What is Sukanya Samriddhi Yojana (SSY) ?

If there is concern about daughter’s education and marriage, then Sukanya Samriddhi Yojana (SSY) is very beneficial for you. The interest in this scheme is higher than any other scheme. Under this, you can open an account in the name of your daughter in any bank or post office. 250 rupees have to be deposited in this account every month. Where as in this scheme maximum 1.5 can be deposited annually.

01 important topic for you about SSY – No tax deduction on this scheme

There is no tax on the money deposited under Sukanya Samriddhi Yojana. 7.6 percent interest is being given on this scheme. In this scheme, you can deposit Rs 65 lakh by depositing just Rs. 416 every day. That is, you do not have to worry about your daughter’s education and future. In this, accounts of girls from 1 year to ten years can be opened in the scheme.

Will not be able to withdraw any money for 18 years.

The money deposited in this scheme cannot be withdrawn till the daughter turns 18. Maturity amount is available when he attains the age of 21 years. However, after 18 years, 50% of the total amount can be withdrawn.

Account can be opened in bank or post office

You can open the account of Sukanya Samriddhi Yojana by visiting any post office or bank branch. The birth certificate of the daughter has to be submitted to open the account. Apart from this, the identity card of the parents, PAN card, ration card, driving license, passport and proof of where they are living will have to be given as passport, ration card, electricity bill, telephone bill, water bill.

Investment limit set under Sukanya Samriddhi Yojana SSY 2022

The account holder can deposit a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh in 01 year under this scheme. This amount is required to be deposited by the account holder for 15 years. If your girl child is 08 years old, then it is mandatory for you to deposit the minimum investment amount in this account for 23 years. After this, you will continue to get interest on the investment amount till the maturity period.

On attaining the age of 18 years, the girl child can withdraw 50% of the investment amount.

It is mandatory to invest for 15 years on the account opened under this scheme. But the girl child can withdraw 50% of the amount from Sukanya Samriddhi Yojana account after completing 18 years of age or after passing class 10th to pursue her studies. This amount can be withdrawn by the girl child or parent/legal guardian in lump sum or in instalments. But the amount can be withdrawn only once in 1 year and in instalments for a maximum of 5 years.

01 important topic for every account holder – Under what circumstances SSY account can be closed before maturity.

For marriage on attaining the age of 18 years- SSY account can be closed before maturity by the beneficiary girl child for her marriage expenses after attaining the age of 18 years.
In case of accidental death of the account holder- In this case of accidental death of the girl child, then the parents or legal guardian can withdraw the amount deposited from the Sukanya Samriddhi Scheme account and the interest earned on it. To withdraw this amount, the parents or legal guardian will have to submit the documents verified by the concerned authority on the death of the account holder. Thereafter, this amount will be transferred to the account of the parent or legal guardian immediately.
Financially unable to continue the account – If the parents of the girl child are financially unable to continue the account, then they can close the account. But for this they have to take permission from the concerned authority.

How to transfer Sukanya Samriddhi Yojana Account?

SSY account holders are provided with the facility to transfer the account of Samriddhi Yojana 2022 free of cost from one post office to another in the country or from one bank to another. This facility will be provided when the account holder shifts from his/her place of origin. To avail this facility, the account holder has to show proof of shifting. If he does not show proof of shifting, he will have to pay Rs.100 fee at the place where his account is opened. In the bank or post office of the country where the facilities of core banking system are available, then the SSY account is transferred through electronic means.

Can a loan be taken against Sukanya Samriddhi Yojana?

There is no loan option on Sukanya Samriddhi Yojana. Once you have deposited 50% can be withdrawn only at 18 years and the rest can be withdrawn only after 21 years.

How many girls of a family will get benefit of Sukanya Samridhi Yojana?

This account can be opened in the name of a total of two daughters. But if you happen to have twin daughters at the time of the birth of the second child, then you can open a third account as well. The same rule applies to three children born together if all three are girl children.

There are also options giving higher returns in the market but it will be risky for new investor or learner.

By depositing in Sukanya Samriddhi Account, you get interest rate between 8 to 9%. In 2021, it has been less than 8% (7.60%). There are also options that give much higher returns than this in the market. For example, the returns of people investing in ELSS during the last 10 years have been more than 15%. However, being linked to the stock market, there is a risk of capital sinking with such schemes. But if you invest wisely in mutual funds or the stock market, then the chances of profit are high.

Friends, I hope that you have got information about Sukanya Samriddhi Yojana and if you want any information then you can tell me in the comment box. Thank you very much for reading my article about SSY (Sukanya Samriddhi Yojana).

SSY Scheme

About the author

Rangukumari Jha (Founder of yonoinformer.com), who is professional Blogger & YouTuber (Finance & investment) from Goa, India. She is a basically from Account & Finance Department and qualified from St. Xavier College, Goa with some skills of Personality Development and Marketing filed. Her interest in computers & the internet has made her a self-proclaimed geek.

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