Sukanya Samriddhi Yojana Online Apply | Sukanya Samriddhi Yojana Interest Rate 2022 | SSY Scheme Eligibility, Benefits, and Withdrawal | Sukanya Samriddhi Yojana New Rules & Guidelines | The Sukanya Samriddhi Yojana program aims to improve the lives of girls in the nation. The Sukanya Samriddhi scheme was established to give every family’s girl child a way to save money. The SSY has a 21-year term from the account’s opening date or until the girl marries after becoming 18 years old.
What is Sukanya Samriddhi Yojana
There are many schemes and yojana started by the central and state government for the upliftment and betterment of the child in the country. One such scheme is a Sukanya Samriddhi Yojana. The SSY Scheme is a government Saving Scheme started with the objective to benefit girl children. Under this scheme, the parents of a girl child who is younger or 10 years old can open a savings account in her name. Sukanya Samriddhi Yojana provides higher interest rates and tax benefits to the citizens.
In order to primarily secure the future of a girl child, Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana (SSY) program as part of the Beti Bachao Beti Padhao campaign. The following list includes the SSY program’s primary advantages:
- The interest rate dropped from 8.4% to 7.6 percent.
- Benefits from taxes up to Rs. 1.5 lakh.
- Account transfers are possible.
Investments made in the program may be used for the girl child’s education and marriage. Banks and post offices both offer SSY account opening services. Tax benefits of up to Rs. 1.5 lakh are offered for contributions made to the plan under Section 80C of the Income Tax Act of 1961.
Advantages of SSY Scheme Investment
Sukanya Samriddhi Yojana, which was launched as a component of the Beti Bachao, Beti Padhao Yojana project, offers investors a variety of advantages. Here are some of the main advantages of this plan:
- High-Interest Rate: When compared to other government-backed tax saving programs like PPF, SSY offers a greater fixed rate of return—currently 7.6 percent annually for Q2 FY (2022-23)—than PPF.
- Returns that are Guaranteed: Since SSY is a government-backed program, it offers returns that are guaranteed.
- Tax Benefits: Up to Rs. 1.5 lakh in annual tax deductions are offered by SSY under Section 80C.
- Flexible Investment: A deposit can be made with a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh every year. This guarantees that investors of various financial backgrounds can participate in the program.
- Benefit of Compounding: Sukanya Samriddhi Yojana (SSY), which offers the benefit of annual compounding, is a fantastic long-term investment strategy. Therefore, even modest investments will generate excellent returns over time.
- Convenient Transfer: If the parent or guardian who is managing the Sukanya Samriddhi Account moves, the SSY account may be easily transferred from one region of the nation to another (bank/post office).
Sukanya Samriddhi Yojana Interest Rate
|Interest rate||7.60% p.a.|
|Investment Amount||Minimum – Rs.250, Maximum Rs.1.5 lakh p.a.|
|Maturity Amount||Depends on the invested amount|
|Maturity Period||21 years|
Sukanya Samriddhi Yojana Previous Interest Rate
The current SSY scheme interest rate decreased from 8.4 percent to 7.6 percent, and it is compounded annually. Once the scheme’s tenure is up or if the girl acquires non-resident Indian (NRI) or non-citizen status, interest is not due. The government sets the interest rate, which is determined every quarter.
The table below includes information about the interest rate that the plan has offered:
|Duration||Rate of interest (%)|
|April 2020 onwards||7.6|
|1 January 2019 – 31 March 2019||8.5|
|1 October 2018 – 31 December 2018||8.5|
|1 July 2018 – 30 September 2018||8.1|
|1 April 2018 – 30 June 2018||8.1|
|1 January 2018 – 31 March 2018||8.1|
|1 July 2017 – 31 December 2017||8.3|
|1 October 2016 – 31 December 2016||8.5|
|1 July 2016 – 30 September 2016||8.6|
|1 April 2016 – 30 June 2016||8.6|
|From 1 April 2015||9.2|
|From 1 April 2014||9.1|
What will happen if the SSY scheme receives less or more money than expected?
Lesser sum: The account would be deemed in default if the required minimum payment of Rs. 500 is not made within a fiscal year. The account can be reinstated to active status, nevertheless, by paying a fine of Rs. 50.
Excess amount: In excess of Rs. 1.5 lakh, no interest is paid on any deposits. The depositor is free to take their money out whenever they like.
Sukanya Samriddhi Yojana Withdrawal Rules
The following is a list of the SSY account’s withdrawal policies:
The girl child may withdraw the whole balance in the account, including any accrued interest, after the account’s term is up. However, the following documents are required to be submitted:
- Application form for the withdrawal of the amount.
- ID proof.
- Address proof.
- Citizenship documents.
If a girl has reached the age of 18 and finished the 10th grade, withdrawal is permitted for the purpose of higher education. However, the funds must be utilized to pay the admission fee or any other fees that are assessed at that time.
When requesting a withdrawal, you must present supporting documentation such as your acceptance to the university or college and your tuition receipt.
50 percent of the available amount from the prior year is the maximum withdrawal amount. The cash may be withdrawn in full or in 5 equal installments.
Guidelines for SSY Early Account Withdrawals
The following is a list of the conditions that permit early account closure:
Premature withdrawal from the SSY is allowed after the girl turns 18 and is getting married. To be eligible for the benefit, an application must be submitted at least one month before and three months after the wedding. Additionally required are the proofs of the girl’s age.
The account may be closed for other reasons as well, but in each case, the interest on the donations will be equal to the interest rates offered by post offices.
Sukanya Samriddhi Yojana Characteristics
The table below lists the key characteristics of the SSY account:
|Operation of the account||The guardian or parents can operate the account until the girl reaches the age of 10 years. The girl must operate the account once she attains the age of 18 years.|
|Deposits made towards the account||The minimum and maximum deposit that can be made in an account in a financial year is Rs.500 and Rs.1.5 lakh, respectively. The deposits can be made in multiples of 100.|
|Duration of the scheme||Deposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.|
|Transfer of account||An SSY account can be transferred from post offices to banks and vice versa anywhere within India. No charges will be levied for the transfer of the account. However, proof of a change in residence must be produced. In case no proof is produced, an Rs.100 charge will be levied.|
|Mode of deposits||Deposits towards the account can be made in the form of online transfer, demand draft, cheque, or cash.|
Sukanya Samriddhi Yojana Tax Benefits
The Sukanya Samriddhi Yojana tax benefits are listed below:
- Tax benefits of up to Rs. 1.5 lakh are offered for contributions made to the program under Section 80C of the Income Tax Act of 1961.
- The amount of interest earned is also exempt from taxation.
- The maturity amount or withdrawal amount also offers tax advantages.
- eligibility for the Sukanya Samriddhi Yojana.
- Following are the requirements for Sukanya Samriddhi Yojana account eligibility:
- Up until the age of 10, a girl child’s parent or legal guardian may open an SSY account on her behalf.
- Indian residents must be the girl’s parents.
- A family may open up to two accounts for two girls.
- If there are identical twin females, a third SSY account may be formed.
Documents Required to Open an SSY Account
- The following list includes the documents needed to open an SSY account:
- Form for opening an SSY account.
- When opening the account, the girl child’s birth certificate must be provided.
- When opening the account, the depositor must provide documentation of their identity and residence.
- If more than one kid is born in the same birth order, a medical certificate must be filed.
- any additional paperwork that the post office or bank requests.
How can we open Sukanya Samriddhi Account?
- The actions you must take to open a Sukanya Samriddhi Account are listed below:
- Fill out the application at the nearest branch of the bank or post office.
- After completing the form, submit it along with all the correct documents.
- Pay the initial deposit, which can be anything from Rs. 250 to Rs. 1 lakh.
- An SSY account will be formed in your name after the bank or post office has verified the application and payment if all the information is accurate.
How Can I Fill out a Post Office SSY Account Form?
- Request an application for an SSY account at the nearby post office.
- Mention your account number if you have a savings account with the post office.
- Under “To The Postmaster,” include the postal address and information about the local post office.
- Post the applicant’s photo here.
- Mention the applicant’s name and the “Sukanya Samriddhi Yojana” option.
- Fill in the appropriate details under “Account Type” and “Account Holder Type.”
- Mention the amount you’ll add to the account after it’s opened.
- Include any more pertinent information, such as your gender, Aadhaar number, PAN, address, etc.
- Authorize the information supplied by signing page 1.
- If you want to set up recurring instructions for the amount to be deposited into your account, fill out section 5 on page 2 with specifics.
- Verify that no other SSY accounts have been created by checking the box in the square next to the SSA.
- Include the signature and date.
- Give the nomination specifics.
- If the petitioner is illiterate, obtain two witnesses to sign the application.
- At the conclusion of the nomination section, include the location, date, and signature.
SSY Payment Methods Online
- Get the IPBB app for your smartphone.
- Pay the funds over to your IPBB account from your bank account.
- To access the Sukanya Samriddhi Yojana, sign in to your IPBB account and select “DOP Products.”
- Give your customer ID and SSY account number.
- Select the installment term and payment amount that you desire.
- When the payment schedule is ready, IPBB will let you know about it.
- You will be informed each time funds are added to your IPBB account.
What information is contained in the passbook?
A passbook will be given to the depositor once an SSY account has been formed. The passbook will include information such as the date the account was opened, the girl’s birthdate, the account number, the name and address of the account holder, and the deposit amount.
When funds are deposited into the account, interest is paid, and the account is closed, the passbook must be delivered to the bank or post office.
Banks that Provide SSY Account
The below-mentioned banks provide the SSY scheme:
- State Bank of India
- United Bank of India
- UCO Bank
- Punjab National Bank
- Oriental Bank of Commerce
- Indian Bank
- ICICI Bank
- Corporation Bank
- Canara Bank
- Bank of India
- Axis Bank
- Allahabad Bank
- Vijaya Bank
- Union Bank of India
- Syndicate Bank
- Punjab & Sind Bank
- Indian Overseas Bank
- IDBI Bank
- Dena Bank
- Central Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Andhra Bank
The maximum amount that is free from taxes is Rs. 1,50,000. Under section 80C of the Income Tax Act, any amount over this will not qualify for a tax break.
Any parent or legal guardian of a girl child may open a Sukanya Samriddhi Account on the girl kid’s behalf.
Such NRIs are not now covered by the Sukanya Samriddhi Scheme as there has been no formal announcement regarding the matter.
Sukanya Samriddhi Account is terminated and closed in the event of a girl child’s death, and the proceeds are given to the girl child’s father or guardian.