Sukanya Samriddhi Yojana

A Quick View on Sukanya Samriddhi Yojana

SSY Account	Details
Current SSY interest rate	7.6%
Lock in period	21 years
Payment Period	14 years
Minimum Account	Rs. 250
Age Limit	0-11 year
Nationality	Indian
Tax on SSY interest	Nil, tax exempted

In the campaign of the government to provide security and to stop the sinful deed of female infanticide, a scheme for girl child Sukanya Samriddhi Yojana was announced by Sri Narendra Modi on 22 January 2015. This scheme is a part of the Beti Bachao, Beti Padhao campaign aiming to keep promoting female empowerment. In this article, we will cover Sukanya Samriddhi Yojana Details, Eligibility, Interest Rate, List of banks offering Sukanya Samriddhi account, current Interest Rate, and much more.

What is Sukanya Samriddhi Yojana Account?

Sukanya Samriddhi Yojana Account is an account that is specially designed to provide the girl child of a family benefit at the time of her higher education or her marriage. Another major aim of this scheme is to reduce girl child infanticide and promote female empowerment. Sukanya Samriddhi Yojana is a step by the Modi Government to provide a bright and promising future for the female section of the society. As per the orthodox beliefs, the female child is considered to be debt by the parents and therefore always wishes for a male child but that will not be the case anymore. People are slowly transforming their orthodox belief and scheme like SSY is acting as a catalyst for the change. There is a lot more to the scheme other than the future benefit for the girl child, it also directly provides benefits to the parents of the girl child like tax exemption and benefit and low amount deposit with high-interest rates.

When the scheme launched in 2018, the scheme had a minimum deposit rate of Rs.1000-/ which was reduced to Rs.250 in July 2018 annually. This update further made this scheme available to all the people from under privilege to a well-off families. This is one of the schemes that provide a higher interest rate, calculated on compounded base.

Eligibility for Sukanya Samriddhi Yojana

The eligibility for Sukanya Samriddhi Yojana is as follows-

• One account is allowed for one girl child and can be opened by guardian/ Parents of the girl child.
• There is an age maximum limit of 10 years from the date of birth and a relaxation of 1 more year is providing making it ranging from 0-11 years.
• Lock-in period of 21 years with payment terms being 14 years meaning for the first 14 years you have to pay the amount annually and after that you have to wait 7 years for the withdrawal.
• Partial withdrawal is also available up to 50%, when the account holder attains 18 years of age.
• Premature closure is allowed only in two scenarios of death and marriage provided that the girl is above 18 years of age.
• If minimum of Rs.250 is not deposit in the account then the account will be discontinued and can be revived after paying Rs.50 as penalty with the minimum amount of that year.

Sukanya Samriddhi Yojana Benefits

• Best future secure investment for your girl child
• Attractive interest rates
• Tax redemption on the final amount.
• The minimum amount being Rs.250 making is accessible for everyone
• The account is transferable to any banks or post office  for free of cost
• There is only 14 years Payment period after that you can withdraw the amount in 21 years. These 7 years will also be elegible for interest.
• Provides financial support to the girl child on major events like college and marriage by giving partial withdrawal at 18 years of age.

What are the Documents Required for Sukanya Samriddhi Yojana?

Document required for the account opening are as follows-

• Sukanya Samriddhi Yojana (SSY) account opening form
• Birth certificate of the girl child
• Identify proof of the depositor like Aadhar card, Pan card etc.
• Address proof of the depositor like Aadhar card, electricity bill etc.
• Amount to be deposited

Sukanya Samriddhi Yojana Interest Rate

At the beginning of the scheme the interest rate was very high which was the highest interest rate provided by any scheme. The interest rate on the scheme soon reduced year by year but it is still very attractive interest rates. Sukanya Samriddhi Yojana Rate of Interest is calculated annually on a compounded basis.

How to Fill the Sukanya Samriddhi Yojana Form?

The form of the Sukanya Samriddhi Yojana Scheme can be downloaded from the official RBI website or can be collected from the nearest bank or post office. It is very easy to fill the form, it requires you to mention the birth certificate details like certificate number, address permanent and present, along with KYC Document details.

Sukanya Samriddhi Yojana Banks List

The following are the banks who have been granted permission by the RBI to offer their customer the Sukanya Samriddhi Yojana Account (SSY)-

1. Andhra Bank
2. Axis Bank
3. Bank of Baroda (BOB)
4. Bank of India (BOI)
5. Bank of Maharashtra (BOM)
6. Canara Bank
7. Central Bank of India (CBI)
8. ICICI Bank
9. IDBI Bank
10. Indian Bank
11. Indian Overseas Bank (IOB)
12. Oriental Bank of Commerce (OBC)
13. Punjab & Sind Bank (PSB)
14. State Bank of India (SBI)
15. UCO Bank
16. Union Bank of India
17. United Bank of India

Sukanya Samriddhi Yojana in Post Office

One of the major benefits of the Sukanya Samriddhi Yojana Plan is that the Indian Post which works under the Ministry of Communication is also participating in providing the customer with an SSY account. India post offices are scattered all over India making them available to everyone and anywhere in India. The vastness of Indian Post is such that you can find at least one post office branch in an India Pincode.

What is Sukanya Samriddhi Yojana 80c Benefit? (Tax Benefit)

There is also tax benefit provided to one of the account holder’s earning member of the family. This tax exemption comes under the Income tax act, 80(C) which provides tax deduction up to Rs.1,50,000. This benefit is also applicable at the maturity amount at the time of amount withdrawal.

How to Transfer Sukanya Samriddhi Yojana Account to other Banks?

It is very easy to transfer the SSY account to other bank or post office.  You can also transfer the account from one bank branch to other bank branch or from bank to post office or vice versa. Following are the steps that can be used to follow the

Step 1- Visit the branch and provide them with Passbook and KYC document.

Step 2-Submit the Transfer request form with the full address of the bank branch where you want to transfer your account along with passbook.

Step 3- Verification will be done with the signature and other documents. The existing branch will send the original document, account opening application etc. to you along with the DD or Cheque of outstanding balance.

Step 4-Now, You have to submit the document received to the new bank branch with your KYC Document.

Step 5-Fill the new account opening form along with the Sukanya Samriddhi Yojana Form.

How to deposit money in Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana account can be credited from both online as well as offline methods. The Online Net Banking method which uses NEFT, and IMPS money transfer whereas, Offline money transfer can be done with DD, Cheques or Cash amount.

Sukanya Samriddhi fund transfer to bank

Online fund transfer

Online fund transfer is only available to the bank that provides net banking facility. The fund transfer is a two-step process that includes adding beneficiary and then transferring funds. The following are the steps that can be used to transfer the funds online-

Adding Beneficiary

• Log in to your net banking facility and click on manage beneficiary link.
• Click on Add beneficiary followed by filling all the necessary options like Beneficiary name as Sukanya Samriddhi Account, Bank or Post office Address, Sukanya Samriddhi account number and set the transfer limit.
• Now fill the bank IFSC Code where you have your SSY account.
• Accept the terms and conditions and click on confirm. After clicking on the confirm tab. The bank will take at least 30miniutes to 16 hours to add the beneficiary to the account.

Transferring Funds

This method is slightly different than regular funds transfer as this will be done with Standing Instruction option that will automate the process of transferring funds.

• Go to the transfer fund link and Select the transfer fund type from NEFT, RTGS and IMPS
• Now select the beneficiary from the list as “Sukanya Samriddhi Yojana Account”
• Fill the amount and Click on instruction option
• Select the Frequency of the payment and payment schedule followed by date and click on submit.
• An OTP will be sent to your RMN which you have to fill in the next field and click on proceed.
• You have successfully transferred the amount to the Sukanya Account. on the selected date the amount will be deposited to your Sukanya Samriddhi account automatically, you will receive an SMS regarding the Transaction

Offline fund transfer

Offline fund transfer can be transfer with the basic banking tool like cheques and DD. This has to be in the favor of the Sukanya Samriddhi Yojana account and must contain details like account number, name etc. This has to be submitted along with the deposit slip.

Sukanya Samriddhi fund transfer to Post Office

Online fund transfer

Online fund transfer can be done with the net banking facility of any bank the steps which are mentioned above can be followed to deposit in the post office.

Offline fund transfer

Offline fund transfer can be done by using Cheques or DD along with the Deposit slip in the favor of the Sukanya Samriddhi Account with the details like account number, name etc.

Similar and alternate schemes to Sukanya Yojana

Sukanya Samridhi Yojana is undoubted one of the best Government initiatives for the girl child. The scheme has not only been yielding best interest but also been in the focus of the Government. If you already have Sukanya Yojana Account and need to have an account similar to it, the best alternatives are PPF Account and National Savings Certificate (NSC). Both schemes have similar benefits like tax benefits under Section 80C and unlike the SSY scheme, it could be opened in the name of any member of the family.