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Investment Simplified > Investment > Sukanya Samriddhi Yojana: Interest Rate, Features, Benefits
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Sukanya Samriddhi Yojana: Interest Rate, Features, Benefits

Monika Mohan
Last updated: 2022/12/14 at 7:09 PM
Monika Mohan Published July 22, 2022 6 Min Read
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What is Sukanya Samriddhi Yojana? Sukanya Samriddhi Yojana Interest RateSukanya Samriddhi Account: Bank List Sukanya Samriddhi Yojana: FeaturesSukanya Samriddhi Scheme Tax BenefitsHow to Invest in Sukanya Samriddhi Yojana Scheme? Sukanya Samriddhi Yojana: FAQs

If you’re looking for a viable savings scheme for your girl child, Sukanya Samriddhi Yojana is a good scheme to put your money in. This is a government savings scheme which can be opening in the name of your girl child.

In this post, we will discuss the updated Sukanya Samriddhi Yojana interest rates, eligibility, features and more.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a deposit scheme, specifically meant for the girl child. It aims to encourage parents to build a fund and invest in the future of their girl child. It operates under the Beti Bachao, Beti Padhao campaign which aims to promote women empowerment.

You can open an account under Sukanya Samriddhi Scheme at any post office in India and in authorized commercial banks in India.

Sukanya Samriddhi Yojana Interest Rate

Sukanya Samriddhi Yojana (SSY) interest rate: 7.6% (effective from 1st April 2020)

If you open a Sukanya Samriddhi Yojana Post Office account, you will earn interest at the rate of 7.6% till the time which will be compounded annually. This interest however will be payable only at maturity or at the time of premature withdrawal.

Sukanya Samriddhi Account: Bank List

The following-listed are the banks where you can open Sukanya Samriddhi Accounts (for not more than 2 girls):

  • Public sector banks (like SBI, Bank of Baroda, PNB, etc.)
  • HDFC Bank
  • Axis Bank
  • ICICI Bank
  • IDBI Bank

Sukanya Samriddhi Yojana: Features

The following are the prime features of Sukanya Samriddhi Yojana:

  • Minimum Investment Amount: Rs 250
  • Maximum Investment Amount: Rs 1.5 lakhs
  • Tenure: 21 years
  • When can I open SSA: When the girl child is born, till she attains 10 years of age
  • Transferability: Can be transferred from/to any post office or bank in India
  • Premature Closure: If the girl reaches 18 years old and marries

Did You Know?

There are 2,73,033 Sukanya Samriddhi Accounts in India, as of November 2022. Data as per the public data by the Department of Posts, Ministry of Communications, Government of India.

Sukanya Samriddhi Scheme Tax Benefits

The investment amount, i.e. the amount deposited in the Sukanya Samriddhi Yojana scheme, can be claimed as an income tax deduction of up to Rs 1.5 lakhs, u/s 80C of the Income Tax Act, 1961.

The interest received on Sukanya Yojana account is exempt or free from tax as per the rules of section 10 of the IT Act, ’61.

How to Invest in Sukanya Samriddhi Yojana Scheme?

If you want to avail the benefits of the Samriddhi yojana scheme, you need to be aware of a lot of details. First and foremost, you need to be aware of whether or not you are eligible for Sukanya Samriddhi Yojana.

Who is Eligible for Sukanya Samriddhi?

You can open an SSY account or Sukanya Yojana account only if you are a parent or legal guardian of a girl child who is younger than 10 years. Please note that this child should be an Indian citizen. This scheme is not available for NRIs.

Account under Sukanya Yogna may be opened for a maximum of two girl children in one family.

Sukanya Samriddhi Account: Documents Required

Here’s a list of important documents you need to submit to open an account:

  1. Sukanya Samriddhi Account Opening Form
  2. Birth Certificate of the girl child
  3. Photo ID of the guardian
  4. Address Proof
  5. KYC documents
  6. Investment amount in cash or cheque

How to Withdraw Funds from Sukanya Yojana Account?

The entire amount in the SSY account, including the accumulated interest, can be taken out by the girl child, once the duration of the scheme is complete. That said, the following are valid grounds for withdrawal of funds from Sukanya Yogna before maturity:

  • 50% of the funds for education of the account holder after she attains 18 years of age or passes 10th standard

Parent/guardian/ account-holder needs to furnish documentary proof. Admission proof in educational institution or a fee-slip from such institution indicating such financial requirement is required. This amount can be withdrawn as lumpsum or in annual installments of not more than 5 years.

However, an SSY account can be closed prematurely under the following conditions:

  • death of the account holder (Form 2)
  • ill-health of account holder (as certified by authorised medical practitioner)

The closure of the account may also be permitted before completion of twenty-one years if the account holder on an application makes a request for such closure for the reason of intended marriage of the account holder on furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage.

Documents Required to Withdraw Funds from Sukanya Yojana Account

  • Withdrawal application form
  • ID proof
  • Address proof
  • Documents that certify citizenship

Sukanya Samriddhi Yojana: FAQs

What details about the age limit of the girl child should I know about when applying to the Sukanya Samriddhi Yojana scheme?

If your girl child is below 10 years old, then you, as her parent or legal guardian, will be the account holder. She can have complete ownership of the account once she turns 18.

Can the funds deposited in the Sukanya Samriddhi account be claimed for tax deductions?

Yes, you can claim up to Rs 1.5 lakhs as income tax deductions for the amount you deposit in Sukanya Yogna account.

Is the interest on Sukanya Samriddhi account taxable?

No. The interest earned on an account with Sukanya Samriddhi Yojana is not taxable u/s 10 of the Income Tax Act, 1961.

Where can I open a Sukanya Samriddhi Yojana account?

Sukanya Samriddhi Yojana account can be opened in any post office in India, SBI, HDFC and other banks authorised by the Govt. of India.

What happens to the SSY account if the girl child passes away?

In the face of an unfortunate demise of the girl child, the guardian can withdraw funds from the SSY account.

Read more about Post Office Investment.

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By Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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