Sukanya Samriddhi Yojana (SSY)
  • Save for Your Daughter’s Future
  • Start Investing at ₹250 p.a.
  • Up to 8.2% Interest Rate
Sukanya Samriddhi Yojana (SSY)
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What is Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India introduced by PM Narendra Modi in 2014. It was launched to help parents save for their daughters’ higher education or marriage.

A parent with a girl child can enroll in this scheme until their daughter turns 10. You can only open an SSY account in the name of a girl child at a post office or public or private sector banks. It’s best to open a Sukanya Samriddhi Yojana account on the same year a girl’s child is born because it takes account to mature 21 years from the date it is opened.

Anyone from a rich, middle, or lower class can easily opt for this scheme because the minimum or maximum amount that you can deposit into the SSY account is ₹250 and ₹1,50,000 lakhs annually. Keep reading to know more about the Sukanya Samriddhi Yojana scheme.

Who Can Open Sukanya Samriddhi Yojana Account?

A guardian can open the Sukanya Samriddhi Yojana account in the name of a girl child. Please note that you can only open an SSY account in the name of a girl or child at a post office or public or private sector bank. The age limit for opening an SSY account is up to 10 years of age for the girl child. However, the maturity age for the account is 21 years from the date it is opened.

How does the Sukanya Samriddhi Yojana Work?

Let’s understand this with an example:

  • Varun opened a Sukanya Samriddhi Yojana account for his 5-year-old daughter.
  • He deposited ₹1.5 lakhs annually for up to 15 years.
  • From the 16th year till maturity, he doesn’t need to deposit money.
  • As per the Sukanya Samriddhi Yojana Interest Rate 2023-24, 8.2%.
  • At maturity, he’ll receive 65 lakhs approx (T&Cs apply).
  • He can use the maturity amount to pay for his daughter’s higher education.

Where Can You Open the Sukanya Samriddhi Account?

You can only open an SSY account in the name of a girl child at a post office or any authorized public (SBI or Bank of India) or private (HDFC, ICICI, or Axis) sector bank in India.

Steps to Open Sukanya Samriddhi Yojana Online:

  • Visit the State Bank of India’s official website.
  • Navigate to the "Investment and Deposit" section.
  • On Govt schemes, click on the Sukanya Samriddhi Yojana.
  • Scroll down and click on the revised form option.
  • The form will appear on your screen; fill out the SSY account opening form.
  • Attach the required documents: Adhar card, Pan Card, Girl Birth Certificate, Photographes.
  • After that, pay the minimum deposit amount of INR 250.

How Much Money Can You Deposit In the Sukanya Samriddhi Scheme?

The minimum and maximum amount that you can deposit in the Sukanya Samriddhi Yojana are:

Minimum: ₹250 per year

Maximum: ₹1,50,000 per year

The scheme offers you the flexibility to make multiple deposits in a single year. Now, you may wonder what date you should deposit the funds into the SSY account. If you’re making monthly payments to the SSY account, do it on or before the 5th of every month to ensure there is no loss of monthly interest.

How Many Times Can You Enroll In the Sukanya Samriddhi Yojana?

A girl child can only open a single account in her name under the Sukanya Samriddhi Yojana scheme. As per the rules, an SSY account can be opened for a maximum of 2 girl children by one parent. If twins were born as a second birth or the first birth, then you can open three accounts.

When Can Parents Withdraw Money from Sukanya Samriddhi Account?

In the Sukanya Samriddhi Yojana, parents can make partial or total withdrawals from account for the following reasons:

  • For Higher Education

    Parents can withdraw up to 50% of the total balance in their SSY account after a girl child turns 18 years old or passes the tenth standard, which is earlier. Please note that the withdrawal can only be used for education, and you have to show proof of withdrawal at the time.
  • For Marriage

    Parents or the daughter can also withdraw up to 100% of the balance in the SSY account after a girl child turns 18 years old or has a marriage.
  • In Diagnosis of Life-Threatening Disease

    Parents can also withdraw up to 100% of the balance in the SSY account if a girl child is diagnosed with a life-threatening disease. To do so, you should have to serve at least 5 years.

Tax Benefit Under Sukanya Samriddhi Yojana Scheme

Sukanya Samriddhi Yojana Scheme comes under the EEE Category. It means you’ll get a tax exemption on investment, return, and maturity.

Exempt - Get a tax exemption under section 80C when investing.

Exempt - Interest income is exempt.

Exempt - The maturity amount is also exempt.

Difference Between PPF (Public Provident Fund) and SSY (Sukanya Samriddhi Yojana)

Particulars Sukanya Samriddhi Yojana Public Provident Fund
Current Interest Rate 8.2% 7.1%
Lock In 21 years, with some exceptions 15 years, with some exceptions
Loan Facility Availability No Yes

Conclusion

The Sukanya Samriddhi Yojana (SSY) is a government-launched savings scheme that helps parents save for their daughters’ higher education or marriage. Apart from the impressive returns, you also benefit from the tax exemption with SSY because it comes under the EEE category. It means you’ll get a tax exemption on investment, return, and maturity.

To learn about Sukanya Samriddhi Yojana or other government-backed schemes, call us today at 1800-4200-269 or visit our official website, PolicyX.com.

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Sukanya Samriddhi Yojana : FAQs

1. What is the benefit of Sukanya Yojana?

Since Sukanya Samriddhi Yojana is a government-backed scheme, it provides guaranteed returns with tax exemptions on investment, return, and maturity.

2. Is Sukanya good or bad?

Sukanya Samriddhi Yojana is an ideal saving tool for rich, middle, or lower-class people. It allows parents to save for their daughters’ higher education or marriage.

3. What happens if you skip to pay a deposit in Sukanya Samriddhi?

If you skip to pay a deposit of Rs 250 in a financial year, then the SSY account will be treated as a defaulted account.

4. How many years do you have to pay Sukanya Samriddhi Yojana?

The maturity age for the Sukanya Samriddhi Yojana account is 21 years, and the premium payment period is up to 15 years from the date it is opened.

5. Can I deposit 10 lakhs in Sukanya Samriddhi?

The minimum and maximum amount that you can deposit in the Sukanya Samriddhi Yojana is ₹250 to ₹1,50,000 per year.

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Sahil Singh Kathait

Written By: Sahil Singh Kathait

A boy-in-squares bagging escapades of switching streets in groove & sensing musical airy-notes from 6 1". Under wayed nyctophile sketching the walls of life from the panorama of anime.