Sukanya Samriddhi Yojana (SSY) is a monetary savings scheme provided to all households to help them

endure the fundamental expenses of raising a woman child, especially her schooling. It is a deposit
scheme for the woman child introduced under the government campaign “Beti Bachao Beti Padhao”. It
needs a minimum deposit of Rs. 1,000 and a maximum of Rs.1.5 lakh during the on-going fiscal year. A
household will open them in any local post office or approved the branch of banks. The accounts will
continue to function for 21 years after the date of opening the account or until the date of marriage of
the girl after she becomes 18. If a woman wants to go for higher studies, after she turns 18, she can
withdraw 50% of the balance available in the account.

It currently provides an interest rate of 8.1% and tax benefits. The account can be opened at any Post
office or authorized branches of commercial bank.

So here, we will try to know more about the Sukanya samridddhi Yojana account in details or get to
know Whether this investment option good for child Girl?

Sukanya Samriddhi Yojana Details for Account Opening

 The account can be opened by the natural or legal guardian in the name of Girl child from her
birth till she attains the age of 10.
 Only one account is allowed per child, parents can open a maximum of two accounts for each of
their children.
 A minimum of 1000 Rs must be deposited in the account initially. Thereafter, any amount in the
multiple of 100 Rs can be deposited. However, maximum deposit limit is 1,50,000 Rs. If the
minimum amount of 1000 Rs is not deposited in any financial year then, a 50 Rs Penalties will be
levied.
 It allows partial 50% withdrawal from the balance at the age of 18 for higher education
purposes.
 The birth certificate of the girl in whose name account is opened should be submitted by the
guardian at the time of account opening in the post office or the bank, along with the other
documents relating to identity proof or address proof of the depositor.

Deposit and maturity in Sukanya Samriddhi yojana account

You need to deposit a minimum of 1000 Rs and Maximum 1,50,000 Rs only for the first 14 years,
afterward you are not required to deposit any amount. Your account will keep earning the applicable
interest for the remaining 7 years or till it matured on your child Marriage.

For example, if a person has started investing in the SSY account when his daughter’s age was 7, then he
has to contribute to the account till she attains 21 years of age (7 years + 14 years). The account gets
matured when she reaches 28 years (7+ 21). However, the account will be closed earlier if she gets
married before 28 years of age.

Sukanya Samriddhi Yojana interest rate 2018

Of time, the interest of SSY will always be greater than that of PPF. For both, the government fixes the
interest rate on quarterly basis dependent on the G-sec yields. The interest rate and spread that SSY
enjoys over the G-sec rate of similar maturity is 75 basis points in comparison to PPF's 25. The scheme
currently provides an interest rate of 8.1% and EEE tax benefit.

SSY carries the highest Tax-free return and includes the exempt-exempt-exempt (EEE) status. The yearly
deposit (contributions) qualifies for Section 80C benefit and the maturity gains are non-taxable. SSY
could be opened at a post office or a bank. An individual may also make deposits through digital
methods, i.e., e-transfer into the concerned post office or bank if has access to the core banking system.

Sukanya Samriddhi Yojana chart (Interest Rate since inception)

Financial Interest Minimum Maximum

Date Range
Year Rate Investment (Rs) Investment (Rs)

1 April 2014 to 31
2014-15 9.1% 1,000 150,000
March 2015

1 April 2015 to 31
2015-16 9.2% 1,000 150,000
March 2016

1 April 2016 to 31
2016-17 8.6% 1,000 150,000
Dec 2017

1 Jan 2017 to 31 Mar

2016-17 8.5% 1,000 150,000
2017

1 Apr 2017 to 30
2017-18 8.4% 1,000 150,000
June 2017

1 July 2017 to 31
2017-18 8.3% 1,000 150,000
Dec 2017

2018-19 1 Jan 2018 until now 8.1% 1,000 150,000

Rules pertaining to closure of Sukanya samriddhi yojana account

 Closure on maturity

Account matures after completion of tenure of 21 years and balance in SSA including interest is paid to
Girl child on submitting an application and proof of identity, citizenship and residence records or
documents.

 Premature closure allowed only in these scenarios

 If parent or guardian intentionally arrange a marriage after the girl child attains the age of 18
years, then need to file an application before 1 months of marriage or after 3 months of
marriage along with her age proof documents.
 Girl child pass away on production of death certificate and balance in the SSA will be paid to the
guardian.
 If girl child becomes non-resident or non-citizen of India, then this status shall be communicated
by the girl child or guardian within 1 months.
 After completion of 5 years, if Post office or bank satisfied that operation or continuation of SSA
is causing an undue hardship to the girl child (such as death of guardian or medical emergency
etc.) may arrange for early closure.
 For any other reasons, if SSA to be closed any time after the opening of SSA, then it will be
allowed, but the Whole deposit could make interest rate applicable to post office savings bank

Withdrawal rules pertaining to Sukanya Samriddhi Yojana

 Withdrawal is granted for higher education purpose if woman child has attained 18 years or
completed 10th standard for meeting actual fee or other charges required in the time of
admission
 Documentary proof by way of a verified offer of entry in an educational institution or fee slip
shall accompany the application for withdrawal.
 Withdrawal has a maximum cap of 50% of the balance in SSA in the end of previous financial
year and can be made in either one lump sum or in 5 installments not exceeding one installment
per year

Transfer of account under Sukanya samriddhi yojana account

The Account may be transferred anywhere in India and from or to post offices and from or to Banks and
involving post office and Bank, without any cost on furnishing of proof of changing of residence of the
Guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post
office or the Bank to which the move has been made.
The process of transfer of the account shall be affected electronically if the post office or the Bank
concerned, has access to the facility of CBS.

Sukanya Samriddhi Yojana Calculator for Current Financial Year

Suppose you wanted to contribute 10,000 Rs Yearly for the SSY deposit, then how much amount would
be accumulated at the end of 21 years
Here, I have assumed you are constantly contributing for the SSY account, and Rate of Interest i.e. 8.1%
compounded Yearly Interest are getting on the deposit.

So, for 10,000 Rs yearly Contribution you would be able to accumulate Rs,4,54,775.65 /-
For 1,40,00(10,000*14) = 4,54,775.65 Rs Maturity Value.