PM Sukanya Samriddhi Yojana 2023: Sukanya Samriddhi Yojana (SYY) is a saving scheme launched by the Government of India in 2014. Ministry of Women and Child Welfare, Govt. of India, has launched the scheme as a part of the “Beti Bachao, Beti Padhao” campaign.
PM SSY scheme is focused on encouraging the parents to save and maximize the funds for higher education and to meet the marriage expenses of the girl child. Under the SSY scheme, a natural or legal guardian can open an account in an authorized bank or post office for their girl child. The PM Sukanya Samriddhi Yojana applies to the whole population across India.
PM Sukanya Samriddhi Yojana 2023
In this article, users can find information about this particular SSY scheme.
Sukanaya Samriddhi Yojana- At a glance
|Name of the scheme||Sukanya Samriddhi Yojna (SYY)|
|Ministry||Ministry of Women and Child Welfare, Government of India|
|RBI Notification No.||G.S.R.863(E)|
|Current interest rate||7.6%|
|Scheme type||Saving scheme|
Benefits of PM Sukanya Samriddhi Yojna
Here, we have shared some of the major benefits of PM Sukanya Samriddhi Yojana
- This scheme has various tax benefits per section 80C of the Income Tax Act.
- The scheme provides higher interest rates than other schemes in the market.
- The minimum amount to be deposited annually in the account is too low, i.e. Rs.250/-.
- The account under this scheme is transferable across India.
- Once the girl attains the age of 10 years, she may operate her account independently if she wants.
- On maturity of the account, the girl (having an SSY account) gets the proceeds.
- It has minimal documentation requirements.
This scheme benefits both girls and their parents/guardians as it helps both.
SSY 2023 Apply Online
SSY accounts can be opened in any of the authorized banks or post offices across the country. The parents can open the account or legal guardians of the girl child provided they have to submit the birth certificate of the girl and other required documents.
The depositor can open and operate only one account on the girl’s behalf. Guardians or natural parents can only open accounts under this scheme for two girls. However, twin girls can open a third account as the second birth or on the condition that the first birth is itself a triplet. They must provide a relevant certificate to open the account in both situations.
SSY account is opened with an initial balance of Rs.1000/. After that, depositors can deposit any amount subject to the condition that depositors must deposit a minimum of Rs.250/- and the maximum amount should not exceed one lakh fifty thousand on a single occasion or multiple occasions in a financial year.
The depositor can deposit money in the account till the completion of fourteen years from the date of account opening on behalf of the girl.
Suppose the SSY account is not maintained annually as per the rule. In that case, such accounts can be regularised by making payment of a penalty of Rs.50/- per year along with the minimum subscription amount for the year.
Sukanaya Samriddhi Mode of deposit
Deposit in the account can be made through-
- A cheque or demand draft is drawn in favour of the concerned bank manager or postmaster.
PM Sukanya Samriddhi Yojana Interest Rate
The interest rates are notified by the government and are decided every quarter. It is compounded annually and credited to the account until it completes fourteen years from its opening date. The current interest rate for the scheme is 8%.
Account holders can also opt for monthly interest. In this case, the same shall be calculated only on the amount in the account on completed thousands, and the remaining balance or amount will continue to earn interest as per the prevailing rates.
PM Sukanya Samriddhi Yojana Interest Rate Revisions chart
|Financial Year||Date Range||Minimum investment||Maximum investment||Interest rate|
|2014-15||1st April 2014-31st March 2015||1000||150000||9.1%|
|2015-16||1st April 2015- 31st March 2016||1000||150000||9.2%|
|2016-17||1st April 2016- 30th Sep 2017||1000||150000||8.6%|
|2016-17||1st Oct 2016-31st March 2017||1000||150000||8.5%|
|2017-18||1st April 2017-30th June 2018||1000||150000||8.4%|
|2017-18||1st July 2017- 31st Dec 2018||1000||150000||8.3%|
|2018-19||1st Jan 2018-30th Sep 2018||250||150000||8.1%|
|2018-19||1st Oct 2018- 31st Dec 2018||250||150000||8.5%|
|2018-19||1st Jan 2019-31st March 2019||250||150000||8.5%|
|2019-2020||1st April 2020-1st June 2020||250||150000||7.6%|
|2020-21||1st July 2020- 31st December 2020||250||150000||7.6%|
|2021- till now||1st January 2021- till now…||250||150000||7.6%|
Documents required for PM Sukanya Samriddhi Yojana
The parents/ guardians of the girl are required to submit the following documents for opening the account under SSY in a bank or post office-
- Account opening form- to be obtained from the respective bank.
- Identity proof of legal guardian/parent- It can include PAN, Passport, matriculation certificate, voter ID, driver’s license, or any other ID proof issued by the government of India.
- Address proof of parent/guardian- It can include a PAN card, passport, Voter ID card, ration card, electricity bill, telephone bill, or any other proof of address issued by the Government of India.
- Birth certificate of the child.
SSY Age Limit
- Only females are eligible for this scheme.
- Girls under ten years old are eligible to open an account. It is the responsibility of their parents/ or legal guardians to open the account in the name of the daughter.
- A slight relaxation applies to girls born on or after 2 December 2003.
Essential Points regarding the PM Sukanya Samriddhi Yojana
- Applicants have to credit the prescribed minimum balance on their account. Otherwise, the authority shall impose a penalty of Rs 50/-
- Under the Sukanya Samriddhi Yojana, the beneficiaries must deposit the principal amount for 14 years. After completion of 14 years, no money will be paid till maturity.
- In case of withdrawing the money from the scheme, only 50% will be paid back after the girl attains the age of 18 years.
- Applicants can close their accounts whenever they want in case they wish to continue their accounts. The interest will be paid to the beneficiaries. To avail of the interest, there must be some principal amount in the beneficiary’s account.
- The amount submitted by the beneficiaries under the Sukanya Samriddhi Yojana will be completely exempted from income tax.
PM Sukanya Samriddhi Yojana Pass Book
On the opening of the account, a passbook is issued to the account holder. The passbook holds the name, address, date of birth of the account holder, date of opening of an account, account number, and amount deposited.
Account holders/parents/guardians must present this passbook at the time of deposit and at the time of final closure of the account.
SSY PM Sukanya Samriddhi Yojana Maturity and Partial Withdrawal
Sukanya Samriddhi Account matured on the completion of 21 years from the opening of the account. People are confused that Sukanya Samriddhi’s Account becomes mature as the girl turns 21, which is untrue. There is no connection between the girl’s age and the account’s maturity.
However, the account holder can only withdraw the amount if she attains the age of 18 years and the amount is being used for higher studies and marriage.
The account will be closed after its maturity. The premature closure of the account is allowed in the event of the account holder’s death on the production of death certification issued by the competent authority. Then, the balance is credited to the guardian, and the account is closed.
PM Sukanya Samriddhi Yojana Tax Benefits
The amount received at the maturity of the account is tax-free. It is exempted from tax and ensures that the amount can be fully utilized in the girl’s development without tax payment.
As per the Income Tax Act, all the investments made under this scheme are eligible for tax deduction benefits. A tax deduction maximum of 1.5 lakhs towards SSY is admissible.
Under this, interest is accumulated, compounded and credited to the account annually. No tax is levied on this accrued/accumulated interest. This allows funds under the scheme to grow to the maximum.
Tax exemption can be claimed by the girl’s parent or the legal guardian. Only one depositor is eligible for tax exemption under section 80C of the Income Tax Act.
Authorized Banks for PM Sukanya Samriddhi Yojana
There are 28 banks authorized by the Reserve Bank of India (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open SSY accounts in any of the following banks-
- Allahabad Bank
- State Bank of India (SBI)
- Axis Bank
- Andhra Bank
- Bank of Maharashtra (BOM)
- Bank of India (BOI)
- Corporation Bank
- Central Bank of India (CBI)
- Canara Bank
- Dena Bank
- Bank of Baroda (BOB)
- State Bank of Patiala (SBP)
- State Bank of Mysore (SBM)
- Indian Overseas Bank (IOB)
- Indian Bank
- Punjab National Bank (PNB)
- IDBI Bank
- ICICI Bank
- Syndicate Bank
- State Bank of Bikaner & Jaipur (SBBJ)
- State Bank of Travancore (SBT)
- Oriental Bank of Commerce (OBC)
- State Bank of Hyderabad (SBH)
- Punjab & Sind Bank (PSB)
- Union Bank of India
- UCO Bank
- United Bank of India
- Vijaya Bank
Sukanya Samriddhi is one of the best ways to make and secure the future of the girl child. Therefore, to ensure a good future for your daughter, every capable individual should enrol in the scheme. Apart from the secure future of the girl child, the scheme also provides a rebate in Income tax.
What is the maturity period of PM Sukanya Samriddhi Yojana?
The account under this scheme will mature after 21 years from the account’s opening date.
Is PM Sukanya Samriddhi Yojana Account Transferable?
Yes, the SYY account can be transferred to any of the authorized banks. The account can be transferred from bank to bank, post office to post office or from the post office to bank and vice-versa free of cost.
Is the presence of a girl necessary at the time of opening the account?
No, only the presence of legal guardians/parents is required for opening an account in a bank or a post office.
Can multiple accounts be opened in the name of a girl?
No, a girl can have only one account under this scheme.
What is the minimum amount to be deposited annually in the Sukanya Samriddhi Yojna account?
Depositors can deposit a minimum of Rs.250/- annually on the account. The minimum amount was revised in 2018; it was Rs.1000/-.
What is the limit of the amount to be deposited in the account in a financial year?
Depositors can deposit a minimum amount of Rs.250/- and a maximum of Rs.1,50000/- in a financial year.