Sukanya Samriddhi Yojana Scheme, Eligibility, Interest Rate

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    Sukanya Samriddhi Yojana
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    What is Sukanya Samriddhi Yojana Scheme?

    The Sukanya Samriddhi Yojana scheme is focused on the improvement of a young girl child in the country. Sukanya Samriddhi scheme has been launched to bring to the table a method for saving the young lady child in each family. Tenure of SSY is a long time from the date of opening of the record or till the marriage of the young lady after she achieves the age of 18 years

    The scheme was declared by Prime Minister Narendra Modi on 22 January 2015 as a piece of the Beti Bachao, Beti Padhao campaign. The scheme right now gives an interest rate of 7.6% (for the Apr-July 2021 quarter) and tax benefits. The record can be opened at any India Post office or branch of approved commercial banks.

    Sukanya Samriddhi Yojana Features

    The main features of the SSY account are mentioned in the table below:

    Features Details
    Operation of the account
    • The guardian or parents can operate the account until the girl reaches the age of 10 years.
    • The girl must operate the account once she attains the age of 18 years.
    Deposits made towards the account The minimum and maximum deposit that can be made in an account in a financial year is Rs.500 and Rs.1.5 lakh, respectively. The deposits can be made in multiples of 100.
    Duration of the scheme Deposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.
    Transfer of account An SSY account can be transferred from post offices to banks and vice versa anywhere within India. No charges will be levied for the transfer of the account. However, proof for change in residence must be produced. In case no proof is produced, an Rs.100 charge will be levied.
    Mode of deposits Deposits towards the account can be made in the form of online transfer, demand draft, cheque, or cash.

     

    Sukanya Samriddhi Yojana Eligibility

    • Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account for the sake of the girl.

    • The girl child ought to be under 10 years at the hour of account opening. The account can be functional till the girl arrives at the age of 21 years.

    • The investment can begin at Rs. 250 and go up to Rs. 1,50,000 yearly.

    • A solitary girl child can’t have numerous Sukanya Samridhhi accounts.

    • Only two Sukanya Samriddhi Yojana accounts are permitted per family, i.e., one for every girl child.

    Sukanya Samriddhi Yojana Scheme Interest Rate

    At present, the interest rate of the SSY plot was decreased from 8.4% to 7.6% and it is compounded consistently. Interest isn’t payable once the span of the plan is finished or then again if the girl turns into a Non-resident Indian (NRI) or a non-citizen. The rate of interest is chosen by the government not set in stone on a quarterly premise.

    The rate of interest that has been offered by the scheme is mentioned in the table below:

    Duration Rate of interest (%)
    April 2020 onwards 7.6
    1 January 2019 – 31 March 2019 8.5
    1 October 2018 – 31 December 2018 8.5
    1 July 2018 – 30 September 2018 8.1
    1 April 2018 – 30 June 2018 8.1
    1 January 2018 – 31 March 2018 8.1
    1 July 2017 – 31 December 2017 8.3
    1 October 2016 – 31 December 2016 8.5
    1 July 2016 – 30 September 2016 8.6
    1 April 2016 – 30 June 2016 8.6
    From 1 April 2015 9.2
    From 1 April 2014 9.1

     

    Documents Required For Sukanya Samriddhi Yojana Scheme

    The documents required to open an SSY account are mentioned beneath:

    • SSY account opening form.

    • The birth certificate of the girl child should be submitted at the hour of opening the account.

    • The ID proof and address proof of the depositor should be submitted at the hour of opening the account.

    • A medical certificate must be submitted on the off chance that different children are brought into the world under one order of birth.

    • Any different documents that are mentioned by the bank or post office.

    Sukanya Samriddhi Yojana Form

    The guardian needs to top off a Sukanya Samriddhi Account Form (SSA-1) accessible at the post office or assigned bank. Name of the guardian, name of the child, and birth certificate subtleties, address, and KYC information of the guardian is required to be topped off in the form.

    How To Open a Sukanya Samriddhi Account in a Post Office?

    The government’s drive to encourage a girl child’s education and having the option to save funds for them has gotten a huge reaction through the Sukanya Samriddhi and is in fact admirable. A ton of establishments are yet not mindful of the Sukanya Samriddhi Yojana. Yet, the post offices around the bend of your home maybe is the most helpful spot to open up an account. Here is how one can do it:

    1. You need to initially download the form from the separate government portal.

    2. Fill in the fundamental subtleties in the form

    3. Carry all documents fundamental that incorporate:

    • Photographs of the girl child and parent/guardian together

    • ID proof

    • Address proof

    • Aadhaar card is exceptionally helpful for something very similar.

    • Birth certificate of the girl child

    4. Submit the entirety of the abovementioned and the application form at the post office.

    How to Open a Sukanya Samriddhi Account at a Bank?

    • Fill out the SSY Account opening form

    • Keep the documents prepared alongside photographs

    • Pay the deposit sum (any sum between Rs. 250 and Rs. 1.5 lakh will do)

    • You can give standing guidance at the branch or you can set up automatic credit to SSY Account through NetBanking.

    Sukanya Samriddhi Yojana Tax benefits

    Given beneath are the Sukanya Samriddhi Yojana tax benefits:

    • Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.

    • The interest sum that is generated is likewise absolved from tax.

    • Tax benefits are likewise provided for the maturity sum or the withdrawal sum.

    FAQ’s On Sukanya Samriddhi Yojana

    1. What is the relaxation in age limit given to girl children under the Sukanya Samriddhi Scheme?

    Since the Sukanya Samriddhi scheme is a recently launched scheme, the government doesn’t need not many individuals to miss profiting it because of reasons relating to age. Thus, any girl child who has achieved the age of 10 years, exactly 1 year preceding the announcement of scheme is likewise qualified to profit from the scheme. In this way, any girl child brought into the world between second December 2003 and first December 2004 is qualified to benefit from the Sukanya Samriddhi Scheme.

    2. What is the taxation cycle of the sum deposited under the Sukanya Samriddhi Scheme?

    There is a limit of Rs.1,50,000 which is absolved from taxation. Any sum over this won’t bring any income tax help under section 80C of the Income Tax Act.

    3. Who all can open Sukanya Samriddhi Account?

    Any legal guardian or parent of a girl child can open a Sukanya Samriddhi Account in the interest of their girl child.

    4. Can a Non-Resident Indian profit from the Sukanya Samriddhi Scheme?

    As of now, there is no official correspondence with respect to this issue and such NRIs are, until further notice, not covered under the Sukanya Samriddhi Scheme.

    5. What occurs for the situation the girl child who is the beneficiary meets with a sudden passing?

    In the event of the death of a girl child, the Sukanya Samriddhi Account is stopped and shut and the returns are moved to the guardian or parent of the girl child.

    6. What occurs in the event of the death of the depositor (guardian or parent of the girl child)?

    In the event of the death of a legal guardian or parent of the girl child, the scheme is either shut and the returns are given to the family or girl child. Or on the other hand, the scheme proceeds with the deposited sum until the maturity time frame and the deposited sum keeps on procuring interest till the girl child accomplishes the age of 21 years.

    7. Can I convert my typical bank deposit account to Sukanya Samriddhi Account?

    No. Presently, the component of converting deposit account to Sukanya Samriddhi Account isn’t accessible. Sukanya Samriddhi is a unique scheme pointed toward elevating the financial status of girls in the nation and as such transformation of account isn’t permitted.

    8. Can I pull out money from my Sukanya Samriddhi Account, suddenly?

    No. Just a halfway withdrawal of up to half is permitted and that is added when the girl child has accomplished basically the age of 18 years. This sum can be removed uniquely for higher education or the wedding cost of the girl child.

    9. Is the Sukanya Samriddhi scheme accessible all through India?

    Indeed. Sukanya Samriddhi is a central government scheme and as such is available in every single condition of the country.

    10. Is the Sukanya Samriddhi Scheme adaptable according to the area?

    Indeed. This scheme can be moved from post office to bank or starting with one approved bank then onto the next. This is on the grounds that there might be times when a girl child might need to move because of study or other such circumstances.

    11. Should I select Sukanya Samriddhi Scheme or s Recurring Deposit Scheme?

    Sukanya Samriddhi seems as though a recurring deposit scheme in the manner it is organized yet customers need to comprehend that not at all like recurring deposits, this scheme is pointed explicitly at offering financial solidarity to the girl child in the country. Likewise, the rate of interest offered on this scheme is higher than that being offered by any bank on recurring deposit schemes.

    12. Who can profit Sukanya Samriddhi Account?

    Just parents or legal guardians of at least one girl child can profit from the Sukanya Samriddhi Scheme for the sake of their girl.

    13. How numerous Sukanya Samriddhi Accounts would I be able to take for my girl?

    Just a single Sukanya Samriddhi Account per girl child is permitted. So on the off chance that you have two little girls, you can benefit from two separate accounts in both of their names, and assuming you have one little girl, just one account can profit.

    14. Where would I be able to open Sukanya Samriddhi Account for my little girl?

    Sukanya Samriddhi Account can be opened at any of your closest post offices or at any branch of the approved banks. These banks incorporate practically all top and most well known public sector and private sector banks like State Bank of India, ICICI, HDFC, Punjab National Bank, and so on

    15. Has the interest rate on Sukanya Samriddhi Scheme changed since the hour of launch?

    At the hour of launch, in the year 2014-15, the rate was 9.1% per annum which has been changed and expanded to 9.2% per annum for the year 2015-16. However, it decreased to 8.6% for FY 201.6-17

    16. Do private sector banks likewise have the power to open Sukanya Samriddhi Accounts for the public?

    Indeed. A couple of significant private sector banks like ICICI, HDFC, and so forth are approved by the Finance Ministry to outfit and keep up with Sukanya Samriddhi Scheme to customers.

    17. What happens in the event that I don’t deposit money in the account?

    The account gets deactivated if the base measure of Rs.250 isn’t deposited. However, it tends to be restored by suffering a consequence charge of Rs.50. The details of these schemes have been kept incredibly adaptable to guarantee the greatest support by individuals with a wide range of financial statuses.

    18. Can the two parents guarantee tax derivation for Sukanya Samriddhi deposit sum under section 80C?

    No. Just one of the parents or guardians can guarantee tax discount according to section 80C for the sum deposited under Sukanya Samriddhi.

    19. Can an individual profit from both Sukanya Samriddhi and PPF schemes?

    Indeed. Sukanya Samriddhi is a scheme focused on primarily girl child while PPF or Personal Provident Fund is there to assist individuals with putting something aside for retirement or longer tenures. Both can profit at the same time since both have diverse financial destinations.

    20. Is there any contrast between the Sukanya Samriddhi scheme offered by the public banks and that offered by private banks?

    No. There is positively no distinction in features of benefits. Be it private banks or public banks or post offices, all approved elements offer exactly similar features and benefits since the scheme is a central government-driven scheme.

    21. What is the base yearly deposit sum required for Sukanya Samriddhi Scheme?

    The base deposit sum required per annum is Rs.250.

    22. What is the most extreme yearly deposit sum that can be deposited under the Sukanya Samriddhi Scheme?

    The most extreme sum that can be deposited under the Sukanya Samriddhi Scheme is Rs.1.5 lakh per annum.

    23. Is there a last date to benefit the Sukanya Samriddhi Scheme?

    No. There is no last date to benefit the scheme. However, standard tax documenting dates will apply to this scheme too for reasons for taxation.

    24. Will I be given a passbook under Sukanya Samriddhi Yojana?

    Indeed. A passbook to follow every one of your transactions will be outfitted to all account holders of the Sukanya Samriddhi Scheme. The passbook will convey all personal subtleties like address, name, and age subtleties of the account holder. This is a decent reference for depositors in the event that a debate emerges or even if there should be an occurrence of the move of account starting with one spot then onto the next or from post office to an approved bank.

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