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Most parents wish to build a secure future for their children. The government understands this need for financial safety and, as a helping hand, keeps introducing helpful schemes for the citizens. One such scheme is the Sukanya Samriddhi Yojana scheme, which aims to help parents save for their daughters. Sukanya Samriddhi Yojana scheme was launched under the Beti Bachao Beti Padao campaign to encourage people to save for their girl child.
Sukanya Samriddhi Yojana is a government-backed girl child scheme that has a tenure of 21 years. It can be opened by the parents or legal guardians of the girl child. Currently, the scheme offers an interest rate of 7.6% compounded annually. Know more about the sukanya samriddhi yojana account.
Let us look at the Sukanya Samriddhi Yojana interest rates 2019-20 along with other historic (past/previous) rates of this government scheme in the past:
| Time Period | Sukanya Samriddhi Yojana Interest Rate (%) |
| April to June 2020 | 7.6 |
| January to March 2020 | 8.4 |
| July to September 2019 | 8.4 |
| April to June 2019 | 8.5 |
| January to March 2019 | 8.5 |
| October to December 2018 | 8.5 |
| July to September 2018 | 8.1 |
| April to June 2018 | 8.1 |
| January to March 2018 | 8.1 |
| October to December 2017 | 8.3 |
| July to September 2017 | 8.3 |
| April to June 2017 | 8.4 |
You can do Sukanya Samriddhi Yojana calculation by using online Sukanya Samriddhi Yojana calculators and even check Sukanya Samriddhi Yojana chart online.
Listed below are the eligibility criteria for the Sukanya Samriddhi Yojana scheme:
You can visit your nearest authorized public sector/private sector bank or India Post Office branch to invest in Sukanya Samriddhi Yojana. All you require are basic KYC documents such as a PAN card, Aadhaar Card, address proof, and draft/cheque for the initial deposit (Initial deposit is the minimum amount of money required to open an account).
Sukanya Samriddhi Yojana comes under the EEE (exempt, exempt, exempt) category. This means you get a triple tax benefit.
The Sukanya Samriddhi Yojana tax benefits are listed below:
Please note that if you have exhausted your Section 80c limit of 1.5 lakhs by making a contribution in other instruments ((like Public Provident Fund, Employee Provident Fund, National Pension System, National Savings Certificate, Unit-linked Insurance Plans, etc.), then you will not be eligible for further deduction.
Sukanya Samriddhi Yojana scheme has a lock-in of 21 years. However, there are certain reasons for which you can withdraw partially before maturity as well.
On completion of the tenure of the Sukanya Samriddhi Yojana scheme, the entire amount can be withdrawn by the girl child provided the following documents are submitted:
Partial withdrawal is permissible for higher education or marriage purposes once the girl child attains 18 years of age and has completed 10th standard. If the withdrawal is being made for higher education, then the money must be used to pay the admission fees or any other charges levied at the time of admission. Documents such as fees receipt or admission certificate to the university or college must be submitted while applying for the withdrawal.
The maximum amount that you can withdraw from the Sukanya Samriddhi Yojana account is 50% of the amount that is available in the previous year. You can either withdraw it as a lumpsum amount or in 5 installments.
You can download the Sukanya Samriddhi Yojana form online from multiple sources including the following:
The Sukanya Samriddhi Yojana application form requires details of the girl child and the parent or legal guardian. Some key fields featured in the application form include the following:
Once all the details mentioned above have been filled in, you need to sign and submit the form along with copies of all the applicable documents.
Here is how you can check your Sukanya Samriddhi Yojana account balance:
If you have opened your account with a participating bank branch, you can check your account balance via mobile banking or internet banking. However, you must ensure your Sukanya Samriddhi Yojana account is linked to your current net banking account for easy access to account records. This option of online balance check is in addition to the passbook update option that you can avail of on visiting the bank branch.
If you have opened your Sukanya Samriddhi Yojana account at any India Post Office, at present, there is no option to check your Sukanya Samriddhi Yojana balance online. You will have to visit the post office branch to perform a balance check and get your passbook updated.
Here is a list of some of the top banks that offer Sukanya Samriddhi Yojana account:
Sukanya Samriddhi Yojana scheme was launched under the Beti Bachao Beti Padao campaign by Prime Minister Narendra Modi to secure the girl child's future. You can easily start investing in it via public or designated private banks and post offices.
Any parent of a girl child or a legal guardian can open a Sukanya Samriddhi Yojana account on behalf of their girl child.
Currently, neither post offices nor designated authorized banks are allowed to open a Sukanya Samriddhi Yojana account online. But, once you have opened an account by visiting the bank branch after submitting all the documents, you can set standing instructions online to transfer the amount from your savings account to the Sukanya Samriddhi Yojana account.
The minimum annual contribution to the Sukanya Samriddhi Yojana account is ₹250. The maximum amount you can deposit in a Sukanya Samriddhi Yojana is ₹1.5 lakhs in a financial year. As mentioned earlier, if you have already made contributions in other 80C schemes (like Public Provident Fund, Employee Provident Fund, National Pension System, National Savings Certificate, Unit-linked Insurance Plans) up to ₹1.5 lakhs and claimed for the same in a financial year, then you will not be eligible for further deduction.
You have to invest at least the minimum contribution every year for 15 years from the date of opening the Sukanya Samriddhi Yojana account. After that, even when no deposits are made into it, the account continues to earn interest until maturity.
Sukanya Samriddhi Yojana Scheme allows for one account to be opened per girl child. So, if you have two daughters, you can open two separate Sukanya Samriddhi Yojana accounts on their behalf. However, if you have one daughter, you cannot open two accounts for one girl, i.e., only one account can be availed.
Regardless of the girl child's age, a Sukanya Samriddhi Yojana account runs for 21 years from its opening date. So, if the girl child is 9 years old, the Sukanya Samriddhi Yojana scheme will mature when she turns 30.
Sukanya Samriddhi Yojana offers savings with a guaranteed rate of return. If you are looking for a plan to secure your girl child's future, you can put some money into this account. However, since this is a fixed income product, putting the entire amount here would mean you miss out on investing in equities and building a bigger corpus.
Yes. Sukanya Samriddhi Yojana online payment is possible via IPPB (India Post Payments Bank) saving account and intra-operable net-banking.
Yes. You can transfer a Sukanya Samriddhi Yojana account from one designated bank branch or India Post Office to the other with ease. However, such transfer is permitted only within India. If the girl child loses her Indian citizenship or becomes an NRI, the Sukanya Samriddhi Yojana account will have to be closed.
Yes. Sukanya Samriddhi Yojana enjoys the completely exempt (EEE) status. This means, apart from the investment made into Sukanya Samriddhi Yojana, the interest earned and the maturity amount are all tax-exempt. know more about Tax Saving benefits on SSY.
To open a Sukanya Samriddhi Yojana account, the age of the girl child has to be 10 years or below at the time of opening the account.
Yes, a person can avail of both Sukanya Samriddhi Yojana and PPF schemes because they are aimed to help achieve different financial objectives. They can both be availed simultaneously.
No, only one of the legal guardians or parents can claim the tax deduction under Section 80C for the amount deposited under the Sukanya Samriddhi Yojana scheme.
You can open a Sukanya Samriddhi Yojana account for your daughter at any branch of the designated banks or any nearest post offices. The popular banks include State Bank of India, ICICI, HDFC, and more.
You can withdraw up to 50% from your Sukanya Samriddhi Yojana account after the girl child has attained at least 18 years of age. This amount can only be withdrawn for wedding purposes of the girl child or her higher education.
In case the girl child expires, the Sukanya Samriddhi Yojana account is discontinued and closed. The proceeds are transferred to the legal guardian or the parent of the girl child.
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