Sukanya Samriddhi Yojana Eligibility, Interest Rate, Benefits, Age Limit, Process To Apply

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana :

Sukanya Samriddhi Yojana(SSY) is a welfare scheme for girls that was developed as part of the government’s ‘Beti Bachao, Beti Padhao’ campaign. Purchasing this child insurance plan allows parents or legal guardians to provide financial security for a girl child aged ten or less. Under the Sukanya Samriddhi Yojana, a girl’s account can be opened in any private or public sector bank for a period of 21 years. The investment term under SSY is 21 years, beginning with the account’s opening date.

SSY interest rates

Sukanya Samriddhi Yojana, For the quarter ending December 31, 2022, SSA will continue to offer an interest rate of 7.6 percent per year. This interest rate is calculated and compounded on an annual basis. The available balance in the account between the fifth and last day of the month will be used to calculate interest for the month, and interest will be credited to the account at the end of each fiscal year.
Subject to the age eligibility norm, a guardian can open a Sukanya Samriddhi account. A guardian may open no more than one account in the name of a single girl child and no more than two accounts in the names of two different girl children.
Deposits in the Sukanya Samriddhi account can be made for a period of 15 years from the date the account was opened.

Investment Plans’ Objectives

Investment plans are essential for a happy and secure financial future. Investors who want to enter the world of investment must consider investment plans as the ultimate solution. Having a good and dependable investment plan on hand can help one ensure that they have the much-needed safety net and financial aid in the future, whenever the need arises or an emergency situation occurs.

Sukanya Samriddhi Yojana Interest Rate Information

Interest rate 7.60% p.a.
Investment Amount Minimum – Rs.250, Maximum Rs.1.5 lakh p.a.
Maturity Amount Depends on the invested amount
Maturity Period 21 years

The primary goal of investment plans is to allow the investor to benefit from:

  • Financial security is synonymous with investment plans. An investment plan is the ultimate way to ensure that you or your loved ones are never in financial trouble. When compared to other riskier options, a good investment plan will always provide financial security. Sukanya Samriddhi Yojana
  • Income: Investment plans supplement an investor’s regular income by providing additional income or profit. By investing in the right investment plan, an investor can easily increase their income by a significant margin.
  • Growth: Investment plans are the ultimate form of growth that one can take advantage of in their daily lives as well as in the future. Investment plans are one of the most important tools for ensuring financial stability in the future. They are ideal growth engines that produce the desired results over time and allow investors to benefit from significant growth in the long run.

The scheme’s key features are as follows:

  • A girl child’s account can be opened until she reaches the age of ten, but only one account can be opened in her name.
  • Accounts can be opened at any of the bank’s branches.
  • A birth certificate for the girl child whose name the account is opened is required.
  • Accounts can be opened with a minimum of Rs. 250/- and any amount in multiples of Rs. 50/- can be deposited after that. In a fiscal year, a minimum of Rs. 250/- must be deposited.
  • Interest will be calculated on a yearly compounded basis and credited to the account as notified by the government from time to time.
  • In a fiscal year, a maximum of Rs. 1,50,000/- can be deposited.
  • On reaching the age of 18, the account holder may make one withdrawal to cover education/marital expenses at the rate of 50% of the balance at the end of the previous fiscal year.
  • The account can be transferred from one bank to another anywhere in India.
  • The account will mature after 21 years from the date of account opening.

The Advantages of Sukanya Samriddhi Yojana Investing (SSY)

Sukanya Samriddhi Yojana, introduced as part of the Beti Bachao, Beti Padhao Yojana initiative, offers a variety of benefits to investors. The following are some of the main advantages of the SSY scheme:

High Interest Rate: When compared to other government-backed tax saving schemes such as PPF, SSY offers a higher fixed rate of return (currently 7.6% per annum for Q3 FY (2022-23)).

Guaranteed Returns: Because SSY is backed by the government, it offers guaranteed returns.

Tax Benefit: The SSY provides tax benefits under Section 80C up to Rs. 1.5 lakh per year.

Flexible Investment: A minimum deposit of Rs. 250 per year and a maximum deposit of Rs. 1.5 lakh per year are permitted. This ensures that people of all financial backgrounds can participate in the SSY scheme.

Sukanya Samriddhi Yojana : is a great long-term investment scheme because it provides the benefit of annual compounding. As a result, even small investments will yield significant long-term returns.

Convenient Transfer: In the event of the death of a parent or guardian operating the Sukanya Samriddhi Account, the SSY account can be freely transferred from one part of the country to another (bank/post office).

Samriddhi Sukanya Eligibility for the Yojana

  • Only the parents or legal guardians of a girl child are eligible to open an SSY account.
  • The girl child must be a resident Indian and under the age of ten at the time the account is opened.
  • A girl child can only have one account.
  • A family can open only two SSY accounts, one for each girl child.
  • Samriddhi Sukanya Accounts can be opened for more than two girls in the following circumstances:
  • A third account can be opened if a girl child is born before twin or triplet girls, or if triplets are born first.
  • A third SSY account cannot be opened if a girl child is born after twin or triplet girls.

Application procedure

  •  Download the application form from the RBI website, the Indian Post website, or the official websites of participating public sector and private banks.
  • Fill out the form with important information about the girl child and a parent or legal guardian. The following are the key mandatory fields in the Sukanya Samriddhi Yojana scheme form:
  •  Primary Account Holder- Girl Child’s Name
  •  Name of a parent or legal guardian who is a joint holder
  •  Amount of the initial deposit
  •  Initial Deposit Cheque/DD Number and Date
  •  Girl child’s birth date and birth certificate information
  •  Proof of parent or legal guardian identity, such as a driver’s licence or Aadhaar card.
  •  Current and Permanent Location (as per ID document of the parent or legal guardian)
  •  Information about other KYC proofs such as PAN, voter ID card, and so on.

Sukanya Samriddhi Yojana Interest Calculation

The interest on the SSY account is calculated on the lowest balance for the calendar month, that is, between the fifth and last day of the month. The interest will be credited once a year, at the end of the fiscal year.

In general, the following formula can be used to calculate the interest earned on an SSY account:

P(1+r/n)nt = A


P denotes the initial deposit.

r = Interest rate

n = The number of years that the interest compounded

t is the number of years.

A = At maturity amount

Because the interest on an SSY account is compounded annually, manually calculating the interest may be difficult. Instead, you can use our Sukanya Samriddhi Yojana Calculator to calculate the maturity amount after entering information such as the expected investment amount per year, the age of the girl child, and the account start year.

1)How many years have you deposited in Sukanya?

The maturity period of SSY is 21 years from the date of account opening or when she marries after reaching the age of 18. Contributions, however, must be made for only 15 years. After that, even if no deposits are made into the SSY account, it will continue to earn interest until maturity.

2)What are the advantages of the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Account pays a higher interest rate than other Savings Plans that provide financial security for girls. The government declares the applicable interest rate for that fiscal year each year, whereas the interest on your investments is compounded yearly.