Sukanya Samriddhi Yojana (SSY) is a great way for families to save money for their girl children. If you want to know how to apply online for the Sukanya Samriddhi Yojana, you are in the right place! This scheme helps girls by giving them a safe place to save money for their future.
The interest rate for Sukanya Samriddhi Yojana keeps changing. For the year 2024-2025, be sure to check the latest interest rate when you are planning the investment. The higher the interest rate, more money you will have when your girl grows up!
There are some new rules in the Sukanya Samriddhi Yojana that you should know about. Make sure to read and understand them so you can get the most out of the scheme. The rules help in keeping the account safe and secure.
In short, the Sukanya Samriddhi Yojana is an amazing plan to help our girls. The SSY scheme is designed to make saving easy for families. So, if you want to secure your daughter’s future, remember to check out Sukanya Samriddhi Yojana online apply options!
What is Sukanya Samriddhi Yojana?
In India, there are many schemes and yojanas that the government started to help kids and make their lives better. One important scheme is the Sukanya Samriddhi Yojana, also known as SSY. This fantastic government saving scheme is made especially for girl children.
If you are a parent of a girl child who is 10 years old or younger, you can open a special savings account in her name. The Sukanya Samriddhi Yojana gives you higher interest rates, which means you can earn more money on your savings over time.
Also, the SSY scheme has tax benefits. This means that you can save money on taxes while saving for your girl child’s future. It’s a great way to make sure your daughter has a bright tomorrow!
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.
सुकन्या समृद्धि योजना क्या है? नियम, पात्रता, ब्याज दर, पूरी जानकारी हिंदी में
Key Highlights of Sukanya Samriddhi Yojana
| Name of the scheme | Sukanya Samriddhi Yojana |
| Introduced by | Government of India |
| Objective | Provide saving account |
| Beneficiaries | Parents who have a girl child |
| Official website | www.nsiindia.gov.in |
| Interest rate | 8.2 % |
| Maximum amount | INR 1.5 Lakh |
| Minimum amount | INR 250 |
Eligibility Criteria
- The girl child’s parents must open up an account before their girl child reaches the age of 10.
- Only one account per girl child can be opened.
- Only two SSY accounts can be opened by a family, i.e. one for each girl child.
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 (2024-25)—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 | 8.20% 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:
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 31.03.2023 | 7.6 |
| 01.04.2023 TO 31.12.2023 | 8.0 |
| 01.01.2024 TO 31.12.2024 | 8.2 |
Maturity Period
- The maturity period under the Sukanya Samriddhi Yojana (SSY) 2024-25 is 21 years.
Sukanya Samriddhi Yojana Interest Rates
| Year | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar |
| 2024-2025 | 8.2 | 8.2 | – | – |
| 2023-2024 | 8.0 | 8.0 | 8.0 | 8.2 |
| 2022-2023 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2021-2022 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2020-2021 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2019-2020 | 8.5 | 8.4 | 8.4 | 8.4 |
| 2018-2019 | 8.1 | 8.1 | 8.5 | 8.5 |
| 2017-2018 | 8.4 | 8.3 | 8.3 | 8.1 |
Minimum and Annual Contribution
- The minimum amount under the Sukanya Samriddhi Yojana in a financial year is INR 250.
- The maximum amount under the Sukanya Samriddhi Yojana in a financial year is INR 1.5 lakh.
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.
Bihar Mukhyamantri Kanya Suraksha Yojana
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:
| Features | Details |
| 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.
Sukanya Samriddhi Yojana Calculator 2024
- To calculate the return under the Sukanya Samriddhi Yojana the parents can use the formula, A = P(1+r/n)^nt whereas:
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity
How much will you get if you deposit ₹1000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 12, 000/- |
| Total amount deposited in 15 years | INR 1,80,000/- |
| Total interest on the amount deposited for 21 years | INR 3,29,000/- |
| Total amount received on maturity | INR 5,09,212/- |
How much will you get if you deposit ₹2000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 24,000/- |
| Total amount deposited in 15 years | INR 3,60,000/- |
| Total interest on the amount deposited for 21 years | INR 6,58,425/- |
| Total amount received on maturity | INR 10,18,425/ |
How much will you get if you deposit ₹5000 in Sukanya Samriddhi Yojana?
| The total amount in 1 year | INR 60,000/- |
| Total amount deposited in 15 years | INR 9,00,000/- |
| Total interest on the amount deposited for 21 years | INR 16,46,062/- |
| Total amount received on maturity | INR 25,46,062/- |
How much will you get if you deposit ₹10000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 1,20,000/- |
| Total amount deposited in 15 years | INR 18,00,000/- |
| Total interest on the amount deposited for 21 years | INR 33,30,307/- |
| Total amount received on maturity | INR 51,03,707/- |
How much will you get if you deposit ₹12000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 1,44,000/- |
| Total amount deposited in 15 years | INR 21,60,000/- |
| Total interest on the amount deposited for 21 years | INR 39,50,549/- |
| Total amount received on maturity | INR 61,10,549/- |
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
FAQ’s
How is the money placed under the Sukanya Samriddhi Scheme taxed?
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.
Who is eligible to create a Sukanya Samriddhi Account?
Any parent or legal guardian of a girl child may open a Sukanya Samriddhi Account on the girl kid’s behalf.
Can an Indian who does not reside in India use the Sukanya Samriddhi Scheme?
Such NRIs are not now covered by the Sukanya Samriddhi Scheme as there has been no formal announcement regarding the matter.
What would happen if the beneficiary girl kid were to pass away unexpectedly?
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.