Sukanya Samriddhi Yojana Account

Sukanya Samriddhi Yojana (SSY) Scheme is another Female welfare savings scheme after PPF in India. In order to increase female percentage in India, Honorable PM, Mr. Narendra Modi, has initiated Sukanya Samriddhi Yojana scheme (SSY) savings account on 22nd Jan, 2015, specialized for only girl Child. This Sukanya Samriddhi Account is a part of initiative program “Beti Bachao – Beti Padhao” (BBB) of Government of India.

Why this Sukanya Samriddhi Account is required?

Generally, Women of India are not completely protected due to low female sex ratio. Ladies are still not safety before marriage or after marriage, though various legal procedure and support are available. In order to increase female sex ratio, Government has initiated many steps and Sukanya Samriddhi Account (SSA) is one of the financial supporting schemes.

Benefits of Sukanya Samriddhi Yojana Account

  1. Rate of interest

The interest rate offered by SSY is 9.2% for this financial year 15-16 and it is highest among all Small Savings Account Schemes of Govt. The interest rate for this SSA scheme will be linking to Govt. Bond yield and will be 0.75% more than Bond yield. The Interest Rate will be varied every year and will be declared by Govt. of India every year. Interest will be accrued on monthly basis on lowest balance amount and total interest amount will be credited to Account of SSA holder yearly.  Minimum 1000 and maximum 1, 50, 000 per year can be deposited for one account.

Question: How much interest and total amount, I can get after 21 years of opening of Sukanya Samriddhi Account if I have deposited amount INR 150000/- for 1st 3 years and then 75000/- for next 11 years?

Answer: As there is no rule for premium installment amount, you can deposit any amount and it must be minimum INR 1000/- per year to continue your Sukanya Account. Generally, as per updated interest rate by RBI is 9.2% per annum for Sukanya Account. Your Total Deposited amount will be INR 12,75,000/- within 14 years and Total interest amount for 21 years will be INR 40,39,694/-(approx). So total withdrawal amount will be INR 53,14,694/-(approx) on 21 years from the opening date of Sukanya Account.

  1. Income Tax Exemption Facility

For encouragement of people towards opening more Sukanya Samriddhi Account, Government has included this SSA investment scheme u/s 80C of Income Tax Act, 1961. This SSA investment amount will be gone under EEE i.e. income tax exemption is available on interest income and on withdrawal amount. Since, the Revenue Department has the authority on this SSA and if amendment will be required, then it will be passed by Government.

Question:  If I have been depositing INR 24000/- per annum in Sukanya Account for my daughter, then how much tax benefit I would be receiving per annum and the maturity amount after 21 years will be taxable or not?

Answer: You will get Tax exemption u/s 80C on total amount INR 24000/- per annum. After 21 years, your total maturity amount will be Tax free.

  1. Lock-in Period for SSA

The maturity of SSA is possible on 21 years from the opening date of the account or marriage of the Girl, whichever is earlier. For Marriage, the age of girl should be 18 years at the time of marriage. The account operation is not permitted beyond date of marriage.

One Premature amount can be withdrawn by depositor when the girl child becomes 18 or more, only for Higher Education purpose. Premature withdrawal amount is restricted to 50% of the current balance amount. The SSA installment amount can be deposited till completion of 14 years from the date of account opening and maturity is 21 years from account opening date.

Question: Now, the age of my daughter is 2 years old and I have opened Sukanya Account currently. After 21 years, when my daughter will become 23 years old, the Sukanya Account maturity date will be arrived. If my daughter is not ready to marry in the age of 23 and she wants to marry after 5 years from the date of maturity of Sukanya Account, then can she continue Sukanya Account up to her marriage date?

Answer: Yes. Her Sukanya Account will be continuing for next 5 years or more according to wish of daughter for marriage. And the Govt. will give interest continuously as per regular interest rate during opening of Sukanya Account.

  1. Social Support for Girls

Sukanya Samriddhi Account is launched with main objective of financial scheme for the marriage of Girl Child. With this small savings account scheme, Govt. has supported parents for marriage and education expenses of girl Childs. And hence, there is a great way opened for improvement of female sex ratio and women can be protected well.

Eligibility of a Girl Child

  1. She should have age of 10 or below.
  2. Must be Indian
  3. Only one SS account can be opened for one girl.
  4. If you have opened already PPF account for girl, you can have a Sukanya Samriddhi Account too.

Question: Can you please clarify whether a girl child can have both Sukanya Account and PPF?  Because when I was trying to open both Sukanya Account (SSA) and PPF for my daughter with SBI, they didn’t allow opening a PPF account after opening Sukanya Account according to their Terms and Condition. I was searching online for clarification of this rule, but still failed.

Answer:  A girl child can have only one SSA and only one PPF. I think, the SBI officials don’t have updated information, about PPF and Sukanya Account. If you have opened one Sukanya Account with SBI, then for opening of PPF account, you can do inquiry with ICICI or other banks.

Question: I have been working in USA for the last 5 years. I had some queries about my daughter for opening of Sukanya Account (SSA). My 3 years old daughter has Indian Citizenship rights and also her mother is Indian citizen. But, at present my wife and daughter, are staying with me in USA since June 2013. My daughter is eligible to open Sukanya A/c and her mother can sign as local guardian?

Answer:  Yes, Your daughter is eligible for Sukanya Account and her mother can be local guardian.

86 thoughts on “Sukanya Samriddhi Yojana Account

  1. Rajesh sah

    How to open a SSY account do i need to visit Branch office of bank or can be opened online also.

    Reply
    1. Anu Dey Post author

      You have to Visit Bank or Post office to open SSY account

      Reply
      1. Sandeep

        If ur in hyderabad u can call me
        9581114567
        I will help iam from icici bank

        Reply
      2. ashok

        9june2017 ko 150000 jama kar diye to next instolment 9 june 2018 ke baad karni h ya pahle bhi kar sakte h

        Reply
  2. loveneet

    I have a query if I deposit 24000 per annum in fourteen year 336000 and how much my daughter get when she is 21 year old

    Reply
  3. RAMREDDY

    I have 2 daughters aged 7&5 years old.
    If I invested 3000 permonth to 7 years child. How much amount I will get after 21 years?

    Rs.1000 per month,I.e. Rs.12000 per year to 5 year child. How much amount after 21 years to the child?

    Reply
    1. Anu Dey Post author

      Interest Rates are fixed every year. You can check calculations here..

      Reply
  4. divhya bharti

    Meri ladki 9 sal ki he 21 year tak kitna depozite kerwana pedega

    Reply
  5. karnal singh

    My daughter DOB is 03 Apr 2006 , so can I open sukanya samridhi account. Pl tell me what document is required for open this account pl….

    Reply
    1. Anu Dey Post author

      Yes you can open her account. Documents needed are same which are needed for opening bank account like ID Proof, residence poof and Pan Card..

      Reply
  6. harsh

    Is it only a bachat yojana or it has some insura ce facilities ás well!

    Reply
  7. Kamal

    My daughter dob feb10 and i opened account mar16. Then how many year i deposit amount.

    Reply
  8. Siddiquee Harun

    Mai 1000 rupye se khata khola post office me 21.9.15 ko uske bad maine paise jama nhi kiye lekin mai chahta hu k 1 sal ka paisa yani 21.9.16 tak ka agar jama karta hu to kya mujhe fine dena hoga ya nhi.please reply.

    Reply
    1. Anu Dey Post author

      No you don’t have to give any fine..

      Reply
  9. Nilesh Cheulkar

    There should be a facility for depositing online in SSY account. Due to huge queues and very poor network, most of the time we just returned. Request to Concerns to make these offices high tech performers

    Reply
    1. Anu Dey Post author

      Computerization of Post Offices are going on.

      Reply
  10. vinod meena

    sir meri ladki abi 2 mhine ki h kya me is yojna ka labh le sakta hu kya me accont khol sakta hu or ydi me 1000 rupye pr year kru to kitna deposite milega plz reply sir

    Reply
  11. Prem Rautela

    SBI sector 100 Noida br.refused to open SSA account from the tenant. They want address proof of own house.Please help us and instruct the bank branch suitably.

    Reply
    1. Prem Rautela

      PM vima. Yojna for sr.citizen opened in SBI Sector 100 Noida be last year.But not renewed by the branch this year by auto debit. I personally contacted the branch official in the matter but no proper response..resulting lapse of policy. Please take suitable action and direct the bank to renew the policy.

      Reply
  12. Siddiquee Harun

    Dear sir
    Maine apni Beti ka account post office me khola hai mai chahta hu is accaunt ko dusre post office me transfer krana to kya aesa possible hai. Please reply me Thank you.

    Reply
  13. sushil kapse

    Keri ladki 1 sal ki hai mai sal ke 1000 dalunga to meri ladki ko 21 sal me kitna milege

    Reply
  14. Sunil kumar snehi

    I have to check my account (sukanya) that what amount till date I have deposited and what’s interest . So plz suggest and till date not a any paper provided by post office.

    Plz clear.

    Reply
  15. Purnima

    I have started ssy plan fir my daughter and paid few months… but due to personal reasons i couldn’t pay feom past 9months… can i continue paying again… i have account in Kakinada and i want to shift it to hyderabad.. is it possible.

    Reply
  16. Siddiquee

    Dear mam
    Maine 1000 rupaye se 21/09/2015 ko post office me account khola tha lekin maine abhi tak usme paisa jama nahi kiya hai.lekin mai ab chahta hu usme paise jama karna 18000/ sal ka to abhi mujhe kitna paisa deposit karna hoga.
    Please reply me Thank you.

    Reply
    1. Anu Dey Post author

      18000 per year means 17000 for last year and 18000 for this year. So total 35000/- before 31st March..

      Reply
  17. Mishell Anne

    Hi I have paid for five months of 1000. But since 1 year I am unable to pay can I continue paying again from next month.

    Reply
  18. Syed khuddus

    Can I increase the amount if I want to anytime between the timeline

    Reply
  19. Sudhakar

    Hi,

    Could anyone advise whether its possible to transfer SSY account from one bank to another bank.

    regards
    B.Sudhakar

    Reply
  20. Karisma sahoo

    Can i transper my account from postal to state bank of india plz reply

    Reply
  21. surendra kumar

    Hi All,
    can anyone clarify below mentioned doubt?
    I want to open both PPF and sukanya samruddhi accounts either in a bank or post office and both will come under section 80C and maximum limit for both the schemes per year is 1.5 lakhs.
    My doubt is can I put 1.5 lakhs in each account per year (PPF – 1.5 lakhs + SSY – 1.5 lakhs), and I will use only one scheme for income tax filings purpose and second one I will use like savings scheme.
    In that case both will be tax free schemes only as per the protocol at the time of maturity or else only one scheme is tax free?? because generally both are tax free schemes and at the same time they will come under 80C.
    Note : I addressed this query with SBI, but they did not provide proper information.

    Regards,
    Surendra
    because section 80c limit is 1.5 lakhs only.

    Reply
    1. Anu Dey Post author

      You only get Tax benefit from 1 scheme. Better approach is that husband takes benefit from one account and wife from other. I myself is doing same..

      Reply
      1. surendra

        Dear Mr.Anu,
        Thanks for your prompt reply.
        Your idea is good but in case suppose wife is not getting any income,i.e.If She is not working, then how can we justify for that income for getting tax exemption for that scheme.

        Regards,
        Surendra

        Reply
          1. Abdul Rasool

            Abdul
            Dear Sir, Mam,
            I have opened ssa act to my daughter last weak her age is 4 now i wil pay 14 years (age 18)
            and then act closing period will coplete 21 years from the act opening (age 25)
            r my daughters age 21 ican’t understand pls tel me clearly…

          2. Anu Dey Post author

            A/c will close after 21 years of opening..

  22. IZAZUL MALLICK

    Q1.Mam 22.03.2017 date main SSA account open kiya Rs 1000 main, kiya main har saal alag alag deposit kar sakti ho. Example- 1st year 7000 , 2nd year 12000 , 3rd year 25000.
    Q2.. kiya account main cash 2 bar main deposit kar sakti ho.
    Q3..mera financial year kab suru hota hai.
    Please help me mam..answer me

    Reply
    1. Anu Dey Post author

      A1. Yes you can

      A2. Yes you can

      A3. 1 April to 31 March

      Reply
  23. IZAZUL MALLICK

    SSA account open kiya 22.03.2017.
    Q1..Current interest rate kitna milega.
    Q2..Kiya interest fixed rahega, yea har saal change hoga.

    Reply
  24. Rajan kumar

    Mai apne beti ka a/c HDFC BANK me kholna chahta hu kya us me SSY yojna hoga sambhav hai reply just sir; madam

    Reply
    1. Anu Dey Post author

      List of 28 banks (public and private) where parents can contact to open Sukanya Samriddhi Yojana Account

      Allahabad Bank
      Andhra Bank
      Axis Bank Limited
      BoB – Bank of Baroda
      BoI – Bank of India
      Bank of Maharashtra
      Canara Bank
      CBI – Central Bank of India
      Corporation Bank
      Dena Bank Limited
      ICICI Bank Limited
      IDBI Bank Limited
      Indian Bank
      IOB – Indian Overseas Bank
      OBC – Oriental Bank of Commerce
      P&SB – Punjab & Sind Bank
      PNB – Punjab National Bank
      SBBJ – State Bank of Bikaner and Jaipur
      SBI – State Bank of India
      SBH – State Bank of Hyderabad
      SBM – State Bank of Mysore
      SBP – State Bank of Patiala
      SBT – State Bank of Travancore
      Syndicate Bank
      UCO Bank
      Union Bank of India
      United Bank of India
      Vijaya Bank

      Reply
  25. MANAS MAITY

    ManasMaity.
    May12,2017

    Sir/Madam,
    Can I transfer my account from postal to state bank of india,please reply.

    Reply
  26. Rk maurya

    I want open ssa acc for my daughter. Suppose my daughter will die then what will be
    Plz suggest me

    Reply
    1. Anu Dey Post author

      In that case parents can close the account..

      Reply
  27. swathi arun

    Hi

    We have opened sukanya account for our daughter in PO. Unfortunately we have misplaced/lost our pass book, how can we get the account number as we need to pay the term now. Is there a way we can get the account number. PO says they cannot do anything and we have deposited close to the max deposit every year

    Thanks in advance

    Reply
    1. Anu Dey Post author

      Unfortunately, Post Offices in our country is still not fully computerized. If you got any cash deposit slip with you, it can help. Otherwise PO can help if you can tell them date or month of opening account. File a Police Complaint for loss of Passbook and than write an application to PO for duplicate passbook. Attach a copy of that Police complaint with it. If you don’t get a reply within few days or so, file a RTI for that..

      Reply
  28. Ajay Singh

    Hi,
    My daughter SSY account got non operational due to not depositing the min amount in the last financial year. How to regularize that account . Her SSY account in SBI at Ahmedabad branch .Now i am posted in Meghalya . Shall i have to visit personally to the Ahmadabad branch or any alternate method to regularize the SSY account without visiting the branch.
    regards
    Ajay Singh

    Reply
    1. Anu Dey Post author

      You can regularize it with depositing minimum 1000 Rs with fine. You have to visit branch once to regularize..

      Reply
  29. Milind Deshpande

    I am from Pune Maharashtra ; i lost passbook of my daughter and we don’t have account number for the with us.

    Kindly conform how we can find out account number.

    Reply
    1. Anu Dey Post author

      First of all file a missing complaint and than take it Post Master..

      Reply
  30. VENKATESH

    Meri beti ka sukanya samriddhi account maine axis bank me khola passbook bhi mila 18 installment ki entry bhi interest ke saat 12266 rupaiye hai ab mein jab passbook entry karvaya tho balance zero bata raha hai bank valo ko pucha tho bolthe hai ki bachi do account hota hai abhi usme transfer hogaya hai .lekin mujhe kaise pata challega please meri help kariye please

    Reply
  31. priyanka Aggarwal

    I opened sukanya smridhi yojna account for my daughter last year. At the time of opening she was Indian citizen. But now she and me both are OCI.
    Can she still keep the account?
    If yes, can we make deposits in it?
    And do I need change the operator to her father who is
    Still an Indian Citizen.

    Reply

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