Sukanya Samriddhi Yojana : Details and Maturity Value Calculations

Sukanya Samriddhi Yojana (SSY) Account is a Government of India backed saving scheme to ensure a bright future for girl children in India. This scheme was launched under, ambitious ‘Beti Bachao Beti Padhao’ program by Prime Minister Shri Narandra Modi. The scheme encourages parents to build a sufficient fund for the future education and/or marriage expenses for their girl child.

The scheme was launched by Prime Minister Narendra Modi on 22^nd January 2015and has received great response from common citizen. The pull factor being, the tax benefits under section 80C, and also exemption for the interest accrued and maturity amount.

The account can be opened at any India Post office or branch of authorized commercial banks.List of banks is given below in article.

The scheme offer interest rates of 8.5% which was increased in Sept 2018 (up from 8.1%) making it more attractive. The interest rates will be revised annually.

Account Opening

The account can be opened on name of Girl Child from birth till the time she attains 10 year age. Either Parents or Guardian can open account. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account is portable and can be transferred to anywhere in India. Read FAQs below to know more about portability.

A minimum of ₹250 must be deposited in the account initially. Annual minimum deposit that required to be deposited is also ₹250. Thereafter, any amount in multiples of ₹ 100 can be deposited. Please note these amounts can be changed by govt in future. Penalty of ₹50 is levied if this minimum amount is not credited. Maximum deposit limit per year is ₹150,000.

The girl can operate her account after she reaches the age of 10. Deposits in a Sukanya Samriddhi account may be made till the completion of 15 year from date of account opening. After this period the accumulated savings will only earn interest till end of the scheme. Sukanya Samriddhi account will mature on completion of 21 year from the date of opening account.

Sukanya Samriddhi Yojana over the year:

Documents required to open SSY Account

Most important document for SSY is birth certificate of girl child. Listed below is complete set of documents required along with a duly filled application form:

1) Sukanya Samriddhi Account Opening Form. It can be accessed here ob link below https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf

2) Birth Certificate of girl child

3) Identity Proof of depositor (Parent or legal guardian): PAN card, Ration card, Driving License,

Passport

4) Address Proof of depositor (Parent or legal guardian): Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License

Tax Implications

This scheme is Exempt-Exempt-Exempt (EEE) scheme which means deposits made are eligible for Tax exemptions and so as interest earned and Maturity amount. This feature makes the scheme extremely investor friendly.

Withdrawals

The account allows maximum of 50% withdrawal at the age of 18 for higher education purposes or on marriage expenses. The account reaches maturity after time period of 21 year from date of opening. The account be closed fully post the girl child attaining 21 year of age. If the account is not closed on this, then the account will continue to earn interest as per prevailing rates applicable.

Frequently Asked Questions:

Which Banks offer Sukanya Samriddhi account?

The Reserve Bank of India has authorized the following banks to open Sukanya Samriddhi Savings accounts :-

Allahabad Bank
Andhra Bank
Axis Bank
Bank of Baroda (BoB)
Bank of India (BoI)
Bank of Maharashtra (BoM)
Canara Bank
Central Bank of India (CBI)
Corporation Bank
Dena Bank
ICICI Bank
IDBI Bank
Indian Bank
Indian Overeas Bank (IOB)
Oriental Bank of Commerce (OBC)
Punjab National Bank (PNB)
Punjab & Sind Bank (PSB)
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
State Bank of India (SBI)

The account can also be opened at post offices. You will need to make an initial deposit of ₹250 and submit your documents in order to open the account.

Can I deposit online in Sukanya Samriddhi Account?

You need to pay via cheque or demand draft in the designated banks /post. The account comes with passbooks so you can get it updated once payment is made.

Do I get Tax Benefits?

Yes. Amount invested in Sukanya Samriddhi Yojana is fully Tax exempt. Max amount you can invest is ₹ 1, 50,000 per annum. Also the maturity corpus is 100% Tax Exempt which make this scheme more attractive.

Can I transfer Sukanya Samriddhi Account?

Yes. Sukanya Samriddhi is 100% portable account. This means If you open account in post in city A, it can be transferred to city B. Additionally this account can be transferred from one bank to another. Scheme also allows transfer of accounts form post offices to banks

What is Age Limit in Sukanya Samriddhi Yojana?

Minimum Age : 0 Year which means infants can be included in this scheme

Maximum Age: 10 year.

Can I change name post opening of account?

Name of the beneficiary, that is Girl Child can be changed post opening of the account. For this you must visit home branch of the bank from which you have opened account. Along with application, affidavit must be provided along with photocopies of documents to support the change

Can I withdraw money prematurely?

The Sukanya Samriddhi account allows partial withdrawal only after the girl reaches the age of 18, for pursuing higher education or marriage. Only up to 50% of the total corpus can be withdrawn.

Sample Illustration for Maturity Value

If you are planning on investing in the scheme, you can use our Sukanya Samriddhi Yojana calculator to calculate the maturity amount at the end of the tenure. Note few assumptions are made for these calculations. These are,

a) Rate of Interest has been assumed to be 8.5% for all these 21 years.

b) Yearly contributions have been assumed to be made on April 1 and monthly contributions are made on 1^st of every month.

c) Fixed contribution throughout the tenure.

d) No withdrawal.

e) figures are rounded off

Maturity In Annual Mode

Maturity in Monthly Mode

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