FAQ About Sukanya Samriddhi Account

Till when I can open account under this scheme. Time/ Date Limit?

Account under this scheme can be opened anytime during the year, provided the age limit of the girl child is within specified range.

Age limit under the Scheme:

Girl child who is 10 years of age or younger, can only open account under this scheme. This means that for current year, girl child born on or after 1st January 2006 will only qualify for opening account under this scheme.

In the 1st year of this scheme, GOI has provided age exemption under the scheme. Only for that year, girl child born between 2nd December 2003 – 1st December 2004 could also open account under this scheme.

Account Limit?

Maximum 1 account per girl child. Maximum 2 account per guardian. In case of triplet daughters from 1st birth or twin daughters from 2nd birth parent can open maximum of 3 accounts. 1 account for each girl child.

I have PPF, should I invest in this scheme.

Having a PPF is a good investment strategy, so kudos to you for having a PPF account. Whilst in totality the SSY resembles PPF closely, it is still a good scheme to invest in. Let’s look at 2 scenarios where in spite of having a PPF a SSY will prove to be an investment opportunity for you.

  • If you exhaust limit in PPF, still this is good option to save more for girl child
  • You can use PPF fund for self saving, and this scheme fund for girl child.
  • You can invest in both PPF and SSY and save up to Rs 3,00,000 p.a for your girl child
  • SSY offers higher rate of interest than PPF

Taxation on deposit, interest and maturity sum?

This scheme has been granted tax free status. Lets understand what this really means.

Deposit under SSY qualifies for deduction u/s 80C. However many other investments and deposits too qualify u/s 80C for deduction. Total limit of deduction u/s 80C is Rs 1, 50, 000/- per person per annum.

Hence your deposit in SSY will qualify for deduction u/s 80C, however it will be subject to the total limit of Rs 1,50,000/-.

This means if you invest in the various scheme and deposit u/s Sec 80C, including SSY up to Rs 2,00,000 p.a; then you will receive tax exemption up to Rs 1,50,000/- only. On rest 50,000/- tax will be applicable.

In case currently you are investing Rs 1,00,000/- p.a under the various schemes u/s 80C then you can invest additional Rs 50,000/- under SSY, and claim exemption of entire Rs 1,50,000/- p.a

Interest income and maturity sum are tax free.

Account investment, maturity, and termination procedure?

For an account opened under SSY scheme, following are the regulations:

You will have to deposit in this account minimum of Rs 1000/- max Rs 1, 50,000/- every year continuously for 15 years beginning from the date you have opened the SSY account.

A SSY account will mature/terminate at 21 years, beginning from the date of opening the account.

When the girl child for whom the SSY account has been opened turns 18 years old, or passes 10th standard whichever happens 1st. Maximum up to 50% of the deposit in the account, can be withdrawn for higher education of the girl child. This withdrawal is irrespective of the date on which the account was opened. It is related to the age of the girl child, not the age of the account.

Once the SSY account matures it will stop earning interest, irrespective of whether it is closed or not.

How is 50% of deposit for withdrawal calculated?

Under SSY, no premature withdrawal is allowed, except when required for the girl child’s higher education. In this case partial withdrawal, subject to maximum 50% of the deposit amount can be done. For this purpose the 50% of deposit will be calculated by the balance standing at the end of the preceding financial year can be taken after account holder’s attaining age of 18 years.

Keep in mind the actual withdrawal permitted will be equivalent to the fees payable, and fee receipt will have to be produced to establish the same.

Is the Rate of Interest fixed or flexible?

Rate of interest is not fixed, it is flexible. Every quarter the Rate of Interest will be specified by the Government of India. For the current quarter rate of interest is 8.5%, also the rate of interest will be reviewed every quarter, and can be changed.

Is there any fixed deposit schedule?

No there is no fixed deposit schedule.

  • You need to invest minimum of Rs 1,000/- per year in each of the SSY account opened by you.
  • This 1000/- Rs you can deposit anytime during the year, in any amount. 100 each month, 1000 in one go, 500 bi-monthly, anyway you wish too.

Who will the maturity amount be paid to, and when?

The maturity amount will be paid to the girl child for whom the account has been opened only. It will not be paid to the guardian or any other person. It will be paid on culmination of any one of the below specified activities, whichever happens earlier.

    • 21 years since the date of opening the account.
    • When the girl child for whom the account has been opened wants to close it, by establishing ‘intent to marry’

Read More on Sukanya Samriddhi Scheme

Do write in your comments and questions below, I will be happy to answer them.

  • Hari pal singh Jodhpur

    i open my daughter account date 16-01-2016
    and her date of birth 07-09-2015
    i deposit 2000/- per monthes
    how much i get back after 21 year

    • Hi Hari Pal Singh,

      After 21 years you will get back around Rs 12,60,000 assuming the current interest rate of 9.2%

  • Shakti

    Great video and wanted to congratulate the team. My questions is my daughter is 14 months old and if i take this scheme deposit 1,50,000/ every year for the next 14 years what will be total amount at 21years with no premature withdrawl. Also can i deposit till 21years is that possibility?

  • Vishan Rana

    Hi, Can you please share, is there any insurance covered in this scheme?
    I mean if father of a girl who owned this scheme died before 14 years, what will then?

    • Hi Vishan,

      There is no insurance cover under this scheme. In case of death of father, mother can continue investing in the scheme. In case she is indisposed, any other legal gaurdian can continue investing in the scheme for the girl child.

      In case nobody is able to invest money in the scheme for the girl child. the account will be closed and money will be given to the girl child.

  • Shipra Madhavi

    Hi , i have opened SSY account for my daughter in post office . i have a account no with me but this is not online, can i know the status of account through internate. please let me know the link (url) to know the account status. —–Shipra

    • Hi Shipra,

      Post office do not provide online facilities currently. To know the status of your daughter’s account, you will need to visit the post office where you have opened the account.

      May I know what exactly do you want to know in regards to the account?

  • ashish

    Hi, can a HUF- KARTA (FATHER) contribute in SSY to avail the tax benefit u/s 80 C.

  • Karmvir Saini

    If girl child birth is at abroad, can we open her SSY account? Please guide us as early as possible.

    • Hi Karmvir,

      If the girl child is Indian citizen, yes you can open account for her.

      She can be a Indian citizen by descent, if either of her parent are Indian citizen at time of her birth and her birth had been registered with concerned Indian Mission abroad.

      If the child is not Indian citizen, account cannot be opened for her.

  • Jijy Jijy

    I opened an account on november 2015 and deposit 8000 as first year investment. and i wish to deposit the fixed amount on yearly basis. so when should i deposit my 2nd investment , is it on November 2016 or january 2016

    • Hi Jijy,

      Yearly basis for interest calculation is on basis of the financial year. If you want to make fixed yearly deposit, do so on 1st April 2016.

  • Rajesh Ranjan

    how can i transfer amount in ssy acount through neft. plz tell me sir

    • Hi Rajesh,

      If you have opened your ssy account in any bank, then you can transfer funds to it via neft just like any other account. you can do so online or by filling the neft form at bank.

      To do so online:
      1. add the ssy account via internet banking to the bank you want to transfer funds from.
      2. Wait for the account to be added and activated
      3. Transfer your desired funds to the ssy account. You can set a monthly payment schedule if you wish to transfer funds on monthy basis to your ssy account.

      • Harish Vaishnav

        axis bank manager told me NEFT not possible in SSy account?

  • Rohit Ahuja

    SSY account of my daughter is now opened in SBOP, but in narration in Passbook copy of amount deposited its mentioned PPF amount deposited,, plz help me to understand and clarify .

    • Hi Rohit,

      Have you been issued the SSY account passbook? You can see how it looks here – http://www.sukanyasamriddhiaccount.net/documents-related-to-ssy/

      – If yes then it must be a typo error at the bank’s end. Bring it to the bank’s notice and they will likely correct it.
      – If no then by mistake the bank might have issued you a PPF passbook. Go to your bank, and explain them that you have opened a SSY account, and not PPF account.

      Since this scheme is very similar to PPF in features, some banks have not created dedicated resources for it and use PPF resources, thus causing confusion.

      • Rohit Ahuja

        Really appreciate your response, but the passbook copy u attached is of Post office,, Would be greatful if you share Bank Passbook. so that I can take it forward with bank officials and get it corrected.

  • Bhawani Acharya

    मेरे तीन लड़कियां और एक लड़का है क्या मै अपनी एक लड़की के लिए सुकन्या समृद्धि खाता खोल सकता हूँ।
    मेरे तीन लड़कियां और एक लड़का है क्या मै अपनी एक लड़की के लिए सुकन्या समृद्धि खाता खोल सकता हूँ।

  • Reena Chilka

    Hi, My daughter is currently 6.5 yrs old. Today if i open an account for her , them at maturity of 21 years she will be 27.5 yrs old. Suppose if she gets married at the age of 25 , then how much amount will be given to us- only 50 % of theamount lying in deposits or the entire amount .

    • Hi Reena,

      Whenever your daughter gets married the account will automatically be closed. Entire amount accumulated in the account as on that date will be paid to your daughter.

  • Mudunuri Srinivasa Raju

    SIR, MY QUERY IS WHETHER THIS 14 YEARS CONTRIBUTION IS FROM DATE OF A/C OPENING OR AGE OF THE GIRL CHILD.
    FOR EXAMPLE, MY DAUGHTER IS BORN ON 20 JUN 2011, NOW IN 2016 IF I OPEN A SSY A./C SHOULD I CONTINUOUSLY DEPOSIT FOR 14 YEARS FROM DATE OF A/C OPENING OR TILL THE DATE WHEN MY DAUGHTER ATTAINS 14 YEARS AGE. PLZ CLARIFY SIR

    • Hi Mudunuri,

      14 years contribution period is from date of opening the account.

      if you open account in 2016, you will need to continue deposit until 2030.

  • Reena Chilka

    Thanks for your reply. One more query- That in SSY the term used is married – does it mean that amount will be given to girl child after her marriage( then only she will be termed as married) . If we opt for this scheme for her marriage purpose , then what will be required to be done to withdraw amount for incurring her marriage expense, what proof would be required to be submitted to prove that she is getting married.

    • Hi Reena,

      The money will be paid to the girl child only after she is married. It will be paid to her on providing proof of having done the marriage. You cannot use the money for marriage expense etc.

  • Nalla Nageswara Rao

    I opened account 1000 p.m. in SSY… Do i pay compulsery every month ?

    • Hi Mr. Rao

      No you do not need to pay any amount compulsorly every month. You only need to pay minimum Rs 1000 per annum in order to keep the account active.

  • Naren

    I have opened SSA for my girl child in a post office last year.Now i guess the same scheme with SBI also.My question is can i open SSA for her in SBI Bank.

  • Suhas Aarekar

    my question is if in SSY scheme child or her parents who deposing money any one expired during scheme what happening with SSY.

    • Hi Suhas,

      In case of death of the girl child, the account will be closed immediately and the money accumulated in it will be paid to her parent/gaurdian.

      In case of death of the parent/gaudrian, there are following options:

      1. Surviving parent or gaurdian can continue depositing money in the account as before.
      2. If the girl child has attained age of 10 years she can operate the account, and hence can deposit funds in it herself.
      3. In case depositing funds in the account is no more possible, then a letter specifying should be give to the bank/post office where the account is maintained, They will close the account under special circumstances, and money accumulated in it will be paid to the girl child.

  • kuldeep jain

    I have opened sukanya samriddhi Yojana a/c for my daughter to my nearest post office address.

    after 8 months they given me new online a/c number and told me that I can deposite money in any post office. Now I have two a/c, how can I verify my account on online

    Can I change my a/c post office to SBI bank.
    pls reply

    • Hi Kuldeep,

      1. Yes you can transfer your account from post office to SBI bank
      2. You will not be having two accounts, most likely your old account has been digitized and hence new number has been allotted to you. Your previous account number will be replaced with the new account number.
      3. What online verification do you want to do?

  • Stanly Jones

    Hello, I opened sukanya samriddhi account for my daughters in Bangalore post office. Now i have moved to Tamilnadu. Is it possible to pay the deposits in post offices here or should i pay it only in Bangalore or should i transfer the account here. kindly clarify my doubts. Thanks.

    • Anand Kumar

      You can deposit from any post office

    • Hi Stanly,

      Under the digitization drive of post offices, you can now deposit funds in any post office across India. If you wish to you can get the account transferred as well.

  • Raja Srinivas

    For example, I have taken an SSY account with a bank, can we deposit amount in any of that bank’s branches? The example Passbook you shared confused me. That looks like a manual entry. If we deposit amount from different locations, how do they update the passbook? Thanks in advance for your clarification.

    • Anand Kumar

      SSY account is just like saving account you can deposit from any branch of particular bank

    • Hi Raja,

      The example passbook has been provided by Reserve Bank of India as the standard passbook for this account. It can be updated manually or electronically.

      You can deposit money in any branch of the bank, also you can deposit funds in the account online via NEFT. When you deposit funds, carry the passbook along, and it will be updated for you by the bank authorities
      .

  • Jijy Jijy

    I opened sukanya samriddhi account for my 1 year old daughter. if i deposit fixed amount for 14 years and Suppose if she gets married at the age of 25 , when she can withdraw the full amount? is it after 21 years or after her marriage?

    • Hi Jijy,

      Once your daughter gets married the account will be closed automatically, and the funds accumulated in it will be paid to her.

      However if the account matures (completes 21 years from date of opening) before your daughter’s marriage, then she has the option of closing the account, and withdrawing the funds or continuing the account. In case she chooses to continue it, the money in the account will continue to earn deposit at specified rate of interest.

  • SK Sundaray

    I (Father) is the guardian of my daughter SS A/c. As per your suggestion
    It is possibl;e to change the guardian’s name from father to mother. I
    want to change the guardian name in my daughter SS A/c from my name to
    her mother (my wife) name for availing tax benefit by my wife, Pls
    inform me the procedure and documents needed for it.

    • Hi Mr. Sundaray,

      Yes you can change the name of guardian. You will need to submit a written request for the same along with the KYC documents (proof of residence & proof of identity) of your wife. There is no form designated for this purpose. Also you will be required to submit 2 passport size photos of your wife.

      • SK Sundaray

        Thank you for your information. As per your suggestion I contacted to the Post office where my daughter’s SS a/c was opened. The Post master ask me to inform him regarding the government order number or letter number with date in which it is mentioned that change of the name of the guardian is possible with the above mentioned documents. Please let me know. Thank you again.

  • hiral shah

    HI
    REGARDING TO INTEREST PAIN
    IAM COPYING 7 NO FRM SS

    7. Interest on deposit .- (1) Interest at the rate, to be notified by the Government, compounded yearly shall

    be credited to the account till the account completes fourteen years.

    (2) In case of account holder opting for monthly interest, the same shall be calculated on the balance in

    the account on completed thousands, in the balance which shall be paid to the account holder and the

    remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

    does this mean that if account opened at birth – on fourteen years completion there would be say 200000

    after which from 14- 21 years no interest will be paid in that case

    at 21 years the maturity amount would be 200000

    please correct me

    • Hi Hiral,

      If account is opened at birth
      1. You need to deposit funds for 14 years
      2. Funds deposited will earn interest every year right from the date of opening the account.
      3. Interest will be compounded yearly
      4. After 14 years you do not need to deposit funds, however the interest will continue and funds will earn interest until the account is closed.

      To clarify your query, the account will continue to earn interest from 14-21 years, and even beyond if the girl child is unmarried and wishes to continue the account.

      • Chandrashekar

        This response is contradictory to what is written in the article above viz “Once the SSY account matures it will stop earning interest, irrespective of whether it is closed or not.”

  • Rishikesh

    When should I invest Rs 1.5 lacs every year in SSA to get the maximum interest benefit? What will be the difference

    if I invest on 2nd April instead of 1st April?

    • Bipin

      Invest anytime between 1st-10th april.
      Earlier interest calculation procedure was not provided clearly, hence we suggested 1st april. Now it has been clarified that deposit done until 10th of the month will earn interest for entire month.
      Based on earlier pattern if you invested on 2nd instead of 1st, you would miss out on 1 day’s intetest amount.

  • chall ramanna

    First year we paid 60k same amount we have to pay the next year or how much ever amount we have can pay that amount,

    • Bipin

      You need to pay minimum 1000rs and upto maximum 150000rs every year. Any amount between this range can be deposited. You can deposit different amount every year.

  • Hello Sir, Can I open this account in any government bank or its mandatory to open in any post office. and where from I get form.

    • Bipin

      Ypu can open account in any bank which are operating the scheme. There is no compulsion about post office. Form you can get from bank itself.

  • SK Sundaray

    Thank you for your information. As per your suggestion I contacted to
    the Post office where my daughter’s SS a/c was opened. The Post master
    ask me to inform him regarding the government order number or letter
    number with date in which it is mentioned that change of the name of the
    guardian is possible with the above mentioned documents. Please let me
    know. Thank you again.

  • subhojit saha

    I tried to transfer Rs 1000 to Sukanya account in SBI via NEFT. However, the amount was returned back. Is NEFT facility not available for Sukanya account?

    • Bipin

      Yes neft is available. Kindly recheck the account number.

  • Vimal Mundhra

    My daughters DOB id 15.03.2006 can i open the account under the scheme now.

    • Bipin

      No sorry, she has already attained 10 years of age. You cannot opeb account for her.

  • Kenrick Mascarenhas

    if the parent/gaurdian dies , then and no further premiums are paid. what happens?

    • Bipin

      There are few option
      1. Other parent can continue the account.
      2. If continuation of account is not possible, letter explaining the same should be submitted. If found to be genuine, on extreme compassionate grounds account will be closed. Funds will be transferred to the child.
      3. If no premium is paid, but new gaurdian chooses to continue the account, then account will be considered dormant. Funds accumulated in it will earn interest at post office saving account rate as specified for each year.

  • Sumit Kant Jha

    sir, i opened sukanya account for my daughter last may in post office……but duer to sdome mistake, they have opened the saccount in my name and they have not mentioned daughters name in the account….how can i correct this mistake

    • Bipin

      Point out the mistake to the post master, he will do the needful.

  • SK Sundaray

    As per your suggestion, it is possible to change the guardian’s name in SSY account from father to mother. Accordingly, I contacted to the Post office with this information where my daughter’s SS a/c was opened. The Post master ask me to inform him regarding the government notification number with date in which it is mentioned that change of the name of the guardian is possible. Please let me know the govt notification number so that I can able to change from my (father) name to my wife (mother) name in my daughter’s SSY a/c for availing 80 C tax exemption by my wife (mother). Thank you again.

    • Bipin

      No, so long as gaurdian is alive name change is not possible. Our apologies if we alluded to such change being possible. For tax purpose either parent can claim exemption for deposit made by them in this scheme, irrespective of who is named as gaurdian. You do not need to change the name.

  • R M Ansari

    If i deposit 40,000 rs in June 2016 so how much i will pay at meturity?

    • Bipin

      You will need to deposit atleast rs 1000 every year for 15 years. This scheme is not designed for one time deposit only.

  • Satish Yadav

    What happened if guardian dies in future. And who will guardian after that.

    • Bipin

      So long as the child is minor, some gaurdian will be appointed for her. He/she can choose to continue the account. Both parents are natural gaurdian, so in case of death of either parent, the other parent will continue to b natural gaurdian. If both parents die then next nearest family members can become gaurdian

  • Inderjeet Singh

    What’s the process to be followed if the sukanya account passbook is lost due to some reason???

  • flex76

    my daughter DOB is 07-Apr-2006, Can I open account?

  • Sankalp

    Hi, What interest I’ll get at the end of year for Rs. 150000 (Suppose for FY 16-17, If SSY account opened in this FY & I pay amount of Rs. 150000 either in 12 equal Installments of Rs. 12500 or I pay Rs. 150000 at a time.

    Do I get same amount as Interest of SSY for the year in both cases (for One time payment of 150000 or 12 Equal Installment of 12500)

  • Ashish

    Can two guardians deposit the amount in one SSY account

  • Jenal

    Hi, My daughter was born in Oman (Mar 2016) & was issued with a Birth Certificate by the Oman Government.
    After this we have come back to India now.
    Am i eligible to open a SSY account in my daughter’s name? Will having an abroad birth certificate cause any objections to open a SSY account? Please guide…

  • Syed Iftekhar Ahmed

    Hi My daughter has a SSY account in ICICI account. My wife was not aware of it and she has also opened another SSY account at SBI. Now please tell me what to do?

  • Shashank

    What kind of proof document required for marriage for the purpose of withdrawl

  • thurkadevi

    Hi Sir/Madam
    we open ssy for my 2 daughter at 30.3.15 after 3 months we paied The last date is 12.08.15, still we are not pay,
    we worry about , is it in active? no means , please tell me how much i have to pay with interset

  • Praveen kumar

    Hi, Does anybody successfully transfered the SSY Account from post office to any of the banks ? Please let me know.. I have checked various banks — SBI, SBH, CANARA, PNB, IOB, ICICI, AXIS.. But no bank is aware of this transfer process.. they said this Account can be opened in their branch but not possible to transfer the existing account from post office to their branch.. Iam clue less.. Please suggest..

  • Imran

    Hello sir recently I hav opened the account I invested 3000 rs but now we dnt want it so can we get tha money back

  • Bhavin Modi

    Hello Sir,
    I have SSY account opened in Post office in benefit of my daughter aged 7years old. Can I deposit the amount in any branch of Post office anywhere in India or will I have to deposit only in the branch where my account exists?

  • Anan

    Hello, my daughter is born on November 2006. Can we open an account now? Please guide us as we are staying at abroad. We are holding Indian citizenship.

  • paras_15

    Can someone please confirm if this is true that RBI has recently released any notifications to the banks to hold any NEFT transfers to the SSY accounts?

  • Shiva Tatikonda

    Hi,
    Do we need to pay Fixed amount per every year OR can we pay variable amount every year.

    For example: I have paid 100000 for the Year1 . 50000 for Year2 and 150000 Year3 like that? Please let me know. Thanks in Advance.

  • Harshil

    Hi,

    Can anyone explain me the feature of monthly compounding interest rate option? Does it mean that the interest earned every month will be paid out and the principle amount will continue to earn interest. Or Does it mean that interest will be compounded monthly??

    Thanks in advance.

  • Pushpendra Tiwari

    Can we invest for girl of age 11 please tell is there any provision.