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  • SSY - Sukanya Samriddhi Yojana Account

    Overview about Sukanya Samriddhi Yojana (SSY)

    Sukanya Samriddhi Yojana/Scheme is one of the most popular government schemes launched by the Indian Prime Minister, Shri. Narendra Modi. The 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. The money saved via this scheme is to provide for higher education of girl and for her wedding expenses. The scheme has been accepted very well by the public since this is a great step towards providing financial security and financial dependence to women.

    Gender inequality is one of the most pressing issues in the country today and hence, this scheme is being seen as a great step towards eliminating gender related issues. In a country like India, where education of male child is given preference and where wedding expense of girls is seen as a great liability, the launch of this girl child specific is a massive step. The scheme will help girls achieve financial independence and help them have money at hand for higher education as well as wedding expenses. One of the most distinguishing features of the scheme is that Sukanya Samriddhi deposit amount can only be withdrawn by the girl child and not even the depositor (parent or guardian) is allowed to withdraw money on behalf of the girl.

    There are a host of public and private sector banks as well as post offices which have been authorized by the Finance Ministry for offering Sukanya Samriddhi Account. The scheme was launched in January, 2015 and since then seen a huge surge in the number of customers who have applied for it.

    Features and Benefits of Sukanya Samriddhi Scheme

    Since the time of inception and launch of the scheme, financial experts have debated the relevance and benefits of this scheme. One of the most commendable steps taken with respect to Sukanya Samriddhi scheme is the choice of banks and post offices as promoters and facilitators. Banks, especially public sector banks as well as post offices in India have one of the highest penetration in terms of covering the rural and urban locations. Hence, leveraging this network of banks and post offices is a good step towards ensuring inclusion of all economic and geographical sections of the Indian society.

    There are several advantages of availing the Sukanya Samriddhi Scheme. Some of the most significant benefits of this scheme are listed here.

    • Attractive rate of interest of 8.6% per annum which is more than that offered by most other schemes in the market. This rate is to be revised by the Finance Ministry every year in the month of April. Last year the interest rate was as high as 9.2%. Any changes related to rate will then be communicated to the account holders.
    • Investments made under the Sukanya Samriddhi Scheme are exempt from income tax under section 80C of the Income Tax Act, 1961
    • Once the girl child attains the age of 18 years, partial withdrawals on account of marriage or higher studies are allowed
    • The account can be opened by the parent or guardian of the girl child and can be operated on her behalf until she reaches the age of 18
    • Sukanya Samriddhi Scheme can be availed for any girl child who is 10 years old or less
    • Birth certificate of the girl child is the main document that is required to open the Sukanya Samriddhi Account
    • The maturity period of the account is 21 years from the date of opening the account
    • Payment towards this scheme needs to be made for 14 years. After that the benefits continue to accrue until the 21st year of the policy
    • The maximum amount that can be deposited in an account, under this scheme is Rs.1,50,000
    • This scheme can be opened at any of the authorized banks or at any post office
    • The Sukanya Samriddhi scheme is a transferable deposit scheme and as such it can be transferred from one authorized bank to another and from post office to any authorized bank and vice versa
    • Only one Sukanya Samriddhi Account can be availed in the name of one girl child. Multiple accounts are not allowed and if found are liable to hefty penalty.
    • Up to 50% of the deposit amount can be prematurely withdrawn once the girl reaches the age of 18 years
    • A penalty fee of Rs.50 is levied in case the account is not credited with the relevant amount by the due date
    • Sukanya Samriddhi Account can be closed only when the girl child attains 21 years of age. If the account is not closed and the money is not withdrawn even after the child turns 21 then the account continues to earn interest

    How to Open Sukanya Samriddhi Account

    Post offices in India have a huge presence and a well spread network of branches. Their penetration is especially remarkable in the rural areas. Hence, post offices are one of the foremost channels of spread and maintenance of small savings schemes. Sukanya Samriddhi scheme also can be availed at any of the post offices across all states of the country. Rural areas in India especially see a lower literacy rate among women as compared to the urban areas and hence, popularization of the scheme in such areas is a major aim of the Finance Ministry.

    Sukanya Samriddhi Account can be opened at not just any post office but also at any of the public or private authorized banks in the country. The form for the scheme can be availed at any of these offices and can be filled and submitted along with relevant documents. The bank or post office will then verify the filled in details and approve the account opening. The account can be opened by legal guardian or parents of the girl child. The depositor also is either of the two. Sukanya Samriddhi Scheme comes from the Ministry of Finance and is aimed at uplifting the financial status of women in the country and to aid in their education and development.

    Interest Rate on Sukanya Samriddhi Account

    Sukanya Samriddhi Scheme offers an attractive rate of interest to account holders in order to facilitate and popularize the scheme. The current rate of interest being offered by the government of 8.6% per annum. It was 9.1%, when it was introduced in FY 2015-16.

    Eligibility Criteria for Opening Sukanya Samriddhi Account

    Like any other deposit account, availing Sukanya Samriddhi Account too requires a certain set of eligibility criteria to be met. The most basic being the age of the girl child under whose name the scheme is being availed.

    Sukanya Samriddhi Scheme can be availed by parents or legal guardians of a girl child on behalf of the girl child. The Account is opened in the name of the child and is operated by parents or legal guardians. Following is the eligibility requirement to obtain the scheme.

    • Scheme can be availed any time before girl child reaches the age of 10 years
    • As a grace period, any girl child born between 2nd February 2003 and 1st December 2015 is also eligible to obtain the account under this scheme

    Documents Required to Open Sukanya Samriddhi Account

    A fixed set of documents are required in order to open a Sukanya Samriddhi Account. These documents need to be submitted to either bank or post office. Along with these documents, a duly filled application form also needs to be submitted. The list of required documents is mentioned below.

    • Sukanya Samriddhi Account Opening Form
    • Birth Certificate of girl child (Account Beneficiary)
    • Identity Proof of depositor (Parent or legal guardian)
      • PAN card, Ration card, Driving License, Passport
    • Address Proof of depositor (Parent or legal guardian)
      • Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License

    Sukanya Samriddhi Scheme Application Form

    The application form for Sukanya Samriddhi Scheme is hosted online on all the authorized bank websites as well as on the post office websites. Alternatively, the hard copy of the form is available at all post offices as well as authorized bank branches. The form consists of personal details like name, age etc. of the accountholder and identity details and address details. The rest of the form is for official use by banks or post offices.

    The application form can be downloaded from any of the above mentioned websites and can then be printed and filled so as to speed up the process of account opening.

    Sukanya Samriddhi Account Opening in Post Office

    Sukanya Samriddhi Account can be opened by customers both at banks as well as at post offices. The advantages and features of the scheme remain the same whether it is availed via an authorized bank or via post office.

    You can walk into any of your nearest post office and fill in the Sukanya Samriddhi Application form and submit it along with relevant documents to avail the scheme. The documents required and the form remain the same for both post offices as well as authorized banks. Both these entities are facilitators of this government scheme and hence play a key role in popularization of the scheme and dissipation of relevant information.

    The initial deposit amount required is Rs.1000 at the time of account opening. Installments after that can be a minimum of Rs.100 and thereafter in multiples of Rs.100. There is no maximum limit to the number of times you can deposit money into your Sukanya Samriddhi Account. Like banks, post offices too, furnish account passbook for tracking the account transactions. Although, the Sukanya Samriddhi Scheme is availed in the name of a girl child, the presence of the child is not required at the time of account opening. The opening of the scheme can be done in the presence of legal guardian or parents whose signatures are required at the time of availing the Sukanya Samriddhi Scheme.

    List of Authorized Banks for Sukanya Samriddhi Scheme

    Listed below are all the authorized banks (public and private both) which have been granted permission by the Finance Ministry to officially open and maintain Sukanya Samriddhi Accounts.

    • Allahabad Bank
    • Andhra Bank
    • Axis Bank
    • Bank of Baroda (BoB)
    • Bank of India (BoI)
    • Bank of Maharashtra (BoM)
    • Canara Bank
    • Central Bank of India (CBI)
    • Corporation Bank
    • Dena Bank
    • ICICI Bank
    • IDBI Bank
    • Indian Bank
    • Indian Overseas Bank (IOB)
    • Oriental Bank of Commerce (OBC)
    • Punjab National Bank (PNB)
    • Punjab & Sind Bank (PSB)
    • Syndicate Bank
    • UCO Bank
    • Union Bank of India
    • United Bank of India
    • Vijaya Bank
    • State Bank of India (SBI)
    • State Bank of Patiala (SBP)
    • State Bank of Bikaner & Jaipur (SBBJ)
    • State Bank of Travancore (SBT)
    • State Bank of Hyderabad (SBH)
    • State Bank of Mysore (SBM)

    Sukanya Samriddhi Account Rules and Guidelines

    Since, the Sukanya Samriddhi Scheme is a government issued scheme, there are set rules and guidelines that apply to this account no matter where this scheme is availed from. Be it banks or post offices, customers at both these centers are required to follow the following rules and guidelines for operation of this account. Let us look into some of the most important rules that customers need to abide by while availing and maintaining Sukanya Samriddhi Scheme.

    Premature closure of Sukanya Samriddhi Account

    Premature closure of Sukanya Samriddhi Account is permissible under specific circumstances like death of the girl child who is the accountholder. Under such situations, the account will be closed and the proceedings of the same will be handed over to the legal guardian or parents of the girl child. This will be done on furnishing a valid death certificate in the name of the accountholder.

    The second situation or premature closure of the scheme is when the central government feels that it is becoming increasingly difficult or rather almost impossible for the parent or guardian to carry forward the scheme. Permission for the same is to be issued by the central government under extreme conditions where a medical exigency or a serious illness plagues the guardian or the parent of the accountholder.

    Withdrawal rules applicable to Sukanya Samriddhi Account

    100% withdrawal of deposit amount is only possible once the girl child attains the age of 21. Partial withdrawal is permissible for up to 50% of the deposit amount after the girl child has attained the age of 18 year. This partial withdrawal is allowed only if the money is required for tending to some serious medical illness or on account of higher education or marriage expense of the girl child.

    Permissible withdrawal amount under the Sukanya Samriddhi Scheme

    Withdrawal of deposit amount is allowed only if the account has been active for at least 14 years. Only up to 50% of the deposit amount can be withdrawn after the girl child reaches the age of 18 years and before she reaches 21 years of age. No withdrawal, partial or otherwise is allowed in case the girl child is below 18 years of age.

    Account closure for Sukanya Samriddhi Scheme

    Sukanya Samriddhi Account can be closed only once the girl child has reached the age of 21. Any premature closure is allowed only under exceptional circumstances that are mentioned in the above section.

    The most important rule regarding Sukanya Samriddhi Scheme is that any kind of withdrawal can be made only by the girl child in whose name the account has been availed. This feature is believed to lend a lot of financial freedom to women in future. One very important point about the scheme is that the account ceases to operate once the girl gets married. Also, 100% amount withdrawal can be made only by the girl and that too when she reaches the age of 21 years.

    Tax Benefits on Sukanya Samriddhi Yojana

    Sukanya Samriddhi Yojana is not just a scheme that benefits girl child in the country but also her parents or legal guardians who operate the account on their daughter’s behalf. Tax benefit under section 80C of the Income Tax Act are applicable on deposits made towards Sukanya Samriddhi scheme. This offers a huge incentive to taxpayers to avail the scheme for their daughters. This serves a two-way purpose of improving the financial status of girls in the country as well as offering tax relief to people who avail this scheme.

    However, like all deductions under section 80C, the maximum limit for tax deductible amount for Sukanya Samriddhi scheme too is Rs.1,50,000 per year. Any amount deposited over and above this figure does not attract any tax rebate.

    Transfer of Existing Sukanya Samriddhi Account

    With the current trend of more inclusive and more coupled education and job structure, there are many times an individual may need to move from one location to another. Since, deposits under Sukanya Samriddhi Account can only be made by visiting bank or post office, and cannot be made online from anywhere, hence the government has factored-in the transferability of the scheme from one location to another and from post office to bank and also from one bank to another.

    Sukanya Samriddhi Account can be moved from post office to any authorized bank by filling up a transfer form for the scheme. This feature has been offered by the Finance Ministry to make the scheme as hassle free as possible. Minimum amount of hassle will ensure that the scheme remains popular and the number of account holders does not dwindle owing to reasons that are not serious enough. Not just this, the account can be transferred from one location to another within the country as well as from one authorized bank to another based on customer preference.

    As a result, any account holder of the Sukanya Samriddhi scheme can move his or her scheme from post office to an authorized bank by following the following steps.

    • Visit the post office where your Sukanya Samriddhi Scheme is currently open. The girl child (beneficiary) is not required to accompany her parents or guardians
    • Surrender the passbook received by you at the time of account opening
    • Inform the executive at the post office that you wish to close your account at the post office and move it to a particular bank
    • It is now the responsibility of the bank executive to get your account closed at the post office and get it opened at the bank by transferring the relevant documents and details
    • Visit the bank branch where you have transferred your Sukanya Samriddhi Account and submit relevant documents and well as forms furnished to you by the post office authorities
    • A new passbook will then be issued by the bank. This will carry forward your previous account balance details
    • The new Sukanya Samriddhi Account will then be opened at the bank and you can begin your transactions

    Similar steps are carried out for transfer of Sukanya Samriddhi account from one bank to another and from one location to another.

    Carrying KYC document copies is one sure way of cutting down on your visits to the bank or post office. This will hasten the process of transfer and reduce the hassles associated with multiple visits to the bank. There are many people who got their Sukanya Samriddhi schemes opened at post offices since at the time of launch, post offices were the first promoters to open the scheme to public. Post this, authorized banks too started rolling out the scheme to customers and as such many customers wished to transfer their accounts to banks. This is also because banks offer easier and faster deposit of money as compared to post offices and hence are more convenient for customers.

    Advantages of Sukanya Samriddhi Scheme

    There are certain amazing advantages associated with Sukanya Samriddhi scheme launched by Honorable Prime Minister Shri Narendra Modi. Let us look into a few of these features that aim to make this scheme popular and profitable.

    • One of highest interest rates is being offered on Sukanya Samriddhi scheme out of all the other financial products in the market
    • Tax benefits under section 80C make this scheme lucrative for not just the girl child but her parents or guardians too
    • Maturity amount to be given directly to the girl child ruling out all possible discrepancies in last mile delivery
    • Even after the account completes 14 years of tenure, interest gets accrued until the child turns 21 years of age
    • Girl child who is mature to understand operation of account is free to handle the account on her own
    • The best part about Sukanya Samriddhi Scheme is that it is an agent-free scheme and as such people can directly reach out to authorized banks and post offices to fill up application form and avail the scheme. No middleman is required to lead you through the process of account opening.
    • No fixed number of deposits in a single year apart from the minimum yearly amount required Rs.1000 and the maximum amount limit of Rs.1.5 lakhs.
    • Sukanya Samriddhi scheme has been given the EEE tax status in budget 2015 which means that the scheme is available for tax exemption in all its stages namely, deposit, growth and withdrawal. This in short means that the scheme is 100% tax free.
    • Flexibility in terms of the amount of deposit and the frequency of deposit is an essential feature of Sukanya Samriddhi scheme. People from all economic sections can thus avail this scheme without feeling bound by regular installments or fixed amounts of deposit. Deposits to Sukanya Samriddhi account can be made as and when convenient to the accountholder

    Disadvantages or Shortcomings of Sukanya Samriddhi Scheme

    Apart from the various great features and benefits that the scheme offers, there are a few drawbacks associated with the scheme which may deter some if not many users. Like all financial schemes in the market there are pluses and minuses with Sukanya Samriddhi scheme too. However, experts are of the view that the number of advantages of the scheme surely outnumber the disadvantages of this scheme. Listed below are a few of these drawbacks that have been talked about by industry experts.

    • The lock-in period of the deposit amount is quite long as compared to other financial products currently in the market
    • The scheme can be availed by any parent or guardian for a maximum of number of two girl child. So if a couple has 3 or more daughters, the benefit cannot be availed for all.
    • The scheme does not offer the facility of online submission of amount and hence can prove taxing to tech-savvy individuals. Deposits to the account can be made either via cheque or cash or demand draft only
    • The rate of interest being offered currently is not fixed and is to be revised every year in the month of April. Experts are of the view that the rate may dwindle in future since currently the scheme has been in the launch phase and hence higher rate of interest is being offered to popularize it among citizens
    • Deposits made under Sukanya Samriddhi Account do not offer the added benefit of availing loan against them.

    Terms Related to Sukanya Samriddhi Scheme

    Since Sukanya Samriddhi Scheme is a newly launched government scheme, to understand the essence of the scheme it is essential that we know all major terms associated with the scheme. Listed below are these terms along with their meaning in the context of the scheme.

    • Depositor

      Depositor is any legal guardian or parent who opens Sukanya Samriddhi Account on behalf of the girl child and deposits money in it

    • Guardian

      Guardian is any person who is either father or mother of the girl child or a person entitled under law to take care of property of minor until she reaches the age of 18 years. This is valid when neither of the parents of girl child are alive or are incapable of acting.

    • One for one

      Sukanya Samriddhi Yojana can be availed for girl child only. One such account per girl child is permissible. More than one account cannot be held by the same beneficiary.

    • For third girl

      Sukanya Samriddhi scheme can be availed only for a maximum of two girl child per couple. However, in case the first or the second births result in twin girls being born, the scheme is extended to the third girl child too by furnishing relevant proofs of twin birth.

    Sukanya Samriddhi Online Calculator

    As for almost all other financial products, there are online calculators available for Sukanya Samriddhi too. These are not official calculators launched by the Finance Ministry but are just technological tools that help customers estimate the returns earned on investments made under Sukanya Samriddhi Scheme.

    Most Sukanya Samriddhi calculators available online host an excel sheet that is used to fill in details like intended amount of deposit and the frequency of these deposits. The excel sheet formula will then calculate the amount of returns that you can earn on your invested amount. These calculators are great tools to let customers evaluate their returns and modify their deposit amounts and deposit frequency accordingly. This is especially crucial to Sukanya Samriddhi Scheme since this scheme is totally flexible and hence the deposit amount as well as frequency both are in the hands of the depositor.

    One of the most prominent drawbacks of Sukanya Samriddhi calculator is that you will need to change manually the rate of interest every time it is updated by the Ministry of Finance. Also, since the calculator is manually set up it may or may not limit the amount of annual deposit and hence can furnish returns even if the deposit amount entered is greater than Rs.1.5 lakh for a particular year.

    How to Open Sukanya Samriddhi Account Online

    Sukanya Samriddhi Account can only be opened by visiting any of the authorized bank branches or any of your nearest post offices. Online application of the scheme cannot be made by people. Also, online transfer of amount is not permissible under this scheme. This might prove disadvantageous to customers who are used to transacting online using the online banking platforms of banks.

    Sukanya Samriddhi Yojana vs Public Provident Fund

    Since both Sukanya Samriddhi Yojana as well as PPF are small savings schemes, hence comparison of the two schemes is natural. However, the two schemes are both same as well as different with respect to quite a few significant points. Listed below are some of the prominent points that set these schemes apart from each other as well as those that make these schemes seem similar.

    • One of the starkest points of differentiation between the two schemes is their aim. Sukanya Samriddhi Yojana is aimed at general welfare and financial independence of the girl child while PPF is a long-term investment tool which aims to generate corpus for long-term financial goals like retirement.
    • Also, while the minimum deposit amount in a year for PPF is Rs.100, it is Rs.1000 for Sukanya Samriddhi Yojana (SSY). Since SSY is aimed at financial inclusion of girl child, the minimum deposit amount has been kept as low as possible to let as many girls benefit from the scheme, as is possible.
    • Both the schemes, however, can be opened at any of the authorized banks or post offices.
    • There is a huge overlap in the list of authorized banks for PPF and those for SSY. This is also because these banks have a greater reach and a deeper penetration across all locations in the country.
    • Both these schemes offer tax benefit under section 80C of the Income Tax Act.
    • Interest calculation method used by the finance Ministry is the same for both Sukanya Samriddhi Scheme as well as PPF

    The most significant differentiator between Sukanya Samriddhi Scheme and PPF is that the former is a financial scheme which lends a purpose to the accountholder. Whereas the money received on PPF maturity can be used by the accountholder towards any financial need like construction of house, buying property, an exotic vacation etc. The sense of purpose associated with Sukanya Samriddhi Scheme makes it a more definite and focused investment option for improving the financial status of girl child in the country. However, Sukanya Samriddhi scheme is a debt-based scheme and hence the returns earned on the scheme are not as substantial as other financial schemes that are more aggressive in nature. Also, the returns earned on Sukanya Samriddhi scheme in the tenure of around 14 years are not enough to cover education expense at that point of time. Hence, Sukanya Samriddhi scheme is best availed in combination with other financial products that are more aggressive in nature like equity-based schemes offered by banks in India.

    FAQs on Sukanya Samriddhi Scheme

    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 to move 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 account 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. What is the deposit term for Sukanya Samriddhi Scheme?

      The deposit term is a total of 14 years from the date of availing the scheme. However, the maturity of the account happens only when the girl child reaches the age of 21 years. Until 21 years of age, even when the depositor stops depositing money, the interest rate gets accrued.

    17. 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.

    18. What happens to the deposit money from 14-21 years of the account, until maturity?

      While the scheme can be availed to deposit money only for 14 consecutive years, the account reaches maturity only when the girl child is 21 years of age and hence the deposited amount is maintained in the account up till that time. During the 14-21 years, the deposit amount continues to earn the applicable rate of interest even when the depositor is not making any further deposits.

    19. happens if I do not deposit money in the account?

      The account gets deactivated if the minimum amount of Rs.1000 is not deposited. However, it can be revived by paying a penalty fee of Rs.50. The terms of these scheme have been kept extremely flexible so as to ensure maximum participation by people with all kinds of economic status.

    20. 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.

    21. 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.

    22. 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.

    23. What is the minimum annual deposit amount required for Sukanya Samriddhi Scheme?

      The minimum deposit amount required per annum is Rs.1000.

    24. 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.

    25. 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.

    26. 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.

    27. Can an account holder choose not to close the account after it has reached maturity?

      Yes. An account holder can choose to continue the scheme even after it has reached maturity. The account holder can get the deposit term extended and the account will then continue to earn the same rate of interest until the account holder decided to discontinue and close the account.

      All in all, Sukanya Samriddhi scheme is a progressive and highly appreciated scheme in the market, currently. This is because there was no such government-launched direct benefit scheme for girl child before this scheme was launched in the year 2015. The issue of gender discrimination plagues the country to a great extent and financial dependency of women is one major factor that fuels this issue of gender inequality. Having enough funds for higher education of girl child will ensure that girls are not forced to discontinue education because of lack of funds. Although, the scheme seems low on returns and slow at pace but it can go a long way in eliminating issues related to financial independence of girls.

      The basic aim of SSY is to change the Indian mindset which assumes girl child to be a financial burden. With this scheme, the central government wants to convey the message that with a little amount of planning, the future of girl child can be secured. The scheme is supposed to affect the status of the girl child and maybe even the unbalanced gender ratio in the country, in the long run.

    News About Sukanya Samriddhi Yojana Account

    • Reduction in the interest Rates on Sukanya Samriddhi Yojana

      The finance ministry have announced that the rates on interest on small saving schemes have been reduced by 0.1% for the December quarter(2015-2016). This has led to lower returns on Sukanya Samriddhi Yojana(SSY). The interest rates have been reduced to 8.5% from 8.6% on SSY.

      6th October 2016

    • Under the Sukanya Samriddhi Scheme, India Post has opened 85 lakh accounts.

      India Post has made a major contribution under the BetiBachaoBetiPadhao movement, which had been launched to protect the girl child in India. Around 91 lakh accounts were opened under the ?Sukanya Samriddhi Scheme, out of which India Post has helped open 85 lakh accounts.

      6th June 2016

    • Sukanya Samriddhi awareness program

      The local administration of Indore is going gung-ho about increasing the awareness about the Sukanya Samriddhi scheme, with all corporators being asked to spread information in their wards. In a meeting with the mayor and DC of Indore, corporators were asked to meet families in their wards and explain the benefits of opening a Sukanya Samriddhi Account. With over 1.9 lakh girl children under the age of 10 years in the city, this awareness program could go a long way in securing their financial future.

      29th March 2016

    • Interest rate of saving instruments have been cut down by the government

      Kisan Vikas Patra will earn interest at 7.8%, the current interest rate was 8.7%. The senior citizens savings scheme will earn 8.6% interest as against the current 9.3%. the deduction in the senior citizens savings account interest rate may upset the pensioners and those approaching the retirement age. Sukanya Samridhi Yojana will be giving 8.6% return from the current 9.2% interest. The banks prefer giving a higher interest rate as it attracts people to invest. The one year Post office FD will earn 7.1% interest and 2 year FD rate has been cut to 7.2% and 3 year FD will earn 7.4% and 5 year FD will earn 7.9% interest. NSC will earn 8.1% interest. The rates are being reduced to make the small saving interest rates more market linked and aligned.

      24th March 2016

    • Interest rates for Sukanya scheme slashed

      The government has cut interest rates of the Sukanya savings scheme from 9.2% to 8.6%. This revised rate of interest will be in effect from April 2016 for the first quarter of the financial year of 2016.

      Apart from this savings scheme, the government has also slashed interest rates for Kisan Vikas Patra (KVP), Public Provident Fund (PPF), and National Savings Certificate (NSC). In a statement, a representative from the government said that the rate cuts were being implemented in order to align the current market rates with small savings scheme rates.

      22nd March 2016

    • Bijnor Embraces Sukanya Samriddhi Yojana

      Bijnor in Uttar Pradesh has topped the districts in the Moradabad area in the Union Government’s Sukanya Samriddhi Yojana (SSY), with deposits worth Rs. 10.91 crore in the banks by 18,932 persons.

      SSY is a scheme that allows parents to open an account in the name of their daughters, to encourage adequate education to girl children. SSY is a small deposit investment scheme for girl children under the ‘Beti Bachao Beti Padhao’ campaign. The scheme currently offers 9.2% interest annually.

      The ratio of girl child in Bijnor district is 853 per 1,000 boys, as per statistics from the Health Department, and the scheme is expected to be of immense benefit as financial security to the girls.

      18th March 2016

    • Fourth highest number of Sukanya Samriddhi accounts in AP and Telangana

      The highest number of Sukanya Samriddhi accounts, have been opened in Andhra Pradesh and Telangana State jointly. They currently stand at the 4th position in the country. National Savings Institute or NSI has recorded a total of 76,31,574 Sukanya Samriddhi accounts which were opened across the country. The deposits made in these accounts was worth Rs. 2,862.06 crore. Tamil Nadu currently ranks first, where 11.35 lakh accounts have been opened, with deposits of deposit of Rs. 407.07 crore, while the second place goes to Karnataka with 8,80,212 accounts with deposit of Rs. 466.49 crore, Uttar Pradesh stands at number 3, with 8,77,008 accounts with deposit of Rs. 211.09 crore.

      16th March 2016

    • SSA Scheme in Haryana Sees Over 2.45 Lakh Enrolments

      Following its launch in Haryana, the Sukanya Samriddhi Account Scheme has seen more than 2.45 lakh beneficiaries enroll themselves during the first year. The scheme aims at tackling issues such as discrimination against girl children as well as gender imbalance. As per the SSA scheme guidelines, the parents or legal guardian of a girl child can open up a savings account in the name of the child at any post office or authorised bank branches. This account may be opened at any time between the birth of the girl child and until she attains the age of 10 years by paying Rs 1,000. The parent or guardian would have to deposit minimum Rs 1,000 and maximum Rs 1.50 lakh in a year, which can be made until the child attains 14 years of age.

      11th March 2016

    • Sukanya Samriddhi Yojana to be introduced by the Postal Department

      10th March 2016: To celebrate Women’s Day, the Amritsar Postal Department has set about conducting a ‘mega camp’ in order to introduce and open Sukanya Samriddhi Yojana accounts.

      These accounts offer tax benefits for maximum deposits of up to Rs 1,50,000 under section 80C and parents can open these accounts in the name of any two of their girl children with a low initial deposit of only Rs 1000. This account offers the highest interest among all other savings schemes at 9.2% p.a. said the Superintendent of Post offices of the Amritsar division, Jethmal Jinger.

      The Sukanya Samriddhi account was specifically launched to empower the girl child and seeks to help parents especially during times of pursuing higher education or to meet marriage expenses.

      10th March 2016

    • Post Office road show educating people on the scheme available

      The Department of Posts, conducted a roadshow in Amritsar Khalsa College Post Office. The objective of the roadshow was to make schemes like Sukanya Samriddhi Yojana, Atal Pension Yojana, PLI and other small saving schemes, more popular. The roadshow concentrated slightly on the Sukanya Samriddhi Yojana, and had participants spreading awareness on topics related female foeticide and girl-child abandonment. If you decide to make an investment in the Sukanya Samriddhi Yojana, you will be eligible for up to Rs 1.5 lakh under Section 80C as a tax rebate.

      3rd March 2016

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