Introduction
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education of their female child.Deven Sharma Classroom Study & Job
The scheme
was launched by Prime Minister on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign.
The scheme currently provides an interest rate of 7.6% (for Apr-July 2021
quarter) and tax benefits. The account can be opened at any India Post office
or branch of authorized commercial banks.
The Sukanya
Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new
Sukanya Samriddhi Account Scheme, 2019 was introduced.
The scheme
was launched by Prime Minister on 22 January 2015 in Haryana. The
accounts can be opened at any India Post office or a branch of some authorized
commercial banks. Initially, the interest rate was set at 9.1% but later
revised to 9.2% in late March 2015 for FY2015-16. Interest Rate have been
revised for FY 2021-22 to 7.6%
The account
can be opened anytime between the birth of a girl child and the time she
attains 10 years ago by the parent/guardian. Only one account is allowed per
child. Parents can open a maximum of two accounts for each of their children
(exception allowed for twins and triplets). The account can be transferred to
anywhere in India.
A minimum
of 250 must be deposited in the account initially. Thereafter, any amount
in multiples of Rs 100 can be deposited. However, the maximum deposit limit
is 150,000. If the minimum deposit of 250, (initially which was 1000)
is not made in a year, a fine of 50 will be put on.
The girl can
operate her account after she reaches the age of 10. The account allows 50%
withdrawal at the age of 18 for higher education purposes. The account reaches
maturity after time period of 21 years from date of opening it. Deposits in the
account can be made till the completion of 15 years, from the date of the
opening of the account. After this period the account will earn only applicable
rate of interest. If the account is closed, then it will not earn interest at
the prevailing rate If the girl is over 18 and married, normal closure is
allowed.
SSY - Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana scheme
is aimed at betterment of girl child in the country. Sukanya Samriddhi scheme
has been launched to offer a means of saving to the girl child in every family.
Tenure of SSY is 21 years from the date of opening of the account or till the
marriage of the girl after she attains the age of 18 years
Key Features
· Minimum
deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
· 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 authorized banks.
· Withdrawal
shall be allowed for the purpose of higher education of the Account holder to
meet education expenses.
· 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 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.
· 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.
Sukanya Samriddhi Yojana Information
Interest
rate
|
7.60%
p.a.
|
Investment
Amount
|
Minimum
- Rs.250, Maximum Rs.1.5 lakh p.a.
|
Maturity
Amount
|
Depends
on the invested amount
|
Maturity
Period
|
21
years
|
Sukanya Samriddhi Yojana (SSY) scheme was launched by Prime
Minister Narendra Modi under the Beti
Padhao beti Bachyo campaign
with the main aim of securing the future of a girl child. The main benefits of the SSY scheme are mentioned below:
·
Interest
rate was reduced from 8.4% to 7.6%
·
Tax
benefits of up to Rs.1.5 lakh
·
Account
can be transferred
Investments made towards the scheme can be used for the girl
child’s marriage and education. An SSY account can be opened at banks and post
offices. Under Section 80C of the Income Tax Act, 1961, tax benefits of up to
Rs.1.5 lakh are provided for contributions made towards the scheme.
Sukanya Samriddhi Yojana Interest
Rate 2022
Currently,
the interest rate of SSY scheme was reduced from 8.4% to 7.6% and it
is compounded on a yearly basis. Interest is not payable once the duration of
the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a
non-citizen. The rate of interest is decided by the government and is
determined on a quarterly basis.
The rate of
interest that has been offered by the scheme is mentioned in the table below:
Sukanya Samriddhi Yojana Calculator
The Calculator helps
an individual to get an estimate of the investment plan under the Sukanya
Samriddhi Yojana (SSY) scheme.
The
calculator will use the details such as the investment made every year and the
rate of interest mentioned by you to evaluate the data and give you the end
result in terms of the maturity amount.
What happens if a lesser or excess
amount is paid towards sukanya samriddhi yojana scheme?
·
Lesser amount: In case the
minimum amount of Rs.500 is not paid in a financial year, the account will be
considered as default. However, the account can be brought back to the active
status by paying a fine of Rs.50.
· Excess amount: No interest is
generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the
excess amount any time.
Sukanya Samriddhi Yojana Withdrawal
Rules
Sukanya
Samriddhi Yojana
The withdrawal rules of the SSY account are mentioned below:
Once the duration of the account has been completed, the entire amount that is available in the account including the interest can be withdrawn by the girl child. However, the below-mentioned documents must be submitted:
·
Application form for the withdrawal of
the amount.
·
ID proof
·
Address proof
· Citizenship documents
Withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed 10th standard. However, the money must be used for the fee or any other charges that are levied at the time of admission.
·
Documents such as admission to the
university or college as well as the fee receipt must be submitted when
applying for the withdrawal.
·
The maximum amount that can be withdrawn
is 50% of the amount that is available in the previous year. The amount can be
withdrawn in 5 installments or in a lump sum.
Rules for premature withdrawal from
SSY account
The rules
that allow premature closure of the account are mentioned below:
· Once the girl attains the age of 18
years old and is getting married, SSY premature withdrawal is
allowed. However, an application must be submitted at least one month before
marriage and 3 months after the marriage to avail the benefit. Documents which
determine the age of the girl must also be provided.
· In case the girl child becomes a
non-citizen or a non-resident, the account will be deemed as closed. Any such
change in status must be informed by the guardian or the girl child within one
month from the change in status.
· In case the girl child passes away, the
balance that is available in the account can be withdrawn by the guardian.
However, the death certificate must be submitted.
· If the account has been opened for 5
years and more, and the bank or post office feel that the continuation of the
account is causing difficulties to the girl child, the guardian or girl child
can opt for premature closure.
· Permission to close the account will be
permitted for other reasons as well, but the interest that is earned from the
contributions will be the same as the interest rates that are provided by post
offices.
sukanya samriddhi yojana benefits
The main
features of the SSY account are mentioned in the table below:
|
Features |
Details |
|
Operation of the account |
·
The guardian or parents can
operate the account until the girl reaches the age of 10 years. ·
The girl must operate the account
once she attains the age of 18 years. |
|
Deposits made towards the account |
The minimum and maximum deposit that can be made
in an account in a financial year is Rs.500 and Rs.1.5 lakh, respectively.
The deposits can be made in multiples of 100. |
|
Duration of the scheme |
Deposits towards the scheme should be made for a
period of 15 years. However, the scheme matures after 21 years. |
|
Transfer of account |
An SSY account can be transferred from post
offices to banks and vice versa anywhere within India. No charges will be levied
for the transfer of the account. However, a proof for change in residence
must be produced. In case no proof is produced, a Rs.100 charge will be
levied. |
|
Mode of deposits |
Deposits towards the account can be made in the
form of online transfer, demand draft, cheque, or cash. |
Sukanya Samriddhi
Yojana Tax benefits
Given below
are the tax benefits:
·
Under Section 80C of the Income Tax Act,
1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made
towards the scheme.
·
The interest amount that is generated is
also exempt from tax.
·
Tax benefits are also provided for the
maturity amount or the withdrawal amount.
Sukanya Samriddhi Yojana
Eligibility
The Sukanya
Samriddhi Yojana account eligibility is mentioned below:
· The parent or legal guardian can open an
SSY account on behalf of a girl child until she reaches the age of 10.
· The girl child must be a resident
Indian.
· In a family, up to two accounts can be
opened for two girls.
· A third SSY account can be opened in
case of twin girls.
Documents required to
open an SSY account
The documents
required to open an SSY account are mentioned below:
·
SSY account opening form.
· The birth certificate of the girl child
must be submitted at the time of opening the account.
· The ID proof and address proof of the
depositor must be submitted at the time of opening the account.
· A medical certificate has to be
submitted in case multiple children are born under one order of birth.
·
Any other documents that are requested
by the bank or post office.
What are the details that are
recorded in the passbook?
Once an SSY
account has been opened, the depositor will receive a passbook. The date of
opening the account, the date of birth of the girl child, the account number,
the name, the address of the account holder and the amount that has been
deposited will be mentioned on the passbook.
The passbook
must be submitted to the bank or post office when money is deposited into the
account, receiving the interest payment, and at the time of closing the
account.
Banks that offer SSY
account
The
below-mentioned banks offer SSY scheme:
·
State Bank of India
·
United Bank of India
·
UCO Bank
·
Punjab National Bank
·
Oriental Bank of Commerce
·
Indian Bank
·
ICICI Bank
·
Corporation Bank
·
Canara Bank
·
Bank of India
·
Axis Bank
·
Allahabad Bank
·
Vijaya Bank
·
Union Bank of India
·
Syndicate Bank
·
Punjab & Sind Bank
·
Indian Overseas Bank
·
IDBI Bank
·
Dena Bank
·
Central Bank of India
·
Bank of Maharashtra
·
Bank of Baroda
·
Andhra Bank
FAQ’s on Sukanya Samriddhi Yojana
1.
What is the relaxation in age limit given to girl child under
the Sukanya Samriddhi Scheme?
Since, Sukanya Samriddhi scheme is a newly launched scheme; the
government does not want few people to miss availing it due to reasons
pertaining to age. Hence, any girl child who has attained the age of 10 years,
exactly 1 year prior to the launch of scheme is also eligible to avail the
scheme. So, any girl child born between 2nd December 2003 and 1st December 2004
is eligible to avail the Sukanya Samriddhi Scheme.
2.
What is the taxation process of amount deposited under
Sukanya Samriddhi Scheme?
There is a limit of Rs.1, 50,000 which is exempt from taxation. Any
amount above this will not fetch any income tax relief under section 80C of the Income
Tax Act.
3.
Who all can open Sukanya Samriddhi Account?
Any legal guardian or parent of a girl child can open Sukanya Samriddhi
Account on behalf of their girl child.
4.
Can a Non-Resident Indian avail the Sukanya Samriddhi Scheme?
As of now, there is no official communication regarding this issue and
such NRIs are, for the time being, not covered under the Sukanya Samriddhi
Scheme.
5.
What happens in the case the girl child who is the
beneficiary meets with an unexpected death?
In case of death of girl child, Sukanya Samriddhi Account is discontinued
and closed and the proceeds are transferred to the guardian or parent of the
girl child.
6.
What happens in case of death of the depositor (guardian or
parent of the girl child)?
In case of death of legal guardian or parent of girl child, the scheme is
either closed and the proceeds are given to the family or girl child. Or, the
scheme is continued with the deposited amount until the maturity period and the
deposited amount continues to earn interest till the girl child attains the age
of 21 years.
7.
Can I convert my normal bank deposit account to Sukanya
Samriddhi Account?
No. Currently, the feature of converting deposit account to Sukanya
Samriddhi Account is not available. Sukanya Samriddhi is a special scheme aimed
at uplifting the financial status of girls in the country and as such
conversion of account is not allowed.
8.
Can I withdraw money from my Sukanya Samriddhi Account,
prematurely?
No. Only a partial withdrawal of up to 50% is allowed and that also when
the girl child has attained at least the age of 18 years. This amount can be
withdrawn only for higher education or wedding expense of the girl child.
9.
Is the Sukanya Samriddhi scheme available throughout India?
Yes. Sukanya Samriddhi is a central government scheme and as such is
present in each and every state of the country.
10. Is the Sukanya Samriddhi Scheme transferable as per location?
Yes. This scheme can be transferred from post office to bank or from one
authorized bank to another. This is because there may be times when girl child
may require moving due to study or other such situations.
11. Should I opt for Sukanya Samriddhi Scheme or s Recurring
Deposit Scheme?
Sukanya Samriddhi looks like a recurring deposit scheme in the way it is
structured but customers need to understand that unlike recurring deposits,
this scheme is aimed specifically at offering financial strength to girl child in
the country. Also, the rate of interest offered on this scheme is higher than
that being offered by any bank on recurring deposit schemes.
12. Who can avail Sukanya Samriddhi Account?
Only parents or legal guardians of one or more girl child can avail the Sukanya
Samriddhi Scheme in the name of their daughter.
13. How many Sukanya Samriddhi Accounts can I take for my
daughter?
Only one Sukanya Samriddhi Account per girl child is allowed. So if you
have two daughters, you can avail two separate accounts in both of their names
and if you have one daughter then only one account can be availed.
14. Where can I open Sukanya Samriddhi Account for my daughter?
Sukanya Samriddhi account can be opened at any of your nearest post
offices or at any branch of the authorized banks. These banks include almost
all top and most popular public sector and private sector banks like State Bank
of India, ICICI, HDFC, Punjab National Bank etc.
15. Has the interest rate on Sukanya Samriddhi Scheme changed
since the time of launch?
At the time of launch, in the year 2014-15, the rate was 9.1% per annum
which has been revised and increased to 9.2% per annum for the year 2015-16.
However it reduced to 8.6% for FY 201.6-17
16. Do private sector banks also have the authority to open
Sukanya Samriddhi Accounts for public?
Yes. A few major private sector banks like ICICI, HDFC etc. are
authorized by the Finance Ministry to furnish and maintain Sukanya Samriddhi
Scheme to customers.
17. What happens if I do not deposit money in the account?
The account gets deactivated if the minimum amount of Rs.250 is not
deposited. However, it can be revived by paying a penalty fee of Rs.50. The
terms of this scheme have been kept extremely flexible so as to ensure maximum
participation by people with all kinds of economic status.
18. Can both parents claim tax deduction for Sukanya Samriddhi
deposit amount under section 80C?
No. Only one of the parents or guardians can claim tax rebate as per
section 80C for the amount deposited under Sukanya Samriddhi.
19. Can a person avail both Sukanya Samriddhi and PPF schemes?
Yes. Sukanya Samriddhi is a scheme aimed at mainly at girl child while PPF or
Personal Provident Fund is there to help people save for retirement or longer
tenures. Both can be availed simultaneously since both have different financial
objectives.
20. Is there any difference between Sukanya Samriddhi scheme
offered by public bank and that offered by private bank?
No. There is absolutely no difference in features of benefits. Be it
private banks or public banks or post offices, all authorized entities offer
exactly the same features and benefits since the scheme is a central government
driven scheme.
21. What is the minimum annual deposit amount required for
Sukanya Samriddhi Scheme?
The minimum deposit amount required per annum is Rs.250.
22. What is the maximum annual deposit amount that can be
deposited under the Sukanya Samriddhi Scheme?
The maximum amount that can be deposited under the Sukanya Samriddhi
Scheme is Rs.1.5 lakh per annum.
23. Is there a last date to avail the Sukanya Samriddhi Scheme?
No. There is no last date to avail the scheme. However, standard tax
filing dates will apply to this scheme too for purposes of taxation.
24. Will I be issued a passbook under Sukanya Samriddhi Yojana?
Yes. A passbook to track all your transactions will be
furnished to all account holders of the Sukanya Samriddhi Scheme. The passbook
will carry all personal details like address, name and age details of the
account holder. This is a good reference for depositors in case a dispute
arises or even in case of transfer of account from one place to another or from
post office to an authorized bank.
Important links
Download Sukanya Samridhi Yojna Form
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