Sukanya Samriddhi Yojana: Check eligibility, benefits, interest rates

A girl child’s parents are always up for saving for their daughter’s future plans, education and more. Sukanya Samriddhi Yojana (SSY) is their first choice as an investment instrument as it offers attractive long term benefits.

The biggest advantage of having this scheme is to move your Sukanya Samriddhi Yojana account from one bank to another or to a post office depending upon your choice and requirements. 

Parents generally opt for this scheme as it provides huge returns and is much higher than the other schemes in the market. This scheme allows citizens to open accounts for their daughter whose age is less than 10 years on the day of opening the account.

After the girl child turns 18, she will become the owner of the account and the investment period for this scheme is 15 years and the maturity period is 21 years. However, only 2 accounts from every family are allowed to open an account under this scheme.

Sukanya Samriddhi Yojana Deposit Rules

Let’s understand the nitty gritty of the Sukanya Samriddhi Yojana scheme. This scheme allows an individual to open an account at any government bank or post office with a minimum deposit of Rs 250. 

If the depositor fails to maintain a minimum deposit, then he/she will be liable to pay a penalty of Rs 50 and continuously failing to submit the minimum amount can lead to a defaulted account.  However, the account can be normalised at any time. 

The minimum deposit is Rs 250 and the upper limit of deposit in the Sukanya Samriddhi Yojana account is at Rs 1.5 lakhs annually and any deposit above than the said amount will be immediately refunded.

Interest Rate 

An interest rate of 7.6 per cent per annum can be accrued on the deposit in the Sukanya Samriddhi Yojana account. The interest earned is credited to the account at the end of every financial year and is eligible for exemption under the Section 80C of the Income Tax Act, 1961.

Premature closing

After 5 years of opening the account,  it can be closed prematurely in case of an emergency like the account holder’s serious illness or the death of the parent who was taking care of the account on the girl’s behalf. In such a situation, PO saving account rate will be applied from the date of death to the date of final payment.

The premature closing of the account would need application along with the documents that needs to be submitted in the bank or the post office.

Withdrawal 

After the girl turns 18, she can be the owner of the account and withdraw an amount from the Sukanya Samriddhi account. The maximum withdrawal limit is 50 percent of the amount available in the account. Withdrawal can either be made in a lump sum or can be done in an instalment of up to once a year for 5 years.

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