Sukanya Samriddhi Yojana (सुकन्या समृद्धि योजना) 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 and marriage.
Sukanya Samriddhi Yojana Interest Rate 8% per annum (w.e.f 1 October 2023) which is calculated on yearly basis and then compounded 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 2023 before making investment.
How to Open the Sukanya Samriddhi Account?
- 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.
- The account can be opened by the parents until the girl child attain the age of 10 years.
- 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.
- The account can be opened in Post office across India or the designate bank branches.
Sukanya Samriddhi Yojana Account Online Forms 2023
Here we are providing you the links of SSY Account Online forms which can be downloaded to open Sukanya Samriddhi Yojana Account:-
- SSY Account Opening Form (FORM I) – Sukanya Samriddhi Yojana Account Opening Form Online
- SSY Application for Loan / Withdrawal (FORM 3) – Sukanya Samriddhi Yojana Application Loan / Withdrawal
- Application for Transfer of SSY Account (FORM 5) – Sukanya Samriddhi Account Transfer Form
- Application for premature closure of SSY Account (FORM 8) – Sukanya Samriddhi Account Premature Closure Form
- Application for Closure of SSY Account (FORM 9) – Sukanya Samriddhi Yojana Account Closure Form
Changes in SSY Guidelines 2023
1. Higher interest rate for default accounts
If people does not deposit even the minimum amount i.e. Rs. 250 in a financial year in the Sukanya Samriddhi Yojana account, it will be considered as an account in default. As per the newly notified rules, such “default accounts” will earn the interest rate applicable to the scheme, till the maturity date of the account, if not regularized till then. Previously, such default accounts earned only the post office savings bank interest rate. Default accounts due to death of guardian continue to be eligible for interest as per the scheme’s new rules.
2. Changes in rules for premature closure of account
As per the new scheme rules, the premature closure of a Sukanya Samriddhi account is allowed in case of death of the girl child or on compassionate grounds. The phrase “Compassionate grounds” would include situations such as medical treatment of the account holder for life threatening diseases or death of guardian. The old rules of the scheme allowed closure of the account in two cases i.e due to death of girl child and in case of change in residency status of girl child.
3. Operation of SSY account
According to the newly notified rules of SSY Scheme, the account cannot be operated by the girl child till she attains the age of 18 years as against 10 years as per old rules. As per the new rules, the account will be operated by the guardian till the account holder (i.e., the girl child) attains the age of 18 years. On attaining the age of 18 years, then necessary documents are required to be submitted to the bank/post office where the account is being held.
4. Opening of accounts for more than two girl children
There has been change in the additional documentation required for opening of account in case of more than two girl children. According to the newly notified rules, if accounts are to be opened in case of more than two girl children, then along with the birth certificates, an individual is required to submit an affidavit. The old rules required the guardian to submit medical certificate.
5. Other changes
Along with these changes, in the new rules of Sukanya Samriddhi Yojana, certain provisions have been removed and others have been clarified.The new rules have removed the provision of reversing wrongly credited interest in the account considering that as per the new rules the scheme interest now applies in case of all default accounts (and not the Post Office account saving interest rate). Also, under the new rules interest will be credited to the account at the end of the financial year.
Sukanya Samriddhi Yojana Interest Rate Calculator Chart
Here is the complete chart for calculating interest rate of Sukanya Samriddhi Yojana:-
Salient Features of Sukanya Samriddhi Yojana Account
- Sukanya Samriddhi Account has an attractive interest rate of 8% (1 October 2023 to 31 December 2023) which is regulated by Ministry of Finance from time to time (on quarterly basis)
- 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 like HDFC Bank, ICICI Bank, PNB Bank, SBI Bank or any other bank 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 amount of Rs. 250 and thereafter any amount can be deposited in multiples of Rs. 50/-.
- Deposits in an account can be made till completion of 14 years, from the date of opening of the account.
- A minimum of Rs. 250/- 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.
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.
Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C. The scheme offers Tax Benefit under TripleE regimen ie. Principal, interest and outflow all are tax exempted.
Documents Required for Opening an Account?
- Birth certificate of the girl child.
- 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.
Summary of Sukanya Samriddhi Yojana Account
Here is the summary of the Sukanya Samriddhi Yojana Account as follows:-
Who can open account
-> By the guardian in the name of girl child below the age of 10 years.
-> Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
-> This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.
(i) Account can be opened with minimum initial deposit Rs. 250.
(ii) Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs. 50) in a FY in lumpsum or in multiple installments.
(iii) Deposit can be made maximum up to completion of 15 years from the date of opening.
(iv) If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.
(v) Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
(vi) Deposits qualify for deduction under section 80C of Income Tax Act.
(i) The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.
(ii) The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
(iii) Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
(iv) Interest earned is tax free under Income Tax Act.
Operation of Account
-> Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).
(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.
(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.
(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.
(i) Account may be prematurely closed after 5 years of account opening on the following conditions : –
-> On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
-> On extreme compassionate grounds
(a) Life threatening decease of a/c holder.
(b) Death of the guardian by whom account operated.
(c) Complete documentation and application required for such closure.
(d) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.
Closure on maturity
(i) After 21 years from the date of account opening.
(ii) Or at the time of marriage of girl child after attaining age of 18 years. (1 month before or 3 month after date of marriage).
Sukanya Samriddhi Yojana Account Rules – Click Here
Sukanya Samriddhi Account Forms – Click Here
Compare All Post Office Saving Schemes 2023
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
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 & Calculator||Minimum SSY Account Balance & Maintaining Balance|
|As the sukanya samriddhi yojana chart from 1 October 2023, SSY rate of interest is 8% calculated on yearly basis and compounded annually||Minimum amount is Rs. 250 and maximum ssy account is Rs. 1.5 lakh per year. Accordingly candidates can make investment in multiples of Rs. 50 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|
Regional Offices for more information about Sukanya Samriddhi Account
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