Sukanya Samriddhi Yojana (SSY) is one of the national savings schemes offered by the Government of India under the aegis of the Ministry of Finance. Under this scheme, a huge amount will given to the girl child, which will used for her education and marriage. SSY is a small deposit scheme specially desizne for the girl child.

This is one of the highest interest rates among small-savings schemes supported by the Government of India. The interest rate for Sukanya Samriddhi Yojana for the financial year 2023-2024 is 8.0% compounde annually.

Sukanya Samriddhi Yojana was started in the year 2015 under the “Beti Bachao Beti Padhao” campaign of the Government of India. The purpose of which was organized to promote girls’ education. Its objective is to create a savings fund for the girl child, in which the interest earned on maturity will exempted from income tax under Section 80C of the Income Tax Act.

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a scheme that promotes Beti Bachao Beti Padhao (BBBP) campaign and was launched by the Ministry of Women and Child Development, Ministry of Human Resource Development and Ministry of Health and Family Welfare. You can get all the information about the scheme from the official website given below.

The following are the primary targets of the SSY scheme:

• Ensures protection and survival of girls
• Ensures that a greater number of girls participate in the field of education and other areas
• reduction in the practice of determination of sex and gender discrimination against children.

Investment value	Minimum value – Rs.250 and Maximum value – Rs.1.5 lakh per annum
Current yearly interest rate	8% per annum
Maturity value	Would vary depending on the value invested
Maturity duration	21 years from the date of investment

How to open a Sukanya Samriddhi Yojana account through banks?

• State Bank of India
• Allahabad Bank
• Andhra Bank
• Punjab and Sind Bank
• Bank of Baroda
• Canara Bank
• Bank of India
• Bank of Maharashtra
• Corporation Bank
• Central Bank of India
• Indian Overseas Bank
• Dena Bank
• Indian Bank
• UCO Bank
• Syndicate Bank
• United Bank of India
• Punjab National Bank
• Union Bank of India
• IDBI Bank
• Vijaya Bank
• Axis Bank
• ICICI Bank

Sukanya Samriddhi Yojana age limit and maturity period

Opening SSY account

A girl child can only have one SSY account. SSY accounts can opened at any post office or authorised commercial bank branch. It can opened at any moment between the birth of the girl child and the age of 10 years.

Beneficiary of SSY

Any girl child who is a resident Indian is a beneficiary under SSY from the time of opening the account till the time of maturity/closure.

Deposits under SSY

The guardian can deposit the amount and operate the account till the girl child attains the age of 18. The SSY account shall mandatorily operated by the girl child after she attains the age of 18 years. The minimum deposit amount for an SSY account is Rs.250 (this amount was previously Rs.1,000), thereafter in multiples of Rs.50, and the maximum is Rs.1,50,000 in every financial year, up to 15 years. Deposits can made through cash, cheque, demand draft or online transfer.

Interest on deposits

The interest rate for the second quarter of the financial year 2023-2024 i.e. from 1 July 2023 to 30 September 2023 has kept at 8% per annum. The entire amount deposited in the ‘Account under Default’, which cannot be regularized within the stipulated time. ‘Account under default’ can regularized within 15 years of account opening on payment of a penalty of Rs 50 per default year.

No interest will have to paid after completion of the tenure of SSY, i.e. after 21 years of opening the account. Any deposit made above the maximum limit, i.e. Rs 1,50,000 per annum will not earn any interest and can withdrawn by the depositor at any time.

Maturity period of SSY

The maturity period of SSY is 21 years from the account opening or upon her marriage after attaining 18 years. However, contributions have to made for only 15 years. Thereafter, the SSY account will continue to earn interest until maturity even when no deposits are made into it.

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Benefits of Sukanya Samriddhi Yojana

• Low Minimum Deposit: The minimum deposit required to maintain an SSY account is Rs.250 per fiscal year. You can make deposits as per your convenience up to Rs.1.5 lakh per fiscal year. The payments seem very affordable for people from all sections of society. Even if you happen to miss out on paying for a year, a penal charge of Rs.50 will levied on the missed minimum payment of Rs.250 but the account will be continued.
• Attractive Interest Rate: Currently enjoys an 8% per annum compounded interest rate (as of Q3 FY 2023-24) – one of the highest among small savings schemes.
• Tax Benefits: Enjoy full tax deduction on principal invested up to ₹1.5 lakh per year under Section 80C of the Income Tax Act. Both interest and maturity amount are tax-free.
• Long Tenure: Secure your daughter’s future with a 21-year maturity period or until her marriage after 18 years (whichever is earlier).
• Educational Expenses Covered: You can withdraw 50% of the account balance as of the previous financial year’s end to meet the educational expenses of your girl child. This can availed by submitting proof of admission.
• Guaranteed Returns: Since SSY is a government-backed scheme, there is a guarantee of returns upon its maturity.
• Convenient Transfer: The SSY account can transferred from any post office to a bank or vice-versa anywhere in India.

Tax benefits of Sukanya Samriddhi Yojana

In order to encourage investments in SSY, the SSA has also been provided with certain tax benefits:

• Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of Rs 1.5 lakh.
• The interest that accrues against this account which gets compounded annually is also exempt from tax under Section 10 of the Income Tax Act.
• The proceeds received upon maturity/withdrawal are also exempt from income tax.

Sukanya Samriddhi Yojana Eligibility

• Only parents or legal guardians of a girl child can open an SSY account
• The girl child must be a resident Indian and below the age of 10 at the time of opening the account.
• Only one account can opened for a girl child.
• Only two SSY accounts can opened by a family, i.e. one for each girl child.
• Sukanya Samriddhi Account can opened for more than two girls in the below special cases:
• When a girl child is born before the birth of twin or triplet girls or if triplets are born at first, then a third account can opened.
• When a girl child is born after the birth of twin or triplet girls, a third SSY account cannot opened.

How to open a Sukanya Samriddhi Yojana account in a post office?

You can open a Sukanya Samriddhi Yojana (SSY) account with a participating bank or a Post Office branch. You need to follow the below procedure to open the account:

• Visit the bank or post office branch where you would like to open the account.
• Fill up the application form (Form-1) with relevant details and provide supporting documents.
• Pay the first deposit in the form of cash, cheque, or demand draft. The amount can be anything from Rs.250 up to Rs.1.5 lakh.
• The bank or post office will process your application and payment.
• Upon processing, your SSY account will opened. A passbook will issued for this account marking the initiation of the account.

Documents required for Sukanya Samriddhi Yojana

• Birth certificate of the girl child
• Identity and address proof of the guardian
• Medical certificate for proof of birth of multiple girl children on a single order of birth
• Other KYC documents, such as Aadhaar card, Voters ID, etc.
• Any other documents as required by the post office or banks

Sukanya Samriddhi Yojana online payment

• Transfer money from your bank account to the IPPB account.
• On the IPPB app, go to DOP Products and choose the Sukanya Samriddhi Yojana account.
• Enter your SSY account number and the DOP customer ID.
• Choose the amount you would like to pay and the instalment duration.
• IPPB will notify you of the success of setting up the payment routine.
• Each time the app makes the money transfer, you will be notified of the same.

How to Open Sukanya Samriddhi Yojana Account in Post Office?

• Fill the account opening form provided by the Post Office Savings Bank
• Attach your ID proof, Address proof, and other related documents with the application form
• Deposit the sum (it should be more than Rs 250)
• Wait for the processing of the application
• After processing your account will be opened and you will issued the passbook

Sukanya Samriddhi Yojana Vs PPF

Parameters	Public Provident Fund (PPF)	Sukanya Samriddhi Yojana (SSY)
Minimum Deposit per Financial Year	Rs.500	Rs.250
Maximum Deposit per Financial Year	Rs.1.5 lakh	Rs.1.5 lakh
Eligibility Criteria	Any single adult who is a resident Indian	Girl child below the age of 10 years
Maturity Period	15 years	21 years
Payment Period	15 years	15 years
Interest Rate	7.1% p.a. (Q2 of FY 2023-24); Compounded yearly	8% p.a. (Q2 of FY 2023-24); Compounded yearly
Tax Benefits	EEE benefit	EEE benefit
Premature Withdrawal	Upon completing seven five financial years	Upon the girl child attaining 18 years for marriage or higher education

Sukanya Samriddhi Yojana Vs LIC

Parameters	LIC Kanyadan Scheme	SSY
Account/Policy Ownership	Policy is to be purchased in the name of the father of the girl child	Account is to be opened in the name of the girl child, maintained by the guardian until she reaches 18 years of age
Eligible Nationality	Any father of a girl child	Resident Indians only
Age Eligibility	Father: 18 years to 50 years Daughter: minimum of 1 year	Before the girl child attains 10 years of age
Loan Facility	Can be availed after making premium payments for three consecutive years	Not available
Premium/Deposit Limit	No maximum limit	Minimum Rs.250 up to Rs.1.5 lakh per fiscal year
Maturity Amount	Minimum Rs.1 lakh with no maximum limit	Based on the deposits made

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