Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is the savings scheme presented by the Government of India. The purpose of this scheme is to help the people save funds for the future of their girl child.

Sukanya Samriddhi Yojana scheme promotes the ‘Beti Bachao, Beti Padhao’ campaign. This scheme was launched by Prime Minister Narendra Modi on 22 January 2015 in Panipat.

Sukanya Samriddhi Yojana Benefits:

  • The account has a withdrawal limitation. This scheme restricts the early withdrawal of funds before the girl child turns 18. Thus, the funds are getting actually blocked and opened in the first place.
  • The account has to be maintained till 21 years from the date of the opening of the account or until the girl turns 21
  • Partial withdrawal can be made on account of the education or marriage of the baby girl but only after she turns 18. But that is restricted to a maximum of 50% of the account balance
  • A minimum compulsory deposit of Rs. 1000 per year has to be made in order to avoid detriment of extra charge
  • It is compulsory to pay deposits for at least 14 years from the date of opening of an account
  • After the maturity of account, you do not make deposits the account will still continue to earn interest without any penalty
  • Once the girl attains 21 years of age, complete withdrawal is entitled
  • Only one account can be opened in the name of one girl child and for up to a maximum of 2 girl children.
  • It is a transferable deposit scheme, which means even if the parent relocates they can get the account transferred to the new location

Features of Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana is a Pradhan Mantri saving scheme where any person can open an account for his/her girl child to save some funds for her better future. Features of the Sukanya Samriddhi Yojana are as follows-

  • The account can be opened by any parent who has a baby girl of up to 10 years old
  • An individual can invest a minimum of Rs. 1,000 to a maximum of Rs. 1,50,000 per year depending upon the affordability and savings of a person
  • Sukanya Samriddhi Yojana interest rate is approx 8% which is more than the Fixed deposit account’s interest that is 6-7%
  • The tax deduction is allowed for this scheme under the section 80C

Sukanya Samriddhi Yojana Eligibility Criteria:

The eligibility criteria for the Sukanya Samriddhi Yojana are as follows-

-The account must be opened before the girl child turns ten years of age
-Parents or the guardians of the girl child must have to open the account in the name of the girl child
-An individual can open an account for a maximum of two daughters
-Benefits of the Sukanya Samriddhi Yojana scheme are not applicable for the third daughter under the SSY scheme
-An individual cannot open more than one account for the same girl child
-If an individual is unable to invest the minimum deposit of Rs 250 in your daughter’s account under Sukanya Samriddhi Yojana, the account will be deemed as a ‘Default Account’ and will earn interest as applicable under the scheme
-The girl child is eligible to operate her own Sukanya Samriddhi Yojana once she turns 18 years

Premature closure of the accounts under Sukanya Samriddhi Yojana is not allowed; however, premature closure can be processed in specific cases, including –
  • The unfortunate demise of the girl child
  • If the girl child is undergoing medical treatment for a life-threatening ailment
  • The unfortunate demise of the guardian

Required Documents:

  • Birth certificate of girl child
  • Identity and address proof of parents or guardian
  • Ration card
  • Passport
  • Driving license
  • Electricity bill, etc.
Individual can get the sukanya samriddhi yojana form online, and submit it offline through Life Insurance Corporation (LIC).

Sukanya Samriddhi Yojana Chart:

No.Monthly InvestmentInterest RateMaturity Amount after 21 years
110008.40%5,49,850
215008.40%8,24,776
320008.40%10,99,701
430008.40%16,49,551
540008.40%21,99,401
650008.40%27,49,253
760008.40%32,99,103
8125008.40%68,73,130

Comparison Of SSY And PPF:

DetailsSukanya Samriddhi Yojana (SSY)Public Provident Fund (PPF)
Interest Rate8.5% per annum8% per annum
Minimum DepositRs.250Rs.500
Maximum DepositRs.1.5 lakhs per annumRs.1.5 lakhs per annum
MaturityWhen a girl child reaches the age of 21 years15 years from the date of deposit
Tax liabilityFull tax exemptInterest is taxable
Target InvestorsAny Indian citizenGirl child
Age LimitNo age limitGirl child below the age of 10 years
OperationAccount HolderParents/Legal Guardians of the girl child
Loan Against DepositAfter 3 years of openingNot permitted

Here, we cover a small piece of information about the Pradhan Mantri Sukanya Samriddhi Yojana. For the application process and to know more about the SSY and other schemes you can visit the Sukanya Samriddhi Yojana official website. Stay tuned to get notified about the other Government schemes.

Sukanya Samriddhi Yojana Helpline Number: 18002666868

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