Sukanya Samriddhi Yojana is one of the best schemes launched by the Indian government. Under this scheme, many benefits are given to the girl regarding her financial problem related to Higher secondary education or her marriage. As many girls in India do not get proper education due to a lack of money or the family having no savings to do for their future.
It is also one step to support the “Beti Bachao Beti Padhao” campaign which is launched by our honourable Prime Minister of India Mr Narendra Modi. We are discussing the benefits, features, tax process, documents requirements etc in the next following minutes. So now lets discuss about this in deep.
Brief Description of Project
|Name of Scheme||Sukanya Samriddhi Yojana (SSY)|
|Scheme Benefits||It will give financial support to the future of girls.|
|Objective||To solve the money problem regarding girl education and marriage.|
Table of Contents
- Why Sukanya Samriddhi Yojana was Launched?
- Sukanya Samriddhi Yojana 2022 Key Highlights
- Features of Sukanya Samriddhi Yojana
- Sukanya Samriddhi Yojana Benefits
- Documents Required to Open Sukanya Samriddhi Yojana Account
- Criteria of Sukanya Samriddhi Yojana money deposit
- Can Premeture Withdraw in Sukanya Samriddhi Yojana
- Why to not Open Sukanya Samriddhi Yojana Account?
- Who Holds the Scheme Account Girl or the Parent
- Banks That Offer Sukanya Samriddhi Yojana
- Sukanya Samriddhi Yojana Account Calculator
Why Sukanya Samriddhi Yojana was Launched?
Sukanya Samriddhi Yojana is initiated for girl child education so that the future of each girl can become secure. In 22 January 2015 Indian govrment launched Sukanya Samriddhi Yojana. The main reason behind launching this scheme is to support the financial requirements which are necessary for the future problems of the girl like money for marriage, higher education and others.
Sukanya Samriddhi Yojana 2022 Key Highlights
|Portal||Sukanya Samriddhi Yojana (SSY)|
|Launched by||Mr Narendra Modi|
|Objective||To solve the money problem regarding girl education and marriage.|
|Benefits||It will give financial support to the future of girls.|
|Beneficiary||Girls will easily get money for higher education and marriage.|
|Official Website||Click Here|
Features of Sukanya Samriddhi Yojana
- Girl Age
According to this scheme an Indian girl whose age is from 1 day to 10 years then all the parents can open Sukanya Samriddhi Yojana account. A girl of age more than 10 years are not allowed to open this account.
Note: To get the benefit of the scheme the girl must be Indian and she will not be NRI (Non-Residential Indian).
- Number of Girls
Under this scheme, a parent can open Sukanya Samriddhi Yojana account for only the first two girls and if the third girl is born then no Sukanya Samriddhi Yojana account will open for that third girl.
Note: If a parent has a first girl and then second they get twin girls then Government allows them to open Sukanya Samriddhi Yojana account for all their girls.
As the scheme is launched by the Indian government so there is not a single chance that fraud can happen to you. So all your money and documents will remain 100% safe and you will get the benefit of the interest rate.
- Renew & Transfer availability
If somehow your account gets deactivated then you have to pay 50/ suppress to renew your account. You can also transfer your account from one place to another like if you are living in Rajasthan and opened an account there and now you and your family get shifted to Delhi then from Delhi also you can access and continue your account.
- Interest Addition
Whatever amount you deposited, your interest will add to your account every year on 31st March.
Sukanya Samriddhi Yojana Benefits
1. High-Interest Rates
The Government is providing Interest of 7.6% in 2022 under the Sukanya Samriddhi account. This rate of interest is quite high as compared to other rates of interest like fixed deposit account provides only 5-5.5% interest and a saving account provides only a 2-2.5% interest rate.
2. Easily Opening Account Facility
You can open this account by visiting any Bank near your area whether it is a government band or private ones like SBI, Bank Of Baroda or the post office.
3. Dedicated Saving
It is a long investment and you will not get your money whenever you want which ensures that your money’s future amount will help you rather than you breaking your account and withdrawing your money whenever you want.
4. Tax Benefits
Under SEC 80 of the Income Tax Act – A rebate of 1.5 Lakh rupees can be availed through this scheme. There is no tax applied on the Interest amount.
Documents Required to Open Sukanya Samriddhi Yojana Account
If you are willing to open a Sukanya Samriddhi Yojana account then you need to understand the documents requirements for opening the account under this scheme.
- Birth Certificate of the girl.
- Adhar Card of the girl’s parent
- Adhar Card of the girl
- Photo of the Girl
- PAN card of the Father
These three are the main documents that you must take with you if you are going to open the Sukanya Samriddhi Yojana account.
Criteria of Sukanya Samriddhi Yojana money deposit
Once you have opened the Sukanya Samriddhi Yojana account then there are certain requirements that you have to full fill every year if you want to enjoy the benefits of this scheme.
- You can deposit a minimum of ₹250/ and a maximum of ₹1,50,000/ in your account every year.
- You have to deposit the above-stated money for up to 15 years till the date of your opening account.
- After 15 years you don’t have to put any amount of money into your account and now your account gets locked for 6 years.
- So after 6 years when your account becomes mature means when it will be the age of 21 years then you will get your deposited money back.
- The money you will receive after 21 years is included with interest so you will get extra money with your deposited money.
Can Premeture Withdraw in Sukanya Samriddhi Yojana
Let’s take an example there is a girl in the family whose age is 10 years and now her parent open a Sukanya Samriddhi Yojana account when the account becomes mature which is after 21 years then the age of the girl will be 31 years. If the family need any kind of financial help during these 21 years then they can prematurely withdraw from their account.
The answer is very simple and the answer is YES you can premature withdraw the amount but under only three conditions,
- When a girl age becomes 18 years or over.
- You will only premature draw money if it is needed for higher secondary education.
- If money is needed for the marriage of an 18+ year girl.
But during premature withdrawal, you will get only 50% of the money you deposited. There is also one condition when premature withdrawal can be done which includes that misfortune happens when a parent of the girl died due to any reason and now the girl has the option either to continue the account or to take the deposited money and end the account.
Why to not Open Sukanya Samriddhi Yojana Account?
Though the scheme has many profits regarding it still it contains some cons which may discourage you from opening the account.
If you want to open this account only due to the high rate of interest then in my opinion you are doing something wrong as when the scheme was launched it was paying the rate of interest of 9.5% which is quite very high. But as the years are passing the rate of interest on this scheme is decreasing every year and also the government has not decided the lowest limit of interest they will pay in the future so it also happens that in future the government will only pay 3-04% interest which will be low and there is no benefit you will get regarding the scheme.
Who Holds the Scheme Account Girl or the Parent
There is also a misconception among many people regarding the account owner of the scheme. The account of Sukanya Samriddhi Yojana will open by the parents of the girl but the account is opened for the girl. So who has access or control over the account? To solve this problem government made very interesting criteria till the girl becomes the age of 18 years then the account is operated by her parents but after she becomes 18+ years then access and control of the account are given to the girl.
Now the Girl has all the control over the account and all decisions must be taken by her regarding the money she will get used for her study or she wants to get married.
But still, there is a problem and we will discuss this problem with an example. Let the parents open the account when the girl was born and they put 1.5 Lakh rupees every year till 15 years. So as the age of the account become mature then the girl’s age will also be 21 years and now it is a problem as the maturity amount is quite high and approx 60-70 Lakh rupees and giving this huge amount of money to a teenager will also create a problem. That is why the enrollment of guardians is very necessary for this.
Banks That Offer Sukanya Samriddhi Yojana
You can apply for this scheme in any of the banks given below out of which some are Private while some are government banks.
- State Bank of India
- United Bank of India
- UCO Bank
- Punjab National Bank
- Oriental Bank of Commerce
- Indian Bank
- ICICI Bank
- Corporation Bank
- Canara Bank
- Bank of India
- Axis Bank
- Allahabad Bank
- Vijaya Bank
- Union Bank of India
- Syndicate Bank
- Punjab & Sind Bank
- Indian Overseas Bank
- IDBI Bank
- Dena Bank
- Central Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Andhra Bank
Sukanya Samriddhi Yojana Account Calculator
If you also want to use Sukanya Samriddhi Yojana then I have provided you with the formula to calculate the majority amount with the example of investment.
Formula to Calculate Sukanya Samriddhi Yojana Maturity Amount
The formula is very basic and simple and if you know how to apply simple mathematics then you can easily calculate your situation and maturity value. Sukanya Samriddhi Yojana Calculator uses the given below formula:-
A = P (1 + r/n) ^ nt
The symbols used in the above formula meaning is given in below chart-
|3.||n||Number of times interest compounds in a year|
|4.||t||Number of years|
|5.||r||Rate of interest|
Now let us take an example that clarifies more about the maturity value and helps you in understanding the whole concept of Sukanya Samriddhi Yojana.
Let there is a parent whose girl’s age is 1 year and they opened a Sukanya Samriddhi Yojana account in 2022. They started depositing 1.5 Lakh rupees every year and for 15 years they continuously deposited the amount. Now, what will be the maturity value and amount they will get after 21 years?
So the parent invested the money of ₹22,50,000 and the government is paying a 7.6% interest rate now applying the above formula the girl will get a maturity amount of ₹63,65,155 as the interest they will get ₹41,15,155 rupees.
|S. No||Investment Details||Amount|
|1.||Invested Amount Every Year||₹1,50,000|
|2.||Period of Investment||15 Years|
|3.||Rate of Interest every year||7.6%|
|6.||Total Investment in 15 years||₹22,50,000|
|7.||Interest on the Invested Amount||₹41,15,155|
|8.||Total Maturity Amount after 21 years||₹63,65,155|
I hope after reading this whole article all your queries will now get solved. As we write this blog in so much detail and want to give all the necessary information regarding Sukanya Samriddhi Yojana. If still there is any query you have left in your mind then please let us know in the comment box because your question is very important to us and also to the next readers.
Thanks For Reading Our Article.
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