Sukanya Samriddhi Yojana SSY: The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme launched by the Government of India in 2015 as part of the Beti Bachao, Beti Padhao campaign. It aims to encourage parents to save for the education and marriage of their girl children.
Under the Sukanya Samriddhi scheme, parents or legal guardians can open an account in the name of a girl child who is 10 years of age or younger. The account can be opened at any post office or participating bank. The maturity of Sukanya Samriddhi Yojna SSY will completed after reaching the age of 21 of the girl child or you can also withdraw this scheme after completing the age of 18 for the marriage purpose of the girl.
If you are a parent of a girl child and searching for a good investment scheme where you can invest for the bright future of your daughter, then you can look out for Sukanya Samriddhi Yojana- SSY. It is a generally sponsored scheme launched by the central government in 2015.
According to the calculations, if you deposit only 5000 in a cycle then you will get more than 27,00,000 after completing the maturity which will not only include the premiums of the applicant but will also provide additional interest rates.
Today we are providing you the information of Sukanya Samriddhi Yojana 2023 and will also provide you the eligibility criteria, application procedure, and benefits.
What is the Sukanya Samriddhi Scheme (SSY) ?
In order to largely address the issue of the declining child sex ratio in our country, the Government of India launched a social campaign on 22 January, 2015. The Beti Bachao Beti Padhao (BBBP) campaign sends the message ‘Save girls, educate the girl child’.
This is a national initiative run jointly by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.
BBBP aims at achieving the following :-
- To stop gender discrimination against children and abolition the practice of sex determination.
- To ensure the existence and protection of girls.
- To ensure higher involvement of girls in education and other areas.
- SSY aimed at tackling a major problem associated with the girl child – education and marriage. It is focused on securing a bright future for the girl child in India by facilitating the parents of a girl child in creating a fund for the proper education and carefree marriage expenses of their child.
- SSY has introduced the Sukanya Samridhi Account for this very purpose.
Sukanya Samriddhi Scheme 2023 : Highlights
|Name of the scheme||Sukanya Samriddhi Scheme (SSY)|
|Started by||Central Government|
|Beneficiaries||Girls under 10 years of age|
|Objective||To protect girls from future financial problems|
|Minimum amount||250 Rupees|
Benefits of Sukanya Samriddhi Yojana
- The SSY scheme is promoting parents for girl education and saving for the girl child to provide additional interest rates on the Sukanya Samriddhi Yojana scheme.
- Any citizen who has two girl children can apply for this SSY scheme.
- Tax department will also provide tax relaxation if you apply in this scheme under the 80c act of the Income Tax Department for up to 1.5 lakh rupees.
- The scheme will provide 8% interest rates on an annual basis till the majority of the policy.
- You have to invest only for the next 15 years after that the government will provide interest rates on your savings till the completion of the majority.
- Any citizen can apply with a minimum investment of 250.
- However maximum deposit is Limited to 1.5 Lakh annually.
Tax benefits of Sukanya Samriddhi Yojana
In order to encourage investments in SSY, the SSA has also been provided with certain tax advantages :-
- Investments made in the SSY scheme are eligible for deductions under Section 80C, subject to a maximum cap of Rs 1.5 lac.
- The interest that accumulates against this account which gets compounded annually is also exempt from tax under Section 10 of the Income Tax Act.
- The proceedings received upon maturity/withdrawal are also exempted from income tax.
Eligibility Criteria for SSY
- Sukanya Samriddhi Yojana eligibility
- Only parents or legal guardians of a girl child can open a SSY account.
- The girl child must be a resident Indian and beneath the age of 10 at the time of opening the account.
- Only one account can be opened for a female child.
- Only two SSY accounts can be open by a family, i.e. One for every girl child.
- Sukanya Samriddhi Account can be opened for more than two girls in the following special cases:
- When a girl child is born before the birth of twin or triplet girls or if triplets are born first, then a third account can be opened.
- When a girl child is born after the birth of twin or triplet girls, a third SSY account cannot be open.
Documents required for Sukanya Samriddhi Yojana
You have to walk down to the post office or a bank branch where you have submitted the SSY application to submit the documents and evidence.
You need to submit a physical copy of the following documents :-
- Birth certificate of girl child.
- Identity and address evidence of the guardian.
- Medical certificate for evidence of birth of multiple girl children on a single order of birth.
- Other KYC documents, such as Aadhaar card, Voter ID, etc.
- Any other documentation as required by the post office or banks.
How to fill Sukanya Samriddhi Yojana form online ?
Post office payment bank is directly participating in this ssy scheme while other banks are also providing the facility of Sukanya Samriddhi Yojana. You have to open a separate account with the name of girl child and the account will be handed over to the girl child after completing the age of 18.
You can follow this procedure to apply for Sukanya Samriddhi scheme :-
- Visit the nearest bank which provides a scheme.
- Now the bank will provide you with the Sukanya application form for Sukanya Samriddhi Yojana Account which should filled out manually.
- Attach all the documents and other important certificates related to the scheme and submit them to the bank manager with your initial premium investment.
- You have to select the repayment option according to your facility so you have to submit the premium on an annual basis.
Once you submit the premium amount your SSY account will open and you will get an interest rate on the day of investment in this scheme.
Get more than 27 lakh in the SSY scheme
If you submit 5000 per month in the SSY account then you can get more than 2700000 at the time of completing the maturity as you have to pay for only 15 years. If you pay 5000 rupees per month then the premium for 15 years will be ₹900000.
After that, you will get additional interest rates on this premium for the rest years from the government. Currently, the government is providing 7.6 to 8% interest rates to the beneficiaries. So once you complete the maturity of 21 years then it will more than 2700000 which should be used for education or marriage of the girl.
Maturity period of SSY Account
The maturity period of SSY is 21 years from the account opening or upon her marriage after achieving 18 years. However, contributions have to made only for 15 years.
Subsequently, the SSY account will continue to earn interest until maturity even when no deposits are made into it.
Sukanya Samriddhi Yojana online payment
You have to download the IPPB app on your smartphone to make online payments toward your SSY account. Via this app, you can set standing instructions so that a specified amount will transferred online to your SSY account. Here is the step-by-step process:
- Transfer money from your bank account to the IPPB account.
- On the IPPB app, go to DOP Products and select the Sukanya Samriddhi Yojana account.
- Enter your SSY account number and the DOP client ID.
- Select the amount you would like to pay and the installment duration.
- IPPB will inform you of the success of setting up the payment routine.
- Each time the app makes the money transfer, you will be informed of the same.
SSY withdrawal rules
- You must submit the duily filled withdrawal form along with the SSY account passbook to the bank or Post Office branch where the account is maintained.
- In order to claim or withdraw prematurely, you need to satisfy certain conditions, such as marriage expenses or for the higher education of the girl child when she has attained 18 years.
- Withdrawal can also be made from the account up to 50% of the balance available at the end of the preceding F.Y. when the girl is above 18 years or has passed 10th standard to meet education expenditures, such as fees or other such charges.
- A documentary evidence by way of a confirmed offer of admission
- in an educational institution, or a fee slip shall accompany the application for withdrawal.
- Maximum one withdrawal can be made in a year, in a lump amount or in 5 instalments, subject to the ceiling specified and to the actual requirement of fee/other charges.
FAQ’s : Sukanya Samriddhi Yojana 2023
What is the minimum amount required to open an account under SSY ?
The minimal amount required to open an account under SSY scheme is Rs.250.
What is the maximum sum of deduction for SSY account deposits ? How to Claim a Deduction ?
You can claim a deduction under Section 80C up to a maximum of Rs.1.5 lac for the amount deposited in the SSY account.
Is the maturity withdrawal amount from SSY account taxable ?
No, the maturity amount from the SSY account is not taxable, it is exempt from tax.
How to check SSY account balance ?
A passbook will issued upon opening the SSY account with a bank or Post Office. You can visit the bank or PO branch where the account is held and get updated information regarding the account balance printed on the passbook.