The government launched Sukanya samriddhi yojana to promote the wellbeing of the girl child by offering financial support during key life events like marriage and schooling. The Beti Bachao Beti Padhao campaign's Sukanya Samriddhi Yojana programme was introduced on December 2, 2014.
How is interest calculated
The account will earn interest that has been established and announced by the Ministry of Finance. The interest will be calculated for the calendar month based on the account's lowest balance between the fifth day's close and the end of the month. At the end of each fiscal year, interest will be credited to the account.
Interest rate
Interest rate for this quarter January – March 2023 is 7.6%.
Tax benefits
SSY offers the maximum tax-free return with sovereign guarantee and has the EEE (exempt-exempt-exempt) classification. The annual contribution (contributions) is eligible for a Section 80C deduction, and the maturity benefits are tax-free.
According to the SBI website, “As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.”
Revival of account
In case of irregular payment or revival of account by paying a penalty of Rs. 50 each year in addition to the minimum amount required annually.
Premature closure
If the account holder passes away, the account will be immediately closed, and the remaining balance, along with any accrued interest, will be paid to the account holder's guardian. From the date of death until the account is closed, the amount maintained in Sukanya Samriddhi Account will earn interest at the same rate as post office savings accounts.
Closing
After 21 years from the account's opening Or when a girl child reaches the age of 18 years old and marries. (1 month before or 3 month after date of marriage).
Withdrawal
According to India Post website, below are the conditions when you can withdraw amount from SSY
(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.
(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.
(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.
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.
SIP
Guardians can set standing instructions at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .
FAQs
Premature withdrawal. Once the girl child is 18 years old, she can make an early withdrawal of up to 50% of the balance in the Sukanya Samriddhi Yojana Scheme account before the maximum maturity tenure of 21 years. However, this amount can only be withdrawn for her higher studies or marriage.
What are the rules for Sukanya samriddhi account closure? ›
Closure on maturity-
Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.
How can I access my Sukanya samriddhi account online? ›
Online
- Step 1: Apply for login credentials. ...
- Step 2: Log in with the credentials. ...
- Step 3: After login, the homepage for Sukanya Samriddhi Yojana will appear. ...
- Step 4: Note that through this portal, you can only view your Sukanya Samriddhi Yojana account balance.
PPF and Sukanya Samriddhi premiums can be paid online through IPPB
- Add money from your bank account to IPPB account.
- Go to DOP Products.
- Choose PPF or Sukankya Samridhi.
- If you want to transfer money to your PPF account, choose PPF.
- Write your PPF Account Number and then DOP customer ID.
To withdraw the corpus, fill out Form-4 and submit it along with the original passbook to the post office or bank where the account is held. In this case, you can withdraw up to 50 per cent of the available balance. This is allowed after the girl turns 18 years old or has passed Class 10, whichever is earlier.
How can I withdraw money from Sukanya? ›
To withdraw from your Sukanya Samriddhi Yojana account, you will need to submit an application form to the bank or post office where the account is held. You will also need to provide the following documents: Original passbook. Proof of identity and address.
Can I transfer Sukanya samriddhi account to another bank? ›
If you want to transfer your SSY account from one bank to another or from the post office to a bank, you'll first have to submit an SSY transfer request. You can visit the nearest post office or bank where you have the SSY account for submitting this request.
What happens if I miss Sukanya Samriddhi Yojana? ›
You have the option to reopen a terminated Sukanya Samriddhi Yojana (SSY) account, provided it has been closed for less than three years. Beyond this three-year threshold, the account loses its eligibility for revival.
Can I transfer money from my account to Sukanya samriddhi account? ›
Add money from your bank account to your IPPB account. Go to DOP services. From there you can choose products- Recurring Deposit, Public Provident Fund, Sukanya Samridhi Account, Loan against Recurring Deposit. Enter your PPF Account Number and DOP Customer ID.
How can I check my Sukanya samriddhi account details? ›
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.
List of Banks Offering Sukanya Samriddhi Yojana
| 1. HDFC Bank | 2. Axis Bank | 3. Punjab National Bank |
|---|
| 7. Central Bank of India | 8. IDBI Bank | 9. Canara Bank |
| 10. Indian Bank | 11. State Bank of India | 12. Bank of Maharashtra |
| 13. Punjab & Sind Bank | 14. Indian Overseas Bank | 15. UCO Bank |
| 16. Bank of India | 17. Bank of Baroda |
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The SSY is a small deposit scheme tailored specifically for the girl child. It offers one of the highest rates of interest among small savings schemes backed by the Government of India. The rate of interest for Sukanya Samriddhi Yojana for the financial year 2024-2025 is 8.2% per annum, which is compounded annually.
How can I transfer money from Sukanya samriddhi to SBI account? ›
How to transfer money from SBI bank to Sukanya Samriddhi Account?
- Go to the netbanking portal of SBI and log in.
- Click on Transfer/Payment option.
- Select account within SBI.
- Enter you Savings Bank Account details.
- Enter the amount to be transferred.
- Select transfer to SSY account.
- Select Pay Now under Payment option.
The National Payments Corporation of India (NPCI) has introduced a new rule that allows customers to transfer up to Rs 5 lakh without the need to add beneficiary details such as account numbers or IFSC codes.
Can I transfer money without adding beneficiary? ›
The only other way of transferring funds to an account without adding it as a beneficiary is making an IMPS transfer using MMID. This MMID or Mobile Money Identification Number is a seven-digit unique number. Of this, the first four digits are the unique identification number of the bank offering IMPS.
Can I withdraw Sukanya samriddhi account before maturity? ›
The account allows partial withdrawal. The Sukanya Samriddhi account holder can withdraw up to 50% of the total savings for fulfilling the purpose of marriage or higher education of his/her girl child. The Sukanya Samriddhi account allows partial withdrawal only after the girl reaches the age of 18.
What is the maximum transaction limit in Sukanya samriddhi Yojana? ›
You can invest any amount from Rs.250 up to Rs.1.5 lakh per financial year in the SSY account. How much amount will I get in Sukanya Samriddhi Yojana?
What is the best date to deposit in Sukanya samriddhi Yojana? ›
Now that it is clear that a Sukanya Samriddhi deposit made before April 5 or the 5th of every month earns more interest than the deposits made after that date, the question is how much more interest will an SSY account earn if the deposits are made before the specified date.
