The Sukanya Samriddhi Yojana scheme was inaugurated on the 22nd of January, 15th, 2015 at Panipat, Haryana by Prime Minister Narendra Modi. The program aims at improving the lives of girls child in India by ending gender determination, sex discrimination, protecting girls, and increasing the female participation in education as well as other areas. Here are more information of the Sukanya Samriddhi Yojana program that includes the interest rates as well as eligibility criteria, benefits and many more.

Sukanya Samriddhi Yojana (SSY) Scheme

It is the Sukanya Samriddhi Yojana is a federal savings plan that was established with the goal of benefiting girls in the program known as “Beti Bachao”Beti Bachao” or Beti Padhao”. The guardian or parent for the child old or less can create an account in this scheme. This program comes with a greater interest rate, as well as a number of tax advantages.

What are the requirements for opening a Sukanya Samriddhi account?

1. The account can be set up by the legal guardian or parent for the child girl
2. The girl must be younger than 10 years.
3. A single account is permitted for a girl.
4. A family can only open 2 SSY scheme accounts.

How to invest in Sukanya Samriddhi Yojana (SSY)?

Investors are able to make an application to the Sukanya Samriddhi Scheme through post offices or through participating private and public banks. Investors must submit a couple of documents and follow the steps below:

Sukanya Yojana Info Documents needed to establish an account

1. Certificate of birth for the baby girl
2. Photo ID of parents or guardianship legal
3. The proof of parentage or legal guardian
4. Other KYC evidences include PAN, Voter ID.

Application process

1. The application forms can be downloaded on one of the following websites: RBI site, Indian Post website, private sector or public sector bank’s official site
2. Fill in the form with the important details about the girl child along with the legal guardian or parent. The following are the most important mandatory fields that must be filled out for Sukanya Samriddhi Yojana form, also known as the schemeform
3. Primary Account Holder – Name of Girl Child
4. Joint Holder – Name of Legal guardianship or a parent
5. Initial deposit amount
6. Cheque/DD number and date for the deposit
7. The date of birth of the girl child, along with Birth Certificate information
8. Identification of parent or Legal Guardian like Driver’s License, Aadhaar, etc.
9. Permanent and Present Address (as per ID document issued by the legal guardian or parent)
10. Information on other KYC documents like PAN or Voter ID card etc.

How do I Open the Sukanya Samriddhi Yajana Scheme Offline?

A Sukanya Samriddhi Yajana (SSY) account is available at any bank that is a participant as well as a Post Office branch. To start the account, follow the steps listed below.

• Visit your bank, or Post Office where you want to open your account.
• Complete the application form and include all information needed along with any other supporting documents.
• The first deposit must be made by check, cash, or demand drawn. The amount of the payment could be between Rs.250 to Rs.1.5 lakh.
• Your payment and application is processed through the banks or Post Office.
• After the processing is completed the transaction, the SSY account is activated. Passbooks will also be issued for this account to mark the account’s creation.

How to Open the Scheme Online?

For online payment for the SSY account, you have to first install the IPPB application to your phone. It is possible to use the app to create the standing instructions for a particular amount that will be transferred online into account SSY account. Here’s how you complete the process step by step:

• Money must transfer from the bank to your IPPB account.
• Go through DOP Products on the IPPB app , and select that account. Sukanya Samriddhi Yojana account.
• Input the SSY account number, as well as the DOOP ID client number.
• Select the amount you would like to pay and the amount of the installment.
• The IPPB will notify you that the payment process has been set up successfully.
• You will be informed every time the app makes an electronic transfer of funds.

How long do I need to be paid to Sukanya Samriddhi Yojana?

Here are the most crucial details of SSY scheme:

Rate of interest	7.60% p.a.
Capital Amount	Minimum – Rs.250, Maximum Rs.1.5 lakh p.a.
Maturity Amount	The amount invested will depend on the amount
Maturity Time	21 years old (or until the time when the bride is married when she reaches an age of)

The benefits of Sukanya Samriddhi Yojana Program

Sukanya Sanghya Yojana ( SSY) scheme was introduced as part of the Beti Bachao Beti Padhao campaign with the primary purpose of securing the future of girls. The primary advantages that accrue from this SSY scheme are as follows:

• The interest rate was reduced from 8.4 percent to 7.6 percent.
• Tax benefits that go the amount of Rs.1.5 lakh
• Accounts can be transferred

The money invested can be used to fund the girl’s marriage and for education. A SSY account is available at post offices or banks. According to the Section 80C of the Income Tax Act, 1961, tax benefits the amount of Rs.1.5 lakh can be claimed in exchange for contributions to the scheme.

Sukanya Samriddhi Yojana Interest Rate

The interest rate for the SSY scheme has been reduced to 8.4 per cent to 7.6% . It is compounded on a monthly basis. The interest rate isn’t payable until the term of the scheme has been completed or when the girl becomes an Non-Resident Indian (NRI) or non-citizen. The interest rate is set by the government, and is calculated on an annual basis.

The interest rate which has been provided through the program is outlined on the following table:

Duration	Interest rate ( percent)
From April 2020 and to the present	7.6
1 January 2019 – 31 March 2019.	8.5
1 October 2018 – 31 December 2018.	8.5
1 July, 2018 to September 30, 2018	8.1
1 April 2018 – 30 June 2018	8.1
1 January 2018 – 31 March 2018.	8.1
1 July 2017 – 31 Dec 2017	8.3
1 October 2016 – 31 Dec 2016	8.5
1 July 2016 through 31 September 2016	8.6
1 April 2016 – 30 June 2016	8.6
Beginning 1 April 2015	9.2
Starting 1 April 2014	9.1

Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana Calculator assists individuals to estimate the investment strategy under the Sukanya Samriddhi Yojana (SSY) scheme.

The calculator will utilize information such as the amount of annual investment as well as the interest rate provided by you to analyze the information and provide the final result with respect to the amount due at maturity.

What happens if there is a smaller or greater amount is paid toward sukanya’s the samriddhi yojana scheme?

• Lower value: In case the minimum amount of Rs.500 is not paid during the year-end the account will be regarded as in default. But, the account may be restored to active status through the payment of a fine of Rs.50.
• Exceed sum: No interest is earned on deposits over Rs.1.5 lakh. The depositor may take the excess amount at anytime.

Sukanya Samriddhi Yojana Withdrawal Rules

The withdrawal guidelines on account SSY account are as follows:

• When the time period of the account is completed, the total amount in the account, including interest may be taken out by the girl. But, the following documents must be presented:
  • Form for application for cash withdrawal.
  • ID evidence
  • Address the proof
  • Citizenship documents

• The withdrawal is permitted for reasons of higher education provided that the girl child has reached an age limit of 18 and has passed the 10th standard. However, the funds must be used to pay for the cost of tuition or any other charges imposed upon admission.
• Documents such as the admission form to the college or university along with the receipt for the fee should be provided when applying for withdrawal.
• Amount that is able to be withdrawn is 50 percent of the amount that is available from prior years. The amount is able to be withdrawn by 5 installments or as one lump amount.

The rules for withdrawals that are premature from SSY account

These rules permit the account to be closed prematurely are as follows:

• After the girl has reached an age 18 and has a wedding planned, SSY premature withdrawal is possible. However, the application must be made prior to one month before the date of wedding, and then 3 months after the wedding to be eligible for the benefits. Documents that establish what age the woman is be also submitted.
• If the girl is declared a non-citizen or non-resident and the account is declared closed. Any change in status should be reported to the guardian or by the girl child within one month of the date of change.
• If the girl dies, the balance that remains in the account may be taken out through the child’s guardianship. But, the death certificate must be provided.
• If the account was established for five years or more and the post office or the bank believe that the existence of the account has caused difficulties for the girl the guardian or child may choose to request a premature end of the account.
• The right to shut the account may be allowed for different reasons, however the interest accrued from the contributions will be similar to the interest rates offered by post offices.

Features of Sukanya Samriddhi Yojana

The most important attributes that comprise your SSY account are listed in the following table:

The operation of the account:

• Parents or guardians are able to manage accounts until the daughter reaches age of 10.
• The girl is required to manage the account after she reaches an age threshold of.

The account is credited with funds.

The maximum and minimum deposit that can be made on an account during the fiscal year are Rs.500 or Rs.1.5 lakh and Rs.1.5 lakh, respectively. Deposits may be made using increments of 100.

The duration of the scheme

The scheme requires that deposits be made in a time period that is 15 years. The scheme will mature within 21 years.

Transfer of funds to account

An SSY account is transferable from banks to post offices and vice versa, anywhere within India. There are no charges to transfer the account. However, proof of changing residences must be presented. If there is no proof provided the Rs.100 cost will be imposed.

Deposits and deposit methods

Funds to the account are done via online transfer or demands draft, cheque or cash

Sukanya Samriddhi Yojana Tax benefits

Given below are the Sukanya Samriddhi Yojana tax benefits:

• According to Section 80C of Revenue Tax Act, 1961, tax benefits the amount of Rs.1.5 lakh are available when a contribution is made to the scheme.
• The interest earned is not tax-free..
• The taxbenefits are also available to the maturity amount or the amount to be withdrawn.

Sukanya Samriddhi Yojana Eligibility

The Sukanya Samriddhi Yojana account eligibility are mentioned below:

• The legal guardian or parent is able to establish an SSY account for the girl until she turns 10.
• The girl child should be an Indian resident. Indian.
• In families there are two accounts that are open for two girls.
• Third SSY account can be created for twin girls.

Documents needed to open an SSY account

The documents needed to create an SSY account are listed below:

• SSY account opening form.
• Birth certificate for the female must be provided when opening the account.
• The ID proof as well as the proof of address of the depositor should be provided at the moment of opening the account.
• A medical certificate needs to be presented in the event that more than one children are born in one birth order.
• Any other documents requested by the bank , or the post office.