Sukanya Samriddhi Yojana (SSY) in Hindi) (Balance Check, Age Limit, Interest Rate, Post Office, Online, Calculator, Toll free Number, Documents, Eligibility)

Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign. One of the reasons why this scheme has become popular is due to its tax benefit. It comes with a maximum tax benefit of Rs 1.5 lakh under section 80C of the IT Act.

What are Sukanya Samriddhi Yojana benefits?

Sukanya Samriddhi Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly.

Who is eligible for Sukanya Yojna?

The Sukanya Samriddhi Yojana account can be opened in the name of a girl child, by her parents or legal guardians, any time before the girl child attains 10 years of age. Only one account per girl child is allowed.

What is the maximum age to open a Sukanya Samriddhi Account?

Only girl children are eligible to hold Sukanya Samriddhi account. The maximum age of a girl child should not be more than 10 years. A proof of age of the girl child needs to be attached.

How many years need to pay for Sukanya Samriddhi Yojana?

Account under default’ can be regularised within 15 years of Account opening on payment of a penalty of Rs.50 per default year. The maturity period of SSY is 21 years from the account opening or upon her marriage after attaining 18 years. However, contributions have to be made for only 15 years.

How much will I get in return in Sukanya Samriddhi Yojana?

Currently, the interest rate of the Sukanya Samriddhi Yojana is 7.6% annually. The interest rate is governed by the Ministry of Finance. The scheme requires an individual to make a minimum of one contribution in a financial year until the completion of 14 years.

How can I check my Sukanya samriddhi balance?

• Step – 1: Apply and collect the login credentials of the SSY account from the respective bank. 
• Step – 2: These login credentials can be used to log in to the internet banking portal of the bank.
• Step – 3: After logging in to the account, you can go to the homepage and check the balance there.

How can I deposit money in Sukanya Samriddhi Account?

Fund transfer to an SSY account can be done via cash/ cheque/ demand drafts at any Axis Bank branch. The parent/ guardian can also add the SSY account as a beneficiary on Internet banking (Other Axis Bank accounts> Transfer section) and transfer from his/her own account.

Is it mandatory to deposit every month in Sukanya samriddhi?

To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account.

What is the best time to invest in Sukanya Samriddhi Yojana?

This means, if you want your invested money to earn the interest from that month itself, then you must deposit in Sukanya Samriddhi Account within the 10th of every month.

Is Sukanya samriddhi a good option?

For “safe and secure” returns the answer is undoubtedly Sukanya Samriddhi and the second choice is Public Provident Fund, because all your returns are guaranteed by the government. Also both the schemes are completely exempted from tax. For “higher returns” SIP is a good choice.

Which is better, Sukanya or PPF?

Both the saving scheme has its own pros and cons and choosing between PPF and SSY is clearly a dilemma between more flexibility and better returns. PPF offers better flexibility and SSA provides you with higher returns.

Can one open both Sukanya and PPF?

One can open both Sukanya Samriddhi Account and PPF account for your minor child.

Can a girl withdraw money from Sukanya Samriddhi Account?

One can opt for partial withdrawal of up to 50% of the balance of SSY account for two reasons: marriage or higher education of the girl child. If you make the withdrawal for your child’s higher education, the account holder must be 18 years old and also needs to have completed the tenth standard.

Can parents withdraw Sukanya samriddhi?

This account allows people to partially withdraw their money as and when they need it. However, the girl child will be required to be at an age of 18 years before her guardian or parents can withdraw the money from the account.

Can husband and wife both claim Sukanya Samriddhi Yojana?

Only one parent can open a Sukanya Samridhi Yojna account in the name of a girl child. The parent who will contribute to the scheme will be eligible for tax deduction. Read more about Sukanya Smaridhi Yojana here.

What if a girl dies in Sukanya Samriddhi Yojana?

The account can be closed prematurely on the untimely death of the account holder. At the end of the year, a payment of Rs. 50 has to be made over the minimum annual deposit towards the Sukanya Samriddhi Yojana savings scheme as a confirmation for reviving the account.

Is Sukanya tax free?

Amounts invested in the Sukanya Samriddhi Yojana account can be deducted from taxable income up to Rs 1.5 lakh per year under section 80C of the Income-tax Act. Interest earned, and the amount on maturity are also tax-free.

What are the 5 big changes in Sukanya Samriddhi Yojana?

The new major changes relate to account closure, third daughter account, revenge interest, and the age of operating the account. Sukanya Samriddhi Yojana: If you are planning for your daughter’s future, then you should consider investing in government-run schemes.

What is the latest rule of Sukanya Samriddhi Yojana?

A maximum of two accounts can be opened per family. One can make an investment under the scheme for up to 15 years from the date of opening the account. The account must be opened before the daughter reaches 10 years of age. The Sukanya Samriddhi Yojana account is operated by the parents till the girl attains 18 years.

What are the disadvantages of Sukanya Samriddhi Yojana?

• Lock-in period: The account is only useful if one is looking to invest for the long-term.
• Maximum 2 Accounts: One can open only 2 Sukanya Samriddhi accounts. 
• Premature Withdrawal: Withdrawal prior to maturity is not permitted except in the case of death of the child.

Helpline Toll Free Number

1800-223-060