Sukanya Samriddhi Yojana(SSY) 2024 -Interest Rate & Application Process

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the financial future of a girl child in India. Launched as part of the Beti Bachao Beti Padhao initiative, it offers a high interest rate and tax benefits, making it an attractive option for parents who want to build a substantial fund for their daughter’s education and marriage expenses. The Sukanya Samriddhi Yojana details are simple, yet highly beneficial, with flexible deposit options and a long maturity period.

The Sukanya Samriddhi Yojana post office scheme allows parents or guardians to open an account for a girl child before she reaches the age of 10. The account can be opened at any post office or authorized bank, including SBI. Depositors can contribute as little as Rs. 250 annually, with a maximum cap of Rs. 1.5 lakh per financial year. The Sukanya Samriddhi Yojana interest rate is currently 8.2% per annum for 2024, which is one of the highest among government savings schemes.

Objectives

• Encourage Savings: To promote financial discipline among parents for the future of their girl child.
• Support Education: To provide financial assistance for the girl child’s higher education.
• Facilitate Marriage Expenses: To help parents save for their daughter’s marriage without financial stress.

Full Details Of Sukanya Samriddhi

Eligibility Criteria

• Age Limit: The Sukanya Samriddhi Yojana age limit for opening an account is 10 years.
• Residence: The girl child must be a resident Indian.
• Account Limit: Only one account per girl child is allowed.

Benefits

• High Interest Rate: The Sukanya Samriddhi Yojana interest rate 2024 stands at 8.2% per annum, compounded annually.
• Tax Benefits: Contributions to the Sukanya Samriddhi Yojana qualify for deduction under Section 80C of the Income Tax Act.
• Flexible Deposits: Minimum deposit of Rs. 250 per year and a maximum of Rs. 1.5 lakh.
• Partial Withdrawal: Up to 50% of the balance can be withdrawn for education after the girl child attains 18 years of age.

Sukanya Samriddhi Yojana Interest Rate 2024

For the period from July to September 2024, the interest rate for Sukanya Samriddhi Yojana (SSY) is 8.2%. This rate is reviewed and set every quarter. Here’s a quick look at the interest rates for SSY over the past few years:

• 2024-2025: 8.2% (July-September)
• 2023-2024: 8.0% (April-June, July-September, October-December), 8.2% (January-March)
• 2022-2023: 7.6% (All quarters)
• 2021-2022: 7.6% (All quarters)
• 2020-2021: 7.6% (All quarters)
• 2019-2020: 8.5% (April-June), 8.4% (July-September, October-December, January-March)
• 2018-2019: 8.1% (April-June, July-September), 8.5% (October-December, January-March)
• 2017-2018: 8.4% (April-June), 8.3% (July-September, October-December), 8.1% (January-March)

Required Documents

• Birth Certificate: Proof of age of the girl child.
• ID Proof: Parent/guardian’s identity proof (Aadhaar, PAN, etc.).
• Address Proof: Parent/guardian’s address proof.
• Photographs: Passport-size photos of the girl child and the guardian.

How to Open a Sukanya Samriddhi Yojana (SSY) Account at a Bank

1. Choose a Bank: You can open a Sukanya Samriddhi Yojana (SSY) account at any bank that offers this service. If you already have an account at one of these banks, it’s easier to open an SSY account there.
2. Find the Form: Visit your bank’s website to download the SSY Account Opening Application Form.
3. Fill Out the Form: Complete the application form with the required details.
4. Submit the Form: Take the filled-out form to your bank’s branch and submit it.

Participating Banks

Here’s a list of banks where you can open an SSY account:

• State Bank of India
• Allahabad Bank
• ICICI Bank
• Axis Bank
• Bank of Baroda
• Punjab Bank
• Bank of India
• Bank of Maharashtra
• Corporation Bank
• Central Bank of India
• Andhra Bank
• Indian Bank
• UCO Bank
• United Bank of India
• Punjab National Bank
• Union Bank of India
• Oriental Bank of Commerce
• IDBI Bank
• Vijaya Bank

How to Apply

• Visit the Post Office or Bank: Go to a participating post office or bank branch.
• Fill Out the Form: Obtain and fill out the Sukanya Samriddhi Yojana application form.
• Submit Required Documents: Provide necessary documents like the birth certificate of the girl child, your Aadhaar number, and PAN number.
• Deposit the Amount: Make your initial deposit, and you’re all set!

How to Fill Out the Sukanya Samriddhi Yojana (SSY) Application Form

1. Post Office/Bank Details:
   • Write the name and address of the Post Office or bank branch where you are submitting the form.
2. Photograph:
   • Paste the photograph of the applicant (the girl child) in the designated space.
3. Applicant Details:
   • Under “I/We”, write the name of the applicant.
   • Mention “Sukanya Samriddhi Yojana” in the following space.
4. Deposit Information:
   • Enter the deposit amount both in numbers and words.
   • Tick the mode of payment (cash, cheque, or DD).
   • If using a cheque or DD, write down the number and date.
5. Depositor’s Details:
   • Write the name and date of birth of the girl child.
6. Guardian’s Details:
   • Provide the name, date of birth, Aadhaar number, and PAN number of the guardian.
7. Address and Contact:
   • Fill in the address and contact details of the guardian.
8. Account Type and Birth Certificate:
   • Mention the type of account and provide details of the girl child’s birth certificate.
9. KYC Documents:
   • List the details of the Know Your Customer (KYC) documents you are attaching.
10. Signature:
    • Sign the form and write your name.
11. Nomination Details:
    • Provide details of the nominee if applicable.
12. Witnesses:
    • If the applicant is illiterate, get signatures from two witnesses.

How to Calculate Interest

Interest on SSY is calculated based on the lowest balance in the account from the 5th of the month to the end of the month. The interest is added to your account at the end of each financial year.

Simple Formula for Calculation:

A=P(1+rn)ntA = P(1 + \frac{r}{n})^{nt}A=P(1+nr​)nt

• P = Initial Deposit
• r = Annual Interest Rate
• n = Number of times interest compounds per year
• t = Number of years
• A = Amount after interest

Since the interest compounds yearly, you might find it easier to use an online Sukanya Samriddhi Yojana Calculator to determine the maturity amount based on your annual deposit and the age of the girl child.

Sukanya Samriddhi Yojana Online Payment

To make online payments for your Sukanya Samriddhi Yojana (SSY) account, follow these steps using the IPPB app:

1. Transfer Funds: First, transfer money from your bank account to your IPPB account.
2. Access SSY Service: Open the IPPB app, go to the “DOP Products / Services” tab, and select the Sukanya Samriddhi Yojana option.
3. Enter Details: Input your SSY account number and customer ID.
4. Payment Amount and Frequency: Choose the amount to pay and how often (e.g., monthly).
5. Confirmation: IPPB will notify you once the payment routine is successfully set up.

You will receive notifications each time a payment is made.

Sukanya Samriddhi Yojana Withdrawal Rules

To withdraw funds:

1. Submit Form: Fill out and submit Withdrawal Form (Form-3) along with your SSY account passbook to the bank or Post Office branch where your account is held.
2. Premature Withdrawal:
   • Marriage: Withdraw after the girl turns 18, with proof of marriage.
   • Death: In case of the girl’s death, submit the death certificate to withdraw the balance.
   • Medical Emergencies: For life-threatening diseases or guardian’s death.
   • Status Change: If the girl becomes a non-resident or non-citizen, notify within one month for closure.
   • Hardship: After 5 years, if continuing the account causes undue hardship, you may apply for closure.
   • General Closure: If closed for other reasons, the account will earn interest at the post office savings rate.

Sukanya Samriddhi Yojana vs LIC Kanyadan

Both Sukanya Samriddhi Yojana (SSY) and LIC Kanyadan are designed to provide financial support for girl children, focusing on education and marriage expenses. Here’s a comparison of these two schemes:

Key Differences

• Access to Funds: SSY allows the girl to access the funds once she turns 18. In contrast, LIC Kanyadan does not provide any access to the girl child until the father’s death.
• Account/Policy Management: SSY accounts are managed by the guardian until the girl reaches 18, while LIC Kanyadan policies are in the father’s name.

Sukanya Samriddhi Yojana is specifically designed for the financial security of a girl child, offering tax benefits and a structured approach to saving for her education and marriage. The LIC Kanyadan scheme, on the other hand, provides life insurance benefits with a focus on covering expenses upon the father’s death. Parents should consider their specific needs and financial goals when choosing between these two options.

Transferring SSY Account from Post Office to Bank

1. Visit Post Office: Go to the Post Office branch where your account is held. The guardian can complete this process.
2. Request Transfer: Inform the Post Office executive of your intent to transfer the account.
3. Submit Documents: Provide the completed transfer form and KYC documents.
4. Visit New Bank: Go to the bank where you want to transfer the account.
5. Submit KYC: Provide self-attested KYC documents and paperwork received from the Post Office.
6. Receive New Passbook: The bank will process the transfer and issue a new passbook.

Transfers are free within India. For other transfers, a fee of Rs 100 may apply.

Sukanya Samriddhi Yojana vs Public Provident Fund (PPF)

Both schemes offer tax benefits and are government-backed but serve different purposes: PPF is for retirement savings, while SSY is for a girl child’s future.

By investing in the Sukanya Samriddhi Yojana online or offline, parents can ensure a secure financial future for their daughters. The Post Office Sukanya Samriddhi Yojana monthly 1000 deposit option makes it accessible to families of all income levels, allowing them to build a substantial fund over time. With the Sukanya Samriddhi Yojana calculator, parents can easily track the growth of their investment and plan accordingly.