Sukanya Samriddhi Yojana (SSY) 2024

The Post Office Sukanya Samriddhi Yojana was launched in the year 2015 with an aim to encourage the parents to secure the future for their daughters. The Prime Minister of India Narendra Modi launched the scheme under the ‘Beti Bachao, Beti Padhao’ campaign. It is a small deposit scheme that is meant to meet the education and marriage expenses of the girl child.

Sukanya Samriddhi Yojana account is targeted towards the minor girl child. It can be opened by the parents or legal guardian in the name of the girl from her birth to any time before she turns 10 years old. The scheme is operated for 21 years from the date of opening. A partial withdrawal of up to 50 percent of the SSY account balance is allowed to meet the education expenses of the girl child till she attains 18 years of age.

Sukanya Yojana Eligibility Criteria

• Only girl children are eligible to have a Sukanya Samriddhi account
• During the account opening, the girl child should be less than 10 years’ old
• While opening the SSY account, the age proof of the girl child is mandatory

A parent can open a maximum of two accounts under the Sunkanya Samriddhi Scheme, one for each daughter (if they have two daughters). In case if there is twin girls from the first or second delivery, the scheme allows parents to open a third account, if they have another daughter.

Documents to Open Sukanya Samriddhi Account Scheme

Documents required to open a Sukanya Samriddhi Account are as follows:

• Sukanya Samriddhi Yojana Form
• Birth certificate of the girl child (account beneficiary)
• Identity proof of the depositor (parents or legal guardian) like passport, PAN Card, Election ID, Matriculation Certificate, etc.
• Address proof of the depositor (parents or legal guardian) like electricity or telephone bill, ration card, passport, driving license, election card, etc.

The Sukanya Samriddhi account can be opened in the post office or with the authorized banks by the RBI by submitting these details by the parent or the guardian of the girl child. Generally, all the banks that provide the Facility to open a PPF (Public Provident Fund) account offers Sukanya Smariddhi Yojana Scheme too.

Terms Related to Sukanya Samriddhi Account

• Post office means any post office in India that are doing savings Bank work and are authorised to open a SSY account
• Bank means any bank authorised by the Reserve Bank of India to open a SSY account
• The depositor is a term for an individual who, on behalf of the girl child, deposits money in an account
• The guardian is a person who is either the parents of the girl child or a person entitled under law to take care of the property of the girl child until she turns 18

Sukanya Samriddhi Yojana Details

1. Minimum Deposit

A minimum deposit into Sukanya Samriddhi Yojana Scheme is of INR 250 is required every year

2. Maximum Deposit in SSY

The maximum amount that can be deposited in the scheme in a year is INR 1.5 lakh per Sukanya Samriddhi Yojana account

3. Sukanya Samriddhi Yojana Interest Rate

The interest rate of Sukanya Samriddhi Yojana account is notified from time to time by the Finance Ministry of India. The interest rate for the Q1 financial year 2024-25 is 8.2% per annum, and is compounded on an annual Basis

4. Maturity Period

SSY scheme matures when the girl completes her 21 years from the date of opening. On maturity, the balance, along with the interest outstanding in the account, will be payable to the account holder. If SSY account is not closed after maturity, the balance amount will continue to earn interest. Point to note is that the account will automatically close if the girl child gets married before the completion of the tenure of 21 years

5. Deposit Period

From the date of opening, the deposits can be made up to 14 years. After this period, the account will only earn interest as per applicable rates

6. Premature Withdrawal

A premature withdrawal can be made after the girl child attains the age of 18 years. This withdrawal will also be limited to 50 percent of the balance standing at the end of the preceding financial year

7. Sukanya Samriddhi Account Reactivation

The SSY account will turn inactive if you pay below the minimum deposit i.e., INR 250 in a financial year. To make your account reactivate, you have to pay a penalty of INR 50 per year, along with the minimum deposit amount required for that year

8. Loan Facility

No loan facility is available under this scheme

Sukanya Samriddhi Yojana Calculator

The calculator helps in determining the maturity year and calculate the maturity amount. In short, it helps to determine the growth of the investment over time. Below are some of the key details you need to enter to perform the calculations:

• Enter the age of the girl child
• The amount of investment made (You can make a maximum investment of Rs. 1.5 Lakhs)
• The current rate of interest
• Girls age
• Start period of the investment

The calculator easily gives you the estimation of maturity amount till the girl turns 21 years old.

Illustration of the calculations are given below-

Suppose Mrs Seema plans to invest in an SSY scheme with an amount of Rs. 3,000. The daughter is currently, 5 years old and the investment will go on until she turns 21 years of age. So, with interest rate of 7.6% p.a., here's the computation:

• Total Investment Amount: Rs. 45,000
• Maturity Year: 2024
• Total Interest Rate: Rs. 86,841
• Maturity Value: Rs. 1,31,841

Tax Benefits in Sukanya Samriddhi Scheme

Currently, any amount deposited in Sukanya Samriddhi Yojana scheme account would be exempted from tax till a maximum of INR 1.5 lakh under 80C of IT Act, 1961. The maturity and interest amount of this scheme is also exempted from income tax. Moreover, the amount matured at the time of the account/scheme closer would be completely tax free.

Mode of Deposit in SSY Scheme

The deposit in the SSY account can be made in cash or by submitting the cheque or through the Demand Draft (DD). A user can also deposit the money through electronic means (e-transfers), if there is a Core Banking Solution available at the post office or the bank.

Sukanya Samriddhi Scheme Benefits

Some of the key advantages of the scheme are as follows:

• The best and highest in Market fixed interest rates
• The maturity amount to be given to the girl child
• Tax benefits under Section 80C of Income Tax Act
• Minimum deposit amount of just INR 250, further deposits in multiples of 50
• Easy transfer. In case of relocation, the account can be easily transferred to any bank or post office in the country