 years of age, she can withdraw the whole amount for the marriage purpose. It will also include the amount and interest paid by the agency.
The amount will get matured until the daughter attains the minimum age of 21 years.
How to deposit money in sukanya samriddhi yojana account
Under the Sukanya Samriddhi Yojana 2022, the beneficiary can deposit the amount either by cash, demand draft or by electronic transfer mode in the post office or bank where the core banking system is present.
Account can be opened under Sukanya Samriddhi Yojana
Under the Sukanya Samriddhi Yojana, an account can be opened before a girl child attains the age of 10 years.
But if the daughter has attained more than 10 years of age, the account under Sukanya Samriddhi Yojana can’t be opened.
In any case, the account will be operational only by the guardian or parents of the girl child until she attains the age of 18 years.
SSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal
There is a myth regarding Sukanya Samriddhi Yojana. Some people think that an account created under this scheme matures after the girl child attains the age of 21 years.
But this is not true as there is no relation of the maturity of account with the age of girl child.
It’s only the fact that the account holder can withdraw the amount only after the girl child attains the age of 18 years. And this is when the account can be closed.
How Sukanya Samriddhi Account Closed Before Maturity?
As we mentioned above, Sukanya Samriddhi Yojana account can be closed in case of the demise of the account holder. In such cases, it will be mandatory for the owner to show the death certificate of the account owner.
This is when the amount deposited in the account will be withdrawn to the guardian of the girl child. As per the new rules, Sukanya Samriddhi Yojana account can also be closed only after a period of 5 years.
In all such cases, interest rates will be given as per the saving bank accounts. Up to 50% of the amount can be withdrawn for the purpose of the education of the girl child under the Sukanya Samriddhi yojana.
What happens if the deposit is not made under Sukanya Samriddhi Yojana?
There are cases when the beneficiary is unable to pay the required amount under the Sukanya Samriddhi Yojana. In such cases, he will need to pay a penalty of Rs 50 annually.
And so, the minimum amount is required to be paid annually. In cases where the penalty is not paid by the beneficiary, then an interest rate equal to that of the saving account of 4% will be paid.
PM Kanya Yojana Tax Benefits
As per the section 80C of the Income Tax Act 1961, the amount deposited under the Sukanya Samriddhi Yojana will be made tax free.
There is also a provision of rebate to be provided by the government which will depend on the contribution made by the account holder under this scheme which is currently up to Rs 1.5 lakh.
Sukanya Samriddhi Yojana Tax Benefits
- All investments made under the above scheme will be eligible for the benefit of tax deduction. There is a provision of maximum tax benefit of 1.5 lakh towards SSY
- The interest under this scheme is accumulated after the amount is deposited on an annual basis
- Tax redemption can be claimed under this scheme either by the guardian or legal parents of the girl child.
- Only one depositor will be allowed to be eligible for tax redemption under section 80C of the Income Tax Act
Sukanya Samriddhi Yojana calculator and payment of more or less amount
- The maturity amount under Sukanya Samriddhi Yojana is calculated through Sukanya Samriddhi calculator
- Using the calculator, the maturity amount is calculatd using the investment you made per annum along with the interest rate you mention
- If the beneficiary doesn’t deposit a minimum amount for a year, then the account will go in default status which can be reactivated by paying a fine of Rs 50
- If the account owner has deposited an amount more than the maximum amount, then no interest will be paid on the excess amount
Key facts of Sukanya Samriddhi Yojana 2022
Sukanya Samriddhi Yojana was stared by the government to secure the future of girl child in the country by making them economically strong. Take a look at some of the features:
- The account under Sukanya Samriddhi Yojana can be opened of a girl child who is below the age of 10 years
- You can open the account at any post office branch
- The account can be opened for a maximum of 2 children
- The account of 3 children can be opened only under some special circumstances
- Sukanya Samriddhi Yojana 2021 is also a small saving scheme run by the government
- Under this scheme, beneficiaries can open an account under any of the banks like HDFC bank, Axis Bank, PNB, ICICI, SBI, Post Office, etc.
Banks authorized for Sukanya Samriddhi Yojana
A total of 28 banks are authorized by RBI (Reserve Bank of India) for opening account under Sukanya Samriddhi Yojana:
- Vijay Bank
- United Bank Of India
- UCO Bank
- Union Bank of India
- Punjab And Sind Bank (PSB)
- State Bank Of Hyderabad (SBH)
- Oriental Bank Of Commerce (OBC)
- State Bank Of Travancore (SBT)
- State Bank Of Bikaner And Jaipur (SBBJ)
- Syndicate Bank
- ICICI Bank
- IDBI Bank
- Punjab National Bank (PNB)
- Indian Bank
- Indian Overseas Bank (IOB)
- State Bank Of Mysore (SBM)
- State Bank Of Patiala (SBP)
- Bank Of Baroda (BOB)
- Dena Bank
- Canara Bank
- Central Bank Of India (CBI)
- Corporation Bank
- Bank Of India (BOI)
- Bank Of Maharashtra (BOM)
- Andhra Bank
- Axis Bank
- State Bank of India (SBI)
- Allahabad Bank
Sukanya Samridhi Yojana Passbook
- After you open an account under Sukanya Samridhi Yojana, a passbook will be issued to you
- The passbook records information like account opening, date of birth of the girl child, account number, name of the account holder, address and amount deposited
- The passbook needs to be deposited in the post office or bank at the time of depositing money. It’s also required while receiving payment
- If you close the account, passbook will be required
Documents of SSY 2022 (Eligibility)
- Depositor (parent or legal guardian) ie PAN card, ration card, driving license
- Residence proof
- Girl child birth certificate
- Baby and parent photo
- Aadhar Card
- Age of the girl child should be less than 10 years.
Documents for opening Sukanya Samriddhi Account
- Medical certificate
- Residence certificate of depositor
- ID proof of the depositor
- Birth certificate
- Application letter
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