Sukanya Samriddhi Yojana 2023 | SSY | Sukanya Samriddhi Yojana Payment Rule | Deposit Money Sukanya Samriddhi Yojana Account through IPPB | Withdrawal Rules of SSY Acount | Benefits of SSY | Open Sukanya Samriddhi Yojana Account | List of Banks
Sukanya Samriddhi Yojana is a saving scheme that is aimed at the betterment of girls in India. The scheme offers a means of saving money for girls in every family. The scheme is open for girls younger than 10 years old.
What is Sukanya Samriddhi Yojana?
As a part of the Beti Bachao Beti Padhao campaign, Sukanya Samriddhi Yojana (SSY) was launched by Prime Minister Narendra Modi on 22 January 2015. The scheme encourages parents of girl children to build a fund for the future education and marriage expenses for their girl children. Tenure of Sukanya Samriddhi Yojana is 21 years from the date of opening of the Sukanya Samriddhi Yojana Account or till the marriage of the girl after she attains the age of 18 years.
Features of Sukanya Samriddhi Yojana (SSY)
1. Sukanya Samriddhi Yojana Account can be opened either in Post Office or in any participating banks in India.
2. The parents or guardians of the girl can operate the account until the girl attain the age of 10 years.
3. The girl must operate the account once she attains the age of 18 years.
4. The minimum and maximum deposit that can be done in an account in a financial year are Rs. 250 and Rs. 1.5 lakh respectively.
5. The deposition period is of 15 years and the maturity period of the Sukanya Samriddhi Yojana Account is 21 years from the date of opening the Sukanya Samriddhi Yojana Account.
6. Sukanya Samriddhi Yojana Account can be transferred from banks to Post Office and vice versa anywhere in India free of cost. This can be done upon furnishing proof of change of residence of either the guardian/parent of the girl. In case no proof is produced, an Rs. 100 charge will be levied.
8. Deposits towards the Sukanya Samriddhi Yojana Account can be made through online transfer, demand draft, cheque, or cash.
Eligibility for Sukanya Samriddhi Yojana
The eligibility criteria for opening a Sukanya Samriddhi Yojana Account is as follow:
1. Only the legal guardian or parent of the girl child can open the Sukanya Samriddhi Yojana Account in the name of the girl child.
2. The girl child must be a resident Indian.
3. The age of the girl should be less than 10 years at the time of opening the account.
4. Only one account can be opened in the name of a single girl child.
5. Maximum of two accounts are allowed to open in a single-family.
6. Sukanya Samriddhi Yojan Account can be opened for more than two girls in some special cases – a third account can be opened if a girl child is born before (not after) the birth of twin or triplet girls or if triplets are born at first.
Benefits of Sukanya Samriddhi Yojana Account
1. The minimum and maximum deposit amounts are Rs. 250 per fiscal year and Rs. 1.5 lakh per fiscal year respectively. With a minimum contribution of Rs. 250, the Sukanya Samriddhi Yojana account can be opened in a simple and hassle-free way
2. Premature withdrawal is allowed if the girl attains the age of 18 years and has completed the 10th standard. However, this withdrawal must be used to meet the educational expenses.
3. The maximum amount that can be withdrawn is 50% of the amount that is available in the previous financial year by submitting the proof of admission. The amount can be withdrawn in 5 installments or a lump sum.
4. Under Section 80C of the Income Tax Act, 1961, the tax deduction benefits of up to Rs. 1.5 lakh are provided annually. The tax benefits are provided both for the maturity and withdrawal amounts.
5. The interest rate is 7.6% for a financial year.
6. Sukanya Samriddhi Yojana provides a decent return by investing in this scheme.
Tax benefits of Sukanya Samriddhi Yojana
1. Under Section 80C of the Income Tax Act, 1961, the tax deduction benefits of up to Rs. 1.5 lakh are provided annually.
2. The tax benefits are provided both for the maturity and withdrawal amounts.
Documents required to open Sukanya Samriddhi Yojana Account
The following documents are required to open an SSY account:
1. Birth certificate of the girl child.
2. Identity and address proof of the guardian or parent.
3. A medical certificate in case multiple children are born under one order of birth.
4. Any other documents that are requested by the bank or post office.
List of Banks for opening Sukanya Samriddhi Yojana Account
The below-mentioned banks offer to open Sukanya Samriddhi Yojana Account:
State bank of India
Allahabad Bank
Andhra Bank
Punjab and Sind Bank
Bank of Baroda
Canara Bank
Bank of India
Bank of Maharashtra
Corporation Bank
Central Bank of India
Indian Overseas Bank
Dena Bank
Indian Bank
UCO Bank
Syndicate Bank
United Bank of India
Punjab National Bank
United Bank of India
Oriental Bank of Commerce
IDBI Bank
Vijaya Bank
Axis Bank
ICICI Bank
How to Open Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana Account can be opened either in Post Office or in any participating banks mentioned above. The detailed process to open Sukanya Samriddhi Yojana Account with Post Office and with Banks is provided below.
Step 1 – Visit the nearest Post Office or Bank where you would like to open the Sukanya Samriddhi Yojana Account.
Step 2 – Fill up the application form for opening Sukanya Samriddhi Yojana Account with the details of the girl child and her legal guardian/parent.
Step 3 – Attached the required documents like birth certificate etc and submit.
Step 4 – After verification of the application form and documents provided by the official, the Sukanya Samriddhi Yojana Account will be opened and a passbook will be handed over to the legal guardian or parent.
What will happen if excess or less amount is paid towards Sukanya Samriddhi Yojana Account?
1. Excess Amount – No interest is generated for any deposits above Rs. 1.5 lakh. The account holder can withdraw the excess amount at any time.
2. Lesser Amount – If the minimum amount of Rs. 250 is failed to pay in a financial year, the SSY Account will be considered as a default. However, the account can be re-activated by paying a fine of Rs. 50.
Withdrawal Rules of Sukanya Samriddhi Yojana
The withdrawal rules of the Sukanya Samriddhi Yojana account are mentioned below:
1. Once the tenure of the SSY account is completed, the entire amount including the interest from the account can be withdrawn. However, the following documents must be submitted along with the Application form for the withdrawal of the amount:
a. ID proof.
b. Address proof.
c. Citizenship documents.
2. If the girl child has attained the age of 18 years and has completed the 10th standard, withdrawal of the amount is allowed. However, the withdrawn money must be used to meet the educational expenses of the girl child.
3. The maximum amount that can be withdrawn is 50% of the amount that is available in the previous financial year by submitting the proof of admission. The amount can be withdrawn in 5 installments or a lump sum.
Pre-mature withdrawal Rules of Sukanya Samriddhi Yojana Account
Pre-mature withdrawal of the Sukanya Samriddhi Yojana Account is allowed. The rules are mentioned below:
1. Pre-mature withdrawal of the Sukanya Samriddhi Yojana Account is allowed if the girl attains 18 years of age and is getting married. However, it is mandatory to apply at least one month before marriage and 3 months after marriage to avail of the benefit. The application should be accompanied along with the documents that determine the age of the girl.
2. In case the girl child becomes a non-citizen or a non-resident, the account will be considered closed. As such, the guardian or the girl must inform about the change of status one month from the date of status change.
3. In case the girl child passes away during the tenure, the balance available in the account can be withdrawn by the guardian. However, the death certificate of the girl must be submitted.
4. The Sukanya Samriddhi Yojana account can be closed for other reasons as well, but the interest that is earned from the contributions will be the same as the interest rates offered by the Post Offices.
How to deposit money online in your post office Sukanya Samriddhi Yojana account through IPPB?
After opening an SSY account, the account holder can manage their account online through India Post Payments Bank (IPPB) mobile app. Here is the step by step guide for depositing money in Sukanya Samriddhi Yojana Account in Post Office:
Step 1 – Transfer money from your savings bank account to your IPPB account.
Step 2 – Go to Department of Post (DOP) product and select Sukanya Samriddhi Yojana Account.
Step 3 – Enter your Sukanya Samriddhi Yojana Account Number, Customer ID provided by DOP.
Step 4 – Once successfully logged in, select the Installation duration and amount.
Step 5 – IPPB will notify you of the successful payment transfer made through the IPPB application.