Sukanya Samriddhi Yojana Post Office Savings Scheme For Girl Child

Are you a parent or guardian of a little girl? If so, you must be thinking about her future and hoping she gets enough opportunities to grow and succeed.

But have you considered how to finance that future? In case you haven’t yet, this blog will help you! In this blog, we’ll talk about a scheme that the Indian Government offers for girl child welfare – the Sukanya Samridhi Yojana! So,

What is Sukanya Samriddhi Yojana?

Answer to that – It’s a government-backed savings scheme designed specially to help parents or guardians save for their daughter’s education and marriage. 

In this blog, we’ll talk about everything you need to know about the Sukanya Samriddhi Yojana so you can plan a bright and secure future for your girl child!

Sukanya Samriddhi Yojana: A Complete Brief

The Sukanya Samriddhi Yojana is an initiative by the government of India to secure the financial future of the daughters of India!

Introduced on 22nd January 2015 by the Honorable Prime Minister Narendra Modi, this scheme is a part of the “Beti Bachao Beti Padhao” initiative. It aims to promote parental saving for the education and marriage of the girl child. 

To invest in the Sukanya Samriddhi Yojana, one can open a Sukanya Samriddhi Account at designated banks or post offices. With this Yojana, parents can be assured of the financial well-being of their daughters in the long run, making it one of the safest and best investments for the future of their girl child.

Sukanya Samriddhi Account at the Post Office: Key Features

Here are some of the key features of Sukanya Samridhi Yojana —

Feature	Details
Who Can Open the Account?	Parents or legal guardians can open the account in the name of a girl child.
Account Limit	One account per girl child; maximum of two accounts for two different girls.
Age Requirement	The account can be opened until the girl turns 10 years old. A one-year grace period is provided for those born between December 2, 2003, and December 1, 2004.
Maturity and Closure	Account matures after 21 years from the opening date. The account can be closed before 21 years if the account holder is getting married. To do this, one can apply for early closure by providing a signed declaration on non-judicial stamp paper, attested by a notary. Age proof will be required, showing that the account holder will be at least 18 years old on her wedding day.
Premature Closure	If the account holder dies, the account will be closed immediately once an application (Form-2) and a death certificate are provided. The money in the account and any interest earned up to the date of death will be given to the guardian. If there are extreme scenarios, like the account holder needing urgent medical treatment for a life-threatening illness or if the guardian has died, the account can be closed early.  Proper documents and account office approval must be submitted to prove the hardship.
Minimum Deposit	₹250 (initial deposit); further deposits in multiples of ₹50.
Maximum Deposit	₹1,50,000.
Account Holder	Managed by parent/guardian if the girl child is below 10 years; the girl can take control at age 18.
Maturity Period	21 years after account opening; deposits must be made for at least 15 years.
SIP	To automate depositing into the Sukanya Samriddhi Account, a Standing Instruction (SIP) can be set up by visiting the branch or using Internet banking.
Tax Benefits	According to Section 80C of the Income Tax Act of 1961, the Sukanya Samriddhi Yojana provides a triple tax benefit under the latest finance bill. This means that there will be no tax with respect to the investment made, the interest earned, and the withdrawn amount.
Deposit Methods	- Online transfer/NEFT - Demand draft - Cash - Cheque

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

It’s very easy to open a Sukanya Samriddhi Account in the Post Office near you. Here’s how:

Step 1: Begin by downloading the application FORM - 1 from the Indian Post Office’s official website or get one up by visiting the nearest Post office.

Step 2: Fill out the necessary fields on the form. Attach the relevant documents, including the girl's birth certificate, whose account is being created and the guardians' documents.

Step 3:  After doing all the above, take the filled form along with the required documents to the Post Office and submit it. Pay the required amount of the initial deposit, and you are good to go! 

And so begins your daughter’s savings journey!

Eligibility for Sukanya Samriddhi Account

Here are several points to outline the major eligibility factors for opening a Sukanya Samriddhi account:

• Age Requirement: The account can be opened in the name of a girl child who shall be under the age of 10 at the time of account registration. 
• Account Limit: Only one Sukanya Samriddhi account is permitted in one girl child’s name.
• Family Accounts: Under this scheme, a family can open accounts for up to two girls only.
• Multiple Births: If there are twins or triplets born in the first or second order of birth, more than two accounts can be opened. This requires an affidavit from the guardian, along with the birth certificates of the children.

These eligibility criteria make sure that the scheme supports families with girl children in the right way!

Documents Required for Sukanya Samriddhi Yojana

To successfully open a Sukanya Samriddhi account, you will have to submit the following:

• Application Form-1: Fill in the designated account opening form.
• Birth Certificate: Provide the birth certificаte of the girl child in whose name the account is being opened.
• Guardian Documents: Aadhaar and PAN to provide proof of identity and address of the guardian.

Make sure all documents are ready beforehand to ensure a smooth application process!

Withdrawal rules of Sukanya Samriddhi Yojana Account

Moving on to the withdrawal of funds from a Sukanya Samriddhi Yojana (SSY) account, the following rules are in place:

• Purpose of Withdrawal: Up to 50% of the balance available in the account can be withdrawn once the account holder attains the age of 18 years or completes class 10, whichever occurs earlier.
• Documents Required: The Form-3, along with necessary proof of admission and/or educational institution fee payment receipt, must be attached while applying with the withdrawal form. 
• Withdrawal Limit: Withdrawals can be taken in one lump sum or in instalments (maximum one withdrawal every twelve months) over five years. The amount must not exceed the actual terms or conditions present in the admission offer or fee slip. 

Deposit Caps for Sukanya Samriddhi Yojana

When contributing to a Sukanya Samriddhi Yojana (SSY) account, there are specific rules regarding deposit amounts:

• Minimum Deposit: The account can be opened with as little as ₹250, with additional amounts that can be deposited in multiple of ₹50. A sum equal to at least ₹250 is required to be deposited every year to maintain the account in operation.
• Maximum Deposit: Cumulatively, only ₹1.5 lakh can be deposited within one financial year. If any excess amount is even accidentally accepted more than ₹1.5 lakh, it shall not attract any interest and will be refundable to the depositor.
• Deposit Period: Deposits can be made for a period of 15 years from the date of account opening.
• Default Penalty: If the minimum deposit is not made, the account will be treated as in default. However, it can be revived by paying a penalty of ₹50 per default year, along with the minimum deposit for those years.
• Interest on Deposits: SSY Accounts attract an 8.4% annual interest rate charge calculated on the lowest monthly balance maintained. The interest is credited at the end of each financial year.

Sukanya Samriddhi Yojana Account Transfer

Transferring your Sukanya Samriddhi Yojana (SSY) account from one bank to another or between a post office and a bank is straightforward —

1. Submit SSY Transfer Request
   To begin with, you must make a transfer request to your existing bank or post office. This requires filling out a transfer form and attaching a formal request letter.
2. Provide New Bank Details
   Include details of the new branch where you wish to have the account transferred. Some banks even facilitate fund transfers through Internet banking, thus easing the work.
3. Transfer of Account Documents
   The existing bank or post office will provide the necessary account papers and any amount that has been placed on hold to the new bank branch.
4. Resubmit KYC Documents
   Upon the transfer, a new SSY account open application and KYC documents will be required to be submitted at the new bank branch.
5. Account Transfer Completed
   After all the processes are done, your SSY account will be transferred. Also, always confirm that the new branch can operate SSY Accounts before you commence the transfer process.

Calculator for Sukanya Samriddhi Yojana

In order to calculate the interest rate/ maturity amount of an SSY account, one can simply use the SBI SSA Calculator. (2) There, you have to –

• Select Frequency
• Enter Installment Amount
• Current Rate of Interest (The current interest rate is set at 8.2%.)
• Deposit Term
• Maturity Term

Highlights of Sukanya Samridhi Yojana

• Government Initiative: Under the plan of ‘Beti Bachao Beti Padhao’, this scheme was launched to encourage parents to invest money for the girl child’s needs in the future.
• Eligibility: The accounts can be opened for a girl child below the age of 10 years by the parents or legal guardians in their own name.
• Interest Rate: The interest rate for January 2024 to December 202 is 8.2%, which is quite effective and is subject to review every year.  
• Deposit Limit: Minimum deposit of ₹250 and a maximum of ₹1.5 lakh per year.
• Maturity Period: 21 years or on the marriage of the girl when she attains 18 years of age.
• Withdrawal: A maximum of 50% of the total balance can be withdrawn for education or marriage purposes once the account holder attains the age of 18 years or completes class 10.

Parting Words

To summarise, the Sukanya Samriddhi Yojana is an effective scheme to help parents/guardians ensure a financially secure future for their girl child’s education and marriage without any difficulties. 

With this scheme, even the amount that you are spending goes towards her dreams and her goals in life! 

Frequently Asked Questions

Ques 1. What is the lowest and the highest deposit I can make for the Sukanya Samriddhi Yojana account?

Ans. You can begin opening an account with just ₹250, while the maximum amount you can deposit a year is ₹150000.

Ques 2. For how long do I have to make deposits in the account?

Ans. Deposits are required for a period of 15 years. However, the account is considered matured after 21 years from the date of its opening.

Ques 3. Can I make a withdrawal from a Sukanya Samriddhi Account?

Ans. Yes, when the girl is 18 years old, up to 50% of the total amount in the account can be withdrawn only for educational needs or marriage.

Ques 4. In case of defaulting in deposits, is there a penalty?

Ans. For not making the required minimum annual deposit of ₹250, a penalty charge of ₹50 every year is imposed in order to activate the account again.

Ques 5. Is it possible to change the bank or the post office where I have my Sukanya Samriddhi Account?

Ans. Yes, By filling out the transfer form, you can transfer the account to a different bank or post office without any hassle.