Sukanya Samriddhi Yojana:-Sukanya Samriddhi Yojana has been start by Prime Minister Narendra Modi to save the girls belonging to the middle class families of the country from future economic problems. Under this scheme, the investment account is open by the parents before the age of their girl child is 10 years. This investment account can be open in a bank or post office. In which a minimum of Rs 250 and a maximum of Rs 1.5 lakh per month can be deposit as investment by the parents of the girl child. If you also want to open your girl child’s investment account under Sukanya Samriddhi Yojana 2023, then definitely read this article till the end.
Sukanya Samriddhi Yojana 2023
Sukanya Samriddhi Yojana (SSY) run by the central government is a type of investment savings scheme. Which attracts the parents of the country’s girl child below the age of 10 years to invest in securing their future. This scheme is a part of Beti Bachao Beti Padhao scheme. Under this scheme, the investment account of the girl child is open by the parents which is to be operate till her marriage after the age of 21 years or 18 years. But it is mandatory to invest in this account for 15 years. For the session 2022-23, interest will be provide at the rate of 7.6% on the amount invest on this account and also under this scheme, tax will be deduct under section 80C of the Income Tax Act 1961 for investing a maximum of Rs 1.5 lakh in 1 year. Discounts will also be provide.
Sukanya Samriddhi Yojana 2023 Details
|Scheme Name||Sukanya Samriddhi Yojana|
|was start||by the central government|
|purpose||Saving girls from future economic problems|
PNB will also give the benefit of Sukanya Samriddhi Yojana
The benefit of Sukanya Samriddhi Yojana 2023 will now also be given by Punjab National Bank (PNB). This is a government scheme which has been start by the central government for the girls below the age of 10 years. Punjab National Bank has inform through its official Twitter account that now through Sukanya Samriddhi Yojana, girls below the age of 10 years can deposit a minimum of Rs 250 to a maximum of Rs 1.5 lakh in a financial year by opening a Sukanya account in PNB. . On which the benefit of exemption under 80C will be given in the income tax benefit. Along with this, interest will be available at an attractive rate annually. PNB has given this information with the tagline “Navratri, take a step towards a secure future for your daughter”.
Investment limit prescribed under Sukanya Samriddhi Yojana SSY 2023?
The account holder can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in 1 year under this scheme. This amount is require to be deposit by the account holder for 15 years. If your girl child is 8 years old then it is mandatory for you to deposit the minimum investment amount in this account for 23 years. After this, you will continue to get interest on the investment amount till the maturity period.
The girl child can withdraw 50% of the investment amount after attaining the age of 18 years.
It is mandatory to invest for 15 years on the account open under this scheme. But the girl child can withdraw 50% of the amount from the Sukanya Samriddhi Yojana account to pursue her studies after she completes 18 years of age or after passing 10th class. This amount can be withdrawn by the girl child or by the parent/legal guardian in lump sum or in installments. But the amount can be withdrawn in installments only once in 1 year and for a maximum period of 5 years.
Sukanya Samriddhi Yojana 2023 tax free
Samriddhi Yojana 2023 has been kept tax free by the Government of India. Under this scheme, no tax is levied on the amount invest up to Rs 1.5 lakh under section 80C of the Income Tax Act 1961. There is no tax on the amount invest under this scheme and the interest earn on it as well as the maturity amount. This scheme protects the account holder’s savings as well as protects them from tax.
Now interest is provided on SSY account at the rate of 7.6%
Investors were earlier provide interest at the rate of 8.4% on the investment amount under this scheme. But now interest is provide at the rate of 7.6% and also this interest amount is tax free. Under this scheme, the investor’s money doubles in 9 years and 4 months. If the investor invests ₹ 100 per day under Sukanya Scheme, then he will get a fund of ₹ 1500000 on maturity. Similarly, if the investor invests ₹ 416 per day, then a fund of ₹ 65000000 will be receive on maturity.
Maturity period of investment account under Sukanya Samriddhi Yojana
The maturity period of the investment account open under this scheme is till the completion of 21 years of the girl child or till she gets married after the age of 18 years. But in both the cases the investment in this account should be made for a period of 15 years from the date of opening of the account. After that the interest will continue to accrue till the maturity of the account. Whether you make any deposit in the account or not.
Under what circumstances SSY account can be closed before maturity
- For marriage after attaining the age of 18 years- SSY account can be close prematurely by the beneficiary girl child after attaining the age of 18 years for her marriage expenses.
- In case of accidental death of the account holder – In case of accidental death of the girl child, the parent or legal guardian can withdraw the amount deposit and the interest earn thereon from the Sukanya Samriddhi Scheme account.
- To withdraw this amount, the parent or legal guardian will have to submit the documents verify by the concern authority related to the death of the account holder.
- Immediately after this the amount will be transfer to the account of the parent or legal guardian.
- Financially unable to continue the account – In case the parents of the girl child are financially unable to continue the account, they can close the account.
- But for this they have to take permission from the concern authority.
Note– The Central Government has not given any such instructions that if the parents do not support in investing in the account then they can close the account prematurely.
SSY Interest Rate – Interest rates fixed under Sukanya Samriddhi Yojana
|financial session||fixed interest rates|
|April to June 2022 (Q1, FY 2022-23)||7.6%|
|January to March 2022 (Q4, FY 2021-22)||7.6%|
|October to December 2021 (Q3, FY 2021-22)||7.6%|
|July to September 2021 (Q2, FY 2021-22)||7.6%|
|April to June 2021 (Q1, FY 2021-22)||7.6%|
|January to March 2021 (Q4, FY 2020-21)||7.6%|
|October to December 2020 (Q3, FY 2020-21)||7.6%|
|July to September 2020 (Q2, FY 2020-21)||7.6%|
|April to June 2020 (Q1, FY 2020-21)||7.6%|
|From January to March (Fourth Quarter, Financial Session 2019-20)||8.4%|
|October to December 2019 (Q3, FY 2019-20)||8.4%|
|July to September 2019 (Q2, FY 2019-20)||8.4%|
|April to June 2019 (Q1, FY 2019-20)||8.5%|
|January to March 2019 (Q4, FY 2018-19)||8.5%|
|October to December 2018 (Q3, FY 2018-19)||8.5%|
|July to September 2018 (Q2, FY 2018-19)||8.1%|
|April to June 2018 (Q1, FY 2018-19)||8.1%|
|October to December 2017 (Q3, FY 2017-18)||8.3%|
|July to September 2017 (Q2, FY 2017-18)||8.3%|
|April to June 2017 (Q1, FY 2017-18)||8.4%|
Sukanya Samriddhi Yojana calculator
The maturity amount can be calculate by the account holder through Sukanya Samriddhi calculator. The calculator will provide the maturity amount using details like investment made every year and the interest rate mentioned by you. If you want to calculate the maturity amount of your account, then you can easily calculate through Sukanya Samriddhi calculator. At present, interest is being provide at the rate of 7.6% on the investment made.
Sukanya Samriddhi Yojana Account Transfer
SSY account holders are provide the facility to transfer the account of Samridhi Yojana 2023 free of cost from any post office to another post office in the country or from one bank to another. This facility will be provide when the account holder shifts from his native place. To avail this facility, the account holder has to show proof of shifting. If he does not show the proof of shifting, then he will have to pay a fee of ₹ 100 at the place where his account is open. In the bank or post office of the country where the facilities of core banking system are available, then the SSY account is transfer through electronic means.
In which banks of the country the beneficiary can open SSY account
There are 28 banks in our country authorize by the Reserve Bank of India. The beneficiary can open an SSY account by visiting any of these banks’ nearest bank branch. These 28 banks are as follows.
- Bank of India
- State Bank of India
- Punjab National Bank
- Bank of Baroda
- axis Bank
- Andhra Bank
- Bank of Maharashtra
- Allahabad Bank
- Punjab And Sind Bank
- Oriental Bank of Commerce
- State Bank Of Hyderabad
- Union Bank of India
- UCO Bank
- United Bank of India
- Vijay Bank
- Bank of Maharashtra
- Canara Bank
- Dena Bank
- State Bank of Patiala
- State Bank Of Mysore
- IDBI Bank
- ICICI Bank
- State Bank Of Bikaner And Jaipur
- State Bank Of Travancore
How many girls of a family will get benefit of Samriddhi Yojana
Only two girl children of a family are allow to open an investment account under Samriddhi Yojana by the Central Government. But in some special cases investment account can be open for more than two girl children of a family.
- If a girl child is born before the birth of twins or triplets or if triplets are born first, a third account can be open.
- If a girl child is born after the birth of twins or triplets, then the investment account can be open only for the twins or triplets and not for the girl child born after them.
Objective of Sukanya Samriddhi Yojana 2023
The main objective of Prime Minister Narendra Modi to start this scheme is to save the girl child from the economic problems coming in the future. Because in this era of inflation, parents belonging to middle class families have to face a lot of financial problems while getting their girls higher education and getting marries. Keeping these things in mind, the Prime Minister has start the Sukanya Samriddhi Yojana.
Under this scheme, parents or legal guardians belonging to any middle class family across the country can easily invest. Because a minimum investment of Rs 250 can be made in the account open under this scheme. Presently Sukanya Samriddhi Yojana 2023 is empowering the girls in the country to lead a self-reliant life and at the same time motivating them to pursue higher education.
Some important information relate to Sukanya Samriddhi Yojana (SSY) 2023
- It is mandatory to deposit Rs 250 per year in the account open under Samriddhi Yojana 2023. If in any case the account holder does not deposit minimum Rs 250 in a year, then his account will be Calle default account.
- But even on this default account, the account holder will continue to get applicable interest till the maturity period.
- The beneficiary girl child can operate her Sukanya Samriddhi account on her own after completing 18 years of age. For this, he has to submit all the necessary documents by going to the post office or bank where his SSY account is open.
- After passing the 10th standard, the girl child can withdraw 50% of the amount from her account either in lump sum or in installments.
- This amount can be withdrawn once in 1 year and in installments for a maximum period of 5 years.
- The maturity period of SSY Account is 21 years. But in certain circumstances such as marriage after the age of 18 years, death of the
- account holder or difficulty in operating the account financially, the account can be close.
- The facility of transfer of investment account open under this scheme from one bank to another bank or from one post office to another post office across the country is also provide.
Benefits of Sukanya Samriddhi Yojana 2023
- This scheme has been implement by the Modi government to save the future of girls below the age of 10 years from financial crisis.
- This scheme provides interest at the rate of 7.6% on the investment amount to the account holder which is tax free.
- Sukanya Samriddhi Yojana 2023 provides guarantee returns to investors at a higher rate of interest as compare to other schemes run by the central government.
- The investor can invest a minimum of ₹ 250 and a maximum of ₹ 1.5 lakh every year under this scheme according to his financial status.
- Under this scheme, tax exemption of up to ₹ 500000 is provide every year under Section 80C of the Income Tax Act.
Eligibility under Sukanya Samriddhi Scheme
- The Sukanya Samriddhi account of the girl child can be open only by the parent or legal guardian of the girl child.
- It is mandatory for the parent or guardian to be a permanent resident of India.
- Only a girl child below the age of 10 years can open an investment account under this scheme.
- Only 2 girls from a family can open an investment account under this scheme.
- If twin girls are born after one girl in a family, then in this case separate investment accounts can be open for twin girls.
- Aadhaar Card, PAN Card, Identity Card of the parent or legal guardian (by whom the account is operate)
- birth certificate of girl child,
- residence certificate
- medical certificate
- All the necessary documents as aske by the bank or post office
Account opening process under Sukanya Samriddhi Yojana 2023
If you’re planning to open an account under the Sukanya Samriddhi Yojana 2023, then you’re in luck! In this blog post, we’ll walk you through the entire account opening process, from start to finish. We’ll cover everything from the required documents to the different types of accounts that are available under the scheme. So whether you’re looking to open a primary or an insurance account, this guide has everything you need to know.
- Firstly the parent or legal guardian has to collect the Sukanya Samriddhi Yojana application form from the post office or your nearest bank.
- Now you have to fill all the important information aske in this application form after reading it carefully.
- After this, all the necessary documents sought have to be attach to the form.
- Now you have to submit this form in the same post office or bank from where you receive it.
- In this way you can make your application under Sukanya Samriddhi Yojana 2023.
How to check your SSY account balance?
- The first thing you need to do is request your bank to provide you with login credentials.
- Login credentials are not provide by all the banks. Only certain banks provide this facility.
- Now after getting the login credentials you have to login to the internet banking portal of the bank.
- After this the homepage will open in front of you.
- Now you have to click on the option of confirm balance.
- After this, the amount of Sukanya Samriddhi account will open in front of you.
- You can check Sukanya Samriddhi account balance through this only.
Some terms and conditions of Sukanya Samriddhi Yojana
- Account opening age: Sukanya Samriddhi account can be open by the guardian before the girl child attains the age of 10 years.
- Number of Account: Only one account for a girl child can be open under this scheme. Under this scheme, a separate account cannot be operate by the mother and separate account by the father for a daughter.
- Number of account holders in the family: Only two daughters of a family can avail the benefits of this scheme.
- Number of account holders of a family in case of twin daughters: If twin or triplet daughters are born then more than 2 accounts can also be open.
- Operation of the account: The Sukanya Samriddhi account is operate by the guardian of the account holder till the account holder attains the age of 18 years.
Conditions of depositing the maximum and minimum amount
- Minimum Account Opening Amount: Under this scheme, an account can be open for a minimum amount of Rs.250.
- Minimum investment per year: Every year under this scheme the beneficiary will have to invest Rs.250.
- Default Status: If the minimum investment of Rs.250 per year is not made by the account holder, then the account will be default. If the account is in default, the account can be revive by paying a minimum amount of Rs.250 and a penalty of Rs.50 in the account.
- Maximum Investment Amount: A maximum amount of up to ₹ 150000 can be invest under Sukanya Samriddhi Yojana.
- Important documents for account opening: To open an account under this scheme, the guardian will have to submit form-1, birth certificate of the daughter and PAN card and Aadhaar number of the guardian.
- Investment Period: Investment under this scheme can be made up to 15 years from the date of account opening.
Maturity, benefits and interest rates
- Maturity Age: Sukanya Samriddhi account will mature after 21 years from the date of opening or after the girl child attains the age of 18 years at the time of her marriage.
- Interest Rate: The interest rate will be notify by the government on a quarterly basis. The interest rate under this scheme for January 2021 to March 2021 is 7.6%.
- Interest Amount: The interest amount under this scheme will be credit to the account at the end of the financial year. Sukanya Samriddhi account can be open in post office or bank.
- Tax Benefits: The investment made under this scheme is tax free under section 80C. The interest and maturity amount receive under this scheme is also tax free.
Conditions relate to premature closure of account
- Premature closure: Sukanya Samriddhi account can be close prematurely (after 5 years of account opening).
- Death of the account holder: If the account holder dies, then this account can be close.
- Condition of life-threatening disease: If the account holder gets any kind of life-threatening disease, then in this situation also this account can be close.
- Death of Guardian: This account can also be close in case of death of the guardian (who operates the account) of the account holder.
Terms and conditions for withdrawing money from Sukanya Samriddhi account
- Withdrawal Conditions: Withdrawals can be made from the Sukanya Samriddhi Yojana account up to a maximum of 50% of the balance available at the end of the previous financial year. This withdrawal can be made for the education of the girl child.
- Age for Withdrawal from Sukanya Samriddhi Account: This withdrawal can be done after the girl child completes 18 years of age or after passing 10th standard (whichever is earlier).
- Withdrawal Mode: Withdrawals from the account can be made in one go or in installments.
Guidelines of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana (SSY) is a government scheme that provides financial assistance to women aged 35 years or more who are pregnant and have a child under the age of six. This blog post provides guidelines on how to apply for SSY, as well as information on the scheme’s eligibility criteria and benefits. We’ll also discuss the process of applying for SSY and provide tips on how to ensure you’re fully informed and prepared for the application process. So if you’re pregnant and looking for financial assistance to help with your child’s upbringing, be sure to read this blog post!
- Sukanya Samriddhi Yojana was launch with the objective of ensuring a bright future for the girl child of the country.
- Deduction under Income Tax Act 80C is also provide under this scheme. Under this scheme, the account is open in the name of the daughter.
- This account is open before the girl child attains the age of 10 years.
- Only two accounts can be open in each family.
- The account open under this scheme is operate by the parents of the girl child till the girl child attains the age of 18 years.
- To open an account under this scheme, the girl child and her parents will have to submit some important documents like Aadhaar number, PAN number etc.
- To open an account under this scheme, a minimum investment of Rs 250 per year will have to be made.
- If the minimum investment is not made then the account will default.
- The default account can be reopen within a period of 15 years.
- For which a minimum amount of Rs 250 will have to be deposit for each year of default.
- The maximum deposit limit under this scheme is ₹ 150000.
- The interest of 7.60% is provide by the government on the amount of investment.
- For the education of the girl child, 50% amount can be withdrawn from the account before maturity and 50% amount can be withdrawn after the girl child completes 18 years of age.
- Sukanya Samriddhi Account matures after a period of 21 years from the date of opening of the account.
- This account can be close after the marriage of the girl child.
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1 thought on “Sukanya Samriddhi Yojana 2023 Online Apply, Rules, Eligibility, Interest Rate, Login”
This is a very good scheme to educate and making a girl independent. But interest that is earned is very low in view of the long duration of the fund. Govt may favourably consider in increasing the interest to 9 or 10 per cent in the ensuing budget from 1st April 2023.