Sukanya Samriddhi Yojana (SSY) | A Must-Investment for a Daughter’s Secure and Safe Future

What is Sukanya Samriddhi Yojana Scheme (SSY)?

Sukanya Samriddhi Yojana (SSY)  ( सुकन्या समृद्धि योजना ) is a special saving scheme just for girls to help them with their financial needs for higher education and marriage. SSY was introduced by government of India on 22 January, 2015.

Are you concerned about the financial burden of your daughter’s higher education and marriage costs? Put those worries to rest! The Government of India has addressed these concerns by introducing a deposit scheme called “Sukanya Samriddhi Yojana” as part of the “Beti Bachao Beti Padhao” initiative.

In this series of India’s savings schemes and 80C Tax saving, we will cover more details about the Sukanya Samriddhi Yojana Scheme (SSY) and the Sukanya Samriddhi Account. Discover more captivating financial knowledge with FinanceWisdom4U. Subscribe and follow us for updates.

Sukanya Samriddhi Yojana Details

• Sukanya Samriddhi Yojana (SSY)  is a India government-backed savings scheme for the benefit of a girl child. It is launched back in 2015 as a part of Government initiative Beti Bachao Beti Padhao campaign.
• This scheme enables parents or guardians to open an SSY account for their girl child at any authorized bank branch or India Post branch. SSY accounts can also be set up online using net banking.
• Sukanya Samriddhi Yojana accounts can be opened with a minimum initial deposit of just Rs 250. The maximum amount that can be deposited in the SSY account is Rs 1.5 lakh per financial year.
• SSY account has a tenure of 21 years OR until the girl child marries after the age of 18. The SSY scheme comes with a higher interest-rate, along with several tax benefits. Parents or Guardians need to deposit for 15 years, next 6 years is considered as cooling period.
• In the Sukanya Samriddhi Account, you receive monthly interest with yearly compounding. This can help you accumulate a huge corpus over the long term of 21 years in the Sukanya Scheme.
• The amount deposited in the SSY account is eligible for a tax deduction of up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act. Additionally, the interest earned on the deposit and the amount withdrawn at maturity are both tax-free.
• SSY is a completely exempt (EEE) investment; the principal amount invested, the interest earned, as well as the maturity amount, are all tax-exempt.
• The current interest rate in Sukanya Samriddhi Yojana is 8.2% for January to March 2024 quarter

Here’s a summary table outlining the key features of the Sukanya Samriddhi Yojana (SSY): 

Objectives of Sukanya Samriddhi Yojana

• To secure the financial future of the girl child by encouraging long-term savings for education and marriage expenses.  
• It promotes gender equality and reflects the government’s commitment to the welfare and empowerment of girls in India, offering an attractive interest rate to incentivize savings.  
• The scheme serves as a dedicated platform for parents to systematically invest in their daughters’ significant life events. 

Who can Open Sukanya Samriddhi Yojana Account?

It is very important to understand – “What is the eligibility of Sukanya Samriddhi Account?” whether you are eligible to open Sukanya account for your girl child. Below are certain conditions:

• Any parent with girl child under the age of ten years. 
• The sukanya account may be opened by one of the guardians in the name of a girl child who has not attained the age of ten years at the time of opening the account. 
• Every account holder is allowed to have a single account under the SSY scheme. 
• An account under this scheme can be opened for a maximum of two girl children in one family. 
• Exception for Twins/Triplets: 
• If there are twins or triplets in the family, more than two accounts may be opened. 
• This exception applies to children born in the first or second order of birth or both. 
• The second proviso specifies that the exception for multiple accounts doesn’t apply to the girl child of the second order of birth if the first order of birth results in two or more surviving girl children.

Where can Open Sukanya Samriddhi Account?

You can open SSY account with the following financial institution

1. Post Office 
2. Public Sector Undertaking Bank or a Public Sector Bank and  
3. Private Sector Bank 

Steps to Open Sukanya Samriddhi Account

Let’s see “What are the steps to open an SSY account?” , “What documents are required for a Sukanya Samriddhi account?”

1. Visit the Bank or Post Office: 

• Go to the authorized bank or post office that offers Sukanya Samriddhi Yojana. 
• Request SSY Account Opening Form (Form-1): 
• Ask for the Sukanya Samriddhi Yojana account opening form, usually referred to as Form-1. This form is available at the bank or post office. 

2. Fill in the Form: 

• Complete the form with accurate and relevant details. Provide information about the guardian and the girl child for whom the account is being opened. 

3. Submit Required Documents: 

Along with the filled form, submit the necessary documents, which typically include: 

• Birth certificate of the girl child. 
• Identity proof and address proof of the guardian (usually Aadhaar card, Passport, or any other valid government-issued ID). 

4. Deposit Initial Amount: 

• Make the initial deposit as specified by the bank or post office.  

5. Receive Passbook: 

• Once the account is opened and activated, the bank or post office will provide a passbook. This passbook will record all transactions and details related to the Sukanya Samriddhi Account. 

6. Make Regular Contributions: 

• Make regular contributions to the account as per the scheme guidelines.  

Deposits in Sukanya Samriddhi Account

1. Minimum deposit in SSY account and Subsequent Deposits: 

• The account can be opened with a minimum initial deposit of two hundred and fifty rupees (₹250). 
• Subsequent deposits can be made in multiples of fifty rupees. 
• A minimum deposit of two hundred and fifty rupees (₹250) must be made in a financial year for each account. 

2. Maximum limit of Sukanya Samriddhi Yojana Account:

• The total amount deposited in an account shall not exceed one lakh fifty thousand rupees (₹1.5 lacs) in a financial year. 

3. Excess Deposits SSY Account:

• If the deposit exceeds one lakh fifty thousand rupees (₹1.5 lacs) in any financial year due to accounting error, it shall not be eligible for any interest and must be returned immediately to the depositor. 

4. Deposit Period of Sukanya Samriddhi Yojana:

• Deposits can be made in the account until the completion of a period of fifteen (15) years from the date of opening the account. 

5. Account Under Default in Sukanya Samriddhi Account:

• An account in which the minimum specified amount has not been deposited is considered an account under default. 
• An account under default can be regularized any time until completion of fifteen years from the account opening date by paying a penalty of fifty rupees for each year of default along with the minimum annual deposit for the defaulted years. 

SSY Calculator

To calculate SSY use this SSY calculator

Taxation on Sukanya Samriddhi Account:  

The Sukanya Samriddhi Yojana (SSY) follows the EEE (Exempt, Exempt, Exempt) taxation concept, which means that the contributions, interest earned, and the maturity amount are all exempt from income tax. 

1. Exempt on Contribution (EEE – Exempt at the Time of Investment): 

• The amount contributed to the Sukanya Samriddhi Account is eligible for a deduction under Section 80C of the Income Tax Act. The maximum limit for this deduction is Rs. 1.5 lakh per financial year. 

2. Exempt on Accrued Interest (EEE – Exempt During the Investment Period): 

• The interest earned on the Sukanya Samriddhi Account is not subject to income tax. The interest is compounded annually and is added to the account balance.

3. Exempt on Maturity Amount (EEE – Exempt at the Time of Withdrawal): 

• When the Sukanya Samriddhi Account matures after 21 years from the date of opening or upon the girl child’s marriage, whichever is earlier, the entire maturity amount, including the principal and accrued interest, is tax-free. 

Benefits of Sukanya Samriddhi Yojana:

You may have questions about the advantages of the Sukanya Samriddhi Yojana. Below are the benefits of Sukanya Samriddhi Yojana, whether in the post office or with SBI or any other bank.

1.High Interest Rate on Sukanya Samriddhi Account:

• SSY provides relatively high and competitive interest rates, which are often higher than those offered by other savings instruments. 

2.Tax Benefits: 

• Contributions made to the Sukanya Samriddhi Account are eligible for income tax deductions under Section 80C of the Income Tax Act, providing tax benefits to the account holder. 

3.Long-Term Savings: 

• The scheme is designed for long-term savings with a maturity period of 21 years. This makes it well-suited for financial planning towards significant life events like higher education or marriage. 

4.Financial Security for Girl Child: 

• SSY aims to provide financial security and support for the girl child by creating a dedicated savings fund for her future needs, such as education and marriage expenses. 

5.Flexibility in Deposits: 

• The scheme allows flexibility in deposit amounts, with a minimum initial deposit and subsequent deposits in multiples of fifty rupees. 

6.Partial Withdrawals: 

• Partial withdrawals are allowed once the girl child reaches the age of 18, providing financial support for her higher education. 

7.Account Transfer: 

• The Sukanya Samriddhi Account can be transferred anywhere within India if the girl child or the guardian relocates. 

8.No Effect of Interest Rate Fluctuations: 

• The interest rates in SSY are not subject to market fluctuations, providing a stable and predictable return on investment. 

9.Empowerment and Education: 

• The scheme encourages families to prioritize the education and well-being of the girl child, contributing to the overall empowerment of girls in society. 

10.Penalty for Default: 

• The scheme allows for regularization of accounts in default by paying a penalty, enabling flexibility for those who may have missed deposits in certain years. 

11.No Risk of Market Volatility: 

• Unlike some investment options, SSY is a government-backed savings scheme, providing a secure and risk-free investment avenue. 

Disadvantages of Sukanya Samriddhi Account: 

There are many advantages of the Sukanya Account, but there are also some limitations of the SSY Account. Below are:

1. Long Lock-in Period: 

• The scheme has a long lock-in period of 21 years or until the girl child’s marriage, whichever is earlier. This extended duration may limit liquidity and flexibility for individuals who require more immediate access to their invested funds. 

2. Limited Withdrawal Options: 

• Although partial withdrawals are allowed for specified purposes like higher education after the girl child turns 18, the flexibility in accessing funds is limited compared to some other investment options. 

Sukanya Samriddhi Yojana Withdrawal Rules

You can withdraw from SSY account when it matures, i.e., after 21 years from the date of account-opening.

• Maturity Withdrawal:
  • Withdrawal from Sukanya Samriddhi Yojana (SSY) is allowed after 21 years from the account opening date.
  • The complete amount, along with accrued interest, becomes payable to the account-holder.
• Withdrawal Process:
  • To withdraw the corpus, complete Form-4.
  • Submit the form, along with the original passbook, to the post office or bank where the SSY account is held.

SSY Account Partially Withdrawal Rules OR Premature Closure

Partial withdrawal or premature closure of Sukanya Samriddhi Yojana (SSY) is allowed under specific circumstances.

• Higher Education SSY Account Withdrawal:
  • Withdrawal of up to 50% of the available balance is permitted for the higher education of the girl child.
  • Eligibility criteria include the girl turning 18 years old or passing Class 10, whichever occurs earlier.
  • Complete Form-3 and submit it with required documents such as age proof, admission confirmation, or fee structure.
  • To request withdrawal, you need to provide proof of admission to an educational institution or a fee-slip indicating the financial requirement. The withdrawal can be in a lump sum or in yearly installments, not exceeding five years, and is limited to the actual fee and charges required at the time of admission.
• Marriage Withdrawal:
  • Premature closure is possible if the girl intends to marry and is at least 18 years old.
  • To withdraw the amount, specific procedures need to be followed.
  • To start the process, the account holder must submit a declaration on non-judicial stamp paper. This declaration should be attested by a notary and include proof of age, confirming that the account holder will be at least eighteen years (18) old on the wedding date.

Closed prematurely of the Sukanya Samriddhi Account 

Premature closure of Sukanya Samriddhi Yojana (SSY) is allowed under certain circumstances.

• Conditions for Premature Closure:
  • Premature closure is permitted if the account-holder or the guardian passes away.
  • In extreme compassionate grounds, such as medical support for the account-holder.
• Procedure for Premature Closure:
  • Complete Form-2 for premature closure.
  • Submit necessary documents, like the death certificate.
• Payment Details:
  • The outstanding balance in the account, along with applicable interest as per the scheme, will be paid.
• Note: Premature closure is applicable only after five years from the date of opening the SSY account.

Conclusion

Sukanya Samriddhi Yojana (SSY) is a great way to save money for girls. It helps families by giving both financial security and tax benefits. The plan is easy to understand and available for everyone, making it simple for families to start saving early. It focuses on saving for important things like education and marriage, making life easier for families. SSY is a brilliant scheme for saving money for your girl child. It is completely exempt from taxation, which is a significant advantage. It is one of the best debt products available. The only drawback is the long lock-in period of 21 years.

Overall, this plan is a big step towards making sure everyone, especially girls, can have a better and more secure future.

Frequently Asked Questions (FAQs)

1. What is Sukanya Samriddhi Yojana (SSY)?

SSY is a savings scheme initiated by the Government of India to encourage parents to save for the future education and marriage expenses of their girl child.

2. Who is eligible to open an SSY account?

Parents or legal guardians of a girl child below the age of 10 years are eligible to open an SSY account.

3. How much can be deposited annually in an SSY account?

Deposits can be made in multiples of ₹100, with a minimum of ₹250 and a maximum of ₹1,50,000 in a financial year.

4. What is the tenure of the SSY scheme?

The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier.

5. What is the interest rate offered under SSY?

The interest rate is notified by the government and is typically higher than most other savings schemes. It is compounded annually.

6. Can I withdraw money from the SSY account before maturity?

Partial withdrawals are allowed after the girl child turns 18, for higher education purposes.

7. Is there any tax benefit associated with SSY?

Yes, contributions made to SSY are eligible for deductions under Section 80C of the Income Tax Act.

8. Can NRIs (Non-Resident Indians) open an SSY account?

No, NRIs are not eligible to open an SSY account.

9. What happens if the account holder passes away?

In case of the unfortunate demise of the account holder, the account is closed, and the balance is paid to the legal heirs.

10. Can the SSY account be transferred from one bank/post office to another?

Yes, the SSY account can be transferred from one authorized bank or post office to another.

11. How many years need to pay for Sukanya Samriddhi Yojana?

A minimum deposit period of 15 years is required for Sukanya Samriddhi Yojana, but the scheme matures after 21 years from the date of opening or upon the girl child’s marriage, whichever is earlier.

12. What is Sukanya Samriddhi Yojana online?

Sukanya Samriddhi Yojana can be opened online through authorized banks or the India Post website by filling out the required forms and submitting necessary documents, making it a convenient way for parents or guardians to invest in their girl child’s future education and marriage.

13. What is Sukanya Samriddhi Account?

Sukanya Samriddhi Account is a government-backed savings scheme in India aimed at promoting long-term financial planning for the benefit of the girl child. It allows parents or guardians to open an account in the name of a girl child below the age of 10, with a focus on building a corpus for her education and marriage expenses. The scheme offers attractive interest rates, tax benefits, and has a fixed maturity period of 21 years, or earlier if the girl child gets married.

14. What is Sukanya Samriddhi Yojana post office?

The SSY Scheme in the post office is the same as the SSY account; it just opens in the post office.

15. What is Sukanya Samriddhi Account Scheme in post office?

The SSY Scheme in the post office is the same as the SSY account; it just opens in the post office. The Sukanya Samriddhi Yojana (SSY) account is essentially identical, whether opened in a post office or in an authorized bank. The key features, benefits, and objectives of the scheme remain consistent regardless of the institution where the account is established.

16. What is the maturity amount of Sukanya Samriddhi Yojana?

The maturity amount of Sukanya Samriddhi Yojana, assuming an average return of 8% and investing the maximum limit of ₹1.5 lakh annually every 15 years, compounded over 21 years, will be approximately ₹67.35 lakh.

17. What is Sukanya 1000 per month?

18. What is Sukanya Samriddhi Yojana 1000 per month ?

Investing Rs. 1000 per month in Sukanya Samriddhi Yojana for 15 years, and making deposits of Rs. 1000 per month for the next 15 years, at an average annual interest rate of 8%, you will receive a total maturity amount of Rs. 5.40 lakhs with a total deposit of Rs. 1.8 lakh.

19. How much will you get if you deposit 1000 in Sukanya Samriddhi Yojana?

Investing Rs. 1000 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 1000 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 5.40 lakhs with a total deposit of Rs. 1.8 lakh.

20. What is Sukanya Samriddhi Yojana 1500 per month?

Investing Rs. 1500 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 1500 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 8.09 lakhs with a total deposit of Rs. 2.7 lakh.

21. What is Sukanya Samriddhi Yojana 2000 per month?

Investing Rs. 2000 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 2000 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 10.78 lakhs with a total deposit of Rs. 3.6 lakh.

22. What is Sukanya Samriddhi Yojana 4000 per month?

Investing Rs. 4000 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 4000 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 21.57 lakhs with a total deposit of Rs. 7.2 lakh.

23. What is Sukanya Samriddhi Yojana 5000 per month?

Investing Rs. 5000 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 5000 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 26.97 lakhs with a total deposit of Rs. 9.0 lakh.

24. What is Sukanya Samriddhi Yojana 12500 per month?

Investing Rs. 12500 per month for 15 years, the interest calculation for Sukanya Samriddhi Yojana can be easily done using the Sukanya Samriddhi Yojana calculator. Additionally, for deposits of Rs. 12500 per month for the next 15 years in Sukanya Samriddhi Yojana, at an annual interest rate of 8% on average, you will receive a total maturity amount of Rs. 67.43 lakhs with a total deposit of Rs. 22.5 lakh.

25. What type of Account is Sukanya Samriddhi Account

Sukanya Samriddhi Account is a government-backed savings account designed for long-term financial planning for the benefit of the girl child.

26. Is Sukanya Samriddhi Account Available in SBI

Yes, Sukanya Samriddhi Account is available in the State Bank of India (SBI). SBI is one of the authorized banks where individuals can open and operate Sukanya Samriddhi Yojana accounts.

27. Is Sukanya Samriddhi Account Transferable

Yes, Sukanya Samriddhi Account is transferable. If the account holder, who is the girl child, relocates to another city or a different place, the Sukanya Samriddhi Yojana account can be transferred to any authorized bank or post office in the new location. This transfer ensures the continuity of the account and its associated benefits.

28. Is Sukanya Samriddhi Account Interest Taxable

The interest earned on the Sukanya Samriddhi Account is exempt from income tax under Section 10(11A) of the Income Tax Act, 1961. The contributions made to the Sukanya Samriddhi Yojana, along with the interest earned and the maturity amount, are all tax-free.

29. Is Sukanya Samriddhi Account available in HDFC bank

Yes, it is available in HDFC Bank and other authorized private banks.

30. Is Sukanya Samriddhi Account interest taxable

No, the interest earned on Sukanya Samriddhi Account is not taxable.

31. Which is better Sukanya or PPF?

Sukanya Samriddhi Yojana (SSY) is ideal for those saving specifically for a girl child’s education and marriage due to its higher interest rates, while Public Provident Fund (PPF) provides versatility for various long-term financial goals. PPF, with a shorter 15-year lock-in period and the flexibility to make contributions beyond the initial 15 years, is a more versatile option for individuals seeking to diversify their long-term savings across different financial objectives and preferences. The choice between SSY and PPF ultimately depends on specific financial goals and preferences.

32. Can I open both Sukanya and PPF?

Yes, you can open both Sukanya Samriddhi Yojana (SSY) and a Public Provident Fund (PPF) account. Both are independent savings schemes offered by the government of India, and there is no restriction on an individual having both accounts simultaneously. However, it’s important to consider your financial goals, investment horizon, and risk tolerance to determine the optimal allocation of funds between these two accounts based on your individual circumstances.

33. Which is better Sukanya Samriddhi or SIP?

Sukanya Samriddhi Yojana (SSY) guarantees around 8% returns based on historical trends, providing a secure option specifically designed for saving for a girl child’s education and marriage; it is backed by the government. In contrast, Mutual Funds through SIPs offer potential higher returns (average 12%) but come with market risks and no guaranteed returns. The choice depends on your risk tolerance and the specific financial goals you have for the investment. For a girl child, it is better to open an SSY account.

34. What is the difference between FD and Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) gives more interest than Fixed Deposits (FDs), but it’s only for a girl child under 10. If you have a girl child and want to secure her future, SSY is a great choice. On the other hand, FDs can be opened by anyone in India, offering more flexibility for different people.

35. Which is better RD or Sukanya Samriddhi Yojana?

An SSY account is designed for long-term investment, focusing on securing a girl child’s future, while RDs are suitable for short-term goals like purchasing household items, covering small educational costs, or buying a car. The SSY scheme has a tenure of 21 years.

36. Which bank is best for Sukanya Samriddhi Yojana?

Any Government PSU Bank or authorized Private Bank is good. Choose based on your location, convenience, and the bank’s services.

37. How many times we can deposit money in Sukanya Yojana?

In Sukanya Samriddhi Yojana (SSY), there is no restriction on the number of deposits that can be made in a financial year. However, there is a minimum annual deposit requirement, which is currently set at Rs. 250, and the total annual deposit should not exceed Rs. 1.5 lakh to avail the maximum benefit under Section 80C of the Income Tax Act. So, while you can make multiple deposits, it’s essential to ensure that the total deposits in a financial year adhere to the specified limits.

38. Is Sukanya tax free?

Yes, the Sukanya Samriddhi Yojana (SSY) offers tax benefits. Contributions made to SSY are eligible for deductions under Section 80C of the Income Tax Act, up to the specified limit. Additionally, the interest earned and the maturity amount are both tax-free. This makes SSY a tax-efficient savings option, providing benefits at the time of investment as well as during maturity.

39. What is the best time to open Sukanya Samriddhi Account?

The ideal time to open a Sukanya Samriddhi Account is in the first year of the girl child’s birth. By doing so, you maximize the duration of the investment, allowing for the accumulation of funds over the 21-year maturity period. This strategy ensures that the account matures when the girl child reaches the age of 21, providing optimal benefits for her future education or marriage.

40. What happens if money is not deposited in Sukanya Samriddhi?

If you don’t deposit the minimum amount of Rs. 250 in a Sukanya Samriddhi Account for a year, it’s considered default. To reactivate, you need to pay a penalty of Rs. 50 for each year missed, along with the minimum deposit amount for those years.

41. What happens if father dies in Sukanya Samriddhi Yojana?

If the father dies in Sukanya Samriddhi Yojana, the mother or legal guardian can continue managing the account, ensuring its continued operation and benefits for the girl child’s future. Informing the bank or post office about the father’s demise is essential for a seamless transition.

42. What happens if a girl child dies in Sukanya Samriddhi Yojana?

In the unfortunate event of a girl child’s passing covered under Sukanya Samriddhi Yojana (SSY), the account can be compassionately closed, and the accumulated funds, along with interest, are returned to the grieving parent or guardian. It’s essential to communicate with the bank or post office where the SSY account is held, ensuring a considerate and empathetic process for closure and withdrawal during such difficult times.

43. Can we cancel Sukanya Samriddhi Account?

You can close a Sukanya Samriddhi Yojana (SSY) account in the event of the girl child’s marriage or unfortunate demise, with the funds returned to the parent or legal guardian. Voluntary cancellation for other reasons may not be permitted as per scheme guidelines; consult the bank or post office for specific procedures.

44. Can I open 2 Sukanya Samriddhi Account?

A girl child can only have a single SSY account on her name. A parent or guardian is only allowed to open a maximum of two SSY accounts for two girl children. If twins were born during the birth of the first or the second daughter, a total of three accounts can be opened.

45. Is it mandatory to deposit every year in Sukanya samriddhi?

Yes, it is mandatory to make deposits for 15 years with a minimum amount of Rs. 250 per year in Sukanya Samriddhi Yojana; irregular contributions may incur penalties. Regular deposits ensure the account remains active and benefits the girl child in the long term.

46. Can I close Sukanya samriddhi account?

Yes, you can close a Sukanya Samriddhi account prematurely under specific conditions, such as the account holder’s death, extreme compassionate grounds, or after five years from the date of opening.

47. Is Sukanya Samriddhi Yojana safe?

Yes, Sukanya Samriddhi Yojana is considered safe as it is a government-backed savings scheme in India, ensuring the security of invested funds and providing attractive interest rates.

48. What is the current interest of SSY?

As of January-March 2024, the interest rate for Sukanya Samriddhi Yojana (SSY) is 8.2%. Always verify the latest rates from official sources, as they are subject to periodic revisions.

49. What is the minimum amount to be paid for Sukanya Samriddhi Yojana?

The minimum amount to be paid for Sukanya Samriddhi Yojana (SSY) is Rs. 250 per financial year. Account holders are required to deposit at least this minimum amount to keep the account active and receive the benefits of the scheme.

50. Is Sukanya Samriddhi under 80C?

Yes, investments made in Sukanya Samriddhi Yojana (SSY) are eligible for deduction under Section 80C of the Income Tax Act in India. Contributions made to SSY can be claimed as a deduction within the overall limit allowed under Section 80C, which is subject to a maximum cap.

51. Can I deposit cash in Sukanya?

Yes, you can deposit cash into a Sukanya Samriddhi Yojana (SSY) account. You can also deposit funds via demand draft or cheque.

52. What is the interest rate of Sukanya Samriddhi Yojana in 2024?

Interest rate for Sukanya Samriddhi Yojana (SSY) is 8.2%

53. Is birth certificate mandatory for SSY?

Yes, a birth certificate is required to open a Sukanya Samriddhi Yojana (SSY) account.

54. Is Sukanya samriddhi taxable on maturity?

Being of the EEE type, the maturity amount of Sukanya Samriddhi Yojana (SSY) is tax-free. Both the principal amount and the interest earned, along with the maturity proceeds, are exempt from income tax.

55. Is Aadhaar card mandatory for Sukanya?

Yes, Aadhaar and PAN numbers are mandatory for investments in small savings schemes like the Sukanya Samriddhi Yojana (SSY).

56. What is the maximum deposit in Sukanya?

The maximum annual deposit allowed in a Sukanya Samriddhi Yojana (SSY) account is Rs. 1.5 lakh, subject to the overall limit for Section 80C benefits

57. Can both mother and father open Sukanya Samriddhi Yojana?

No, only one parent can open an account in the girl’s name, and only that contributor can claim the tax benefits. For two different girls, both parents can have one account each.

58. What is the age limit for SSY?

The Sukanya Samriddhi Account can be opened for a girl child who is below 10 years of age. Therefore, the age limit for opening an SSY account is up to 10 years. Once the account is opened, contributions can be made until the completion of 15 years from the account opening date.

59. Suganya Samudrika Scheme Details

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India aimed at securing the financial future of the girl child. It provides attractive interest rates, and contributions to the scheme are eligible for tax benefits under Section 80C.

60. Sukanya Samriddhi Account SSA

Yes, Sukanya Samriddhi Account (SSA) is a part of the Sukanya Samriddhi Yojana (SSY) scheme in India. It is a small savings account designed to facilitate long-term savings for the benefit of the girl child. The SSA encourages parents or legal guardians to invest in the financial well-being and education of their girl child.

61. Pm Sukanya Yojana

It is same as Sukanya Samriddhi Yogana (SSY)