Sukanya Samriddhi Yojana (SSY) is a part of Beti Bachao Beti Padhao campaign launched by the honourable Prime Minister Narendra Modi. The welfare scheme has been devised to secure the future of your girl child. You can open an account for your girl child in any banks and make investments up to 21 years from the date of account opening.
Under the SSY scheme, you can deposit an amount regularly and build a corpus that will help you to bear all expenses of your daughter’s higher education and marriage.
Sukanya Samriddhi Yojana comes with the following features:
You can avail these benefits by investing in the Sukanya Samriddhi Yojana:
Currently, SSY interest rate stands at 7.6%. It was lowered from 8.4% to 7.6%. The rate of interest is revised quarterly but is compounded yearly.
Here’s the changing interest rate under SSY:
|Financial year||Interest rate|
|April 2020 onwards||7.6% p.a.|
|January 1 2019 –March 31 2019||8.5% p.a.|
|October 1 2018 – December 31 2018||8.5% p.a.|
|July 1 2018 – September 30 2018||8.1% p.a.|
|April 1 2018 – June 30 2018||8.1% p.a.|
|January 1 2018 – March 31 2018||8.1% p.a.|
|July 1 2017 – December 31 2017||8.3% p.a.|
|October 1 2016 – December 31 2016||8.5% p.a.|
|July 1 2016 – September 30 2016||8.6% p.a.|
|April 1 2016 – June 30 2016||8.6% p.a.|
|April 1 2015 – March 31 2016||9.2% p.a.|
|December 3 2014 – March 31 2015||9.1% p.a.|
To compute the interest component, you can refer to this formula-
I = P(1+R/100) ^N
Where I is interest rate
P denotes principal deposited
R suggests return rate
N means number of years
PPF (Public Provident Fund) is a retirement savings scheme, whereas SSY (Sukanya Samriddhi Yojana) is a savings scheme meant for securing a girl child’s future.
|Public Provident Fund (PPF)||Sukanya Samriddhi Yojana ( SSY)|
|Minimum and maximum deposit limits under Public Provident fund are Rs.500 and Rs.1.5 lakh, respectively.||Minimum and maximum deposits for Sukanya Samriddhi Yojana are Rs.250 and Rs.1.5 lakh, respectively.|
|Adult citizens can open this account.||This scheme is only for a girl child who is below 10 years old. Legal guardians or parents of girl children can open this account.|
|Maturity period for Public Provident Fund is 15 years from the end of the financial period in which one opens the account.||Maturity period for Sukanya Samriddhi Yojana is 21 years from date of account opening.|
|There is a nomination facility with this account.||There is no such nomination facility under the SSY scheme.|
|Interest rate is 7.10% per annum from 2021 to 2022.||For FY 2021 to 2022, the interest rate is set at 7.6% per annum.|
|A policyholder can opt for premature withdrawal after six financial years.||Under SSY, an account holder can go for premature withdrawal when the girl child is 18 years old.|
So, both these schemes are very different in terms of purpose and significance.
Under Sukanya Samriddhi Yojana, you are required to make a deposit in your SSY account regularly so that you can get the maturity amount.
Sukanya Samriddhi Calculator enables you to compute the estimated amount you can receive under SSY investment plan after the scheme matures. By providing the investment amount, girl child’s age and starting year of the investment, you will be able to see the maturity year and total amount that you will get upon maturation.
This calculator will evaluate returns you will receive on maturity by factoring in the deposit, prevailing interest rate and maturity period.
Applicants must adhere to the following eligibility criteria to be able to open a Sukanya Samriddhi Yojana account:
Besides meeting eligibility criteria, applicants must keep the following documents in order:
It is essential to note that applicants may have to submit additional documents as per the bank’s requirements.
You can conveniently open an SSY account in a post office or a bank by following the mentioned steps:
Step 1: Go to your nearest post office or bank and fill out the account opening form. This form is known as Form SSA-1. You can also download this form online as well.
Step 2: Provide your personal details by attaching ID proof and address proof.
Step 3: Now head to deposit the sum. The limit must fall under minimum and maximum deposit limits.
Step 4: Once you submit the application form and make the deposit, the bank will make necessary verifications.
Once processing is done, your SSY account will be ready for transactions. You will also receive a passbook. One can apply for the Sukanya Samriddhi Yojana online.
Applicants need to provide vital information regarding the girl child in Sukanya Samriddhi Yojana application form. Moreover, information regarding the depositor should also be mentioned while applying to open an SSY account. Here’s how one can fill up the SSY application form in post offices:
Step 1: Go to the nearest post office and get the SSY application form. Mention your post office savings number if you have one.
Step 2: Provide post office details under ‘To the postmaster’.
Step 3: Paste the applicant’s photo and provide the name and check on ‘Sukanya Samriddhi Yojana’.
Step 4: Enter all details under ‘Account Holder Type’ and ‘Account type’. Provide details about Aadhaar, address, PAN and then make the deposit.
Step 5: Now, sign on page 1. In case you wish to provide instructions regarding amount deposition, sign on Section (5) of page 2.
Step 6: Provide your sign and date.
You can conveniently transfer your Sukanya Samriddhi account to a bank from a post office by following the steps mentioned below:
Step 1: Firstly, go to the post office where the SSY account is opened and notify the PO executive regarding transferring of the account.
Step 2: Now, fill in the entries of the account transfer form and submit necessary documents.
Step 3: Next, head to the bank where you want to shift your SSY account and submit the self-attested KYC papers.
On submitting necessary documents, you can successfully transfer your account and receive a new passbook.
Moreover, under set norms and rules, you can conveniently transfer the SSY account from one state to another state in India, from one Indian post office to another, and from one authorised bank to another.
An account holder must be acquainted with the following Sukanya Samriddhi Yojana withdrawal rules:
An account holder might feel the need to withdraw before maturation of deposited sum. Here are the rules that will help account holders in premature withdrawal from SSY account:
Here is the list of banks extending SSY scheme:
Sukanya Samriddhi Yojana is a flagship scheme backed by the government that extends welfare benefits for the girl children, helping them grow and prosper in life. If you want to secure your girl child’s future you can opt for investing in this scheme.
Ans: There are absolutely no differences in the provision whether you open the SSY account in a public or private bank. You will receive the same features and terms from both authorised entities as the Central Government backs this scheme.
Ans: A non-resident Indian cannot open an account under Sukanya Samriddhi Yojana. As per eligibility, the account holder must be Indian. If the account holder moves out of India, the SSY account will be closed.
Ans: After demise of the depositor, either the account holder will receive the money which was deposited so far. Otherwise, the sum continues to gain interest till it matures.
Ans: You will receive a passbook as you open an account under the Sukanya Samridhi Yojana. The passbook holds all transaction history, including deposits, interest and withdrawals. Keep track of your passbook to check your account balance.
Ans: It is not possible to convert my normal bank account to Sukanya Samriddhi Yojana. You will have to open a different account under this scheme for depositing money and reaping its benefits.
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