The government launched the Sukanya Samriddhi Yojana in 2015 as part of the Beti Bachao Beti Padhao campaign to encourage girls to save for their future. It is a fixed-income investment in which you can deposit money on a regular basis and earn interest. Contributions to the Sukanya Section 80C of the Income Tax Act allows for tax deductions of up to Rs. 1.5 lakh per fiscal year for Samriddhi Yojana.

Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is a government-sponsored programme that encourages girl children to save. The investment is backed by the government, and its EEE status makes it an appealing investment for your girl child’s needs. However, those who want to access the funds sooner may find the 21-year lock-in period to be a significant disadvantage. In comparison, the Equity Linked Savings Scheme (ELSS) is a tax-advantaged investment option with a three-year lock-in period. And the best part is that you can earn double digit returns on your investments if you invest in ELSS for the long term.

Scheme Name Sukanya Samriddhi Yojana (SSY) Highlights
Interest Rates 7.6% per annum (Q1 FY 2022-23)
Maturity Period 21 years, or until the girl child marries after the age of 18, whichever comes first.
Minimum Deposit Amount Rs. 250
Maximum Deposit Amount Rs. 1.5 Lakh in a financial year
Eligibility A girl child’s parents or legal guardians are eligible to open an SSY in her name if she is under the age of ten.
Income Tax Rebate Section 80C of the Income Tax Act of 1961 qualifies you for a rebate (Maximum cap of Rs. 1.5 Lakh in a year)

The government publishes SSY Interest Rates on a quarterly basis. Interest rates have been set at 7.6% p.a. for FY 2022-13 (April-June).

Sukanya Samriddhi Yojana Eligibility Criteria

  • An SSY account can handiest be opened by the parents or legal guardians of a female child. at the time of account establishment, the girl toddler ought to be under the age of ten. within the call of a female baby, the best account can be opened.
  • A family is only allowed two SSY accounts, one for each girl child.
  • Sukanya Samriddhi Accounts can be opened for more than two girls in the following circumstances:
  • A third account can be opened if a girl child is born before twin or triplet girls, or if triplets are born first.
  • A third SSY account cannot be opened if a girl child is born after twin or triplet girls.
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When can the Sukanya Samriddhi Yojana account be opened?

A Sukanya Samriddhi Account can be opened at any time after a girl’s birth until she reaches the age of ten, with a minimum deposit of Rs 250. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited in subsequent years during the current financial year.

The account will be active for 21 years from the date of its opening, or until the girl turns 18 and marries. After the child turns 18, a partial withdrawal of 50% of the balance is permitted to meet the requirement of the child’s higher education expenses.

Sukanya Samriddhi Yojana Benefits

Sukanya Samriddhi Yojana, which was launched as part of the Beti Bachao, Beti Padhao Yojana initiative, offers a variety of benefits to investors. The following are some of the scheme’s main advantages:

  • High Interest Rate- When compared to other government-backed tax saving schemes like PPF, SSY offers a higher fixed rate of return (currently 7.6% per annum for Q1 FY (2022-23)).
  • Guaranteed Returns- Because SSY is backed by the government, it offers guaranteed returns.
  • SSY provides tax deduction benefits up to Rs. 1.5 lakh per year under Section 80C.
  • Flexible Investment- In a single year, a base store of Rs. 250 and a maximum store of Rs. 1.5 lakh can be created. This ensures that people of all financial backgrounds can participate in the plan.
  • Compounding Benefits- The Sukanya Samriddhi Yojana (SSY) is a great long-term investment scheme because it offers annual compounding. As a result, even small investments will yield large returns in the long run.
  • In the event that a parent or guardian operating the Sukanya Samriddhi Account transfers, the SSY account can be freely transferred from one part of the country to another (bank/post office).
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Sukanya Samriddhi Yojana Deposit Limits

The minimum annual contribution to the Sukanya Samriddhi Account is Rs. 250, with a maximum contribution of Rs. 1.5 lakh per fiscal year. You should contribute the minimum amount on a consistent basis for up to 15 years from the date your record is opened. The record will then continue to garner interest until it is ready for development.

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Tenure/Maturity Period

The Sukanya Samriddhi Yojana lasts until the girl child reaches the age of 21 or until she marries after reaching the age of 18. Contributions, on the other hand, are only required to be made for a period of 15 years. Even if no deposits are made into the SSY account after that, it will continue to earn interest until maturity.

Sukanya Samriddhi Yojana Partial withdrawal Rules

Withdrawals of up to 50% of the balance at the credit of the account at the end of the previous financial year are permitted to meet the account holder’s financial needs for higher education and marriage. However, withdrawals will be permitted only after the account holder reaches the age of eighteen.

Documentary proof in the form of a confirmed admission offer in an educational institution or a fee slip from such an institution clarifying that such financial requirement is required is required for this. Furthermore, the amount of the withdrawal will be limited to the actual fee and other charges due at the time of admission, as indicated in the offer of admission or the relevant fee slip issued by the institution.

How to open a Sukanya Samriddhi Yojana Account?

A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch. To open an account, follow the steps outlined below.

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Step 1: Pay a visit to the bank or Post Office where you want to open the account.

Step 2: Fill out the application form completely and attach any supporting documents.

Step 3: Pay the initial deposit with cash, check, or demand draught. The amount can range between Rs.250 and Rs.1.5 lakh.

Step 4: Your application and payment will be processed by the bank or the Post Office.

Step 5: Your SSY account will be created once your application has been processed. This account will be given a passbook to mark the beginning of the account.

Sukanya Samriddhi Yojana interest rate

  • The interest rate for the second quarter of FY 2021-2022, which runs from July 1 to September 30, has remained unchanged at 7.6%.
  • The interest rate for the first quarter of FY 2021-2022, i.e., from 1 April to 30 June 2021, was 7.6%.
  • Except if the default is due to the death of the guardian who opened the account, the entire deposit in an ‘Account under default’ (where a minimum amount of Rs 250 has not been deposited) that is not regularized within the prescribed time will earn interest on the post savings bank account.

Because the Sukanya Samriddhi Yojana is safe and risk-free, you can invest a portion of your funds set aside for your daughter in it. However, having a mix of equities in your daughter’s portfolio is a good idea to ensure you have enough money for her higher education and marriage despite inflationary pressures.

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