Sukanya Samriddhi Yojana 2024 Features, Benefits and Eligibility

Sukanya Samriddhi Yojana 2024

The Sukanya Samriddhi Yojana (SSY) is a savings scheme for girls’ future education and marriage expenses. Launched on January 22, 2015, by the Ministry of Finance, it encourages parents to invest in their daughters’ future.

Parents can open accounts at Post Offices or designated banks, with a maximum investment of ₹1,50,000 per year and a maturity period of 21 years. Interest rates, currently at 8.0% from April 1, 2023, to June 30, 2023, are tax-exempt. Sukanya Samriddhi Yojana offers tax benefits under section 80C, with around 2.73 crore accounts opened since inception, totaling nearly ₹1.19 lakh crore in deposits.

Overview Table Of Sukanya Samriddhi Yojana

Aspects	Details
Scheme Name	Sukanya Samriddhi Yojana
Launch Date	January 22, 2015
Managing Authority	Ministry of Finance
Purpose	Savings scheme for girls’ future education and marriage expenses
Maximum Investment Per Year	₹1,50,000
Maturity Period	21 years
Interest Rate (2024-2025)	8.20% annually, compounded yearly
Tax Benefits	Tax benefits under section 80C
Total Accounts Opened Since Inception	Approximately 2.73 crore
Total Deposits Since Inception	Nearly ₹1.19 lakh crore
Account Operation	Managed by parents until the girl turns 10, then by the girl at 18
Minimum Deposit	₹250 per year
Account Transfer	Free transfer across India with proof of residence change; ₹100 fee without proof
Withdrawal for Higher Education	Permitted
Premature Closure for Marriage	Allowed after 18 years
Eligibility	Guardian/parent can open an account for a girl child under 10
Maximum Accounts Per Child	One account per child, exceptions for twins or triplets with supporting documentation
Documents Required	Birth certificate of the girl child photo ID of the parent/guardian address proof of the parent/guardian additional KYC proofs SSY account opening form medical certificate

सुकन्या समृद्धि योजना

सुकन्या समृद्धि योजना भारतीय सरकार द्वारा बेटियों के भविष्य की उत्तम देखभाल के लिए शुरू की गई एक बचत योजना है। इस योजना के अंतर्गत, बच्ची की शिक्षा और विवाह जैसे खर्चों के लिए उपयुक्त धन का संचय किया जाता है। यह योजना 22 जनवरी 2015 को प्रधानमंत्री द्वारा बेटी बचाओ बेटी पढ़ाओ अभियान के तहत शुरू की गई थी।

सुकन्या समृद्धि योजना के तहत अभिभावक या कानूनी अभिभावक अपनी बेटी के लिए एक खाता खोल सकते हैं, जिसमें उन्हें नियमित अंतराल में निवेश करना होगा। इस योजना में मिनिमम निवेश ₹250 प्रति वर्ष है और अधिकतम निवेश ₹1,50,000 प्रति वर्ष है। इसका परिपक्वता अवधि 21 वर्ष है और ब्याज दर निर्धारित अवधि के लिए बदलती रहती है। इस योजना के अंतर्गत जमा की गई मूल राशि, योजना की पूरी अवधि में कमाई और परिपक्वता लाभ कर कर दी जाती है।

What Is Sukanya Samriddhi Scheme?

Sukanya Samriddhi Scheme aligns with the Beti Bachao Beti Padhao (BBBP) campaign and is managed jointly by the Ministry of Women and Child Development, Ministry of Human Resource Development, and Ministry of Health and Family Welfare.

Introduced in 2015 under the Beti Bachao Beti Padhao initiative, SSY aims to support girls’ education and savings for their future. The interest earned is tax-exempt under Section 80C, and for 2024-2025, the interest rate stays at 8.20% annually, compounded yearly.

Sukanya Samriddhi Yojana Features

• Account Operation: Managed by parents until girl turns 10, then by the girl at 18.
• Deposits: Rs. 500 to Rs. 1.5 lakh annually, in multiples of Rs. 100.
• Scheme Duration: Contributions for 15 years, matures in 21 years.
• Account Transfer: Free transfer across India with proof of residence change; Rs. 100 fee without proof.
• Deposit Methods: Online transfer, demand draft, cheque, or cash.

Sukanya Samriddhi Yojana Benefits

• The minimum deposit is ₹250, and the maximum is ₹1.5 lakh per financial year.
• An account can be opened for a girl child until she turns 10, with only one allowed per child.
• Accounts are accessible at post offices and authorized banks.
• Withdrawals are permitted for the account holder’s higher education expenses.
• Premature closure is allowed for a girl’s marriage after 18.
• Transfers between post offices/banks across India are permitted.
• The account matures after 21 years.
• Deposits are eligible for tax deduction under Section 80-C.
• Interest earned is tax-free under Section 10 of the Income Tax Act.

Sukanya Samriddhi Scheme Interest Rate

At present, the Sukanya Samriddhi Yojana scheme offers an annual interest rate of 8.2%, compounded annually. Interest ceases upon scheme completion or if the girl becomes a Non-Resident Indian (NRI) or non-citizen. The government determines the interest rate quarterly. See the table below for the current rates.

Period	Rate of Interest (%)
03.12.2014 TO 31.03.2015	9.1
01.04.2015 TO 31.03.2016	9.2
01.04.2016 TO 30.09.2016	8.6
01.10.2016 TO 31.03.2017	8.5
01.04.2017 TO 30.06.2017	8.4
01.07.2017 TO 31.12.2017	8.3
01.01.2018 TO 30.09.2018	8.1
01.10.2018 TO 30.06.2019	8.5
01.07.2019 TO 31.03.2020	8.4
01.04.2020 TO 31.03.2023	7.6
01.04.2023 TO 31.12.2023	8.0
01.01.2024 TO 31.03.2024	8.2

Sukanya Samriddhi Yojana Eligibility

• A guardian can open an account for a girl child under 10 years old.
• Each account holder is limited to one account.
• Families can open a maximum of two accounts for girl children.
• Exceptions allow for additional accounts for twins or triplets in the first or second birth, supported by documentation.
• This exception does not apply if the first birth already results in two or more surviving girl children.

New Scheme Rules of SSY

G.S.R. 914(E) – By virtue of the authority vested in it under section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby introduces the following Scheme:

1. Title and Commencement: This Scheme is named the Sukanya Samriddhi Account Scheme, 2019. It becomes effective from the date of its publication in the Official Gazette.
2. Definitions: In this Scheme, unless stated otherwise:

• “account” refers to an account established under this Scheme;
• “account holder” denotes a girl child in whose name the account is held;
• “Act” stands for the Government Savings Promotion Act, 1873 (5 of 1873);
• “birth certificate” means a certificate issued by authorized entities confirming birth details;
• “family” encompasses individuals, including their spouses and children;
• “financial year” spans from April 1st to March 31st of the following year;
• “Form” signifies forms annexed to this Scheme;
• “General Rules” points to the Government Savings Promotion General Rules, 2018;
• “maturity” indicates the conclusion of twenty-one years from the account opening date.

1. Account Opening: Guardians can open accounts for girls under ten years old. Each girl can have only one account.
2. Deposits: Accounts start with a minimum of Rs. 250, and further deposits are in multiples of Rs. 50. The maximum annual deposit is Rs. 1,50,000. Penalties apply for defaulting on minimum deposits.
3. Interest on Deposit: Interest is calculated monthly on the lowest balance between the 5th and last day of the month. It is credited annually to the account. The applicable interest rates are 8.4% per annum for deposits between December 12, 2019, and March 31, 2020, and 7.6% per annum for deposits made on or after April 1, 2020.
4. Account Operation: Guardians manage accounts until the girl turns eighteen.
5. Premature Closure: Accounts may close in case of the girl’s death or under compassionate circumstances.
6. Withdrawal: Up to fifty percent of the previous year’s balance can be withdrawn for the girl’s education.
7. Maturity Closure: Accounts mature after twenty-one years. Premature closure is allowed for marriage.
8. Application of General Rules: General Rules apply to matters not covered by this Scheme.
9. Power to Relax: The Central Government can relax rules causing undue hardship to account holders.

Sukanya Samriddhi Yojana Application Process

You can initiate a Sukanya Samriddhi Yojana (SSY) account at any participating bank or Post Office branch by following these steps:

1. Visit the bank or Post Office branch where you intend to open the account.
2. Complete the application form with all required details and attach any necessary documents.
3. Make the initial deposit in cash, by check, or through a demand draft. The deposit amount can vary 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 activated, and you will receive a passbook to mark the opening of the account.

Sukanya Samriddhi Yojana Documents Required 

Documents required for opening an SSY account include:

1. Birth certificate of the girl child
2. Photo ID of the parent or legal guardian applying
3. Address proof of the parent or legal guardian applying
4. Additional KYC proofs like PAN and Voter ID
5. SSY account opening form
6. A medical certificate is needed if multiple children are born in one birth order
7. Any other documents requested by the bank or post office.

Conclusion

In conclusion, the Sukanya Samriddhi Yojana (SSY) offers a secure and tax-efficient savings avenue for the future of girl children in India. By providing attractive interest rates, tax benefits, and flexible deposit options, SSY encourages families to invest in their daughters’ education and marriage expenses. With straightforward account opening procedures and a range of participating banks and Post Offices, SSY aims to empower families to secure a brighter future for their girl children.

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