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Sukanya Samriddhi Yojana Scheme: Benefits & Other Details

Sukanya Samriddhi Yojana Scheme: Prime Minister Narendra Modi launched Sukanya Samriddhi Yojana on 22nd January 2015 in Panipat, Haryana. Sukanya Samriddhi Yojana is a part of the Beti Bachao, Beti Padhao Campaign, and can be opened by the parents of any girl child below the age of 10. Sukanya Samriddhi Yojana Scheme was initiated so that the parents of the female child can build and invest in their higher education and save for marriage expenses. This scheme is under the Government of India and Sukanya Samriddhi Account can be opened up at any post office or at the branch of any commercial banks in the entire nation. To know the detail information regarding Sukanya Samriddhi Yojana (SSY) candidates must go through the article below.

 

Sukanya Samriddhi Yojana Scheme: Benefits & Other Details in Hindi

 

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a saving scheme of the Government of India aimed at the betterment of girls’ children in the country. This is launched to provide a bright future for the girl child and enables parents to build a fund for the future education and marriage expenses of their girl child. 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 Income-tax Act. The main overview of Sukanya Samriddhi Yojana is mentioned in the table below.

Interest Rate 7.6% per annum(For the Financial Year 2022-23)
Minimum Deposit Account Rs. 250
Maximum Deposit Account Rs. 1.5 Lakh in a Financial Year
Maturity Period 21 years or until the girl child marries after the age of 18

Sukanya Samriddhi Yojana: Documents

To open a Sukanya Samriddhi Yojana, you will need to provide the following documents:

  • Birth certificate of the girl child.
  • Registration Form of Sukanya Samriddhi Yojana.
  • ID proof of the depositor.
  • Residential proof of the depositor.

Sukanya Samriddhi Yojana: Benefits

  • The interest earned and the proceeds from the maturity of the deposit are tax-free and the interest is compounded annually.
  • Since Sukanaya Samriddhi Yojana (SSY) is a government-backed scheme, it provides guaranteed returns.
  • One can make a minimum deposit of Rs. 250 in a year and a maximum deposit of Rs. 1.5 lakh in a year.
  • Deposits up to Rs.1,50,000 is eligible for a deduction under Section 80C of the Income Tax Act.

Sukanya Samriddhi Yojana: Interest Rate

The rate of interest in Sukanya Samriddhi Yojana is decided by the government and is determined on a quarterly basis. The rate of interest that has been offered by the scheme is mentioned in the table below.

Sukanya Samriddhi Yojana: Interest Rate
Duration Rate of interest (%)
April 2020 onwards 7.6
1 January 2019 – 31 March 2019 8.5
1 October 2018 – 31 December 2018 8.5
1 July 2018 – 30 September 2018 8.1
1 April 2018 – 30 June 2018 8.1
1 January 2018 – 31 March 2018 8.1
1 July 2017 – 31 December 2017 8.3
1 October 2016 – 31 December 2016 8.5
1 July 2016 – 30 September 2016 8.6
1 April 2016 – 30 June 2016 8.6
From 1 April 2015 9.2
From 1 April 2014 9.1

Sukanya Samriddhi Yojana: Eligibility Criteria

  • A family can open only two Sukanya Samriddhi Yojana scheme accounts.
  • The girl child must be below the age of 10 years.
  • The account can be opened by the parents or legal guardians of the girl child.
  • After the girl child turns 18, she alone can operate the account.
  • Should be a resident citizen of India.

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FAQs: Sukanya Samriddhi Yojana

Q1. What is Sukanya Samriddhi Yojana?

Ans. Sukanya Samriddhi Yojana is a part of the Beti Bachao, Beti Padhao Yojana, and can be opened by the parents of a girl child below the age of 10. The objective of Sukanya Samriddhi Yojana was to encourage families to invest in the education of girl children and save for their marriage expenses.

Q2. What is the benefits of Sukanya Samriddhi Yojana?

Ans. Candidates can check the benefits of Sukanya Samriddhi Yojana in the given above article.

Q.3 What is the Interest Rate of Sukanya Samriddhi Yojana for the Financial Year 2022-23?

Ans. The Interest Rate of Sukanya Samriddhi Yojana for the Financial Year 2022-23 is 7.6% per annum.

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