Sukanya Samriddhi Yojana (SSY) is a savings scheme started in 2015 by the Government of India for girl children under the Beti Bachao Beti Padhao campaign. The scheme allows the guardians/parents to open a savings account for their girl child in any authorized commercial bank of India or any India Post branch. The interest rate is set at 7.6% per annum for the financial year 2021-22. The minimum deposit amount of a Sukanya Samriddhi Yojana account is Rs. 250 and the maximum deposit amount is Rs. 1.5 Lac in a financial year. The tenure of a Sukanya Samriddhi Yojana (SSY) account is 21 years or until the girl child marries after the age of 18 and at least one deposition is required every year, for 14 years to keep the scheme alive. After 14 years are completed, the scheme remains alive without any annual deposition.
Sukanya Samriddhi Yojana (SSY) Eligibility:
The eligibility criteria for S SukanyaSamriddhi Yojana is as under:
- The account can be opened by parents or legal guardians of a girl child only
- The girl child has to be below the age of 10 at the time of account opening
- Only one account can be opened in the name of a girl child
- Only two SSY accounts are allowed per family
Benefits of Investing in Sukanya Samriddhi Yojana (SSY) Scheme
Sukanya Samriddhi Yojana (SSY) was introduced back in 2015 as a part of Beti Bachao, Beti Padhao Yojana and provides different benefits for investors, some of which are:
SSY offers a fixed return rate, which is 7.6% for the year 2020-21 which is higher than other government-backed schemes.
The returns are guaranteed through SSY since it is a government-backed scheme.
SSY also provides tax deduction benefits under Section 80C, with up to Rs. 1.5 Lac Annually.
You can invest anywhere between Rs. 250 and Rs. 1.5 Lac annually depending on your financial standing.
SSY account can be transferred from one part of the country to other parts of the country in case of shifting/transfer of parents/guardians of the child.
How to open a Sukanya Samriddhi Yojana (SSY) Account?
To be able to invest in this scheme, you need to open a Sukanya Samriddhi Yojana (SSY) account which can be opened through a nearby post office or designated branches of authorized commercial banks.
You can open an SSY account by visiting a nearby post office or branch of authorized commercial banks. You will need to submit important documents for proof of identity such as a Passport, Aahar Card, etc with the application form and the initial deposition amount.
The application form for the SSY Account can be obtained from a nearby post office or bank branch. You will need to provide important information regarding the girl child on whose name you’re opening the SSY account. Also, the details of the parent/guardian opening the account on the behalf of the girl child will also be required.
You need to provide the following information in the SSY Application Form:
- Name of the Account Holder (Girl Child Name)
- Name of Guardian/Parent:
- Date of Birth
- Details of Birth Certificate such as Certificate No, Date of Issue, Issuing Authority
- Initial Deposit Amount
- Cheque/DD. No (In case you’re depositing the initial amount through cheque
- ID Details of Parent/Guardian
- Address (Both Present & Permanent)
- Details of KYC Documents attached
Sukanya Samriddhi Yojana (SSY) Calculator
The tenure for any SSY account is 21 years and the calculator calculates the amount depending on the tenure time. It is also important to note that there is at least one deposition required to be made into the SSY account each year for 14 years to keep the scheme alive and after 14 years are completed, if the individual wishes not to make any contribution then the scheme will be alive and the previous contributions will be taken into account. The calculator calculates the data on the fact that you make a deposition for 14 years only and after that, you choose not to make any deposition. The interest rate for FY 2021-22 is set at 7.6% for Sukanya Samriddhi Yojana (SSY) scheme.
To use the SSY Calculator, you have to enter the following information into the calculator:
Yearly Investment: The amount that you will deposit every year into the account.
Age of the Girl Child: The age of the girl child at which the SSY account was opened.
Start Year: The year in which the account was opened.
Once you enter the required information, the calculator will display the total investment amount, total interest amount, maturity year, and the amount that you will receive upon maturity.