Sukanya Samriddhi Yojana Interest Rate: The government-backed SSY is a small savings program designed to help girls. It is a component of the Beti Bachao, Beti Padhao Yojana, and parents of girls under the age of ten are eligible to open it. Post offices and banks that have been designated can open SSY accounts. The duration of the Sukanya Samriddhi Yojana Account is 21 years, or until the girl kid marries after turning 18 years old. The SSY program offers multiple tax benefits in addition to a higher interest rate. To learn more about the specifics of the Sukanya Samriddhi Yojana, read the entire article.
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| Sukanya Samriddhi Yojana Highlights | |
| Interest Rates | 8% per annum (Q3 FY 2023-24) |
| Investment Period | Till 15 years from the date of account opening |
| Maturity Period (Sukanya Samriddhi Yojana Age Limit) | 21 years or until girl child marries after the age of 18 |
| Minimum Deposit Amount | Rs. 250 |
| Maximum Deposit Amount | Rs. 1.5 Lakh in a financial year |
| Eligibility | Parents or the legal guardian of a girl child below the age of 10 are eligible to open the SSY in the girl child’s name |
| Income Tax Rebate | Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year) |
Contents
Sukanya Samriddhi Yojana Interest Rates 2024
The government releases the SSY Interest Rates on a quarterly basis. The interest rates for Q3 (October–December) of FY 2023–2024 are fixed at 8% per year.
To view the historical Sukanya Samriddhi Yojana (SSY) interest rates, click this link.
Eligibility
- Only the parents or legal guardians of a girl child may open an SSY account.
- When the girl child is younger than ten years old, she must open the account.
- A girl child may not open more than one account under any circumstances.
- Only two SSY accounts—one for each girl child in the home—are permitted.
- A third account may be formed if a girl child is born before a girl who is twin or triplet.
- It is not possible to register a third SSY account for a girl born after a pair or triplet of girls.
Benefits of Investing in Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana was developed as a component of the Beti Bachao, Beti Padhao Yojana project, and it offers investors a number of benefits. Following are some of the main advantages of the Sukanya Samriddhi Yojana:
High Interest Rate- Compared to other government-backed tax saving plans like PPF, SSY offers a greater fixed rate of return (currently 8% annually for Q3 FY 2023–2024).
Guaranteed Returns- Because SSY is a government-backed program, profits are assured.
Tax Benefit- Up to Rs. 1.5 lakh in annual tax deductions under Section 80C are offered by SSY.
Flexible Investment- A minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh can be made annually. This makes sure that investors in the SSY plan can come from a variety of financial backgrounds.
Benefit of Compounding- Because it offers the benefit of annual compounding, the Sukanya Samriddhi Yojana (SSY) is an excellent long-term investment strategy. Therefore, in the long run, even modest investments will yield larger profits.
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Convenient Transfer- In the event that the parent or guardian managing the Sukanya Samriddhi Account moves, the SSY account may be freely transferred between locations within the nation (banks, post offices).
Sukanya Samriddhi Yojana Deposit Limits
Every financial year, the Sukanya Samriddhi Account can receive contributions as little as Rs. 250 and as much as Rs. 1.5 lakh. For a maximum of 15 years after the account starting date, you must invest at least the minimum amount annually. The account will accrue interest until it matures.
Sukanya Samriddhi Yojana Tenure/Maturity Period
The Post Office Sukanya Samriddhi Yojana is valid for as long as the girl kid is 21 years old, or until she marries after turning 18 years old. However, the required contributions are limited to a 15-year duration. After that, regardless of any deposits made, interest will keep accruing on the SSY account until it matures.
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Other Key Features of Sukanya Samriddhi Yojana
- If an SSY account owner cannot deposit even the minimum amount of Rs., their account will be referred to as a “Default Account”. 250 throughout a financial year. This default account will accrue interest at the scheme rate until the maturity date. Nonetheless, if you pay at least Rs. 250 plus You can repair a defaulted account before the whole 15 years have elapsed since it was opened by paying Rs. 50 for each year the account has been in default.
- Once a girl kid reaches the age of 18, she can manage her own account. If an SSY account owner cannot deposit even the minimum amount of Rs., their account will be referred to as a “Default Account”.
- It is also possible to withdraw from
Premature Closure of Sukanya Samriddhi Yojana Account
Only girls who reach the age of eighteen are eligible to undergo premature closure for the purpose of covering marriage-related costs. Nonetheless, there are a few unique circumstances in which the account may be canceled and the associated funds may be withdrawn:
Closure of SSY Account due to Untimely Death of the Accountholder
In the unfortunate case that the registered female child passes away, her parents or legal guardian may be entitled to the balance of the account as well as any accrued interest. The nominee for the account will receive the monies right away. In addition, the parents or legal guardians must provide the necessary documentation attesting to the account holder’s death, as certified by the competent authorities.
Closure of SSY Account due to Inability in Continuing the Account
If the central government issues any directive questioning the depository’s incapacity to continue managing the account, the Sukanya Samriddhi Account may be canceled early. If the account’s contribution is putting the depositor under undue financial strain, the closure can also be handled. Furthermore, in order to handle the account closure and settlement, the required authorization from the relevant authorities needs to be obtained.
Please take note that Sukanya Samriddhi Yojana account closures will only be handled in severe circumstances, such as catastrophic illnesses or accidents.
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How to Invest in Sukanya Samriddhi Yojana
Through the designated branches of participating public and private banks or your local post office, you can make investments in the Sukanya Samriddhi Yojana plan. For KYC purposes, the required papers must be submitted together with the first payment in the form of a draft or check and your passport or Aadhar card.
Investors can apply for the Sukanya Samriddhi Yojana (SSY) by visiting a local post office, a participating public or private sector bank, or by completing an application. Alternatively, you can visit the following websites to obtain the SSY New Account Application Form:
- The website of the Reserve Bank of India
- The India Post Website Public sector banks’ individual websites (SBI, PNB, BoB, etc.)
- The websites of participating private sector banks, include Axis Bank, HDFC Bank, and ICICI Bank
There are other locations where you can get the SSY application form, but the fields remain the same.
Banks Offering Sukanya Samriddhi Yojana
The public and private sector banks listed below are currently providing Sukanya Samriddhi Accounts to all qualified individuals:
| 1. HDFC Bank | 2. Axis Bank | 3. Punjab National Bank |
| 4. Canara Bank | 5. Union Bank of India | 6. ICICI Bank |
| 7. Central Bank of India | 8. IDBI Bank | 9. Canara Bank |
| 10. Indian Bank | 11. State Bank of India | 12. Bank of Maharashtra |
| 13. Punjab & Sind Bank | 14. Indian Overseas Bank | 15. UCO Bank |
| 16. Bank of India | 17. Bank of Baroda | |
How to Fill SSY Application Form
Applicants must include particular, important information about the female kid whose name the investment under the Beti Bachao, Beti Padhao Yojana will be made on the SSY Application Form. Additionally needed are the specifics of the parent or guardian who will be opening the account and making deposits on her behalf. The primary fields found in the SSY Application Form are as follows:
- The girl child’s name (the primary account holder)
- Name of the joint account holder’s parent or guardian
- The amount of the initial contribution
- Date and Cheque/DD Number (used to make a first deposit)
- Date of the girl child’s birth
- Details from the primary account holder’s birth certificate, such as the certificate number and issue date
- Parent/Guardian’s ID details (driver’s license, Aadhaar, etc.)
- Current and Permanent Address (as listed on the parent or guardian’s ID papers)
- Information about any more KYC documents (such as a voter ID card or PAN)
After completing the aforementioned information, the Sukanya Samriddhi Yojana form must be signed and delivered, together with copies of other relevant documentation, to the account establishing authority .
Tax Implication of Sukanya Samriddhi Yojana
Investments made through the SSY are classified as EEE (Exempt, Exempt, Exempt) investments for taxes purposes. This implies that the invested capital, interest, and maturity amount are all tax-free. Section 80C of the Income Tax Act, 1961 provides a tax deduction benefit on the principle amount invested up to Rs 1.5 lakh per year under the Sukanya Samriddhi Yojana’s current taxation regulations.
Transfer of Sukanya Samriddhi Yojana Account
Simple transferability between locations within India is one of the main advantages of the SSY Account. As things stand, you can easily move this tax-saving deposit account from one India Post Office or specified bank branch to another for the benefit of a girl child.
You must complete and submit the transfer request form to the Post Master of the India Post Office where your account is currently located in order to start the process of transferring your SSY account from a post office. If you would like to move the deposit from one authorized bank branch to another, comparable transfer forms are accessible both online and offline.Sukanya Samriddhi Yojana Calculator
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Sukanya Samriddhi Yojana Calculator
Any investment’s benefit may only be ascertained by tracking its growth over time. An example computation illustrating the substantial profits that can be obtained by contributing to the Sukanya Samriddhi Yojana is provided below.
Let’s assume the following example:
The female child’s parents open an SSY account for her in 2020, the year of her birth. After 21 years, the account will eventually mature, and the girl child will receive the full maturity sum.
- Investments per year = Rs. 1 lakh
- 15 years is the investment period.
- After 15 years, the total amount spent is equal to Rs. 15 lakh SSY. One-year interest rates equal 7.6%.
- After 21 years, the interest will be equal to Rs. 3,10,454.12, and the maturity value will be Rs. 43,95,380.96.
The Sukanya Samriddhi Yojana amortization schedule is displayed in the table below, just as it would appear on an SSY calculator.
| Financial Year | Deposit Amount (in Rs.) | Interest Earned (in Rs.) | Year-end Balance (in Rs.) |
| 1 | 1,00,000 | 7600 | 107600 |
| 2 | 1,00,000 | 15777.6 | 223377.6 |
| 3 | 1,00,000 | 24576.70 | 347954.30 |
| 4 | 1,00,000 | 34044.53 | 481998.82 |
| 5 | 1,00,000 | 44231.91 | 626230.73 |
| 6 | 1,00,000 | 55193.54 | 781424.27 |
| 7 | 1,00,000 | 66988.24 | 948412.52 |
| 8 | 1,00,000 | 79679.35 | 1128091.87 |
| 9 | 1,00,000 | 93334.98 | 1321426.85 |
| 10 | 1,00,000 | 108028.44 | 1529455.29 |
| 11 | 1,00,000 | 123838.60 | 1753293.89 |
| 12 | 1,00,000 | 140850.34 | 1994144.23 |
| 13 | 1,00,000 | 159154.96 | 2253299.19 |
| 14 | 1,00,000 | 178850.74 | 2532149.93 |
| 15 | 1,00,000 | 200043.39 | 2832193.32 |
| 16 | 0 | 215246.69 | 3047440.01 |
| 17 | 0 | 231605.44 | 3279045.45 |
| 18 | 0 | 249207.45 | 3528252.91 |
| 19 | 0 | 268147.22 | 3796400.13 |
| 20 | 0 | 288526.41 | 4084926.54 |
| 21 | 0 | 310454.42 | 4395380.96 |
Sukanya Samriddhi Yojana Interest Rates: Historical
| Time Period | SSY Interest Rate (% annually) |
| July to September 2023 (Q2 FY 2023-24) | 8 |
| April to June 2023 (Q1 FY 2023-24) | 8 |
| January to March 2023 (Q4 FY 2022-23) | 7.6 |
| October to December 2022 (Q3 FY 2022-23) | 7.6 |
| Jul to Sep 2022 (Q2 FY 2022-23) | 7.6 |
| Apr to Jun 2022 (Q1 FY 2022-23) | 7.6 |
| Jan to Mar 2022 (Q4 FY 2021-22) | 7.6 |
| Oct to Dec 2021 (Q3 FY 2021-22) | 7.6 |
| Jul to Sep 2021 (Q2 FY 2021-22) | 7.6 |
| Apr to Jun 2021 (Q1 FY 2021-22) | 7.6 |
| Jan to March 2021 (Q4 FY 2020-21) | 7.6 |
| Oct to Dec 2020 (Q3 FY 2020-21) | 7.6 |
| Jul to Sep 2020 (Q2 FY 2020-21) | 7.6 |
| Apr to Jun 2020 (Q1 FY 2020-21) | 7.6 |
| Jan to March (Q4 FY 2019-20) | 8.4 |
| Oct to Dec 2019 (Q3 FY 2019-20) | 8.4 |
| Jul to Sep 2019 (Q2 FY 2019-20) | 8.4 |
| Apr to Jun 2019 (Q1 FY 2019-20) | 8.5 |
| Jan to March 2019 (Q4 FY 2018-19) | 8.5 |
| Oct to Dec 2018 (Q3 FY 2018-19) | 8.5 |
| Jul to Sep 2018 (Q2 FY 2018-19) | 8.1 |
| Apr to Jun 2018 (Q1 FY 2018-19) | 8.1 |
| Jan to March 2018 (Q4 FY 2017-18) | 8.1 |
| Oct to Dec 2017 (Q3 FY 2017-18) | 8.3 |
| Jul to Sep 2017 (Q2 FY 2017-18) | 8.3 |
| Apr to Jun 2017 (Q1 FY 2017-18) | 8.4 |
FAQs
Q: Can I take a loan against the balance in the SSY account?
Ans: No, there isn’t currently a loan option available against the balance of an SSY account. Alternatively, you have the choice of taking out a loan against PPF.
Q: Can an early closure of the Sukanya Samriddhi Yojana Account be made?
Ans: Indeed. In certain circumstances, early termination of the Sukanya account is permitted. This could be on the basis of compassionate grounds because of a terminal illness, the primary account holder’s untimely death, etc. But whether or not to permit such closure depends on each individual circumstance.
Q: Can I continue investing in SSY if my daughter and I move to another country?
Ans: The SSY account will have to be closed if the girl child becomes an NRI or loses her Indian citizenship.
Ans: If the required minimum of Rs. 250 is not deposited into the account within a financial year, there will be a penalty of Rs. 50.
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