Sukanya Samriddhi Yojana (SSY) Scheme (Update 2024)

Sukanya Samriddhi Yojana – If there is a small daughter in the house whose age is up to 10 years, then SSY can be taken to protect the future of the daughter. This is a tax free scheme.

  1. What is Sulnya Samriddhi Yojana?
  2. What is the minimum and maximum amount one can start this scheme with?
  3. Who can open this account?
  4. Where can I open the account of this scheme?
  5. Interest to be received under this scheme?
  6. For how long this account is open?
  7. What are the rules for opening an account?
  8. Documents required for the scheme?

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

On December 4, 2014, the Modi government at the Center launched a special deposit scheme ‘Sukanya Samridhi Yojana’ with the objective of promoting small savings schemes for daughters.

The SSY account opening with a very small amount has been started keeping in mind those families who want to deposit money for the marriage or higher education of the girl child through small savings.

This is a very good scheme for those people who have low income and who do not believe in investing money in the stock market. The security of capital along with fixed income is the specialty of this scheme.

So if your daughter’s age is up to 10 years then you can open account under Sukanya Samriddhi Yojana. Under Sukanya Samriddhi, the account of girls above 10 years cannot be opened.

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Minimum and Maximum Amount for SSY?

Sukanya Samriddhi (SSY) scheme, in which the government has made a big change recently. Now the minimum deposit amount in this scheme has been reduced from Rs.1,000 to Rs.250.

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The maximum deposit amount that can be deposited in this scheme is up to Rs 1.5 lakh per year. In this, the parents or guardians of the girl child can open the account in the name of the daughter. After opening the account, money has to be deposited in it for 15 years.

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Who can open SSY account?

  • As told you just now that if your daughter’s age is up to 10 years then you can open an account under Sukanya Samriddhi Yojana. The account of girls above 10 years cannot be opened.
  • Only one account can be opened and operated in the name of one daughter.
  • The benefit of more than one account cannot be taken under this scheme.
  • Any parent can take advantage of this scheme for a maximum of two daughters.
  • Third account can be opened in case of twin girl child birth as second birth or if three girl child is born in first birth itself.

Where can I open SSY account?

  • Parents can operate the account till the girl child attains the age of 10 years, after which the daughter can operate the account herself.
  • Under Sukanya Samriddhi Yojana (SSY), this account can be opened in any post office branch and government bank.

Conditions for withdrawal of deposits?

  • Only 50 percent of the amount deposited in the account of Sukanya Samriddhi Yojana can be withdrawn after the girl child has completed 18 years of age.
  • If the girl child dies due to any reason, the SSY account can be closed by showing the death certificate. After this, the amount deposited in the SSY account is returned to the guardian of the girl child along with interest.
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Interest to be received under this scheme?

Nowadays interest of 7.6% is being given in this scheme. This interest rate keeps changing after every 3 months. Under the scheme, in 2021 a person will get Rs 12500.

If he opens the account from month to month, then he will have to deposit 1.5 lakh rupees every year for 15 years i.e. till 2034.

At present, she will continue to get 7.6 percent interest every year, so when the girl child turns 21, she will get Rs 63,79,635.

It is worth noting that in 15 years, the parent had to deposit only 22 lakh 50 thousand rupees in the account. 41,29,365 received interest in this. ,

Benefits of income tax exemption?

Accounts opened under SSY will be exempted from tax. Accounts opened under this scheme will not have to pay any tax up to Rs 1.5 lakh under Section 80-C of the Income Tax Act. Apart from this, you will not have to pay any tax on the interest you are getting in this scheme.

Documents required for Sukanya Samriddhi Yojana?

  1. Sukanya Samriddhi Account Opening Form Birth Certificate of the girl child. Identity card of the child’s parent or guardian (PAN card, Ration card, Driving license, Passport) Address proof of the child’s parent or guardian (Passport, Ration card, Electricity bill, Telephone bill, Water bill) Sukanya You can take the form of Samriddhi Yojana from the post office or bank.
  2. The account of Sukanya Samriddhi Yojana can be transferred to any part of the country.
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Sukanya Samriddhi Account

S.No. Circle Sukanya Samriddhi Account Deposits (in INR)
1 Andhra Pradesh 42413 42847250
2 Base 0 0
3 Assam 11252 7181700
4 Bihar 17353 17402450
5 Chattisgarh 6799 6465450
6 Delhi 3897 6117750
7 Gujarat 58969 26965300
8 Haryana 5220 10399400
9 Himachal Pradesh 3392 6745700
10 Jammu & Kashmir 1917 3620950
11 Jharkhand 2444 2900700
12 Karnataka 16041 25213100
13 Kerala 6984 15334700
14 Madhya Pradesh 12703 11361350
15 Maharashtra 35359 41856300
16 North East 1437 2091400
17 Orissa 14925 16744900
18 Punjab 10508 12050050
19 Rajasthan 29399 24439450
20 Tamil Nadu 27009 47860650
21 Telangana 23489 29307950
22 Uttarakhand 3391 6066100
23 Uttar Pradesh 38586 41239900
24 West Bengal 21918 17924850
Grand Total 395405 422137350

Sukanya Samriddhi Yojana- Interest Rates

YEAR RATE
April 2020 – Present 7.6% p.a.
1 January 2019 – 31 March 2019 8.5% p.a.
1 October 2018 – 31 December 2018 8.5% p.a.
1 July 2018 – 30 September 2018 8.1% p.a.
1 April 2018 – 30 June 2018 8.1% p.a.
1 January 2018 – 31 March 2018 8.1% p.a.
1 July 2017 – 31 December 2017 8.3% p.a.
1 October 2016 – 31 December 2016 8.5% p.a.
1 July 2016 – 30 September 2016 8.6% p.a.
1 April 2016 – 30 June 2016 8.6% p.a.
1 April 2015 – March 31 2016 9.2% p.a.
3 December 2014 – March 31 2015 9.1% p.a.

How to Calculate Interest on Sukanya Samriddhi Yojana Scheme?

I = P(1+R/100) ^N

  • I = Interest
  • P= Principle Invested
  • R= Rate of return
  • N= Number of Years

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