Sukanya Samriddhi Account | PM Sukanya Samriddhi Yojana

Views: 15584 | Dated: January 24, 2016 | Updated On: May 17, 2018 | By: Rajesh Kumar | | By | Beneficiaries: |
Sukanya Samriddhi Account | PM Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is an ambitious scheme of Narendra Modi Led NDA Government to reinforce the idea of “Save for every girl child”. As a part of “Beti Bachao Beti Padhao” campaign, Sukanya Samriddhi Account Scheme is a small saving scheme. The scheme can also be considered as a part of the NDA government’s initiative to increase the domestic saving percentage which as dropped by 8% from 38% in 2008 to just 30% in 2013. The scheme will also encourage the parents to save for the girl child and spend on their education.

Sukanya Samriddhi Yojana Interest Rate 8.1% per annum which is calculated on yearly basis and then compunded yearly. People can check sukanya samriddhi yojana chart and calculate their interest earned through sukanya samriddhi yojana calculator. People can Compare All Post Office Schemes 2018 before making investment.

Moreover before making investment, people can also compare SSY to other Post Office Schemes like Public Provident Fund, National Saving Certificate, Kisan Vikas Patra, Post Office Savings Account, Senior Citizen Saving Scheme, Recurring Deposit – RD Account, Time Deposit (TD) Account, Monthly Income Scheme (MIS) – SSY vs PPF vs NSC vs KVP vs vs SCSS vs RD vs MIS vs TD vs Post Office Savings Account. Furthermore for details of all Post Office Savings Scheme, please visit – indiapost.gov.in

Salient Features of Sukanya Samriddhi Yojana Account

  • The account can be opened in the name of girl child till she attain the age of 10 years.
  • Only one account can be opened in the name of a girl child.
  • Account can be opened in the Post Offices or notified branches of the commercial banks across the country.
  • Birth certificate of the girl child in whose name the account is opened must be produced and submitted.
  • Account can be opened with a minimum of Rs. 1000/- and thereafter any amount can be deposited in multiples of Rs. 100/-.
  • A minimum of Rs. 1000/- has to be deposited in a financial year.
  • Interest @ as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
  • Maximum Rs. 1,50,000/- can be deposited in one financial year.
  • One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses at the rate of 50% of the balance at the credit of preceding financial year.
  • The account can be transferred anywhere in India to any post office/bank.
  • The account shall mature on the completion of 21 years from the date of opening of the account.

How to Open the Sukanya Samriddhi Account?

  1. Parents or the legal guardian can open an account for up to two girl child. In case of the twins or the triples, an exemption will be made on production of a certificate from authorized medical institutions.
  2. The account can be opened by the parents until the girl child attain the age of 10 years.
  3. The account can only be opened on the name of the girl child, the guardian will only be able to deposit the amount on behalf of the girl child.
  4. The account can be opened in Post office across India or the designate bank branches.

More information about Sukanya Samriddhi Yojana Account

  • A penalty of Rs.50 will be imposed if the account is not credited with the minimum amount.
  • The guardians have to deposit amount for 14 years, no deposit is required after that till the maturity.
  • A premature withdrawal (at the end of the previous financial year) of 50% of the accumulated amount is allowed after the girl child turns 18.
  • The account can be closed after the completion of 21 years and the money can be withdrawn. If the amount is not withdrawn, it will continue to earn interest.
  • As per Section 80C of Income Tax Act, the investment of Rs. 1.5 lakh per year including the earned interest will be completely exempted from the income tax.

Documents Required for Opening an Account?

  1. Birth certificate of the girl child.
  2. Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian.

Sukanya Samriddhi Yojana primarily focuses on the girl child and is flagship scheme of the Indian Post Office and of the Modi Govt.

Moreover, this interest earned is better than than the other Post Office Savings Scheme like Public Provident Fund, Kisan Vikas Patra, National Savings Certificate Scheme etc.

Sukanya Samriddhi Yojana Account – Highlights at a Glance

The important features and highlights of Sukanya Samriddhi Accounts are as follows:-

Sukanya Samriddhi Yojana Interest Rate & CalculatorMinimum SSY Account Balance & Maintaining Balance
As the sukanya samriddhi yojana chart from 1 January 2018, SSY rate of interest is 8.1% calculated on yearly basis and compounded annuallyMinimum amount is Rs 1000 and maximum ssy account is Rs. 1.5 lakh per year. Accordingly candidates can make investment in multiples of Rs. 100 in Lump Sump amount or in installments. Moreover, there is no limit on the number of deposits either in month or in FY.
Salient Features & SSY Tax Benefits
  • Any parent or guardian can open this sukanya samriddhi account in the name of girl child.
  • One account is applicable for one girl child and maximum two accounts for 2 girl children of a single family.
  • People can open this SSY account up to 10 years from the Date of Birth of Girl Child.
  • Subscribers must have to deposit Rs. 1000 in a financial year otherwise their account is discontinued and also a penalty of Rs. 50.
  • At the age of 18 years of girl, subscribers are allowed to make partial withdrawal. However, full sukanya samriddhi yojana withdrawal is applicable only after 21 years.
  • Furthermore in case the girl is married, premature closure / full ssy withdrawal is permissible.

Regional Offices for more information about Sukanya Samriddhi Account

Regional Centers

Regional Centers

More information about the scheme can be obtained from the official website of National Saving Institute at www.nsiindia.gov.in or indiapost.gov.in

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