Plan your daughter’s career, Create a good corpus with Sukanya Samriddhi Yojana invest Rs. 100 per month get Lakhs

Sukanya Samriddhi Yojana: Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl children. This bank deposit scheme or post office deposit scheme encourages parents to build a fund for the future education of their female child. The scheme was launched in 2015 by the Ministry of Women and Child Development, developed as part of the government’s ‘Beti Bachao, Beti Padhao’ campaign and Mr. Amitabh Bachchan is brand ambassador of this scheme. It allows parents or legal guardians to ensure financial security for a girl child aged ten years or below. Under the Sukanya Samriddhi Yojana, A person can open only one account in the name of a girl across any of the private and public sector banks for 21 years. The tenure of investment under SSY is 21 years, starting from the account’s opening date.

What is Sukanya Samriddhi Yojana!

This is a deposit scheme which will help you save regularly for your little girl. Through regular deposits (minimum Rs. 250), you can create a sufficient corpus as the year’s pass. You can use this corpus to meet your girl child’s goals such as education or marriage etc.

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As parents, you can invest a minimum of Rs 1,000 and up to Rs 1.5 lakhs every year into your daughter’s account under the Sukanya Samriddhi Yojana. Also, an investor can make these deposits only for the first 15 years after opening the account, after which the funds in the account would grow from the accumulated compound interest. Subsequently, the accumulated amount can help your daughter to support her dreams of higher education, starting a business or marriage, once she becomes a major.

How to open a Sukanya Smriddhi Yojna account and eligibility criteria

If you want to open your account under Sukanya Samriddhi Yojana Scheme then you can do so by visiting either of the following.

a) Banks (Both public and private)

b) Post offices

Here are the steps you can follow to open your Sukanya Samriddhi Account

1. Visit your Bank or nearest post office and fill the application form of Sukanya Samriddhi Yojana provided by the bank/ post office. This is known as FORM SSA-1. or Download Sukanya Samriddhi Yojana form.
2. Submit the necessary documents –
   • Birth certificate of the girl child for which you want to open the account
   • Identity Proof of the parent/guardian: AADHAR card, PAN card, Voter ID, etc
   • Address Proof: License, Telephone bill, etc.
3. Pay your first deposit, minimum amount of Rs 250 up to Rs 1.5 lakhs

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For the Parent

Though only these documents are required, the relevant bank can ask you for proof of other documents as well.

• Only parents or legitimate guardians of the girl child can open a Sukanya Samriddhi account.
• The girl child ought to be under 10 years at the time of account opening. The account can be operational till the girl child is 21 years old.
• Accounts can be opened from ₹250 and a limit of ₹1,50,000 yearly with ongoing deposits in the products of ₹100.
• Only one account per child is allowed in this scheme.
• Only two Sukanya Samriddhi Yojana accounts are permitted per family, i.e., one for each

Benefits of Sukanya Samriddhi Yojana

There are many benefits of this scheme, some of them are listed below –

1. High Interest rate: Presently the rate of interest in your Sukanya Samriddhi Yojana account stands at 7.6% p.a. This interest rate is applicable from 1st April 2020.
   • Interest is payable yearly at the end of every financial year which will be accumulated and subscribers will get compounded interest.
   • Interest is decided by the government and change every quarter
   • No interest will be provided if the girl becomes an NRI
2. Tax Savings: Contributions towards the Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act 1961.
   Deductions up to Rs 1.5 lakh invested in the scheme can be claimed. The tax-saving benefits are also available on the interest earned and the amount received upon maturity or withdrawals. The withdrawals are also tax-free. (Read 15 Tricks to save income tax)
   The Sukanya Samriddhi Yojana is under the authority of the Department of Revenue (DOR) and is one of the more popular investment schemes that come with the exempt-exempt-exempt (EEE) status.
3. Maturity Benefits: Account balance under the Sukanya Samriddhi Yojana, including the accumulated interest, will be paid directly to the girl child (or policyholder).
   Thus, the scheme essentially helps your daughter become financially independent and empowered once she is mature enough to make life decisions on her own.
   Accumulated savings continue to accrue compounding interest even after maturity until it is finally closed by the account holder.

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Conditions applicable to Sukanya Samriddhi Yojana:

Some predefined conditions are applicable to this scheme.

1. If you pay below the minimum amount of Rs.250 in a financial year, then your account will have defaulted. To make your account active again you need to pay a fine of Rs.50.
2. No interest is generated for the deposit over and above the max limit, i.e., Rs 1.5 lakh. You can withdraw the excess amount at any time.
3. Sukanya Samriddhi Yojana Account has a maturity period of 21 years from the date of opening. But it is allowed to withdraw from your funds if conditions are met.
4. The withdrawal will only be allowed after filling the withdrawal form and submitting all the necessary documents like identity proof/ address proof etc.

Premature Withdrawal from Sukanya Samriddhi Yojana:

An investor or child can withdraw funds before maturity of account but on certain conditions. I have mentioned these conditions below –

1. When the girl attains the age of 18 and is getting married,
2. In case the child dies, the right of the account will be given to parents/ legal guardian and funds can be withdrawn after submitting the death certificate.
3. The account will close if the girl is no longer a citizen of India. Additionally, you must communicate a change in status to the bank.
4. Once can close the account after 5 years if the girl child is facing difficulties for survival.
   
   Further, You can withdraw a maximum of 50% of the deposit amount once the girl child attains 18 years of age for education and marriage.

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Transfer Sukanya Samriddhi Yojana Account:

Sukanya Samriddhi Yojana Account can be transferred from the Post Office to a Bank by the guardian or the parent. Steps to transfer the account are as follows.

1. Visit the Post Office in which you have your SSY account and fill the transfer application and submit required documents, like ID proof, Passbook etc.
2. Move to the bank you want to open the SSY account with, Self-Attest the KYC documents and the form and submit it to the bank, a new passbook after the verification and processing of documents will be provided.

How much a child will get after maturity:

This totally depends on your contributions and interest rates decided by the Government of India, you can calculate the same from link https://www.omnicalculator.com/finance/ssy

For example: if you wish to deposit Rs 12,000 every year then your corpus after 15 years would be Rs 5,27,000.

To conclude, Sukanya Samriddhi Yojana provides one of the best investment opportunities for you to build up a sufficient fund for your daughter when she turns 18 years old. In addition to that, The Sukanya Samriddhi Yojana comes with a guarantee, it provides several benefits to both the parents and the girl children. Thus, you can invest towards the Sukanya Samriddhi Yojana to earn compounding benefits to support your daughter financially for her dreams of higher education and marriage.

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Important links:

1. https://www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=89
2. https://www.india.gov.in/
3. https://transformingindia.mygov.in/scheme/
4. https://www.indiapost.gov.in/VAS/pages/pmodashboard/

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