Sukanya Samriddhi Yojana: The interest rate on the SSY is revised quarterly by the government of India.
Sukanya Samriddhi Yojana is a special savings scheme by the government just for girls. It’s part of the Beti Bachao Beti Padhao Campaign. The plan is designed to help with a girl’s education and wedding costs. The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.
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Sukanya Samriddhi Yojana: Benefits
Under the scheme, a minimum of Rs 1000 and a maximum of Rs 1,50,000 can be deposited. Some of the benefits associated with opening the account under the scheme includes high interest rate, savings on income tax and lock in period.
When account reaches the maturity age account balance including the interest rate will be paid to the policy holder and lastly the policy holder receives interest even when the scheme reaches maturity.
SSY Features & Sukanya Samriddhi Yojana Interest Rate 2023
- The minimum investment is Rs 250 per annum; The maximum investment is Rs 1,50,000 per annum.
- The maturity period is 21 years.
- At present, SSY has several tax benefits and the highest rate of interest among all the small savings schemes i.e. 8.0% (for the period October 01, 2023- December 31, 2023).
- The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt under Section 80C.
- The account can be transferred anywhere in India from one post office/Bank to another.
- Interest payment even after maturity if the account is not closed.
- A premature withdrawal of up to 50% of investment is allowed after the child reaches the age of 18 years even if she is not getting married.
- Withdrawal shall be allowed for the purpose of higher education of the account holder to meet education expenses.
- The account can be prematurely closed in case of marriage of a girl child after her attaining the age of 18 years.
- The account can be transferred anywhere in India from one Post office/Bank to another.
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Eligibility For Sukanya Samriddhi Yojana
- The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.
- Every account holder shall have a single account under this scheme.
- An account under this scheme may be opened for a maximum of two girl children in one family:
– Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
-Provided further that the above proviso shall not apply to the girl child of the second order of birth if the first order of birth in the family results in two or more surviving girl children.
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Who All Can Open Sukanya Samriddhi Account?
Any legal guardian or parent of a girl child can open a Sukanya Samriddhi Account on behalf of their girl child.
Where Can You Open a Sukanya Samriddhi Account For Your Daughter?
Sukanya Samriddhi account can be opened at any of your nearest post offices or at any branch of the authorised banks. These banks include almost all top and most popular public sector and private sector banks like State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank etc..
Can A Non-Resident Indian Avail The Sukanya Samriddhi Scheme?
As of now, NRIs not covered under the Sukanya Samriddhi Scheme.
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