Sukanya Samriddhi Yojana: Benefits, Eligibility, Interest Rate

Sukanya Samriddhi Yojana is an initiative by the Indian government for the daughters of Indian families. Under this scheme, financial assistance is provided to the families for the future of the daughters.

This article covers detailed information on this government scheme, including information related to the interest rate, eligibility, benefits, and more.

What is Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girls in India to help them with their education and marriage expenses. The scheme was launched in 2015 as part of the Beti Bachao Beti Padhao campaign which later got renamed as Sukanya Samriddhi Yojana.

The SSY offers higher interest rates than other government savings schemes, and the interest and proceeds are exempt from tax. This scheme is to meet the expenses of a girl’s education and marriage.

What is the interest rate offered under Sukanya Samriddhi Yojana?

To benefit from the SSY scheme, parents have to open an investment account for their daughters. The parents then have to deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in this account every year. At present, interest at the rate of 7.6% is given on the amount deposited in the Sukanya account.

The account can be opened in any post office or authorized bank branch. It can be opened at the time of the daughter’s birth or until she turns 10 years old.

In this scheme, the principal and interest are compounded on an annual basis and credited to the account on the last day of the financial year.

Moreover, many tax benefits are available under this scheme. For example, the principal amount deposited, interest earned throughout the tenure, and maturity benefits are tax-free under Section 80C. If the account is not closed, you will receive interest even after maturity.

Eligibility Criteria for Sukanya Samriddhi Yojana

To be eligible for Sukanya Samriddhi Yojana, you must meet the following eligibility criteria –

• There should be a valid bank account under the name of the girl child.
• The girl should be an Indian resident
• The maximum age of the girl should be 10 years
• The benefit can be only provided to two daughters in a family. If twin daughters are born in a family, only then the third daughter can also apply for the scheme.

Documents Required for Sukanya Samriddhi Yojana

Here are some documents required for the Sukanya Samriddhi Yojana (SSY) –

• Birth certificate of the girl child
• Photo ID of the applicant’s parent or legal guardian
• Address proof of the applicant’s parent or legal guardian
• Other KYC proofs such as PAN and Voter ID
• SSY account opening form
• Passport size Photographs

How to open an account under Sukanya Samriddhi Yojana?

To open an account under SSY, you need to follow these simple steps –

List of Banks Offering Sukanya Samriddhi Yojana

You can find the list of banks participating in the SSY scheme below –

• State Bank of India
• Punjab National Bank
• Bank of India
• Bank of Baroda
• Bank of Maharashtra
• Allahabad Bank
• Axis Bank
• Andhra Bank
• Punjab and Sindh Bank
• Union Bank of India
• UCO Bank
• Vijay Bank
• Oriental Bank of Commerce
• State Bank of Hyderabad
• Bank of Maharashtra
• United Bank of India
• Canara Bank
• Dena bank
• State Bank of Patiala
• State Bank of Mysore
• IDBI Bank
• State Bank of Travancore
• ICICI Bank
• State Bank of Bikaner and Jaipur

Can you withdraw the amount deposited in your SSY account?

Yes, you can withdraw the deposited amount from the SSY account, but that is only possible in specific scenarios that include –

• If the girl child is of 18 years then she can withdraw 50% of the amount deposited in the SSY account for higher education.
• But the amount can be withdrawn only once a year and in installments for a maximum of 5 years.

When can the SSY account be closed?

Under a few circumstances, you can close the Sukanya account before completing 18 years of age and withdraw the amount deposited in the account.

• In case of death of the account holder: If the account holder dies suddenly, the parents of the girl child can withdraw the amount deposited in the Sukanya Yojana account.
• Financially unable to continue the account: If the guardian is unable to continue the Sukanya Samriddhi Yojana (SSY) account for the beneficiary girl child, the account can be closed before the maturity period.

Sukanya Samriddhi Yojana PDF

Although we have provided all the necessary information regarding Sukanya Samriddhi Yojana, you can download the official PDF of the scheme from this link – CLICK HERE

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• Chief Minister Ladli Behna Yojana
• Bihar Krishi Yantra Yojana

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