Sukanya Samriddhi Yojana 2024 — Save for Her Future, Secure Her Dreams

Sukanya Samriddhi Yojana Interest Rate Calculator

Introduction Of Sukanya Samriddhi Yojana 2024

To combat the alarming decline in the child sex ratio in India, the Government of India initiated a social campaign on January 22, 2015. The Beti Bachao Beti Padhao (BBBP) campaign carries the poignant message of “Save girls, educate the girl child.” This nationwide endeavor is a collaborative effort spearheaded by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.

The objectives of BBBP are multifaceted:

1. Eradicate gender discrimination against children and eradicate the practice of sex determination.
2. Ensure the survival and protection of girls from various societal challenges.
3. Promote greater participation of girls in education and other societal spheres.

On the other hand, Sukanya Samriddhi Yojana (SSY) addresses a critical issue concerning the welfare of the girl child – education and marriage. Its primary focus lies in securing a promising future for girls in India by assisting parents in building a financial reserve for their daughter’s education and marriage expenses. SSY introduced the Sukanya Samriddhi Account with this specific objective in mind.

Key Parameters of Sukanya Samriddhi Yojana 2024

Opening an SSY Account

To initiate a Sukanya Samriddhi Yojana (SSY) account, a single girl child can be designated as the beneficiary, and the account can be established at any authorized post office or commercial bank branch. This option remains available from the birth of the girl child up to when she attains 10 years of age.

Eligibility of Beneficiaries

Any girl child who is a resident Indian can be named as the beneficiary under the SSY scheme, from the time of the account’s inception until its maturity or closure.

Deposits for SSY

The guardian of the girl child can make deposits and manage the account until the girl reaches 18 years of age. Afterward, it becomes mandatory for the girl child to take charge of the SSY account. The minimum initial deposit required for opening an SSY account is Rs. 250, reduced from the previous Rs. 1,000, and subsequent deposits can be made in multiples of Rs. 50. The maximum annual deposit limit is Rs. 1,50,000. Deposits can be made via various methods including cash, cheque, demand draft, or online transfer.

Interest on Deposits

As of the first quarter of FY 2024-2025 (April 1, 2024, to June 30, 2024), the interest rate for SSY accounts is 8.2% per annum. If the minimum annual deposit of Rs. 250 is not made, the account falls under the ‘Account under default’ category but continues to earn interest until maturity. Such accounts can be regularized within 15 years of opening by paying a penalty of Rs. 50 per default year.

No interest is accrued after the completion of the SSY tenure, which is 21 years from the date of account opening. Interest stops accruing if the girl child becomes a non-citizen or a non-resident of India. Deposits exceeding the maximum cap of Rs. 1,50,000 per year do not earn any interest and can be withdrawn by the depositor at any time.

Maturity Period of SSY

The maturity period of the SSY account is 21 years from the date of its opening or upon the girl child’s marriage after attaining 18 years of age. However, contributions need to be made for only 15 years. Despite the cessation of deposits, the SSY account continues to earn interest until maturity.

Benefits of Sukanya Samriddhi Yojana 2024

1. Low Minimum Deposit: Start an SSY account with just Rs. 250 per year. You can deposit up to Rs. 1.5 lakh per year. Missing a payment incurs a small fine of Rs. 50, but your account remains active.
2. Good Interest Rate: SSY earns 8.2% interest annually, facilitating rapid growth of your savings. This interest rate is among the most competitive available for savings schemes.
3. Tax Benefits: Investments in SSY offer tax savings. You can deduct contributions (up to Rs. 1.5 lakh) from your taxable income. Additionally, the interest earned and maturity proceeds are tax-free.
4. Long Time to Save: SSY provides a 21-year saving window, or until your daughter’s marriage after she turns 18, whichever comes first.
5. Funds for Education: Access up to 50% of the SSY account balance at the end of the previous financial year for your daughter’s education expenses. Proof of admission is required.
6. Guaranteed Returns: Backed by the government, SSY ensures the safety of your investment and offers assured returns upon maturity.
7. Easy Transfer: You can seamlessly transfer your SSY account between post offices and banks anywhere in India, ensuring convenience and flexibility for investors.

Tax Advantages Offered by Sukanya Samriddhi Yojana 2024

• Investments in the SSY scheme qualify for deductions under Section 80C of the Income Tax Act, up to a maximum of Rs 1.5 lakh.
• The accrued interest, compounded annually, is exempt from tax under Section 10 of the Income Tax Act.
• Proceeds received upon maturity or withdrawal are also exempt from income tax.

Interest Rate for Sukanya Samriddhi Yojana in 2024

Eligibility Sukanya Samriddhi Yojana 2024

1. Eligibility: Only parents or legal guardians of a girl child can open an SSY account.
2. Age Criteria: The girl child must be a resident Indian and below the age of 10 at the time of opening the account.
3. Limitation on Accounts: Only one SSY account can be opened for a girl child. Additionally, a family can open only two SSY accounts, one for each girl child.
4. Special Cases:

• In the case of the birth of twin or triplet girls, or if triplets are born at first, then a third SSY account can be opened.
• However, if a girl child is born after the birth of twin or triplet girls, a third SSY account cannot be opened.

Steps to Open a Sukanya Samriddhi Yojana 2024 Account at a Post Office

Steps to Open a Sukanya Samriddhi Yojana 2024 Account at a Bank or Post Office:

1. Visit the bank or post office branch where you wish to open the account.
2. Complete the application form (Form-1) with all necessary details and submit supporting documents.
3. Make the initial deposit using cash, cheque, or demand draft. The deposit amount can range from Rs.250 to Rs.1.5 lakh.
4. The bank or post office will process your application and deposit.
5. Once processed, your SSY account will be opened, and a passbook will be issued to you, marking the commencement of the account.

Sukanya Samriddhi Yojana 2024 Application Form

Steps To Fill Out The Form:

1. Address the Form: Write “To The Postmaster/Manager” followed by the name and address of the Post Office or Bank Branch.
2. Attach Photograph: Paste the applicant’s photograph to the right of the form.
3. Applicant Details: Write the name of the applicant next to “I/We”. In the space provided, mention “Sukanya Samriddhi Yojana”.
4. Deposit Amount: Enter the deposit amount both in numbers and words. Tick the mode of payment whether cash, cheque, or DD. If paying by cheque or DD, write down the number and date mentioned on it.
5. Depositor’s Information: Enter the name and date of birth of the girl child (depositor).
6. Guardian’s Information: Enter the name, date of birth, Aadhaar number, and PAN number of the guardian.
7. Address and Contact Details: Enter the guardian’s address and contact details.
8. Account Details: Mention the type of account and provide details of the birth certificate of the depositor.
9. KYC Documents: List the KYC documents attached.
10. Signature: Sign the form and print the name of the applicant/guardian.
11. Nomination Details: Enter the details of the nominee, including name, relationship, date of birth, and address.
12. Witness Signatures: If the applicant is illiterate, get the signature of two witnesses.
13. Date, Place, and Signature: At the end of the nomination section, add the date, place, and signature.

Open a Sukanya Samriddhi Yojana Account Through Banks

banks list

1. State Bank of India
2. Allahabad Bank
3. Andhra Bank
4. Punjab and Sind Bank
5. Bank of Baroda
6. Canara Bank
7. Bank of India
8. Bank of Maharashtra
9. Corporation Bank
10. Central Bank of India
11. Indian Overseas Bank
12. Dena Bank
13. Indian Bank
14. UCO Bank
15. Syndicate Bank
16. United Bank of India
17. Punjab National Bank
18. Union Bank of India
19. Oriental Bank of Commerce
20. IDBI Bank
21. Vijaya Bank
22. Axis Bank
23. ICICI Bank

1. Identify the Participating Bank: Confirm whether the bank where you possess a savings account is among the institutions offering SSY services. Participating banks comprise establishments like the State Bank of India, Allahabad Bank, Punjab National Bank, ICICI Bank, Axis Bank, and others mentioned in the provided list.
2. Retrieve the SSY Account Opening Application Form: Access the official website of your chosen bank and locate the section pertinent to Sukanya Samriddhi Yojana or savings accounts. Seek out the option to download the SSY Account Opening Application Form.
3. Complete the Application Form: Download the SSY Account Opening Application Form and furnish it with precise information. Supply details concerning the girl child, guardian, address, and other requisite fields in adherence to the guidelines provided within the form.
4. Assemble Necessary Documentation: Compile the essential documents including:

• Birth certificate of the girl child
• Identity proof and address proof of the guardian (such as Aadhaar card, PAN card, etc.)
• Passport-sized photographs of both the girl child and guardian
• Any supplementary KYC documents stipulated by the bank

1. Visit the Bank: Proceed to the nearest branch of the participating bank along with the completed application form and requisite documents.
2. Submission of Application: Present the duly filled application form alongside the mandatory documents to the bank personnel at the SSY account opening counter.
3. Initiate Initial Deposit: Initiate the process of depositing the requisite initial amount to activate the SSY account. Note that the minimum deposit requirement may vary depending on the specific bank.
4. Adhere to Formalities: Fulfill any additional formalities as directed by the bank officials, which may involve signing pertinent documents or furnishing supplementary information as necessitated.
5. Receipt of Account Details: Upon successful completion of the account opening process, anticipate the reception of a passbook or detailed account particulars delineating the SSY account.
6. Maintain Deposit Consistency: Ensure the consistent deposition of funds into the SSY account to leverage the benefits offered by the scheme and sustain the account’s active status.

Online Payment for Sukanya Samriddhi Yojana 2024

1. Initiate Fund Transfer: Transfer money from your bank account to the India Post Payments Bank (IPPB) account.
2. Access IPPB App: Open the IPPB mobile application and navigate to the “DOP Products” section.
3. Select SSY Account: Choose the Sukanya Samriddhi Yojana (SSY) account option.
4. Provide Account Details: Enter your SSY account number and the DOP customer ID.
5. Specify Payment Details: Indicate the desired payment amount and select the installment duration.
6. Confirmation: Wait for IPPB to notify you of the successful setup of the payment routine.
7. Receive Notifications: Stay informed with notifications each time the IPPB app executes a fund transfer, ensuring transparency and awareness of each transaction.

Withdrawal Rules Of Sukanya Samriddhi Yojana 2024

1. Partial Withdrawal: SSY allows for partial withdrawals after the account holder reaches the age of 18 years or has completed the 10th standard examination, whichever occurs earlier. The withdrawal amount is limited to 50% of the balance at the end of the preceding financial year.
2. Purpose of Withdrawal: Partial withdrawals are permitted for financing the higher education or marriage of the account holder.
3. Withdrawal Procedure: To initiate a partial withdrawal, the account holder or guardian must submit a withdrawal form, accompanied by relevant documents substantiating the reason for withdrawal, to the post office or bank where the account is maintained.
4. Interest Implication: The withdrawal amount is restricted to 50% of the account balance at the end of the preceding financial year, with the remainder continuing to accrue interest.
5. Account Closure: Upon reaching the age of 21 years, the account can be closed, and the entire balance along with accrued interest will be disbursed to the account holder.
6. Premature Closure: In the event of the account holder’s demise, the account may be prematurely closed, and the balance, including accrued interest, will be paid out to the nominee or legal heir.
7. Non-Resident Indian (NRI) Withdrawal: If the account holder becomes a Non-Resident Indian (NRI) before the maturity period (21 years), the account will be considered closed, and the balance will be disbursed along with interest, as per the prevailing government regulations.

Closure Rules Of Sukanya Samriddhi Yojana 2024

Closure on Maturity:
Upon the completion of 21 years of the girl child, the SSY account matures, and the accumulated balance, inclusive of interest, is disbursed to the child. This process necessitates the submission of an application accompanied by proof of identity, residence, and citizenship documents.

Premature Closure:
Premature closure of an SSY account is permissible only under the following circumstances:

1. Intended Marriage: If the girl child intends to marry after reaching 18 years of age, an application for premature closure can be submitted within one month prior to the marriage or up to 3 months after the marriage, along with supporting age proof documents.
2. Death of the Girl Child: In the unfortunate event of the girl child’s demise, the guardian can request premature closure by presenting the death certificate. The remaining balance in the SSY, along with accrued interest, will be disbursed accordingly.
3. Medical Treatment: Premature closure is permissible in cases of life-threatening diseases afflicting the girl child or in the event of the guardian’s demise.
4. Change in Status: If there is a change in the status of the girl child, such as becoming a non-resident or non-citizen of India, the account will be deemed closed. The communication regarding such status changes should be conveyed by the girl child or her guardian within one month of the alteration.
5. Undue Hardship: If, after five years from the SSY’s opening, the post office or bank determines that the continuation of the account is causing undue hardship to the girl child (e.g., due to the death of the guardian or medical reasons), premature closure may be initiated upon the girl child’s or guardian’s request.
6. Other Reasons: In the event of closure for any other reasons subsequent to the opening of the account, the entire deposit will only earn the interest rate applicable to the post office savings bank.

Frequently Asked Questions