Parents who want to save money for their daughter’s future might take advantage of the Sukanya Samriddhi Yojana (SSY). One of the major benefits of saving in this plan is that you can transfer your Sukanya Samriddhi Yojana account from one bank to another or to a post office based on your requirements and preferences. The scheme for Girl child has a greater return than other small-savings schemes in the market, and it is more trustworthy since it is backed by the government.
Who is eligible for Sukanya Samriddhi Yojana?
Accounts under this scheme can be created by any citizen for their daughter who is under the age of 10 years on the day of opening the account. When the girl child reaches the age of 18, she will become the account holder.
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What is the time period of Investment in SSY?
The time period of investment in this scheme is 15 years and the maturity period is 21 years. However, one must note that only 2 accounts per family are allowed under this scheme, but in the case of twins or triplets more accounts can also be opened
How to start Sukanya Samriddhi Yojana Account?
With an initial deposit of Rs 250, Sukanya Samriddhi Yojana account can be opened at any government bank or post office.
How many times we can deposit money in Sukanya Yojana?
The depositor must maintain a minimum every year deposit of Rs 250, otherwise a penalty of Rs 50 would be imposed. A defaulted account is one that fails to keep the yearly minimum deposit limit, although it can be normalized at any moment before the end of the deposit term of years from the date of opening SSY account. By paying the penalty for each year of default and making the required deposit of Rs 250 for each year of default, the defaulted account can be revived. If the account is not regularized within the specified time frame, the whole deposit made before to the default year will be liable to interest at the prevailing interest rate.The maximum deposit in the Sukanya Samriddhi Yojana account is set at Rs 1.5 lakhs annually and any deposit made over this limit will be refunded to the depositor immediately.
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What is the Sukanya Samriddhi Yojana Interest Rate 2020-21?
The deposit in the Sukanya Samriddhi Yojana account will accrue interest at a rate of 7.6% per annum for the quarter ending September 2021.
SSY Interest Rate Since Inception
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 30.09.2021 | 7.6 |
What are the Sukanya Samriddhi Yojana tax benefits?
The interest earned is credited to the account at the end of each financial year and is tax-deductible under Section 80C of the Income Tax Act of 1961.
How to close SSY Account?
The Sukanya Samriddhi Yojana account can be closed early after 5 years if the account holder suffers a serious illness or the guardian who administered the account on the girl’s behalf dies. The Post Office saving account rate will apply from the date of death until the date of final payment in the event of death.
The application, along with the appropriate documentation, must be presented to the bank or post office for the account to be closed early.
Can we withdraw money from SSY account?
Once the girl child turns 18 or completes class 10th, she is allowed to withdraw from the SSY account. A maximum withdrawal of up to 50 per cent of the amount available in the account at the end of the previous financial year is permitted for the purpose of education or marriage of the account holder. Withdrawal can either be made in a lump sum or in an instalment of up to once a year for 5 years according to rules applied.
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