The Central Government has launched several girl-child schemes to build the women of the future. The Sukanya Samriddhi Yojana Scheme is one such scheme that aims to strengthen women's societal position by educating girl children.

Continue reading to learn about the Sukanya Samriddhi Yojana Scheme in detail!

The Sukanya Samriddhi Yojana, initiated as part of the Beti Bachao Beti Padhao campaign, is a government-backed small savings scheme. It is dedicated to girls and aims to provide for their education and marriage expenses.

Parents can open the Sukanya Samriddhi account after the birth of a girl child until she reaches the age of 10.

A Sukanya Samriddhi account can be opened in post offices or authorised branches of the designated banks.

Below are some of the essential details of Sukanya Samriddhi Yojana:

• Interest rate: Like other small saving schemes (Public Provident Fund, Senior Citizen Savings Scheme), the Sukanya Samriddhi Yojana interest is revised/changed quarterly. It fetches an interest rate of 8.2% annually (the Q4 financial year 2023-24) and is compounded annually.

• Maturity period: Another Sukanya Samriddhi Yojana feature is that such an account has a maturity period of 21 years from its opening date or till the girl marries after she turns 18.

• Minimum account opening amount: The scheme allows account opening with a minimum of ₹250. Previously, the amount was ₹1000.

• Minimum deposit amount: Parents can deposit a minimum of ₹250 and a maximum of ₹1.5 lakhs during the current financial year. Earlier, the minimum deposit amount was ₹1000. The revised rule came into effect in July 2018.

• Tax rebate: Sukanya Samriddhi Yojana Scheme facilitates tax rebates under 80C of the Income Tax Act, 1961.

Note: The interest earned and the maturity amount are also exempted from tax.

• Deposit period: The Sukanya Samriddhi Yojana Scheme allows parents to deposit in the account for 15 years from the opening date. For instance, if the Sukanya Samriddhi account was opened on 6 October 2016, deposits can be made until 6 October 2031. After the designated period, further deposits will not be allowed and will only generate interest as per the ongoing rates fixed by the government.

• Withdrawal facility: This government-backed scheme enables partial withdrawal to fund educational or marriage expenses when the account holder turns 18.

• Premature closure: The Sukanya Samriddhi Yojana Scheme also allows premature closure of Sukanya Samriddhi Yojana accounts under special circumstances.

Sukanya Samriddhi Yojana benefits are diverse. Some of these are mentioned below-

• Assured returns: One of the benefits of the Sukanya Samriddhi Yojana is that it is a government-backed scheme. Thus, it provides assured and safe returns on investment.

• Increased interest rates: Unlike other government-backed schemes like the Public Provident Fund, the Sukanya Samriddhi Yojana Scheme offers an increased interest rate.

• Convenient investment options: This scheme enables individuals to deposit as per their financial standing. To be precise, individuals can start investing with a minimum and maximum amount of ₹250 and ₹1.5 lakhs, respectively.

• Savings on tax: Sukanya Samriddhi Yojana Scheme offers tax savings upon contributing ₹1.5 lakhs in a financial year.

• Easy account transfer facility: The scheme ensures an easy account transfer facility from one region or part of the country to another, i.e.,  from one bank or post office to another in cases of transfer of the parents/legal guardians handling the account.

• Advantage of compounding: The prime advantage of annual compounding is that even a small savings scheme like the Sukanya Samriddhi Yojana Scheme can become a good long-term investment instrument and guarantee decent returns. In short, the longer the tenure, the higher the returns.

Now you know what the benefits of the Sukanya Samriddhi Yojana are!

As stated earlier, parents can open a Sukanya Samriddhi account in the name of a girl child below 10 years. However, the girl child and parents must fulfil certain eligibility criteria. Below is the Sukanya Samriddhi Yojana account eligibility for a girl child as well as parents:

Parents must remember that the Sukanya Samriddhi Yojana maximum age limit is 10 years!

Sukanya Samriddhi Yojana Scheme Eligibility for a Girl Child

• Only a girl child can open an account under the Sukanya Samriddhi Yojana Scheme.

• The age of the girl child should be less than 10 years.

Sukanya Samriddhi Yojana Scheme Eligibility for Parents

• Parents and legal guardians can open a Sukanya Samriddhi account for the girl child.

• One parent or legal guardian can open a maximum of 2 accounts. 

Note: In the case of triplets or twins, any parent or legal guardian can open three accounts.

Eligibility requires documentation of the Sukanya Samriddhi Yojana Scheme. The following is a list of the required documents to open this account.

• Birth certificate of the girl child

• Proof of address of a parent or a legal guardian

• Photo ID of a parent or the legal guardian

• KYC documents such as PAN, Voter ID

The SSY scheme is a part of the Beti Bachao, Beti Padhao Yojana. It can be opened by the parents of a girl child below the age of 10. 

You can open a Sukanya Samriddhi Yojana Account at any authorised bank or post office branch. Alternatively, you can establish it online using your net banking facility.

You can open a Sukanya Samriddhi Yojana account with a participating bank or a Post Office branch. The steps to open an account are given below:

Step 1: Head to the chosen bank or Post Office branch during working hours.

Step 2: Collect all the necessary documents, such as identity proof, address proof, and any other required documents, as specified by the bank or Post Office.

Step 3: Once at the branch, ask for the Sukanya Samriddhi Yojana application form. Fill it out completely with accurate details.

Step 4: Along with filling out the application form, submit all the necessary documents as per the requirements.

Step 5: Prepare the initial deposit amount as cash, cheque, or demand draft. It can be between Rs. 250 and Rs. 1.5 lakh.

Step 6: Hand over the filled form, supporting documents, and the initial deposit to the bank or Post Office staff. They will process your application and deposit.

Step 7: After submitting your application and deposit, wait for the bank or Post Office to process your request. This may take a few days.

Step 8: Once your application is processed successfully, the bank or Post Office will issue a passbook for your Sukanya Samriddhi Yojana account. This passbook marks the official opening of your account. Make sure to keep it safe.

Some of the key documents needed are as follows:

• The girl child’s birth certificate.

• Address and identity proof of the guardian.

• Medical certificate in the case of birth multiple girl children in a single order of birth.

• Any other documents as required by the post office or banks.

An SSY Calculator is a financial tool designed to help individuals estimate the future value of investments in a Sukanya Samriddhi Yojana (SSY) account. 

It approximates the maturity amount by considering various factors, such as the initial deposit amount, the duration of the investment, and the applicable interest rate.

Sukanya Samriddhi Yojana withdrawal rules allow up to 50% of the account balance to be withdrawn at the end of the financial year. This withdrawal can be made only for two reasons: higher education and marriage.

However, withdrawal will be allowed only after the girl turns 18 or has passed the 10th standard, whichever comes first. In addition, the account holder has to furnish documentary proof (a confirmed admission letter from an education institute or fee slip from similar institutes justifying the financial requirement).

Sukanya Samriddhi Yojana Scheme is devised with a maturity period of 21 years from the date of opening. However, premature closure of the Sukanya Samriddhi Yojana account is allowed on special grounds. Such as- 

• Sukanya Samriddhi Yojana closure is allowed for the intended marriage after submitting the required documents.

• The account will be closed prematurely if the account holder dies suddenly. In such cases, a death certificate must be provided.

• Depositors can opt for Sukanya Samriddhi Yojana’s premature closure after the completion of five years from the day of opening on special grounds such as medical treatment for life-threatening diseases.

• If depositors choose to close the Sukanya Samriddhi account for another reason other than mentioned above, they can do so. However, the total deposit amount will generate a return on the post office savings bank account interest rate.

• The account reaches maturity after 21 years from its opening date.

• In the event of the girl child's marriage after turning 18, the account can be closed prematurely.

• Contributions are required for 15 years only. Following this period, the SSY account continues accruing interest until maturity, even without further deposits.

Those with accounts in PPF, Sukanya Samriddhi Yojna, NSC, and other small savings schemes can dial the toll-free IVR number 18002666868 to access important information.

With such an in-depth discussion of Sukanya Samriddhi Yojana benefits, features, and interest rates, you can easily open a Sukanya Samriddhi account.

Therefore, empower your girl child by investing/depositing in the Sukanya Samriddhi Yojana Scheme!