All you need to know about Sukanya Samriddhi Yojana - What is Sukanya Samriddhi Yojana? (2024)

FAQs

What are the disadvantages of Sukanya? ›

The lock-in period of Sukanya Samriddhi Account is very high. The amount deposited under this account matures only after 21^st years of deposit. So, the account is not ideal for short term deposits.

You must submit a withdrawal application form, evidence of identification, proof of citizenship, and proof of domicile. If the balance is not withdrawn after 21 years, the amount receives no interest.

The best way to ensure the security of the girl child is to open a Union Bank of India Sukanya Samriddhi Yojana account.

The investment made towards SSY can be used to financially secure the future of the girl child. The SSY interest rate is determined every quarter and is considered one of the highest among various investment options. The current Sukanya Samriddhi Yojana interest rate for FY 2022-2023 is 7.6% compounded annually.

Closure and withdrawal

The Sukanya Samriddhi Yojana account matures upon completion of 21 years from the account's opening date. It is also possible to close the account before maturity on account of the marriage of the account holder.

Bank account users can transfer funds from their bank accounts to their PO Savings Accounts and vice versa. Account holders can also use the NEFT service to transfer funds from their bank accounts to their Public Provident Fund (PPF) and Sukanya Samriddhi accounts (SSY).

Deposits in the account can be made up to 14 years from the date of opening the account. Interest paid post maturity: Not many are aware about this benefit of the Sukanya Samriddhi Scheme. The interest is paid even after the maturity of the scheme, if the account holder does not close the account.

"Interest calculation is done every month on the lowest balances in account between 10th and last day of the month. An investment done before 10th of every month is entitled to interest for the entire month. A few hundreds earned extra every month turn into thousands on compounding basis," said Rohira.

PPF offers better flexibility and SSA provides you with higher returns. In any case, risk appetite doesn't come into the scene, so you can clearly invest in both of them if you have surplus amount.

How can I deposit money in Sukanya Samriddhi Account online? ›

Step 1: Transfer funds from your regular savings account to your India Post Payment Bank (IPPB) savings account (in case you do not have enough funds in your IPPB account already). Step 2: Browse the 'Department of Post Products' page and choose the 'Sukanya Samriddhi Account' option.

Here's the simple interest formula: Interest = P x R x T. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). T = Number of time periods (generally one-year time periods).

To revive the Sukanya Samriddhi Yojana account, visit the post office or bank branch that you hold the account with and ask for a revival request form. Apart from submitting the request form, you will have to pay a minimum of Rs 1,000 per year for non-payment and a penalty of Rs 50 for each year of inactivity.

You can open a Sukanya Samriddhi Yojana Account in any authorised bank branch or a post office branch. You can also set it up online with the help of your net banking facility.

The account can be opened by parents or a legal guardian for a girl child until she attains an age of 10 years. A Sukanya Samriddhi Yojana in Post Office can be opened with a minimum deposit of Rs. 250 per year and the maximum deposit can go up to Rs. 1.5 lakh in a year.

The minimum deposit amount for an SSY account is Rs.250 (this amount was previously Rs.1,000), thereafter in multiples of Rs.50, and the maximum is Rs.1,50,000 in every financial year, up to 15 years. Deposits can be made through cash, cheque, demand draft or online transfer.

How much can be deposited? To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account.

SSY account transfer from post to post office is free, but you need to pay a fee of Rs. 100 for transferring an account from Post office to banks or vice versa. You can transfer your SSY account once in a year and if you are also planning to transfer then you must go through the following to know the procedure.

The Sukanya Samriddhi Account can be transferred to anywhere in India. It works both ways - you can transfer it either form a post office to a bank or from a bank to a post office. The transfer can be carried out between listed commercial banks and Indian post offices.

Who can deposit money in Sukanya Samriddhi Account? ›

Deposit can be made by legal guardians or parents of the girl child until she is 18 years old. After the girl child turns 18, she alone can operate the account.

The Indian Post Office offers one scheme exclusively for the girl child, which is the Sukanya Samriddhi Yojana (SSY). It is a savings scheme that offers attractive returns and is designed to provide financial security to the girl child for her higher education and marriage expenses.

So now your concept is also clear on which is the better option to go for. One good thing about SSY is that it is for a specific purpose and not utilized to fund just any goal. Well there are so many options out there to invest, but nothing can beat the power of compounding of a SIP.

Post Office RD calculation for Rs 1000/month contribution

Calculation shows that a monthly contribution of Rs 1000 towards the Post Office RD scheme will result in a corpus of Rs 70,431 lakh in 5 years. If you extend the account by another 5 years, the total corpus will be Rs 1.66 lakh in 10 years.

Open the internet banking portal of the bank approved for opening an SSY account. Enter your login credentials. On the homepage, you can check the Sukanya Samriddhi account balance, which will be visible on the dashboard.

Sukanya Samriddhi Yojana account can be prematurely closed after 5 years of account opening on the following conditions. On the death of account holder (from date of death to date of payment PO Savings Account interest rate will be applicable). Life threatening disease of a/c holder.

How to pay for sukanya samriddhi yojana online? You have to download the IPPB app on your smartphone to make online payments towards your SSY account. Through this app, you can set standing instructions so that a specified amount will be transferred online to your SSY account.

How much can be deposited? To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account.

Go to the nearest bank or post office. Fill up the Sukanya Samriddhi Yojana registration form with your daughter's information. Submit a copy of her Aadhaar card, birth certificate, and other required documentation along with the initial deposit amount.

Where can I check my Sukanya samriddhi balance? ›

You can check the account balance through the bank or post office branches from where the account was opened. The balance can also be checked online on the bank's website after receiving the internet login credentials from the bank where the account was opened.

Sukanya Samriddhi Account Mobile Application can be downloaded from Google Play Store by Android mobile users. The app has a plan feature to calculate the amount you will receive upon maturity. Enter investment amount and interest to get results.

You can open a Sukanya Samriddhi account via an authorised bank branch or a post office. However, you must know that at present, authorised bank branches or post offices do not allow the opening of a Sukanya Samriddhi Yojana account online.

To revive the Sukanya Samriddhi Yojana account, visit the post office or bank branch that you hold the account with and ask for a revival request form. Apart from submitting the request form, you will have to pay a minimum of Rs 1,000 per year for non-payment and a penalty of Rs 50 for each year of inactivity.

Monthly contributions have to be made on the 1st day of every month. Yearly contributions have to be made on 1st of April every year. A fixed amount for monthly or yearly contribution has been consumed. It has also been assumed that throughout these 21 years, there have been no withdrawals made.

Here is a look at how you can open an SSY account with SBI. Parents or guardians can open SSY account with SBI by filling out the SSY account opening form along with address and ID proof of parents or guardians with the initial amount and submit it at the nearest SBI branch.

Submit the SSY account transfer request application form at the existing bank branch or post office. Mention the address of the ICICI bank branch where you wish to transfer your Sukanya Samriddhi Yojana Account.