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Sukanya Samriddhi Yojana 2022
Under Beti Bachao Beti Padhao Abhiyan, Government of India launched Sukanya Samriddhi Yojana on 22nd January 2015. This scheme is for the prosperity of girl child in our country.
Sukanya samriddhi yojana Eligibility
- Any daughter residing in India whose age is less than 10 years can avail Sukanya Samriddhi Yojana
- A girl can open only one account Maximum two accounts can be opened in one family
- Exception if twins are both girls then in such exception you can open account for both
- Accounts can be opened at Post Offices or branches of defunct banks Account can be opened with a minimum of Rs 250
- Either parent can open the account, if the parent is not alive, the legal guardian can also open the account.
- After the age of 10, the daughter can operate the account herself
- Bank account transfer of Sukanya Samriddhi Yojana can be done from one place to another
Sukanya samriddhi yojana Document
- Birth certificate of baby girl
- Address proof of parent/guardian
- Identity proof of parent/guardian
- Three photos of the child and parents
- Xerox of PAN card and Aadhaar card of parent/guardian
Process of Sukanya Samriddhi Yojana
- With this plan you can earn at least Rs. 250 and can deposit up to a maximum of Rs 1,50,000.
- You can deposit money whenever you want during the year.
- This scheme is similar to PPF scheme. Not only this, this scheme offers higher interest than PPF.
- If you forget to deposit money in any year. Then you have to pay a penalty of 50 rupees.
- If you want to get your daughter married at the age of 18, you can withdraw money under the pre-mature facility.
- If you have two daughters you can open two accounts. But if there are more than two girls then you can open maximum only 2 accounts. Online deposit facility is also available.
- You cannot take any kind of debt on this plan.
- Parents or guardians can open an account in the post office under “Sukanya Samriddhi Yojana” for the girl child. In this scheme account can be opened for girls born on or after 2-12-2003. And mother and father can open account as guardian. In case of orphan girl a court appointed guardian can open the account. Accounts can be opened for up to two girls from one family under this scheme. And after opening an account with a minimum of Rs one thousand, a maximum of Rs 1 lakh 50 thousand can be deposited in multiples of Rs 100 in a financial year, said RM Patel, Superintendent of Nanpura Post Office.
How to open an account?
You go to your nearest post office and fill the Sukanya Samriddhi Yojana form there. Apart from that you can also download this form from internet or India Post website. Fill the form after taking daughter’s photograph and deposit it at the post office. It may be that some interstate post office official will also tell you that there is no such scheme. So wait a bit let this plan reach there.
- Fill the form and duly sign it. .
- Attach a photocopy of your ID and address proof and also attach a copy of your child’s birth certificate.
- Attach two passport size photographs of yourself and your daughter.
Sukanya samriddhi yojana Benefits
- The government gives the highest interest rate in PPF account which in Sukanya Samriddhi Yojana offers higher interest rate than PPF account.
- The Government of India will announce the interest rate on an annual basis which means there may be a different interest rate every year
- Partial withdrawal facility of up to 50% when girl child reaches 18 years of age and account can be closed after 21 years of age
- Under Section 80-C, tax relief can be availed from income tax
- In case of death of the girl child, the account will be closed and the balance amount will be paid to the parent or legal guardian along with interest withdrawn.
Why open an account in this scheme?
- You can get an amount up to Rs 50 lakh
- If you invest Rs 1,00,000/- every year in Sukanya Samriddhi Yojana then you will have to invest a total of Rs 14 lakh which if the government gives interest on this account at 8.5% compounded annually after 21 years when the account matures then your investment 46,00,000/- will be around Rs. 70,23,249/- you can get by depositing 1,50,000/- per annum.
- Government can change Mr. Interest rate which interest rate varies from time to time
Sukanya Samriddhi Yojana Calculator
The calculator helps in determining the maturity year and calculating the maturity amount. In short, it helps determine the growth of an investment over time. Below are some key details you need to enter to perform the calculations:
Enter the age of the girl
Amount of investment made (Maximum investment you can make is Rs. 1.5 lakh)
Current interest rate
Age of girls
Initial period of investment
The calculator easily gives you an estimate of the maturity amount till the girl reaches 21 years of age.
An illustration of the calculations is given below-
Suppose Mrs. Seema plans to invest in an SSY scheme with an amount of Rs. 3,000 is. The daughter is currently 5 years old and the investment will continue till she turns 21. Therefore, the current interest rate is 7.6% p.a. Also, here’s the calculation:
Total Investment Amount: Rs. 45,000 is
Maturity Year: 2024
Total Interest Rate: Rs. 86,841 has been kept
Maturity Value: Rs. is 1,31,841
You can calculate the interest rate through the following excel file