Sukanya Samriddhi Yojana Scheme

What is Sukanya Samriddhi Yojana? :

Sukanya Samriddhi Yojana is a government savings scheme designed to provide a better financial future to girls under the "Beti Bachao - Beti Padhao" program for the welfare of girls. .

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1. Sukanya Samriddhi Yojana Benefits
2. Sukanya Samriddhi Yojana Interest Rates
3. Can Sukanya Samriddhi Yojana account be transferred?
4. What happens if I fail to make a deposit every month?
5. Can I make partial withdrawal in Sukanya Samriddhi Yojana account?
6. Can I close SSY account before maturity?
7. When does Sukanya Samriddhi Yojana account mature?
8. What are the eligibility criteria to open a Sukanya Samriddhi account?
9. How to invest in Sukanya Samriddhi Yojana (SSY)?
10. Documents required to open an account

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1. Sukanya Samriddhi Yojana Benefits:

• The principal and interest earned on the deposit are tax deductible.
• Up to Rs. 1.5 lakhs per year is tax deductible under Section 80C. Higher interest is available under this scheme.

2. Sukanya Samriddhi Yojana Interest Rates:

• The interest rate on Sukanya Samriddhi Yojana is reviewed every quarter by the government.
• The Sukanya Samriddhi Yojana interest rate for 2022 is 7.6%.
• Interest is compounded once every three months.

3. Can Sukanya Samriddhi Yojana account be transferred.

• Can be transferred from bank to bank.
• Can be transferred from bank to post office.
• Can be transferred from post office to bank.
• Can be transferred from post office to post office.

4. What happens if you fail to deposit every month?

• A penalty of Rs 50 will be levied for each year of default.
• The account can be regularised after payment of the penalty.
• The customer has decided to make a minimum deposit of Rs 250 per year.

5. Can partial withdrawal be made in Sukanya Samriddhi Yojana account?

• No withdrawals are allowed till the girl attains the age of 18 or passes class 10.
• After attaining the age of 18, partial withdrawal up to 50% of the account balance can be made for educational expenses or marriage expenses, which is allowed even if she is not married.

6. Can an SSY account be closed before maturity?

• In any case, the account is allowed to be closed after 5 years.
• The account can be closed in the event of the death of the account holder.
• If the Central Government is satisfied that the account holder is facing unnecessary hardship due to the account being maintained, it may allow early closure of the account.
• If the account holder obtains NRI/ PIO status at any time before the maturity of the account, it may allow closure.
• If the account holder is below 18 years of age, the guardian can withdraw the funds.
• If the girl child gets married at the age of 18, the account can be closed one month before the marriage or 3 months after the marriage.

7. When does the Sukanya Samriddhi Yojana account mature?

• The tenure of the SSY account is from the date of account opening till 21 years or till marriage.
• The deposit period is 15 years from the date of account opening. The lock-in period is 21 years from the date of account opening.
• Only the girl who has opened the account can withdraw the money when the account matures.
• Sukanya Samriddhi Yojana** is not eligible for loan facility.
• The principal and interest amount will be paid to the girl after the account maturity after submitting an application with proof of citizenship, residence and identity.

8. What are the eligibility criteria for opening a Sukanya Samriddhi account?

• The girl's parents or legal guardian can open the account.
• Must be opened at the time of birth of a girl child but before the girl child attains the age of ten years.
• The natural or legal guardian of the girl child is allowed to open an account for only two girls.
• In case of twin girls, second birth or triplet girls in the first birth, a third account can be opened in the name of the girl child.

9. How to invest in Sukanya Samriddhi Yojana (SSY)?

• Investors can apply for **Sukanya Samriddhi Yojana** through post offices or through participating public and private banks.
• Download the application form from the official website of RBI, Indian Post website, public sector and private bank.
• Go to the bank or post office where you want to open the account.
• Fill the application form with the girl's parents' key details and attach any supporting papers.

10. Documents required to open an account

1. Birth certificate of the girl child.
2. Card of the applicant's parents or legal guardian.
3. Aadhar card for address proof of the applicant's parents or legal guardian.
4. Two passport size photographs of the parents and the girl child.

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