Recently the government has announced the new interest rate of Sukanya Samriddhi Yojana. Earlier this scheme was giving an annual return of 8 percent, but now this return has increased by 20 basis points to 8.20 percent. The government has started this scheme especially for girls. In today’s post we will understand about this scheme in detail. But before that, what is this Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a scheme launched by the government in 2015 as a part of the Beti Bachao Beti Padhao campaign to encourage girls to save for their future. It is a fixed income investment through which you can deposit money regularly and earn interest on it.
You can also claim tax deduction of up to ₹1.5 lakh in a financial year under Section 80C of the Income Tax Act by using Sukanya Samriddhi Yojana. (If you pay tax)
Features of Sukanya Samriddhi Yojana
Interest Rate:
The government decides the rate of Sukanya Samriddhi Yojana every three months. The government has fixed the new rate of this scheme at 8.20% before the beginning of the new year 2024. This interest is given at the time of maturity.
Deposit amount:
You can invest a minimum of Rs 250 per year in this scheme. And you can invest maximum up to Rs 1.5 lakh. In this scheme you can make payment as many times as you want. But if you fail to pay the minimum amount, your account will be closed and you will have to pay Rs 100 to activate it.
Lock-in Period:
Sukanya Samriddhi Yojana has a lock-in period of 21 years. For example: If the girl is 3 years old at the time of initiation of this scheme, the maturity date will be when the girl turns 24 years old.
Transfer of Accounts:
If your resident address changes, you can transfer your Sukanya Samriddhi account to any post office or bank branch. You just have to provide proof of the new address. If you transfer the account for any other reason, you will have to pay a fee of Rs 100.
Number of Accounts:
Only one account can be opened in the name of a girl child. And you can open maximum two accounts in one household. But if three girls are born in the house at the same time or first a girl is born and then two twins are born, then you can open more than two accounts.
| Key Features of Sukanya Samriddhi Yojana (SSY) | |
|---|---|
| Interest Rate | 8.20% every year |
| Minimum Investment | Rs. 250 every year |
| Maximum Investment | Rs. 1.5 Lakh every year |
| Maturity Period | When the girl turns 21 at the time of marriage or after 18 years |
| Eligibility to age limit | Girl’s age should be 10 years or less. |
Eligibility for Sukanya Samriddhi Yojana
If you are opening an account in the name of a girl
- Any girl can open Sukanya Samriddhi Account
- The age of the girl should be maximum 10 years but the government has given an additional period of one year (Grace Period).
- Girls will have to submit only age certificate. (Age Proof)
If you are opening an account on behalf of a girl
- You can open this account on behalf of your daughter only if you are the girl’s parent or legal guardian.
- Each parent or legal guardian can open a maximum of two accounts.
Advantages of Sukanya Samriddhi Yojana
- It is a government scheme that offers guaranteed returns. Recently the government has announced new rates for Sukanya Samriddhi Yojana. The current rate offers an annual return of 8.20%, which is higher than all other government schemes.
- You can also claim tax deduction of up to ₹1.5 lakh in a financial year under Section 80C of the Income Tax Act by using Sukanya Samriddhi Yojana. (If you pay tax).
- If you have a daughter at home then you can definitely choose this investment option, as you can get a fixed return on your investment. The maturity amount can be used for the girl’s education or marriage.
- You can open this Sukanya Samriddhi account with a minimum of Rs 250. Also, you need to deposit at least Rs 250 every year to keep your account active. This is an affordable option for everyone.
Withdrawal Rules of Sukanya Samriddhi Account
Maturity Withdrawal:
After completion of 21 years you can withdraw money without paying any tax. For this you will need withdrawal form, ID proof, resident proof etc. Documents have to be submitted.
Partial Withdrawals (up to 50%):
Money can be withdrawn for the girl’s education or marriage. If you want to apply for education then girls should be 18 years of age and should have studied till 10th.
Premature closure of account:
Some conditions in case of withdrawal before completion of the scheme are as follows
- Sukanya Samriddhi Account has been running for 5 years but now it is difficult to make further payments due to reduction in income of parents, illness of daughter etc.
- Money can be withdrawn for the girl’s education or marriage. If you want to apply for education then girls should be 18 years of age and should have studied till 10th.
- Premature closure of account: Some conditions in case of withdrawal before completion of the scheme are as follows
- If the girl has turned 18 and is getting married then you can apply for withdrawal one month before or 3 months after the marriage. 50% of the withdrawal amount is tax free.
- In case of death of the daughter, while withdrawing the money, death certificate will have to be submitted and all the money will be given to the parents.
- If the girl is changing her place of residence and closing the account then submit the same documents like resident certificate etc.
Interest on premature closure:
If you close Sukanya Samriddhi account for any other reason than this, then you will get the same return on this scheme as you get interest on post office account.
How to open a Sukanya Samriddhi Account
Hopefully you have got all the information about Sukanya Samriddhi account, let us understand how to open it.
- Step 1: Visit the nearest post office or bank branch
- Step 2: Fill the account opening form and submit KYC documents along with it
- Step 3: Deposit the first amount of Rs 250 (cheque, cash or demand draft)
- Step 4: After opening the account, you will be given a passbook.
If you are looking for a good investment option for your daughter then Sukanya Samriddhi Yojana is the right and best option for you. Since it is a government scheme, returns are guaranteed and that too at a very good rate. Sukanya Samriddhi Yojana can definitely help you plan your daughter’s education and marriage expenses with less risk for the long term.
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