Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY)  The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. This scheme was launched in 2015 by the Government Of India under the leadership of Shri Narendra Damoderdas Modi. To motivate the parent or guardian […]

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) 

The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. This scheme was launched in 2015 by the Government Of India under the leadership of Shri Narendra Damoderdas Modi.

To motivate the parent or guardian to open an account of SSY for their girl child who is 10 years of age or younger, under this scheme. To meet the requirement of higher education expense of the girls, to prevent the early marriage of the girl. This scheme carries a higher interest rate along with several tax benefits.

Sukanya Samriddhi Yojana

What are the Eligibility Criteria to Open a Sukanya Samriddhi Account?

  1.  The account can be opened by a parent or legal guardian of the girl’s child.
  2. The girl child must be below the age of 10 years.
  3. Only one account is allowed for a girl child.
  4. A family can open only 2 SSY scheme accounts.

How to Invest in Sukanya Samriddhi Yojana (SSY)?

All girl child below 10 years or 10 years of age must apply for Sukanya Samriddhi Scheme through the post offices or participating public and private banks. So the parents need to submit the required documents to open the accounts and follow the few steps given below.

 Documents required to open an account
  1. Birth certificate of the girl child
  2. Photo ID of applicant’s parent or legal guardian
  3. Address proof of applicant’s parent or legal guardian
  4. Other KYC proofs such as PAN and voter ID.
Process of Application
  1. Download the application form from either the RBI website or the Indian Post website,
  2. Fill out the form with key details of the girl child and a parent or legal guardian.
  3. Primary Account Holder- Name of Girl Child
  4. Joint Holder- Name of A parent or legal guardian
  5. Deposit the Initial deposit amount
  6. You can deposit the initial amount via Cash, cheque/DD Number with Date
  7. Date of Birth of girl child along with Birth Certificate details
  8. Identity of Parent or legal guardian such as Driving License, Aadhaar (must need), etc.
  9. Present and Permanent Address (as per the ID document of the parent or legal guardian)
  10. Details of other KYC proofs such as PAN, Voter ID card, etc

How to Open the Scheme Offline?

A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch.

To open the account,

  • Go to the bank or Post Office where you want to open the account.
  • Fill out the application form with the necessary information and attach supporting papers.
  • Pay the first deposit in cash, check, or demand draft. The payment can range between Rs.250 and Rs.1.5 lakh.
  • Your application and payment will be processed by the bank or the Post Office.
  • After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening.

How to Open Sukanya Samriddhi Account Online?

It is a must to visit the bank or post office physically to open SSY accounts.

To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You can use this app to set up standing instructions for a specific amount to be deposited online to your SSY account. Here’s how to do it step by step:

  • Money should be transferred from your bank account to the IPPB account.
  • Navigate to DOP Products on the IPPB app and choose the Sukanya Samriddhi Yojana account.
  • Enter your SSY account number as well as your DOP client ID.
  • Choose the amount you want to pay and the length of the installment.
  • The IPPB will tell you when the payment procedure has been successfully set up.
  • You will be notified each time the app conducts a money transfer.

Sukanya Yojana Interest Rates

The interest rate on the Sukanya Samriddhi Yojana is fixed by the government and reviewed every quarter. The Sukanya Samriddhi Yojana interest rate for 2023 is 8%.

SSY Interest Rate 8% p.a. (for 2nd Quarter of FY 2023-24)
Investment Amount Minimum – Rs.250; Maximum Rs.1.5 lakh p.a.
Maturity Amount It depends on the amount invested
Maturity Period 21 years

 

Know Details Related to the Sukanya Samriddhi Account Scheme

  1. The account matures after 21 years of opening the account or in the event of the marriage of the girl child after she gains the age of 18 years
  2. A premature withdrawal of up to 50% of investment is allowed after the child gains the age of 18 years even if she is not getting married.
  3. Duration of investment- 21 years
  4. Minimum Investment: Rs 1,000 per annum
  5. Maximum Investment: Rs 1.5 lakh per annum
  6. On Maturity of the account, the balance which is principal and interest earned is paid to the girl child on submitting an application along with proof of citizenship, residency, and identity.

 

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