Sukanya Samriddhi Yojana Scheme

Sukanya Samriddhi Yojana is a saving scheme by the Government of India targeted at the parents of girl children. 

Sukanya Samriddhi Yojana scheme helps parents to save money for the future education and marriage expenses of their female child. Sukanya Samriddhi Yojana scheme offers a very high-interest rate (8.5%) and the account can be opened for a girl child up to 10 years of age.

A minimum of Rs 250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited. The maximum deposit limit is Rs 150,000.

The scheme provides a premature withdrawal facility. ie; when the girl attains 18 years of age one can withdraw 50% of the deposited amount for her higher education purpose.

The salient features of the scheme are provided below.

Benefits of Sukanya Samriddhi Yojana Scheme

• The account is 100% tax-free.

• Get exemptions for the deposited amount in this account under section 80c of the Income Tax Act.

• A high-interest rate is another benefit (8.5%)

• There is a lock-in period for this account. ie; the account is matured only after 21 years.

• It is similar to the Public Provident Fund (PPF).

Eligibility Criteria of Sukanya Samriddhi Yojana Scheme

Following are the criteria for opening a Sukanya Samriddhi Yojana account

• The account can be opened for a girl between 0 - 10 years of age by parents.

• In case parents have died, a legal guardian can open the SSA account

• The girl child must be an Indian citizen at the time of opening the account and remain as such until the closure or maturity of the account.

• The account can be operated by the child after she attains 18 years of age.

Documents Required for Sukanya Samriddhi Yojana Scheme

Following documents are required to open a Sukanya Samriddhi Yojana Account

• Sukanya Samriddhi Yojana Account Opening Form

• Birth certificate of the girl child (account beneficiary)

• Identity proof of the depositor (parent or legal guardian), i.e., PAN card, ration card, driving license, passport.

• Address proof of the depositor (parent or legal guardian), i.e., passport, ration card, electricity bill, telephone bill, driving license.

• 3 Photos of parents/legal guardian (if other than parents) and 3 photos of the child. 

How to apply for Sukanya Samriddhi Yojana scheme?

Currently, bank branches or post offices are not allowed for opening Sukanya Samriddhi Yojana accounts online.

But once the account is opened, you can set the standing instructions online.

Follow the below steps to apply for the Sukanya Samriddhi Yojana scheme

• Go to the nearest bank or post office and get the application form

• Fill out the application form

• Submit the application form along with the required documents

• Pay an initial deposit amount(Rs. 250 to Rs. 1.5 lakh) Bank/post office will give the passbook

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

Opening account

A Sukanya Samriddhi Yojana (SSY) account can be opened in any authorized post office branch or authorized branches of commercial banks. Generally, all banks that provide the Public Provident Fund (PPF) facility will offer one account for Sukanya Samriddhi Yojana (SSY).

Here is the list of banks

• Allahabad Bank

• Oriental Bank of Commerce

• Andhra Bank

• Punjab National Bank

• Axis Bank

• Punjab & Sind Bank

• Bank of Baroda

• State Bank of India

• Bank of India

• State Bank of Patiala

• Bank of Maharashtra

• State Bank of Bikaner & Jaipur

• Canara Bank

• State Bank of Travancore

• Central Bank of India

• State Bank of Hyderabad

• Corporation Bank

• State Bank of Mysore

• Dena Bank

• Syndicate Bank

• ICICI BankCO Bank

• IDBI Bank

• Union Bank of India

• Indian Bank

• United Bank of India

• Indian Overseas Bank

• Vijaya Bank

Interest rate calculation

As notified by the Government of India, the interest is compounded annually.

An example is given below.

Withdrawal Criteria

• The first withdrawal possible from Sukanya Samriddhi Yojana Account is when the girl child reaches the age of 18 years for higher education purposes.

• At that time, 50% of the amount deposited to date can be withdrawn

  

• The account will be matured in two cases

  • After 21 years of opening the account

  • On the marriage date of the girl child

• In the case of marriage, the account holder should request such premature closure for reasons of the marriage of the Account holder. She must submit the age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage.

Closing of Sukanya Samriddhi Yojana account

The account can be closed in the following cases.

• The account will be closed immediately in case of the unfortunate death of the girl child. Then guardian must produce the death certificate as proof. The amount deposited till the last month will be paid back to the guardian with interest.

• If there is no further legal guardian to continue the deposit of the account after the death of the depositor, the account can be closed by writing an application to the account opening authority.

• In any other case, due to not being able to manage cash to maintain a minimum balance or some urgent cash requirement due to extreme health conditions etc. the account can be closed by submitting the due application form.

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