Sukanya Samriddhi Yojana

sukanya samriddhi yojana

Sukanya Samriddhi Yojana 2021

Sukanya Samriddhi Yojana has been launched on 22 January 2015 by the Prime Minister of our country, Shri Narendra Modi. 

Under this scheme, the savings account for the daughter will be opened by the parents of the daughter in any national bank or in the post office. 

All the parents who want to deposit money for their daughter’s education and marriage can open a savings account under this scheme. 

The minimum amount to open this account is Rs.250 and the maximum amount is 1.5 lakh rupees. 

Earlier, under Sukanya Samriddhi Yojana 2021, there was an interest rate of 9.1 percent, which has now been reduced to 8.6 percent.

Also Read=LIC Kanyadan Policy

Sukanya Samriddhi Yojana will be able to deposit money through a digital account

Sukanya Samriddhi Yojana, run by the Indian Post Office, was launched by the Government of India for the education and marriage of daughters. 

Under this scheme, one has to go to the post office to pay the money. But now the digital account has been launched by the Indian Post Office. 

The money will be deposited in the Sukanya Samriddhi Yojana account through this digital account. 

Now, digital saving account service has been started in the post office like other banks. Due to this digital account, account holders no longer need to go to the post office to deposit money in the account. He can transfer money through his mobile.

You do not need to go to the post office to open this digital account. 

This account can be opened at home through an Aadhaar card and PAN card and money can be transferred in any scheme of the post office. 

This digital account is valid for 1 year.

IPPB App Launched

The IPPB app has also been launched by the post office. Through which customers will be provided the facility of transaction. 

Through this app, money can be transferred online and money can be deposited in other post office schemes along with Sukanya Samriddhi Yojana. 

Through this app, a digital account can be opened at home. You must be 18 years of age to open this digital account.

Sukanya Samriddhi Yojana 2021 – Overview

Name of SchemeSukanya Samriddhi Yojana (SSY)
Launched byGovernment of India
Major BenefitUnder the Sukanya Samriddhi Yojana, small affordable deposits can be made in the bank accounts of girls. It provides one of the highest rates of interest – 8.6% in 2016-17.
Scheme ObjectiveFinancial Inclusion of girls
Scheme underState Government

How to Open Sukanya Samridddhi Yojana Account(Video)


How many daughters can get benefit under Sukanya Samriddhi Yojana?

  • Under Sukanya Samriddhi Yojana 2021, only two daughters of one family can get benefits. 
  • If there are more than 2 daughters in a family, then only two daughters of that family can take advantage of this scheme. 
  • But if there are twin daughters in a family, then they will get the benefit of this scheme separately, that is, then three daughters of that family will be able to benefit. 
  • The number of twin daughters will be the same but their benefits will be given separately.
  • Under this scheme, all those who want to deposit their daughter’s account for marriage and education can open their daughter’s account. 
  • Let us tell you that under this scheme the account of girls below the age of 10 years can be opened. 
  • Sukanya Samriddhi Yojana has been launched by the government under Beti Bachao, Beti Padhao scheme.

Sukanya Samriddhi Yojana loan

Loans can be availed under various PPF schemes run by the government. 

But loans like other PPF schemes cannot be availed under Sukanya Samriddhi Yojana. But if the girl child turns 18, then withdrawals can be made from the account of this scheme by the parents. 

This withdrawal can only be made at 50%. 

Withdrawal done under Sukanya Samriddhi Yojana can be done for the betterment of the girl child. 

This amount can be used for girl’s marriage, higher education, etc.

Sukanya Samriddhi Yojana Account Transfer

Under Sukanya Samriddhi Yojana, accounts can be transferred from one post office to another post office or from one bank to another bank. To transfer this account, you have to follow the following procedure.

  • First of all, you will have to go to the post office or a bank with your updated passbook and KYC documents. Girls are not required to be present during the transfer.
  • After this, you have to submit the passbook and KYC document of your Sukanya Samriddhi account to your bank or post office and inform your bank and post office that you have to transfer your account.
  • After this, the manager will close your account in the old post office or bank and will give you the transfer request. Apart from this, you will be asked for all the necessary documents.
  • Now you have to take this transfer request and go to a new post office or bank account and submit all these documents there.
  • You will also have to submit KYC documents for proof of identity and address.
  • Now you will be given a new passbook in which your balance will be displayed.
  • After this, you can operate the Sukanya Samriddhi Yojana account from this new account.

Sukanya Samriddhi Yojana December update

India Post operates nine types of savings schemes. 

Which are known as Post Office Saving Scheme. 

These 9 types of schemes are Post Office Saving Account, Post Office Time Deposit Account, Post Office Monthly Income Scheme, Public Provident Fund, Sukanya Samriddhi Yojana, National Saving Certificate, Post Office Time Deposit for 5 years, Kisan Vikas Patra, and Senior Citizen Saving The scheme is included. 

The interest rate of all these savings schemes is amended from time to time by the government. Sukanya Samriddhi Yojana currently has an interest rate of 7.6 percent.

This scheme can be availed by a maximum of two daughters of a family. 

Under this scheme, when the child attains the age of 21 years, he can receive the test amount. If it is assumed that the interest rate under this scheme will be 7.6 percent in the future, then it will take 9.4 years to double the amount deposited under this scheme.

Sukanya Samriddhi Scheme Account Reopening Procedure

As you all know, the Sukanya Samriddhi Yojana was started by the Government of India under the Beti Bachao Beti Padhao scheme. 

Under this scheme, an account can be opened for the daughter’s education and marriage before the age of 10 years. 

This is a very popular scheme. Under Sukanya Samriddhi Yojana, a minimum amount of Rs.250 and a maximum of Rs. 1.5 lakh can be deposited in the account every year. It is mandatory for the beneficiary to deposit Rupees 250 per year to continue this account. If the beneficiary has not deposited Rupee 250 in any year, then his account will be closed.

  • After the account is closed, the account can be activated. For this, the beneficiary will have to go to the bank or post office wherever his account is open. 
  • After this, the beneficiary will have to fill and submit the account to get the account revived, and the outstanding amount will have to be paid.
  • Suppose you have not made a payment of Rupee 250 for 2 years, then you have to make a payment of Rs.500 and a penalty of Rs. 50 per year. 
  • The penalty for 2 years will be Rs. 100. So if you have not paid the minimum amount in Sukanya Samriddhi Yojana account for 2 years then you will have to pay at least Rupees 600. 
  • In this, Rs.500 will be for a minimum amount of two years and Rs. 100 for a penalty of two years.

Sukanya Samriddhi Scheme New Update

The economic activity of the Indian economy has been significantly impacted due to the coronavirus in the country.

After the repo rate was reduced towards RBI, the government announced a cut in interest rates for small savings schemes including SSY last month.

The interest rates on office recurring deposits (RD) and time deposits were reduced by 1.4 percent for 1-3 years, PPF and SSY were cut by 0.8 percent. 

This will reduce the maturity amount for your daughter. 

After reducing the interest rate under this Sukanya Samriddhi Scheme, the annual rate of interest in the accounts of the beneficiary has come down to 7.6 percent as compared to the earlier 8.4 percent.

How much money will have to be paid per year and by when?

Under Sukanya Samriddhi Yojana, there was earlier a provision of giving ₹ 1000 per month. Which has now been worked out to Rs. 250 per month. Investments from ₹ 250 to ₹ 150000 can be made under this scheme. Under this scheme, it will be mandatory to invest for 14 years after opening a bank account.

Changes made in Sukanya Samriddhi Yojana

Five changes have been made by the government under this scheme. Which you need to know about. We have given below these five changes. You should read this information carefully.

High interest rate on default account

Under Sukanya Samridhi Yojana, if a person does not deposit a minimum amount of Rs 250 in a Sukanya Samriddhi account in a year, then it is considered as a default account.

As per the new rule notified by the government on December 12, 2019, now the interest rate will be given on the amount deposited in such default account as fixed under this scheme.

Also, 8.7% post office savings on Sukanya Samriddhi Yojana account An interest rate of 4% will be available on the account.

Changes in premature account closing rules

According to this new rule, the account can be closed before maturity on the basis of the death or sympathy of the girl under this scheme. 

Sympathy refers to the situation in which the account holder has to undergo treatment for a fatal illness or death of the guardian. In such a situation, the bank can close the account before the maturity period.

Account of operations

Under this scheme, according to the new rules of the government, the girl in whose name the account is, cannot take control of her account till she turns 18, whereas earlier it was 10 years of age. 

When the child turns 18, the guardian will have to submit documents related to the child to the post office.

Two girls with more of the account open

According to the new rule under this scheme, if a person has to submit additional documents to open an account of more than two daughters, now you are also required to submit an affidavit along with the daughter’s birth certificate.

Other changes

In addition to the above changes in the rules of Sukanya Samridhi Yojana, some new provisions have been added, while some have been removed. 

It has not been clarified about them yet. As soon as we get some information about it, we will let you know through our article.

Sukanya Samriddhi Yojana Interest Rates 2021

The Sukanya Samriddhi Yojana interest rate is decided by the government and is revised quarterly. The following are the historic interest rates of this government scheme for the girl child:

Time PeriodInterest Rate (%)
April 2020 to March 20217.6
January to March 2020 8.4
July to Dec 20198.4
Apr to June 20198.5
Jan to March 20198.5
Oct to Dec 20188.5
July to Sep 20188.1
Apr to June 20188.1
Jan to March 20188.1
Oct to Dec 20178.3
July to Sep 20178.3
Apr to June 20178.4

SSY Scheme 2021                                                      

  • After opening an account under this scheme, this account can be run till the girl turns 18 or after 21 years of marriage. 
  • Under SSY 2021, a person can withdraw 50% of the total deposit for his or her studies after the girl turns 18 years of age and after the daughter turns 21, she can withdraw the entire deposit for the marriage, in which the deposit by the beneficiary The amount paid and the interest paid by the agency will also be included. 
  • This account will mature only when the daughter is 21 years old.

How to deposit funds in Sukanya Samriddhi Yojana Account

Sukanya Samriddhi Yojana 2021 account can be deposited by cash, demand draft or can be deposited by electronic transfer mode in the post office or bank where the core banking system is present, to open the account, name, and account holder name will have to be written. | In all these easy ways, any person can deposit money in his daughter’s account.

Account can be opened till the age of Sukanya Samriddhi Yojana

Under Sukanya Samriddhi Yojana, the daughter’s bank account can be opened from 0 to 10 years of age. Bank account cannot be opened under this scheme if the daughter’s age is more than 10 years. The account will be operated by the daughter’s parents or guardian.

SSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal

  • Some people believe that Sukanya Samriddhi’s account matures with the age of 21 but this is completely wrong. 
  • The age of the girl has no relation with the maturity of the account.
  • However, the account holder can withdraw the amount only when he attains the age of 18 years and the amount is being used for higher studies and marriage.
  • The account will be closed later. Premature closure of account is allowed in the event of the death of the account holder on production of death certificate issued by the competent authority. 
  • The balance is then credited to the parent and the account is closed.

Under what conditions can Sukanya Samriddhi account be closed before maturity?

Sukanya Samriddhi Yojana account can be closed if the account holder dies. In this case, it will be mandatory to show the death certificate of the account holder. 

After which the amount deposited in this account will be returned to the daughter’s guardian along with interest. 

Apart from this, Sukanya Samriddhi Yojana can be closed due to any reason even after 5 years of opening the account. In this case, the interest rate will be available according to the savings bank account. 

50% of the funds from the account can also be withdrawn for the daughter’s education. This withdrawal can be done only after the daughter turns 18.

What will happen if Sukanya Samriddhi is not deposited under the scheme?

If for some reason the account holder is not able to deposit the amount under Sukanya Samriddhi Yojana, then he will have to pay a penalty of ₹ 50 per annum. And with this, the minimum amount to be paid every year. If the penalty is not paid, the Sukanya Samriddhi Yojana account will get an interest rate equal to the savings account which is four percent.

PM Kanya Yojana Tax Benefit

Under Section 80C of the Income Tax Act 1961, the amount deposited in Sukanya Samriddhi Yojana, the amount of interest, and the maturity amount are tax-free. A rebate has been provided by the government on contributions made under this scheme, which is up to ₹ 150000 per year.

Sukanya Samriddhi Yojana tax benefits

  • As per the Income Tax Act, all investments made under this scheme are eligible for tax deduction benefits. A maximum tax deduction of 1.5 lakhs is admissible towards SSY.
  • Under this, interest is credited, which is credited to the account on an annual basis. There is no tax levied on this accrued/accumulated interest. This allows the funds under the scheme to be maximized.
  • The tax exemption can be claimed by either the girl’s parents or legal guardian. Only a depositor is eligible for tax exemption under Section 80C of the Income Tax Act.

Key facts of Sukanya Samriddhi Yojana 2021

As you all know, Sukanya Samriddhi Yojana has been started by the government to protect the future of daughters and for their education and marriage. The daughter’s future can be secured by investing under this scheme. There are some features of this scheme which are as follows.

  • Under Sukanya Samriddhi Yojana, an account of a daughter below 10 years can be opened.
  • The account can be opened in any post office or bank.
  • Under this scheme, accounts of a maximum of two children of a family can be opened.
  • Under certain circumstances, the account of three children of a family can also be opened.
  • An account can be opened under this scheme for a minimum of ₹ 250.
  • Under Sukanya Samriddhi Yojana, an investment of ₹ 250 and a maximum of ₹ 1.5 lakh can be invested in 1 financial year.
  • A 7.6% interest rate has been fixed under this scheme.
  • Tax rebate is also available under this scheme under section 80C Income Tax Act.
  • The returns through this scheme are also tax-free.
  • Sukanya Samriddhi Yojana can also be withdrawn 50% for the higher education of daughter.
  • Sukanya Samriddhi Yojana 2021  is a small savings scheme of the Central Government for daughters.
  • Under this scheme, beneficiaries can open accounts for their daughter in all these banks, Nationalized Bank, Post Office, SBI, ICICI, PNB, Axis Bank, HDFC, etc.

Authorized bank for Sukanya Samriddhi Yojana

There are a total of 28 banks authorized by the Reserve Bank of India (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open an SSY account in any of the following banks and avail of this scheme.

  • Allahabad Bank
  • State Bank of India (SBI)
  • axis bank
  • Andhra Bank
  • Bank of Maharashtra (BOM)
  • Bank of India (BOI)
  • Corporation Bank
  • Central Bank of India (CBI)
  • Canara Bank
  • Dena Bank
  • Bank of Baroda (BOB)
  • State Bank of Patiala (SBP)
  • State Bank of Mysore (SBM)
  • Indian Overseas Bank (IOB)
  • Indian Bank
  • Punjab National Bank (PNB)
  • IDBI Bank
  • ICICI Bank
  • Syndicate bank
  • State Bank of Bikaner and Jaipur (SBBJ)
  • State Bank of Travancore (SBT)
  • Oriental Bank of Commerce (OBC)
  • State Bank of Hyderabad (SBH)
  • Punjab and Sindh Bank (PSB)
  • Union Bank of India
  • Uco bank
  • United Bank of India
  • Vijay Bank

Benefits of PM Kanya Yojana 2021

  • The benefit of this scheme will be provided to girls below 10 years of age.
  • Under Sukanya Samriddhi Yojana, guardians of girls can open a savings account for them. Until that girl turns 10.
  • Under this scheme, a maximum of Rs 1.5 lakh can be deposited during the current financial year.
  • Under PM Kanya Yojana 2021, you can easily secure the future of your daughters.
  • This will help in your girl’s education or marriage.
  • You can easily start this scheme at any bank or post office.
  • This scheme is beneficial for both the girl and her parents/guardians as it helps both.
  • A parent or natural parent is allowed to open an account under this scheme for only two girls.
  • The depositor can deposit money in the account on the girl’s behalf till the completion of fourteen years from the date of opening the account.

SSY 2021 Documents (Eligibility)

  • To open an account under this scheme, the girl’s age should be less than 10 years.
  • Aadhar card
  • Baby and parents photo
  • Girl Child Birth Certificate
  • proof of residence
  • Depositor (parent or legal guardian) ie PAN card, ration card, driving license

Rules for opening accounts under Sukanya Samriddhi Yojana

Under Sukanya Samriddhi Yojana, the account can be opened or opened by the parents or legal guardians of the daughter. 

This account can be opened from the birth of the daughter till she is 10 years old. 

Under Sukanya Samriddhi Yojana only one account can be opened for a daughter and at the time of opening the account, the daughter’s birth certificate has to be submitted to the post office or bank. 

Along with this, other important documents such as identity cards and address proof will also have to be submitted.

Sukanya Samriddhi Yojana 2021 Account Opening Application Form

  • Interested beneficiaries who want to apply for opening a savings account under this scheme, must first download the Sukanya Samriddhi Yojana Account Opening Form.
  • After this, the application form will have to be filled with all the necessary information. After filling in all the information, all the necessary documents will have to be attached to the form.
  • Then the application form and documents have to be submitted along with the amount in the desired bank and post office

Procedure for checking account balance under Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by the Government of India. Under which 7.6 percent interest is provided on the investment. 

The passbook of Sukanya Samriddhi Yojana can be accessed through both online and offline mediums. You can check your account balance very easily under Sukanya Samriddhi Yojana. 

Sukanya Samriddhi Yojana accounts are currently providing more than 25 banks. You have to open your account by going to these banks. 

After this, you will be provided with a passbook by the bank. 

You can check your account balance under Sukanya Samriddhi Yojana through passbook. This account balance can be checked digitally or through an account statement. 

To check the key balance, you have to follow the following procedure.

  • First of all, you have to request to provide your login credentials in your bank.
  • These login credentials are not provided by all banks. Only a few banks provide this facility.
  • After getting the login credentials, you will have to log in to the bank’s Internet banking portal.
  • After this, the home page will open in front of you.
  • Now you have to click on Confirm Balance option.
  • As soon as you click on the confirmed balance option, the amount of Sukanya Samriddhi account will open in front of you.
  • Only through this Sukanya Samriddhi account balance can be checked.

Sukanya Samriddhi Yojana Calculator – SSY Calculator Online

Who Can Use This Calculator? 

The first step to take benefit of the SSY calculator is to check whether the eligibility criteria of the scheme are fulfilled. SSY account can be opened by legal guardians of the girl child provided the following conditions are met:-

  • The girl must be an Indian resident
  • The girl shouldn’t be more than 10 years of age
  • Up to two accounts can be opened in a family with two girl children.

Additionally, the legal guardians will also need to submit the following documents to be able to start the deposits in the scheme:-

  • Duly filled scheme opening document which covers the basic personal details of the account holder and the girl child for whom the account is being opened.
  • Birth certificate of the girl child.
  • Depositor’s identification documents as well as valid address proof.
  • Medical certificate in the case of the birth of multiple children under a single birth order.
  • Additional documents requested by the concerned authority.

Individuals who meet the aforementioned pre-requisites as well as have the supporting documents for the same are eligible for the scheme and hence can go ahead and use the SSY calculator online.

How can an SSY calculator help you?  

  • Often parents of the girl child, look to do investments in the name of their child that can help meet the expenses of their daughter’s education and marriage expenses.
  • While there are many investment avenues that can help parents achieve this, Sukanya Samriddhi Yojana has emerged as one of the most popular ones owing to the high-interest rate as well as the tax benefits it offers.
  • Under Section 80 C of the Income Tax Act, 1961, individuals can claim tax exemption up to Rs 1.5 Lakh from the amount contributed to the SSY account.
  • Moreover, the interest income generated from investing is tax-exempt as well.
  • Tax benefits are extended to the maturity amount too.
  • That being said, parents who have zeroed in on using Sukanya Samriddhi as the preferred investment option, now need a tool to calculate the total amount of maturity that they would receive.
  • The manual calculation is cumbersome and prone to error.
  • This is where the Sukanya Samriddhi Calculator comes in handy.
  • According to the maturity amount, investors can make adjustments to regular contributions to reach the desired corpus.
  • The calculator is free to use and can generate error-free output for multiple iterations.

The Sukanya Samriddhi Yojana is a long-term investment scheme that can generate high ROI. You have to make a minimum contribution each year to keep the account active. 

Hence, using a Sukanya Samriddhi Yojana calculator online is beneficial to have an overall assessment of your investments and returns.

Few benefits of SSY calculators include:

  • Shows you the year of maturity for your SSY account.
  • Displays the amount you receive upon maturity.
  • Helps you plan your investment portfolio more effectively.

How Does The SSY Calculator Work? 

The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. The tenure for maturity for the amount is 21 years.

It is important to note that it is important for individuals to make minimum one contribution a year to keep the scheme alive till 14 years are completed.

The individual may choose to not make contributions in the SSY account between a year and year 21 if they so wish. However, the previous investments made into the account will continue earning on the prevailing interest rate.

The final amount is hence calculated based on your net contribution plus interest earned.

The Sukanya Yojana calculator uses the following formula to generate results:-

A = P (1 + r/n) ^ nt

Where –

ACompound interest 
PPrincipal amount
rRate of interest
nNumber of times interest compounds in a year
tNumber of years

How to use Groww’s SSY Calculator Online

Just enter the investment amount per year, age of your girl child, and investment starting year.

The calculator will automatically display the maturity year and the amount you receive upon maturity after you enter the details.

Calculation Example of SSY Account Deposits

The benefit of any investment can only be determined based on how much the investment grows over time. The following is a sample calculation showing the high returns you can get by making contributions to the Sukanya Samriddhi Yojana.

Let’s assume the following:

The girl child is born in 2020 and the parents start the SSY account for her in the same year. The account will finally mature after 21 years where the girl child will get the complete maturity amount.

  • Annual investments = Rs. 1 lakh
  • Investment Period = 15 years
  • Total amount invested at the end of 15 years = Rs. 15 lakh
  • Interest rate for 1 year= 7.6%
  • Interest at the end of 21 years= Rs. 28,95,386
  • Maturity Value at the end of 21 years= Rs. 43,95,389

The list below shows the amortization schedule of the Sukanya Samriddhi Yojana.

Financial YearDeposit Amount
(in Rs.)
Interest Earned
(in Rs.)
Year-End Balance
(in Rs.)

Thus you can almost triple your money by investing in this guaranteed return investment in the long term and promise your girl child of a financially secure future.

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