Sukanya Samriddhi Account Scheme is a small savings scheme launched by the Government of India in 2015 as a part of the Beti Bachao Beti Padhao campaign. The scheme is designed to promote the welfare of the girl child and to provide financial assistance for her education and marriage. It allows guardians to open savings accounts for their girl child at authorized commercial banks or India Post branches.
- Accounts can be opened at Post Offices or authorized banks.
- Defaulted accounts can be revived within 15 years by paying dues.
- Interest is calculated yearly and credited annually.
Sukanya Samriddhi Account Details
- Minimum Opening Deposit: ₹250
- Maximum Annual Deposit: ₹1,50,000 (in multiples of ₹50)
- Maximum Account Balance: ₹1,50,000
- Deposit Frequency: No limit on number of deposits in a month or year.
- Account Maturity: 21 years from opening date.
Interest Rate and Benefits
- Interest Rate: 8.2% per annum (effective January 1, 2024), compounded yearly.
- Tax Benefits: Deposits qualify for deduction under section 80C of Income Tax Act. Interest earned is tax-free.
Eligibility
- Who can open: Guardian of a girl child below 10 years.
- Number of Accounts: Only one per girl child (except for twins/triplets in first or second birth).
- Family Limit: Maximum two accounts per family.
Account Operations
- Operated by: Guardian until girl child turns 18.
- Withdrawals: After girl child turns 18 or passes 10th standard (up to 50% of previous year’s balance, in installments for max 5 years).
Account Closure
- Premature Closure: After 5 years, allowed in case of account holder’s death, extreme compassionate grounds (life-threatening illness, guardian’s death), with proper documentation.
- Maturity Closure: After 21 years or upon girl child’s marriage after 18 (within 1 month before or 3 months after marriage).
Note: This information summarizes the Sukanya Samriddhi Account Rules 2019. Please refer to official sources for detailed guidelines and any updates.
How to Open Sukanya Samriddhi Account?
To initiate the process of opening a Sukanya Samriddhi Yojana (SSY) account, you have two options: you can either visit a bank or a post office. Below are the steps you should follow to open your SSY account:
Opening at Banks or Post Office
- Visit: Go to your chosen bank branch or the nearest post office.
- Form Submission: Obtain the Sukanya Samriddhi Account application form, known as FORM SSA-1. You can get this form at the bank or post office, or download it beforehand.
- Document Submission: Along with the filled application form, submit the necessary documents:
- Birth certificate of the girl child for whom the account is being opened.
- Identity proof of the parent or guardian, which can include documents like AADHAR card, PAN card, Voter ID, etc.
- Address proof of the parent or guardian, such as a driver’s license, telephone bill, etc.
- Initial Deposit: Make the first deposit. The minimum amount required for opening the account is Rs 250, while the maximum yearly deposit allowed is Rs 1.5 lakhs.
- Processing Time: After submitting all documents and the initial deposit, the bank will process your application, which may take several days.
- Account Opening Confirmation: Upon successful verification, your Sukanya Samriddhi Account will be opened, and you’ll receive a passbook as proof.
Banks that offer Sukanya Samriddhi Account
The below-mentioned banks offer Sukanya Samriddhi Account scheme:
- State Bank of India
- United Bank of India
- UCO Bank
- Punjab National Bank
- Oriental Bank of Commerce
- Indian Bank
- ICICI Bank
- Corporation Bank
- Canara Bank
- Bank of India
- Axis Bank
- Allahabad Bank
- Vijaya Bank
- Union Bank of India
- Syndicate Bank
- Punjab & Sind Bank
- Indian Overseas Bank
- IDBI Bank
- Dena Bank
- Central Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Andhra Bank
Sukanya Samriddhi Account Scheme Interest Rate Since Inception
Here is a table that shows the interest rates offered by the Sukanya Samriddhi Account Scheme since its inception:
| Sl. No. | Financial Year | Date Range | Interest Rate | Minimum Investment | Maximum Investment |
|---|---|---|---|---|---|
| 1 | 2014-15 | 1 April 2014 to 31 March 2015 | 9.1 % | 1,000 | 1,50,000 |
| 2 | 2015-16 | 1 April 2015 to 31 March 2016 | 9.2 % | 1,000 | 1,50,000 |
| 3 | 2016-17 | 1 April 2016 to 30 Sep 2016 | 8.6 % | 1,000 | 1,50,000 |
| 4 | 2016-17 | 1 Oct 2016 to 31 Mar 2017 | 8.5 % | 1,000 | 1,50,000 |
| 5 | 2017-18 | 1 April 2017 to 30 June 2017 | 8.4 % | 1,000 | 1,50,000 |
| 6 | 2017-18 | 1 July 2017 to 31 December 2017 | 8.3 % | 1,000 | 1,50,000 |
| 7 | 2017-18 | 1 January 2018 to 31 March 2018 | 8.1 % | 1,000 | 1,50,000 |
| 8 | 2018-19 | 1 April 2018 to 30 September 2018 | 8.1 % | 250 | 1,50,000 |
| 9 | 2018-19 | 1 October 2018 to 31 March 2019 | 8.5 % | 250 | 1,50,000 |
| 10 | 2019-20 | 1 April 2019 to 30 June 2019 | 8.5 % | 250 | 1,50,000 |
| 11 | 2019-20 | 1 July 2019 to 31 March 2020 | 8.4 % | 250 | 1,50,000 |
| 12 | 2020-21 | 1 April 2020 to 31 March 2021 | 7.6 % | 250 | 1,50,000 |
| 13 | 2021-22 | 1 April 2021 to 31 March 2022 | 7.6 % | 250 | 1,50,000 |
| 14 | 2022-23 | 1 April 2022 to 31 March 2023 | 7.6 % | 250 | 1,50,000 |
| 15 | 2023-24 | 1 April 2023 to 31 December 2023 | 8.0 % | 250 | 1,50,000 |
| 16 | 2023-24 | 1 January 2024 to 31 March 2024 | 8.2% | 250 | 1,50,000 |
How to Transfer Sukanya Samriddhi Yojana Account?
You can transfer your Sukanya Samriddhi Account from Post Office to a Bank. This process can be performed by the guardian or the parent itself. Here’s how you transfer your account.
- Visit the Post Office in which you have your Sukanya Samriddhi Account and inform the executive about transferring your account
- Fill the transfer application and submit the following documents
- ID proof
- Passbook
- KYC (Know Your Customer) documents
- Move to the bank you want to open the Sukanya Samriddhi Account with
- Self-Attest the KYC documents and the form and submit it to the bank
- You will be provided with a new passbook after the verification and processing of documents