What is Sukanya Samriddhi Account

Watch Below Video to know What is Sukanya Samriddhi Scheme

Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015; under the Beti Bachao, Beti Padhao Campaign. This scheme was launched to meet the expense of the Girl child’s higher education and marriage.

A sterling initiative by Government of India. This scheme has finally been launched and it’s a good scheme for parents of girl child to invest in.

Let us have a look at the basic features of this scheme

Who is eligible under this scheme?

  • Gender: Girl child only
  • Citizenship: Child should be Indian citizen. NRI, OCI and other cannot open account under this scheme.
  • Age limit: On the date of opening the account, the child’s age should 10 years or younger.

Who can Invest:
Parent, or Legal Guardian of  the eligible Girl child.

Investment limit:

  • In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples of 100/-
  • Maximum of Rs 1, 50,000/- can be invested.
  • Deposits can be made in lump-sum or spread out manner.
  • No limit on number of deposits either in a month or in a financial year.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator

 


Mode of Deposit/Investment:

  • Cash, Cheque, Demand draft, Online payment. All methods are acceptable.

Operation of the account:

  • The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years.
  • On attaining age of 10 years, the girl child may herself operate the account if she wishes to do so. If not the gaurdian will continue operating the account.

Tenure of the Scheme:

  • Deposit needs to made until 15 years from opening of account.
  • Deposit under scheme will mature 21 year after opening of the account.

Withdrawal under the scheme:

  • No Premature Withdrawal is permitted.
  • However, maximum up to 50% of deposit amount can be withdrawn for higher education of girl child, once she reaches 18 years of age, or passes 10th standard, whichever happens earlier. The actual withdrawal will be limited to the fees payable, and fee slip will have to be produced to make this withdrawal.

Termination of the Scheme:

  • Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier.
  • Account can be continued after the marriage of girl child, if she wishes to do so; until 21 years from date of opening the account.
  • In case after maturity of the account (21 years) the account is not closed, balance will not earn any further interest.

Rate of Interest under the Scheme:

  • For this quarter (October – December 2016) interest rate is 8.5% , yearly compounded.
  • Every quarter GOI will announce the ROI applicable for that financial quarter.
  • Interest will be compounded yearly. ( Compare SSY vs PPF)
  • Interest will be paid on funds deposited on or before 10th of a month for that month.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator 


Account Limit:

  1. A guardian can open only one account in the name of one girl child
  2. A gaurdian is allowed to open maximum two accounts in the name of two different Girl children.
  3. One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. However in case 1st birth results in twin girl child, and 2nd birth also results in a girl child, then account can only be opened for the two girl child born in 1st birth.

Penalty under the Scheme: 

  • If minimum Rs 1000/- is not deposited in a financial year, account will be considered as ‘Account under default’ and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
  • In case a ‘Account under default’ is not revived for 15 years from date of opening it, then all deposits in such a account, including those before date of default, will earn interest at the rate prescribed for post office saving bank at the time of maturity.

Where can I open account under this Scheme:

  • As per government documentation, account under this scheme can be opened in any public sector bank, or post office. (Refer list of banks where you can open SSY account)
  • Once opened the account can be transferred to any city in India, wherever the girl child resides.

Documentation required to open account under this scheme:

  • Birth certificate of the girl child
  • Identity proof of the depositor
  • Residence proof of the depositor

Interest Income:

  • Interest income is tax free and will accumulate inn the SSA itself.

Tax Implication:

  • Deposit under this scheme is eligible for deduction u/s 80C. Maximum Rs 1,50,000/- p.a can be claimed as deduction u/s 80C.
  • Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands.

Loan Facility:

  • There is no loan facility under this scheme

Safety/ Insurance feature:

  • This scheme offers no insurance feature.

Find out how much Maturity Amount your daughter will get. Use Our free SSS Calculator 


sukanya samriddhi account

Read More –

Read More on Sukanya Samriddhi Scheme

 

  • PRAKASH

    I want to know when SSA start in BANK????

    • Hi Prakash,

      Currently only Post offices are offering SSA. However the government notification for the same clearly outlines that banks too will be operating this scheme, hence banks are likely to launch this scheme soon.

      It looks like most banks will start this scheme in the new financial year, on or after 1st April 2015. Once this scheme is started by banks, we will update about the same on the website, do check back soon.

      • PRAKASH

        Dear Sir,

        I have done some enqury in post office.They gave instruction that we need to compulsory deposit Rs. 1000 per month up to 14 years in account .But in instruction given on net or paas book is minimum deposit amount is 1000 per annul means we need to deposit min 1000 Rs. per year for continue account.

        So my question is is it compulsory deposit Rs. 1000 per month up to 14 years in account????

        For example:
        Is it acceptable if I deposit first year 6000 ,second year only 1000,third year only 1000 & fourth year 6000 etc.????

        • Hi Prakash,

          Answer to your 1st question is No. You do not need to deposit Rs 1000/- per month in the account upto 14 years. Since this scheme is newly launched, so it is possible that the post office authorities might be misinformed.

          Deposit rules, clearly state that you need to deposit, at least Rs 1000/- in every financial year, not every month.

          Answer to your 2nd question is, Yes. You can very well deposit money in the manner you have mentioned. Every year make sure to deposit Rs 1000/- that’s it. Whenever you feel you can deposit more amount, in multiples of 100/-. Maximum Deposit allowed in a year is Rs 1,50,000/-

          You can refer to the RBI documentation about Sukanya Samriddhi Scheme here – http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A1.pdf If required you can show the same to the postal officials as well.

          • pradip

            my question is: If I deposit suppoce rs. x after 5th of say April then will I get interest on that amount for this current month of april ? Note that in ppf one will not get the for that current month.

          • Hi Pradip,

            Interest on this scheme is calculated on daily basis. So far there is no guideline specifying that deposit needs to made before 5th of the month like PPF.

            hence whenever you deposit the money you will start receiving interest on it, irrespective of the date.

      • PRAKASH

        Dear Sir,

        Can i transfer SSA account any post office to any bank????

        • Hi Prakash,

          So far this transfer option has not been introduced. But I am sure it will be introduced soon, as more and more people will prefer this option. As and when it is introduced I will update it on this website.

  • why not is insurance linked as the girl childs are vulnerable to many types of illness and deficinecies.Why not govt gives some money to the girl child at maturity or marriage to make them happy and obliged to govt.Now many states gives money of 1 lakh to 1.5 lakh for girl child for marriage and education.So the account holder must be given a lump sum money or gifts like ornaments at the time of marriage or maturity.It will be gift by Govt to girls and encouarge them to care for girl child.Now many parents aborts female foetus for problems during education and marriage.So to give a filip to girl childs govt ought give a lump sum in the account as Bonus to the girl child.

  • Nagaraj

    after 5 years or 10 years any thing happen to girl, next we will get money what we deposited ?

    • Hi Nagaraj,

      In the unforeseen circumstance of the death of the girl child for whom account was opened under the Sukanya Samriddhi scheme, the account will be closed immediately on providing the death certificate of the girl child.

      Also the money in the account, will be transferred to the parent/guardian who had opened the girl child’s account, or the next surviving kin.

  • srikanth

    Can I open the account in any post office in India where I wish to open?

    • Hi Srikanth,

      Yes you can open the account in any post office in India, wherever you wish to.

      You will be required to provide your proof of residence, while opening the account.

  • K Srikanth

    An individual can open a maximum of only two accounts on behalf of two eligible girl children/wards. How this will be ensured if banks start opening of SSA? One can approach different banks for opening accounts in the name of the same child/children.

    • Hi K Srikanth,

      You have a valid point. I am sure in due course, government will link make mandatory Pan Card/ Adhaar card copy of the guardian when opening the form. This will help government by linking each ssy to the respective opening parents Pan card/ Adhaar card, and thus monitoring if the parent is maintaining more than one account for the same girl child.

      As of now there is no such provision, it maybe because the scheme has only just been launched, and its administration is in nascent stage still.

  • royacal

    I approach today to a post office Kolkata ( PIN-700084) , they said still don’t have any
    circulation/forms to open SSY accounts.Let me know where to approach now .

  • vasudevaru

    i have a boy child and a girl child. can i start investing in ssy for the girl child

    • Hi Vasudevaru,

      Yes you can start investing in ssy for the girl child, provided she was born on or after 2nd December 2003.

  • rahul.23singh

    Dear Sir ,
    If I am deposit total amount 600000 in 14 years. How much amount will revived after 21 year .

    Lalit

    • Hi Lalit,

      How will you deposit this amount, monthly, quarterly, yearly? The manner of your depositing will determine the interest amount.

      Interest is calculated monthly on the balance in this account. Hence you need to decide how you will deposit the money, then I can help you with the maturity amount.

  • Anurag MIshra

    Dear Sir,
    I Have A Child 9 Months Old So Should I Open This Account For 14 Years?

    • Hi Anurag,

      – Account will be open for 21 years from your date of opening it. After completing the 21 years the account will be matured, and your daughter can choose to continue or close it. You cannot choose the time period of the account.
      – You will have to deposit money in the account for 14 years from date of opening the account. After 14 years you do not need to deposit any more money, the balance in the account will continue to earn interest up till 21 years.

  • Meenakshi

    We have opened a SSY account in the post office in IIM Banglare campus . I checked with them if the deposit can be made in cheque . But they said they wont accept cheques but will only accept cash deposit. In this website , the information given says that we can deposit through cheque / cash / DD . Can you please clarify

    • Meenakshi

      The post office did accept cheque for deposits . Only during accounting opening they take cash for deposit.

      • Hi Meenakshi,

        I was not aware that post office only accept cash when opening the account. Thanks for updating us all with this information 🙂 It will be useful for other investors looking to open account.

  • Guest

    I want to know that if I open an account for RS. 12000.00 per month then how much I will be refund after 14 yrs and after account maturity that means after 21 yrs.

    • Hi,

      If you open a account for Rs 12,000 per month.
      – After 14 years Rs 39,59,939 will be accumulated in your account. However you cannot withdraw this money.
      – After 21 years the account will mature and your daughter can withdraw all the money, at this point she will get Rs 72,85,539/-

  • Guest

    Dear Sir,
    I want to know that if I open an account for RS. 12000.00 per month then
    how much I will be refund after 14 yrs and after account maturity that
    means after 21 yrs?

    • Hi,

      If you open a account for Rs 12,000 per month, and continue it regularly for upto 14 years then:

      – After 14 years Rs 39,59,939 will be accumulated in your account. However you cannot withdraw this money.
      – After 21 years the account will mature and your daughter can withdraw all the money, at this point she will get Rs 72,85,539/-

  • Anirban Das

    Dear Sir,
    I want to know that if I open an account for RS. 12000.00 per year, then
    how much I will be refund after 14 yrs and after account maturity that
    means after 21 yrs.

    • Hi Anirban,

      If you open a account for Rs 12,000 per year.

      – After 14 years Rs 3,43,112/- will be accumulated in your account. However you cannot withdraw this money.

      – After 21 years the account will mature and your daughter can withdraw all the money, at this point she will get Rs 6,31,261/-

  • sujan

    If father is Indian Citizen, Mother is USA citizen & daughter is USA citizen + PIO HOLDER, can we invest for our daughter ??

    • As per the information provided by GOI, for opening account under this scheme, the girl child needs to be a Indian citizen only. Hence no you cannot open account under this scheme for your daughter.

  • manish rai

    sir
    my daughter is 9 year old .im depositing 1000 rupee par monthes .wht will be her age to withdrawl money?

    • Hi Manish,

      Your daughter can withdraw 50% money after she completes 18 yrs of age for her marriage or higher education.
      Account will mature and can be closed when your daughter is 30 yr old. Since account matures 21 yr from date of opening. Upon closure of account entire money will be paid tp your daughter.
      If your daughter gets married before 30 yrs of age the account will autoclose upon her marriagre and the money will be paid to her.

  • Vinay

    Dear Sir,
    I have some queries with regard to SSA.
    Query No.1: What if the guardians who is investing in this scheme on behalf of his girl child, looses his life due to unforeseen situations. How to continue? Can any other guardian (other than mother and father) thereafter can continue the scheme?
    Query No.2 : Starting this scheme when girl child’s age is zero or at the age of five. Which is more beneficial to the guardian / child?

    • Hi Vinay

      Ans 1: Yes legal guardians of the child can continue the account.
      Ans 2: Starting the scheme ASAP after the birth of the girl child is best, since this will allow the guardian to deposit more funds in the account, and gain tax advantage. Also the child will later on have access to larger pool of funds at time of need, and will enjoy benefits of longer years of compounded interest.

  • Vineet Soni

    Dear Sir, I will like to know whether Parent and Girl child as an OCI holder can still join this scheme?

    • Hi Vineet,

      No OCI holder cannot join the scheme. Only girl child who are regular Indian citizen are allowed to join this scheme.

      • SIMRANJIT SINGH SETHI

        Can we opt Auto Debit facility to invest regular monthly in this accont.

  • abhay narayan

    respected sir or madam, can i open this sukanya samridhi yogna account for my baby whose DOB:31.08.2005

    • Hi Abhay,

      Sorry, you cant open account for your daughter under this scheme. The age limit under this scheme is 10 years or younger, and your daughter has already completed her 10 years.

      • Nilesh J. Bhange

        Since this scheme is launched in 2015 one year tolerance was allowed so the child born on or after 1.12.2004 can open the account as per the information I have with.

  • Chandan Kumar Radhakrishna

    Hi Sir, i have a query… suppose I plan to invest monthly 5000…. in addition to this regular amount can i invest some lumpsum amount (in addition) to the same account…

    • Hi Chandan,

      Yes you can invest lumpsum as well as monthly amount both. There is no limit to the number of deposits you can make in this account.

      Overall you need to invest minimum Rs 1000/- and max Rs 1,50,000 in a account in a year. How you spread out your investment is totally upto you.

    • Shailendra likhdhari

      Sir,i have the query,i have two daughters and opened the account with rs25000/-each.now plz tell me is it necessary to deposit rs 25000/- each per month or rs25000/- per year or i can continue the account by depositing any amount annually.

      • Hi Shailendra,

        First off, congratulation on opening account for both your daughter. Your initiative to save for their future is commendable.

        In answer to your question. You can deposit any amount annually or monthly, as you choose to. There is no fixed amount that you need to deposit. The only limits are minimum of Rs 1000/- and maximum Rs 1,50,000 p.a in order to keep the account activated.

  • Mohit Kashania

    the time of maturity is 21 yrs the age of child or the period after the account is bwing opened?

    • Hi Mohit,

      Account will mature 21 years from date of opening it. Irrespective of the age of the child. For example if a account is opened in 2016, it will mature in 2037.

      • Nilesh J. Bhange

        Well if child is married at the age of 21/22 the closing of account is mandatory then how the maturity can go further? I think it must be linked with the age of child.

  • Ahmed Basha

    If a girl child is 9 year old and i started depositing Rs.1000/- year the how much she will get at time of maturity ??How many years should I’ve to deposit the money?

    • Hi Ahmed,

      1. You will have to deposit for 14 years from date of opening the account. If you open the account in 2016, you will need to deposit money until 2030.
      2. Assuming current rate of interest she will get Rs 53376/- provided no premature withdrawal is done.

  • jai bhardwaj

    MY DAUGHTER DATE OF BIRTH IS 28 DEC 2005 AND SHE IS 10 YEAR 3 MONTH OLD. CAN WE OPEN AN A/C IN THIS SCHEME.

    • Hi Jai

      Sorry but you can’t open account for your daughter under this scheme. Maximum age of girl child allowed is 10 years only

  • Anand Choube

    after open account if any problem creats to parents and they fails to deposite one year or two year break in installment.. what will happen they want to continue again

    • Hi Anand,

      In such case the account will be suspended. Whenever the parent can make the payment again they will have to pay Rs 1000/- for each year when deposit was not done, and Rs 50/- as reactivation charges. After this the account will be continued again as normal.

  • Kranthi Nadh

    Dear sir,

    Once the account was mature at the girls age 23 years, is there any chance to withdraw the money by me.?

    • Hi Kranthi,

      Once the account matures, the money will be paid to the girl child only. You cannot withdraw it.

      • Kranthi Nadh

        account open on march 2016 and the amount deposited was 1000/Rs, in case if i want to deposit 5000 Rs/month from now. the benefit and the interest calculated for the hole amount or consider 1000 Rs/month. And can I transfer fund through net banking for this account.

  • Sunil Sharma

    Hi Do we have auto debit facility under this scheme.

    Regards,
    Sunil.

    • Hi Sunil,

      You can inquire at your chosen bank if they offer auto debit facility. There is no such provision in the scheme.

  • Rockstar

    I have applied for SSY in ICICI bank.
    Will i get a passbook or any statement against the same?

    • Bipin

      Bank might issue you passbook.

  • Narasimha Rao Velichety

    Hi ..I have a question. I would like to open SSY in the name of my daughter who is newly born. The question here is what if she attains another country’s citizenship at the time of maturity ?like say after 21 yrs.Will she still still be able to get the maturity amount? P.S: Currently she is Indian Citizen

    • Bipin

      Yes she will always be able to get the maturity amount.

      However whenever her resident indian citizen status changes, the account will be discontinued with immediate effect, since this scheme is for Indian citizens only.

  • KishoreKumar VS

    What is the present rate of interest that is being offered with this scheme ? Can i pay the amount once a year ?

    • Bipin

      1. Present interest rate is 8.6%
      2. Yes you can pay once in a year

  • MPSINGH

    can i deposit online founds in SSY account from any bank.

    • Bipin

      Yes you can.online deposit are accepted.

    • Bipin

      Yes you can do so

  • Vicky

    Hello Sir- please do confirm in line with 1) to 4)

    I have been living in Japan since 2005 holding Indian nationality. I got married in Jan 2015 and my wife also holds an Indian passport. I was blessed with a baby girl in May 2016 (born in Japan) and she also holds an Indian passport (so we all are Indian).

    However, as per the definition we are considered as NRI but now my wife coming back to India in Aug 2016 and planning to settle there (she lived in Japan around 1 year)

    Based on above,
    1) Are we eligible for applying SSY for our daughter?
    2) Does both of us need to present for applying SSY or only wife attendance is okay for opening SSY?
    3) In future if my wife and daughter comes back to Japan, is there any impact on SSY?
    4) If me of my daughter change nationality (not my wife) after opening SSY, is there any impact on scheme?

    Kind regards
    Vicky

  • Subir KD

    Sir,
    Could you kindly advise me,
    1.If I start paying from Aug’2016 @Rs.1000/month till when shall I have to pay(Is it till March’2030?),
    2.When will my amount will be matured(is it March’2036?)
    3. assuming that the interest rate is 8.6%, what will my matured amount?(is it Rs.564324?)

    Please confirm.
    Regards,
    Subir KD

  • simran

    Sir, if a girl child dob is 21-7-2006, then can I opn her account….if yes then what amnt should deposit first premium

  • bhaitik

    hello sir,

    some one told me,
    in this scheme…yearly invest only Rs. 1000/- and after 21 year amount is Rs. 6,00,000/-
    is that true?

  • Vijaya Sujeeth

    If the guardian who pays dies .What will happen to that account.??

  • Amit Baghel

    I want to Invest some amount in SSY account of my niece. Will I get tax benefit.

  • Subhankar De

    I stay at Uttarpara, hooghly, West bengal. SSY Account is not open by any bank. SBI said I need to open a Saving Account to open SSY Account. Can any body help me how I open a SSY Account.

  • Nithish kumar

    Hi sir,
    Assume if i pay 1000/annum till 14 years.What is the amount will i receive at the time of maturity i.e after 21 years.

  • Dinu Gopinath

    Hi, Suppose, After the SSY is opened, and the parent/child become NRI, will it affect the Scheme ?

  • Kranthi Nadh

    Account open on march 2016 and the amount deposited was 1000/Rs, in case if i want to deposit 5000 Rs/month from now. the benefit and the interest calculated for the hole amount or consider 1000 Rs/month. And can I transfer fund through net banking for this account.