PM Sukanya Samriddhi Yojana online apply, SSY status check, eligibility, chart, benefits 2019

PM Sukanya Samriddhi Yojana online apply, SSY status check, eligibility, chart, benefits: Sukanya Samriddhi Yojana (SYY) is a saving scheme launched by the Government of India in the year 2014. Ministry of Women and Child Welfare, Govt. of Indian has launched the scheme as a part of “Beti Bachao, Beti Padhao” campaign.

PM SSY scheme is focused to encourage the parents to save and maximize the funds for the higher education and to meet the marriage expenses of the girl child. Under SSY scheme, a natural or legal guardian can open an account in an authorized bank or post office on the behalf of their girl child. Sukanaya Samriddhi scheme is applicable to the whole population across India.

PM Sukanaya Samriddhi Yojana 2019

Here in this article, users can find information related to this particular SSY scheme.

Sukanaya Samriddhi Yojana- At a glance

Name of the scheme Sukanya Samriddhi Yojna (SYY)
Article category Informational
Sector Finance
Responsible Ministry Ministry of Women and Child Welfare, Government of India
RBI Notification No. G.S.R.863(E)
Launch year 2014
Status Active
Current interest rate 8.5%
Scheme type Saving scheme
Beneficiary Girl child
Applicability PAN India
Official RBI notificationCheck here
Sukanya_Samriddhi_scheme

Benefits of Sukanya Samriddhi Yojna

Here we have shared some of the major benefits of opening a Sukanya Samriddhi Account-

  1. There are various tax benefits under this scheme as per section 80C of Income Tax Act.
  2. The scheme provides higher rates of interest as compared to other schemes in market.
  3.  The minimum amount to be deposited annually in the account is too low i.e. Rs.250/-.
  4. The account under this scheme is transferable across India.
  5. Once the girl attains an age of 10 years if she wishes she may operate her account by her own.   
  6. On maturity of the account girl (having SSY account) gets the proceeds.
  7. It has minimal documentation requirement.

This scheme is beneficial for both girl and their parents/guardians as it helps both.

Sukanya Samriddhi scheme interest chart

SSY online apply

SSY account can be opened in any of the authorized bank or post office across the country. Account can be opened by the parents or legal guardians of the girl child provided they have to submit the birth certificate of the girl and other required documents.

Depositor can open and operate only one account on the behalf of the girl. Guardians or natural parents are allowed to open account under this scheme only for two girls. However, on case of twin girls, they can open a third account as the second birth or in the condition if the first birth is itself a triplet. They have to provide relevant certificate in both the situations to open the account.

Deposit

SSY account is opened with an initial balance of Rs.1000/. After that, depositors can deposit any amount subject to the condition that depositor must deposit a minimum of Rs.250/- and the maximum amount should not exceed one lakh fifty thousand in a single occasion or multiple occasion in a financial year.  

Depositor can deposit money in the account till the completion of fourteen years from the date of account opening on the behalf of the girl.     

If SSY account is not maintained annually as per the rule, then such accounts can be regularised by making payment of penalty of Rs.50/- per year along with the minimum subscription amount for the year.

Sukanaya Samriddhi Mode of deposit  

Deposit in account can be made through-

  • Cash
  • Cheque or demand draft drawn in favor concerned bank manager or postmaster.

Sukanaya Samriddhi Yojana Interest

The interest rates are notified by the government and are decided on quarterly basis. It is compounded on an annual basis and is credited to the account till it completes fourteen years from the date of opening of account. The current interest rate is 8.5%.

Account holder can also opt for monthly interest. In this case, the same shall be calculated only on the amount in the account on completed thousand and the remaining balance or amount will continue to earn interest as per the prevailing rates.  

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%

Sukanaya Samriddhi Documents required

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, driving license, or any other ID proof issued by the government of India.  
  • Address proof of parent/guardian- It can include 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 child.  

SSY age limit

  • As per the scheme, only females are eligible for this scheme.
  • Only girls under the age of 10 years are eligible to open account. It is the responsibility of their parents/ or legal guardians to open the account in the name of the daughter.
  • A slight relaxation is applicable for the girls who are born on or after 2nd December 2003.

Sukanaya Samriddhi Pass Book

On 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 account, account number, and amount deposited.

Account holder/parents/guardians are required to present this passbook at the time of deposit, and at the time of final closure of account.

SSY Sukanaya Samriddhi Yojana Maturity and Partial Withdrawal

Sukanya Samriddhi Account gets mature on the completion of 21 years from the opening of account. People have confusion that Sukanya Samriddhi Account gets mature as the girl turn 21 but this is totally false. There is no connection of age of the girl with the maturity of the account.

However, 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 account is allowed in the event of the death of the account holder on the production of death certification issued by the competent authority. Then the balance is credited to the guardian and account is closed.

Sukanaya Samriddhi Scheme Tax Benefits

The amount received at the maturity of the account if tax-free. It is exempted from tax and ensure that the amount can be fully utilized in the development of the girl without the payment of tax.

As per Income Tax Act, all the investments made under this scheme are eligible for benefit of tax deduction. Tax deduction maximum of 1.5 lakhs towards SSY is admissible.

Under this interest is accumulated, which is compounded and credited to the account on an annual basis. No tax is levied on this accrued/accumulated interest. This allow funds under the scheme to grow to the maximum.

Tax exemption can be claimed either by the parent of the girl or by the legal guardian. Only one depositor is eligible for tax exemption under the section 80C of Income Tax Act.

Read about other schemes:

1. PM Shram yogi Mandhan Pension Yojana
2. PMJAY AYUSHMAN BHARAT YOJNA
3. PM Kisan Samman Nidhi Yojana List 
4. One Nation One Card Yojana

Authorized Banks for Sukanya Samriddhi Yojna

There are total 28 banks authorized by Reserve Bank of Indian (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open SSY account in any of the following banks-

  1. Allahabad Bank
  2. State Bank of India (SBI)
  3. Axis Bank
  4. Andhra Bank
  5. Bank of Maharashtra (BOM)
  6. Bank of India (BOI)
  7. Corporation Bank
  8. Central Bank of India (CBI)
  9. Canara Bank
  10. Dena Bank
  11. Bank of Baroda (BOB)
  12. State Bank of Patiala (SBP)
  13. State Bank of Mysore (SBM)
  14. Indian Overseas Bank (IOB)
  15. Indian Bank
  16. Punjab National Bank (PNB)
  17. IDBI Bank
  18. ICICI Bank
  19. Syndicate Bank
  20. State Bank of Bikaner & Jaipur (SBBJ)
  21. State Bank of Travancore (SBT)
  22. Oriental Bank of Commerce (OBC)
  23. State Bank of Hyderabad (SBH)
  24. Punjab & Sind Bank (PSB)
  25. Union Bank of India
  26. UCO Bank
  27. United Bank of India
  28. Vijaya Bank

Sukanya Samriddhi is one of the best ways to make and secure the future of the girl child.

FAQs

What is the maturity period of Sukanya Samriddhi Yojna? 

The account under this scheme will mature after 21 years from the date of opening of account and it does not have to do anything with the age of the account holder i.e. the girl.

Is Sukanya Samridhi Account Transferable?

Yes, SYY account can be transferred in any of the authorized banks. Account can be transferred from bank to bank, post office to post office or from post office to bank and vice-versa free of cost.  

Is the presence of girl necessary at the time of opening of account?

No, only the presence of legal guardians/ parent is required for opening an account in 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 that can be deposited annually in Sukanya Samriddhi Yojna account?

Depositors can deposit a minimum of Rs.250/- annually on the account. The minimum amount was revised in the year 2018; earlier it was Rs.1000/-.

What is the limit of amount to be deposited in the account in a financial year?

Depositor can deposit a minimum amount of Rs.250/- and a maximum of Rs.1,50000/-  in a financial year.

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21 thoughts on “PM Sukanya Samriddhi Yojana online apply, SSY status check, eligibility, chart, benefits 2019

  1. 1. Can depositor revise his/her depot amount after opening the Account? for Example if some body has opened the account with 1000/ amount. latter point of time he/she wants to change the deposit amount let’s say 12000/.

    2. Can we deposit the amount as monthly basis for SSY account?
    3. If Some body depositing 1000 per month, how much money he will receive at the time of maturity of the Account.?

    Thank you very much

  2. What will be the impact if depositor / parent / legal guardian dies in between. will the yojna continue ? or dropped in between and closed and total money will be given to girl.

  3. During separation time both parent open two separate account for the same girl child. Now can it be merge in a single account.

  4. Sir
    Can I open this account in any SBI branch or my home branch only
    Sir when I go to the opening this account in GHOSI SBI branch this branch is located in Bihar state.and Bankr IFSC no SBIN0012602. I requested to open a account sukanya samriddhi yoana in this branch .l have all required document. But account is not open by bank and said you can only open this account in your home branch. sir kindly help me