Sukanya Samriddhi Yojana {New} – All You Wanted to Know

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for the benefit of the girl child. To encourage the parents under “Beti Bachao, Beti Padhao Yojana”, the scheme is launched by our Prime Minister in the year 2015. The parents of the girl child can open Sukanya Samriddhi account up to two girl children. The maturity of the Sukanya Samriddhi Yojana account is 21 years from the date of opening of the account.  Parents can open the account by submitting the account opening documents at any authorized bank branch or post office.  We have provided you the complete detail about Sukanya Samriddhi Yojana’s account like application form, eligibility, interest rates, maturity, etc. All the details of Sukanya Samriddhi Yojana provided here up to date w.e.f. 12-12-2019.

Quick Brief About Sukanya Samriddhi Yojana Account

Time Horizon/Maturity Period 21 Years
Time Period for Deposits Made in Account 15 Years
Tax Benefits Interest is Tax Free, Section 80C (EEE)
Who Can Open Account Any Guardian of Girl Child  (Resident Indian)
Name of Account Holder Girl child less than 10 years old as on the date of opening of account
Number of Accounts Only One per Girl Child
Number of Accounts per Family Only Two  (except in case of twins or triplets)
Minimum Deposit in a Financial Year Rs.250
Maximum Deposit in a Financial year Rs.1,50,000
Default in Minimum Deposit Rs.50 penalty per year
Rate of Interest See Chart (7.6% w.e.f. 1-4-2020 to 30-6-2020)
Premature Closer of Account Allowed (See Heading Given Below)
Partial Withdrawal Allowed up to 50% under some conditions
Loan Availablity No
Pledge or Transferred as Security No

Eligibility Sukanya Samriddhi Yojana Account

  • Any parents of Girl Child
  • The girl child should be less 10 years at the time of account opening.
  • The minimum investment of Rs.250 and maximum of Rs. 1,50,000 annually.
  • Only one account is allowed for one girl child.
  • Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e. one for each girl child. (exception allowed for twins and triplets)
  • You can transfer the Sukanya Samriddhi Yojana account anywhere in India.

Investment Amount 

  • You can invest a minimum of Rs.250 or up to a maximum of Rs.1,50,000 annually. The penalty of Rs.50 will be levied if you failed to deposit a minimum of Rs.250 in a year.

Withdrawals from Sukanya Samriddhi Yojana Account

  • 50% withdrawal at the age of 18 years of girl child for higher education purposes.
  • After 21 years from the date of opening Sukanya Samriddhi Yojana account.
  • You can also withdrawals the full amount if girl child married after the age of 18 years.

Deposit Period

  • You can deposit in Sukanya Samriddhi Yojana account up to 15 years from the date of opening of the account.

Deposit Methods

You can deposit in Sukanya Samriddhi Yojana account

  • in cash in Indian rupees; or
  • by mean of crossed Cheque, a Demand Draft or a Pay Order
  • by submitting a signed withdrawal form in respect of a saving account standing in the same Account Office; or
  • by electronic transfer permitted by the RBI in respect of similar transactions in commercial banks.
  • in SBI account online payment facility is also available in Sukanya Samriddhyi Yojana account.

You can ask your bank manager for online payment in SSY account.

How to Open Sukanya Samriddhi Account?

You can open Sukanya Samriddhi Account in any authorised bank and post office. It is very simple to open Sukanya Samriddhi Account.

  1. First you need to download the application form of the bank in which you open the account.
  2. Then, you need to fill Sukanya Samriddhi Yojana Account form and submit it with the required documents in the bank branch.
  3. Finally, you need to deposit an initial amount to open the Sukanya Samriddhi Yojana account.

You can check all the authorized banks by RBI to open the Sukanya Samriddhi account. The list of all banks are given below.

Who can Operate Account Sukanya Samriddhi Yojana Account?

  1. by the guardian till the account holder/girl child attains the age of 18 years.
  2. after attaining the 18 years of age herself after submitting necessary documents.

Where to Open Sukanya Samriddhi Account?

  • The Sukanya Samriddhi Yojana Account can be opened at any India Post Office.
  • The Sukanya Samriddhi Yojana Account can be opened at any branch of some authorized commercial banks.

Documents Required to Open Sukanya Samriddhi Yojana Account

An application in Form 1 along with the following documents namely:-

  • proof of age of girl child;
  • a recent passport size photograph;
  • amount of deposit, accompanied by a Pay-in Slip; and
  • identity documents – Aadhaar Card/PAN/Voter ID Card/Passport

Sukanya Samriddhi Account Interest Rates

  • The interest of Sukanya Samriddhi Yojana Account rate can change from time to time after the account is opened. Revised interest rates shall apply from the date of the change.
  • Interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
  • Interest shall be credited to the account at the end of each financial year.
Sr.No. Relevant Period Rate of Interest
1 Financial Year 2014-15 9.1%
2 Financial Year 2015-16 9.2%
3 01-04-2016 to 30-09-2016 8.6%
4 01-10-2016 to 31-03-2017 8.5%
5 01-04-2017 to 30-06-2017 8.4%
6 01-07-2017 to 31-12-2017 8.3%
7 01-01-2018 to 30-09-2018 8.1%
8 01-04-2018 to 30-09-2018 8.1%
9 01-10-2018 to 31-03-2019 8.5%
10 01-04-2019 to 30-06-2019 8.5%
11 01-07-2019 to 31-03-2020 8.4%
12 01-4-2020 to 30-06-2020 7.6%

Tax Benefits of Sukanya Samriddhi Yojana Account 

  • The schemes come with exempt-exempt-exempt (EEE) status.
  • Interest is totally tax-free under section 10 (11A) of the Income-Tax Act, 1961.
  • The amount invested/deposited comes under section 80C. You can get deduction of Rs.1,50,000 under section 80C. The deduction is available to the account holder/guardian making such a deposit.

Partial Withdrawal

You can partial withdrawal under the following conditions.

  1. You can only withdrawal up to a maximum of 50% of the amount.
  2. Such withdrawal may be made in one lump sum or in installments, not exceeding 1 per year, for a maximum of 5 years.
  3. The withdrawal should be for the purpose of education of account holder/girl child.
  4. The amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the education institution.
  5. The age of the account holder/girl should be more 18 years or has passed the tenth standard, whichever is earlier.

Loan on Sukanya Samriddhi Account Scheme

  • No loan is available against the balance in Sukanya Samridhi Yojana account.

Premature Closure of SSY Account

You can only premature close Sukanya Samriddhi Yojana Account in the following cases:-

  1. in the event of the death of account holder
  2. extreme compassionate grounds such as medical support in life-threatening diseases of the account holder
  3. death of the guardian
  4. request for such closure for the reason of intended marriage of the account holder

Comparison of Old and New Sukanya Samriddhi Account Scheme

Points of Comparison New Scheme w.e.f 12-12-2019 Old 2016 Scheme
Manner of Calculation of interest Interest shall be calculated for the calendar month on the lowest balance in the account between the close of the 5th day and the end of the month Interest shall be calculated for the calendar month on the lowest balance in the account between the close of the 10th day and the end of the month
Interest Rate 7.6% up to June 2020 per annum 8.4% per annum (See Interest Rate Heading)

Bank Authorised to Open SSY

The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts (SSA).

  • Axis Bank
  • Andhra Bank
  • Allahabad Bank
  • State Bank of India (SBI)
  • Bank of Maharashtra (BOM)
  • Bank of India (BOI)
  • Bank of Baroda (BOB)
  • State Bank of Patiala (SBP)
  • State Bank of Mysore (SBM)
  • Vijaya Bank
  • State Bank of Hyderabad (SBH)
  • Indian Overseas Bank (IOB)
  • Indian Bank
  • IDBI Bank
  • ICICI Bank
  • United Bank of India
  • State Bank of Travancore (SBT)
  • Union Bank of India
  • UCO Bank
  • Punjab National Bank (PNB)
  • Syndicate Bank
  • State Bank of Bikaner & Jaipur (SBBJ)
  • Punjab & Sind Bank (PSB)
  • Oriental Bank of Commerce (OBC)
  • Dena Bank
  • Corporation Bank
  • Canara Bank
  • Central Bank of India (CBI)

Important Links

Particulars Links
Download Application Form (SSA-1) for Post Office Download Here
Download Application Form for Banks (Contact Your Bank) Each Bank Different Application Form
India Post Official Website SSY for More Information Click Here
Sukanya Samriddhi Account Rule 2016 Download Here
Rate of Interest on National Savings Schemes w.e.f. 01/04/2020 to 30/06/2020 Download Here
Rate of Interest on National Savings Schemes w.e.f. 01/07/2019 to 30/09/2019 Click Here
All Forms Click Here
Download SSY Calculator (Excel) Click Here


Can grandparent open Sukanya Samriddhi Yojana Account?

No, a grandparent can not open the account if either parent is alive otherwise the grandparent has been appointed as a legal guardian by the court.

Can a non-resident Indian open SSY account?

No, a non-resident can not open the SSY account. Only the following persons are eligible to open the SSY account.

  1. An adult resident citizen of India.
  2. By a guardian on behalf of a minor of unsound mind.
  3. The Guardian as well as the minor or a person of unsound mind shall be the resident citizen of India.

What if the guardian becomes non-resident after opening the account?

If a depositor or guardian becomes non-resident Indian during the period the account is operated.

  • the account may be continued till its maturity and
  • the benefits available to the depositor in the said account shall be available only on non-repatriation basis and
  • the account shall not be allowed to be extended or continued beyond maturity, even if such extension or continuation is and otherwise permissible, and
  • no interest shall be payable after the date of its maturity.

How many accounts can be opened under Sukanya Samriddhi Yojana?

Only one account is allowed on one girl child.

How many accounts may be opened by a family?

In one family maximum of two accounts for two girl children in the family under Sukanya Samriddhi Yojana.

How many accounts may be opened in case of twins or triplets?

In the case of twins or triplets more than two accounts may be opened in a family if such children are both in the first or in the second-order of birth or in both.

What happens if the minimum deposit of Rs.250 not made in any financial year?

  • The SSY account shall be considered as default.
  • A penalty of Rs.50 for each year of default and the minimum annual deposit in respect of the defaulted years.

If the account holder does not deposit the minimum amount and penalty then the whole deposit including the deposits made prior to the date of default shall be eligible for interest at the rate applicable to the scheme till the closure of the account.

What if the total deposits in an account exceed Rs.1,50,000 in a financial year under a new scheme?

The excess amount shall not be eligible for any interest and be returned immediately to the depositor.

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