Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana |Sukanya Samriddhi Account (A Small Savings Scheme) [Updated 20th September 2018]

The Sukanya Samriddhi Yojana is as girl child prosperity scheme under Beti Bachao Beti padhao program of Prime Minister Narendra Modi. SSY account is to ensure a bright future for girl children in India. This yojana is to facilitate them proper education and care free marriage expenses.  The scheme has well been accepted by the masses in wake of the financial security and independence it would provide to the girl child as well as their parents and guardians.

Sno Parameters Details
1 Name Sukanya Samriddhi Yojana
2 Account Type Small Savings Scheme
2 Launch Date 22nd January 2015
3 Launched By PM Narendra Modi
4 Target Audience Girl Child
5 End Date NA
6 Country India
7 Current Interest Rate 8.5%
8 Age Limit 10 Years or Less
9 Deposit Limit Minimum 1000, Maximum 1.5 Lakhs

सुकन्या समृद्धि योजना को हिंदी में पड़ने के लिए इस लिंक पर क्लिक करे।

This Yojana offers a small deposit investment for the girl children as an initiative under ‘Beti Bachao Beti Padhao’ campaign.  One of the key benefits of the scheme is that it is quite affordable and offers one of the highest rates of interest. Please see this page for current SSY interest rate and also SSY is under the Income tax Act 1961, section 80C.

Updated Sukanya Samriddhi Yojana Rules 2017

  • You can now open SSY for your adopted girl child
  • You can deposit Money Online.
  • Girl Child can also deposit amount
  • Interest Rate would be calculated on 10th Day of every month. Initially it was 5th day of the month
  • Partial withdrawal for girl child education can be done when she has cleared 10th Class or turned 18 years.
  • Account will not earn any interest after it has matured
  • Now can now transfer you SSY accounts. If you would do from post office to post office it would be free. But transfer from Post office to banks or vice versa would cost you rs 100 and you can do this only once in a year.
  • You can get the duplicate passbook at the cost of rs 50
  • You can now withdraw 100% amount when after girl child turns 18. Initially it was not allowed.

Key Pointers

  • Till a girl attains an age of 10 years, this account can be opened under her name
  • Only one account under this scheme is permissible for every girl child
  • Walk into any post office or authorized banks to open the account
  • To open an account under SSAY, Birth Certificate of the girl child would be required to submit
  • The opening amount for the account is Rs 1,000. Thereafter a multiple of Rs 100 can be deposited to the account with a minimum of Rs 1,000 per year
  • The maximum limit for deposits in the account is Rs 1,50,000 per year
  • You have to pay in this scheme for 14 years  Suppose you have opened this account when the age of your girl child was X years then you have to pay in this scheme till your girl child age is X + 14 Year.
  • The maturity duration of the account is 21 years from the date of opening the account.
  • SSY Account is transferable to anywhere in India from a Post office or bank to others

The scheme comes from Ministry of Finance under its notification GSR 863(E).  This notification was published on 02nd December 2014.  The scheme will operate with the name Sukanya Samriddhi Account Rules, 2014.

Please Read more on Key Features

Who would be the Depositor?

Since this is an account dedicated to the girl child, a parent or guardian of the girl child could be depositor of the account.

Sukanya Samriddhi Yojana Account

Age limit.

Any legal guardian or parents of a girl child can open SSY Account under this scheme anytime at the time of birth of the child till she attains an age of ten years.  As a matter of exception, any girl who attained an age of ten years within one year prior to announcement of this scheme would also be entitled to get this account opened under her name.

Documents required

The process of opening a SSY is quite simple and not much documentation is required in normal cases.  Here is a list of document a parent or guardian needs to take along when applying for an account under the scheme:

  • Certificate of Birth of the Girl child
  • Proof of Address of parents/guardians
  • Proof of identity of the parents/guardian

So, in all, you need just three basic documents and Account would be opened for your girl child. Please read more for Documents Required

Where to open

The government have authorized various financial institutions for opening of account under this scheme. You can open SSY accounts in these Authorized Banks and Post Office.

Can Account holder choose not to close account after maturity

The normal tenure of the account is up to the age of 21 years of the girl.  However, if she wishes to continue the account further, the maturity amount would grow at the same interest rate as per the scheme’s current rates.  The interest would be compounded on a monthly/yearly basis and would get credited to the account once the girl reaches an age of 14 years You will  Now not get any interest after the maturity Period as per updated rules.

Who is authorized to operate Sukanya Samriddhi Account?

As mentioned earlier in the article, the account could be opened by the parents of legal guardian of the girl child.  They would be operating the account until the girl child turns 10 years.  After 10 years, a girl child may operate her own account, if she chooses to.

Pre-Mature Withdrawal and Account Transfer in Sukanya Samriddhi Yojana

SSY has been launched across India and hence the account is transferable to any part of the country in situation of the account holder or the depositor moving to other places.

The scheme clearly envisages that a pre-mature amount of up to 50% is allowed for withdrawal after the account holder turns 18 year for the requirement of either marriage or higher education.

In case of marriage of the account holder after 18 years, the operation of the account may not be possible and hence this scheme offers closure of the account after marriage of the account holder.  In that case, an affidavit and relevant proof would be require stating that the girl is above 18 year of age and has been married after that. Read More for Withdrawal Rules

Updated :- Now this account can be closed after girl child turns 18.

Tax Benefits

Any amount that would be deposited in Sukanya Samriddhi Account would be exempted from tax under 80C of IT Act, 1961, till a maximum of Rs 1.5 lakh.  The interest and maturity amount on this account is also exempted from income tax. Also the amount matured at the time to account closure would be completely tax free.

Please read more on SSY Tax Benefits

Advantages and Benefits

  • High and best in market fixed interest rates
  • Full tax benefits under 80C of Income Tax act
  • Maturity amount to be given directly to the girl child
  • Interest would be paid even after maturity of the account, if it is not closed by the account holder or depositor
  • No fixed number of deposits. The depositor can deposit a multiple of Rs 100 through out the year, with no limitation on number of deposits.  This is indeed a big advantage of the scheme.
  • Account can be transferred anywhere in India
  • Girl child / Account holder may operate her account, if she wishes to. This would give a lot of financial independence to the girl child as well.

Please read more on SSA Benefits

Shortcomings or Drawbacks 

  • Lock in period is a little on higher side
  • The account is limited for just two girl child of the parents
  • The scheme does not facilitate online transfer facility and that would be a discomfort for the IT savvy customers
  • No surety account the Rate of Interest in future

Please read more on Drawbacks of SSA

To conclude, the intent of the scheme is quite noble and would certainly provide a lot of financial independence to the girl child as well as their parents and guardians.  At the same time, considering the leverages and flexibilities it provides, we are sure that it would bring a lot of capital to the banks.  The only thing we would not be sure of as of now is how this scheme would be taken by the forthcoming budgets and government at the center.

66 comments

  1. Can I pay deposit through net banking/online after opening an account?

  2. I have SSY account in Post office, can I pay online through net banking.

  3. May I know is it a government website ?

  4. Very fine one by our PM… hope some more comes like that.. great job Sir.

  5. In case guardian and parents are expired,who will manage the account

  6. what is the future of this scheme. I mean if congress comes to power then will this scheme survive?

  7. Abhijit Priyadarshi

    Kindly let me know whether I can transfer money from my bank account. Can i deposit once in a year or half yearly.

  8. I gave application for transfer SSY AC. From post office to my bank (DENA) but after all transfer process,and even though my bank got cheque to transfer the AC., not able to open SSY AC.?!!
    My bank manager himself feel helpless towards banks operating… And filed complaint to his Banks authority… But still after 15 days they not succeeded…
    Can’t understand why this type of problems occurred in our financial systems?
    Please anybody enlighten us for above matter…i Will be thankful to them…

  9. The date of birth of my daughter is 12/01/2008. can i open an account for her

  10. Can i open an account for my niece. they are economically no good.

  11. I have SSY account in Post office, can I pay online through net banking.

  12. Abhishek Tuteja

    HI,

    My daughter is 9 years old and I am planning to open SSY account for her. I have a doubt regrading how long will I have to invest money in it. On one side it is mentioned that we need to invest for 14 years (she will be 23 by then) and it also says that account will mature when she is 21 and no interest will be paid after that.

    These two points below contradict with the statement that account will have to be closed at the age of 21 if child is older than 7 years. Hence the doubt. Pls clarify

    – You have to pay in this scheme for 14 years Suppose you have opened this account when the age of your girl child was X years then you have to pay in this scheme till your girl child age is X + 14 Year.
    – The maturity duration of the account is 21 years from the date of opening the account.

  13. Hello sir,
    Meri girl child ka date of birth 29/01/2018
    Main ye Yojana open kr skta hnu this yr ,.
    Abhi bhi ye Yojana chalu hain ?
    Bank / post office kya thik rehga ye Yojana opening k liye ??
    Opening balance 100000 hua next year 1000 kr deposit kr skte hain to ??? Koi problem to nhi ??? 18 yrs bad maturity value kya hogi ??
    Rate of interest fixed rehta hai ???

  14. Hello Sir,

    I would like to know, can NRI open this SSY account?
    My Daughter was born in 2014 in India.

  15. if i pay 1000 per year until 14 yrs at the end of 21 yrs the amount we get back ?????

  16. I have SSY account in PNB Bank, can I pay online through net banking.

  17. My daughter is born outside India but we r resident Indian
    Can we apply for ssy for her?

  18. can i open my niece acount??

  19. Dear Sir,

    I have opened account in canara bank can I pay on line and how can I check balance.

  20. Ist year my Investment amount Rs.1000/p.a. Should i able to change the premium rate next financial year more or less ?

  21. My daughter is born outside India but she having Indian passport ( only birth certificate is from outside country )
    Can we apply for ssy for her?

  22. i have opened a account for my daughter. right now im in abroad. help me, how to made online payment?

  23. Can I withdraw 100% of the amount when child turns 18 yrs or do I need to wait for 21yrs . Please clarify as I took the scheme when child was 9 yrs . So waiting for 21 yrs would not work out

  24. SHOBI JACOB PETTA, Thrissur, Kerala

    I have four children, the first one is a girl, second girl, third boy and fourth girl, in March 2015 when i went to Post Office they told you can open account for 2 girls in father name and 2 girls in mother name… so i opened 2 in father name and 4th girl child in mother name……after 3 years of operating these 3 accounts – paying the amount every month properly on time…..they accepted and gave me the receipt for all….now after 3 years they say ….not allowed….the third child’s account you have to close…….i told, the department has told me that i can open account for 3 children, now department is saying to close OK i will close….but then the Postal Department in thrissur kerala says they will only pay the principle amount and not the interest…..I WILL NOT GET ANY INTEREST FOR 3 YEARS…..ON RS. 1,07,500…….IS THAT NOT FAIR…..PLEASE GUIDE ME……

  25. Hi,

    I have opened sukanya account for my baby girl in Axis bank but not able to transfer money from any mode into that account as it saying sukanya account is not authorised for this.

    Can i know how can i transfer money from my bank account to sukanya account.

  26. Hi Sir,
    I have SSY account in State bank of India, right now monthly once amount automatically transferred from my SBI Saving account to my SSY Account. How can i Check my SSY Account statement in online and i would like download SSY payment receipts as well as? is it possible to download SSY stATEMENT through online?

  27. sir recently we learned from some branches that PAN card is mandatory for opening Sukanya Samrudhi Account, (Parent / Guardian) Please confirm whether is it so ?

  28. Hi,

    I am working and residing with my wife and daughter in UAE. we frequently come to India on vacations. Having this status am i eligible to open SSY account for my daughter? All of us holding Indian passports only. If not, can my parents open account for my daughter on behalf of me?

    Kindly advice.

  29. Hello Sir,

    I have a daughter born in US with US passport. Both parent have INDIAN passport and we have moved back to India for good. Can we open SSY for her. Her birth certificate is also from US but she has a OCI card.

    Current status for us is INDIAN resident.

    Please clarify.

  30. Sir
    I have Not deposit last two years because I shifted to another place.
    Can I deposit in another post office.

  31. Hi, SUKANYA SAMRIDDHI ACCOUNT YOJANA

    My daughter age is 1.5 years,

    My question is :
    1) as per the two withdrawal rule says, once she Turn 10th std / 18 years we can withdraw 50% of accumulated amount : after withdraw of 50%, can it will be continue for with interest till completion of 21 years.
    2) after turns 21 years, the account will mature, in that time we can withdraw full amount and transfer possible for other account ? or if that amount is there in her account, is any thing need to show the documents for spending amount for marriage/education…(after 21 years)

  32. Hi Sir,

    SBI staff says that Intrest will be paid on every 5th of a month. whereas your website says that as per new rule from 2017 interest will be paid on every 10th the month.

    Please confirm.

  33. Nandkishor Sanap

    I have opened my both girls SSY account in Mar’15 at Post Office, and every month I am visiting to deposit post office, I can’t deposit online through any mode of transaction. So plz suggest me, how can I transfer money online to SSY account? Postmaster from starting says this facility takes some time.

  34. Hai sir I already opened Sukanaya samrudhi account for my daughter she born in kuwait and has Indian passport is she is eligible for sukanya samrudhi account or not while opens nobody told us anything

  35. Why Axis bank so much time for Sukanya Account Opening?? 15 days passed

  36. Sukhjinder singh bajwa

    Sir I have opened this account in post office for my daughter but came to know his grand father had recently opened some account in his bank. My question is if two accounts can be operated simontaneously if no then how I can close account.

  37. Can SSA be opened in the name of a orphan girl child who is staying in an orphanage where there no natural or legal guardian ? If yes what is the procedure and what documents is required

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