Sukanya Samriddhi Yojana Kya Hai

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Sukanya Samriddhi Yojana Kya Hai

Sukanya Samriddhi Yojana Interest Rates: 2023

The interest rates for Sukanya Samriddhi Yojana have been set at 8% per annum for the third quarter, from October to December, of the financial year 2023-24.

Eligibility for Sukanya Samriddhi Yojana:

  • The Sukanya Samriddhi Yojana account can be opened only by parents or legal guardians in the name of the girl child.
  • The age of the girl child should be less than 10 years at the time of opening the account.
  • Only one Sukanya Samriddhi account can be opened for a girl child.
  • A family is allowed to open only two SSY accounts. However, exceptions are made in cases such as the birth of twins or triplets.

Benefits of Investing in Sukanya Samriddhi Yojana:

  • Higher Interest Rate: The scheme offers an 8% interest rate, which is higher compared to other government schemes.
  • Guaranteed Returns: As a government scheme, Sukanya Samriddhi Yojana provides guaranteed returns.
  • Tax Benefit: Investments up to Rs 1.5 lakh annually are eligible for tax exemption under Section 80C.
  • Convenient Investment: The scheme allows a minimum annual investment of Rs 250 and a maximum of Rs 1.5 lakh.
  • Compounding Benefits: Sukanya Samriddhi Yojana offers the benefit of annual compounding interest for long-term investment.
  • Easy Transfer: The account can be freely transferred from one part of the country to another, be it a bank or post office.

Sukanya Samriddhi Yojana Deposit Limit:

  • The minimum deposit is Rs 250 per year, and the maximum is Rs 1.5 lakh annually.
  • The account must receive a minimum deposit every year for 15 years from the date of opening.

Sukanya Samriddhi Yojana Duration / Maturity Period:

  • The duration is until the girl turns 21 or gets married after the age of 18.
  • The investment period is 15 years from the date of account opening, after which interest continues till maturity.

Other Key Features:

  • Defaulted Account: If the minimum amount is not deposited, it becomes a ‘Default Account,’ with interest continuing until maturity. Re-opening requires an additional Rs 50 as a penalty.
  • Account Management: After turning 18, the girl can manage her account by submitting required documents to the post office/bank.
  • Premature Closure: The account can be closed prematurely for marriage expenses after turning 18 or under special circumstances.

How to Invest in Sukanya Samriddhi Yojana:

  • Invest through the nearest post office or bank branch.
  • Submit the application form along with KYC documents and the initial deposit by cheque/draft.

Taxes Applicable:

  • SSY investments are treated as EEE (Exempt-Exempt-Exempt) investments, meaning no tax on the invested amount, interest, or maturity amount.
  • Tax deduction of up to Rs 1.5 lakh per year is available under Section 80C of the Income Tax Act.

Transfer of Sukanya Samriddhi Yojana Account:

  • The account can be transferred easily within the country, from one post office/bank to another.

Sukanya Samriddhi Yojana Calculator:

  • An example calculation shows how an investment of Rs 1 lakh annually for 15 years with an 8% interest rate can result in a maturity value of Rs 43,95,380.96 after 21 years.

Banks Offering Sukanya Samriddhi Yojana:

  • Several banks, including HDFC Bank, Axis Bank, Punjab National Bank, Canara Bank, Union Bank of India, ICICI Bank, Central Bank of India, IDBI Bank, Indian Bank, State Bank of India, and others, offer Sukanya Samriddhi Yojana.

How to Fill the Application Form:

  • Provide essential information about the girl child, parent/guardian, deposit amount, cheque/DD details, date of birth, birth certificate details, parent/guardian’s identity card, and address.
  • Submit the form with copies of required documents to the post office/bank.

Taxes Applicable Under Sukanya Samriddhi Yojana (SSY):

  • SSY investments are treated as EEE (Exempt-Exempt-Exempt) investments, meaning no tax on the invested amount, interest, or maturity amount.
  • Tax deduction of up to Rs 1.5 lakh per year is available under Section 80C of the Income Tax Act.

Transfer of Sukanya Samriddhi Yojana Account:

  • The account can be easily transferred within the country, from one post office/bank to another.

Sukanya Samriddhi Yojana Calculator:

  • A hypothetical example illustrates how an investment of Rs 1 lakh annually for 15 years with an 8% interest rate can result in a maturity value of Rs 43,95,380.96 after 21 years.

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