Sukanya Samriddhi Yojana 2023 Interest Rate Girl Child Scheme

sukanya samriddhi yojana 2023 interest rate girl child saving scheme 2023 new interest rates सुकन्या समृद्धि योजना लड़कियों के लिए स्कीम 21 years 250rs. -1.25 lakh ssy जरूरी दस्तावेज

Sukanya Samriddhi Yojana 2023

UPDATE : The government has decided not to change the interest rates of small savings schemes for the Last quarter (January – March 2023) of the financial year 2022-23. The interest rate in Sukanya Samriddhi Account Scheme 2023 will remain 7.6%. Stay connected with us for more information…..

The Prime Minister has started to save the girl child belonging to middle class families of the country from future economic problems. Under this scheme, the investment account is opened by the parents before the age of 10 years of their girl child. This investment account can be opened in a bank or post office. In which a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited per month by the parents of the girl child.

sukanya samriddhi yojana 2023 interest rate

sukanya samriddhi yojana 2023 interest rate

Sukanya Samriddhi Yojana (SSY) run by the central government is a kind of investment saving scheme. Which attracts the parents of the girl child of the country below 10 years of age to invest to secure their future. This scheme is a part of the Beti Bachao Beti Padhao scheme. Under this scheme, the investment account of the girl child is opened by the parents which is operated after the age of 21 years or 18 years till her marriage. But it is mandatory to invest in this account for 15 years. Interest will be provided at the rate of 7.6% on the amount invested on this account for the session 2022-23 as well as tax under section 80C of Income Tax Act 1961 on maximum investment of Rs.1.5 lakh in 1 year under this scheme. Discount will also be provided.

Also Read : Pradhanmantri Jan Aushadhi Kendra

Investment limit prescribed under Sukanya Samriddhi Yojana SSY

The account holder can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in 1 year under this scheme. This amount is required to be deposited by the account holder for 15 years. If your girl child is 8 years old, then it is mandatory for you to deposit the minimum investment amount in this account for 23 years. After this, you will continue to get interest on the investment amount till the maturity period.

On attaining the age of 18 years, the girl child can withdraw 50% of the investment amount

It is mandatory to invest for 15 years on the account opened under this scheme. But the girl child can withdraw 50% of the amount from Sukanya Samriddhi Yojana account after completing 18 years of age or after passing 10th standard to pursue her studies. This amount can be withdrawn by the girl child or parent/legal guardian in lump sum or in installments. But the amount can be withdrawn only once in 1 year and in installments for a maximum of 5 years.

Sukanya Samriddhi Yojana Tax Free

Samriddhi Yojana has been kept tax free by the Government of India. Under this scheme, no tax is levied on the amount invested up to Rs 1.5 lakh under Section 80C of the Income Tax Act 1961. There is no tax on the amount invested under this scheme and the interest earned on it as well as the maturity amount. Apart from keeping the savings of the account holder safe, this scheme also protects them from tax.

Maturity period of investment account under Sukanya Samriddhi Yojana

The maturity period of the investment account opened under this scheme is till the girl child completes 21 years or till she gets married after the age of 18 years. But in both the cases the investment in this account should have been made for a period of 15 years from the date of opening of the account. After that, interest will continue to accrue in the account till maturity. Whether you make a deposit in the account or not.

Under what circumstances SSY account can be closed before maturity

  • For marriage on attaining the age of 18 years– SSY account can be closed before maturity by the beneficiary girl child for her marriage expenses after attaining the age of 18 years.
  • In case of accidental death of the account holder– In case of accidental death of the girl child, then the parents or legal guardian can withdraw the amount deposited from the Sukanya Samriddhi Scheme account and the interest earned on it. To withdraw this amount, the parents or legal guardian will have to submit the documents verified by the concerned authority on the death of the account holder. Thereafter, this amount will be transferred to the account of the parent or legal guardian immediately.
  • Financially unable to continue the account – If the parents of the girl child are financially unable to continue the account, then they can close the account. But for this they have to take permission from the concerned authority.

Note– The Central Government has not given any such instructions that if the parents are not able to invest in the account, then they can close the account prematurely.

SSY Interest Rate

Financial Year

Fixed Interest Rates

January to March, 2023 (4th quarter, financial session 2022-23) 7.6%
October to December, 2022 (3rd quarter, financial session 2022-23) 7.6%
July to September 2022 (2nd quarter, financial session 2022-23) 7.6%
April to June 2022 (1st quarter, financial session 2022-23) 7.6%

From January to March 2022 (4th quarter, financial session 2021-22)

7.6%

October to December 2021 (3rd quarter, financial session 2021-22)

7.6%

From July to September 2021 (2nd quarter, financial session 2021-22)

7.6%
April to June 2021 (1st quarter, financial session 2021-22) 7.6%

From January to March 2021 (4th quarter, financial session 2020-21)

7.6%

October to December 2020 (3rd quarter, financial session 2020-21)

7.6%

From July to September 2020 (2nd quarter, financial session 2020-21)

7.6%
April to June 2020 (1st quarter, financial session 2020-21) 7.6%
January to March (4th quarter, financial session 2019-20) 8.4%

From October to December 2019 (3rd Quarter, Financial Session 2019-20)

8.4%
July to September 2019 (2nd Quarter, Financial Year 2019-20) 8.4%

From April to June 2019 (1st Quarter, Financial Session 2019-20)

8.5%
January to March 2019 (4th Quarter, FY 2018-19) 8.5%

October to December 2018 (3rd Quarter, Financial Session 2018-19)

8.5%
July to September 2018 (2nd Quarter, FY 2018-19) 8.1%
April to June 2018 (1st Quarter, FY 2018-19) 8.1%
October to December 2017 (3rd Quarter, FY 2017-18) 8.3%
From July to September 2017 (2nd Quarter, FY 2017-18) 8.3%
April to June 2017 (1st Quarter, FY 2017-18) 8.4%

Sukanya Samriddhi Yojana Calculator

The maturity amount can be calculated by the account holder through Sukanya Samriddhi Calculator. The calculator will provide the maturity amount information using the details like the investment made every year and the interest rate you have mentioned. If you want to calculate the maturity amount of your account then you can easily calculate it through Sukanya Samriddhi calculator. At present, interest at the rate of 7.6% is being provided on the investment made.

Also Read : PM Jeevan Jyoti Bima Yojana

Sukanya Samriddhi Yojana Account Transfer

SSY account holders are provided with the facility of free transfer of Samriddhi Yojana account from one post office to another in the country or from one bank to another. This facility will be provided when the account holder shifts from his/her place of origin. To avail this facility, the account holder has to show proof of shifting. If he does not show proof of shifting, he will have to pay ₹100 fee at the place where his account is opened. In the bank or post office of the country where the facilities of core banking system are available, then the SSY account is transferred through electronic means.

In which bank of the beneficiary country can SSY account be opened?

There are 28 banks authorized by the Reserve Bank of India in our country. The beneficiary can open an SSY account by visiting any of the nearest bank branch from these banks. These 28 banks are as follows.

  • Bank of india
  • State Bank of India
  • Punjab National Bank
  • Bank Of Baroda
  • Axis Bank
  • Andhra Bank
  • Bank Of Maharashtra
  • Allahabad Bank
  • Punjab And Sind Bank
  • Oriental Bank of Commerce
  • State Bank Of Hyderabad
  • Union Bank of India
  • UCO Bank
  • United Bank Of India
  • Vijay Bank
  • Bank Of Maharashtra
  • Canara Bank
  • Dena Bank
  • State Bank of Patiala
  • State Bank Of Mysore
  • IDBI Bank
  • ICICI Bank
  • State Bank Of Bikaner And Jaipur
  • State Bank Of Travancore

How many girls of a family will get benefit of Samridhi Yojana

Under Samriddhi Yojana by the central government, only two girl children of a family are allowed to open an investment account. But in some special cases investment account can be opened for more than two girl child of a family.

  • A third account can be opened if a girl child is born before the birth of twins or triplets or if three children are born together before.
  • If a girl child is born after the birth of twin or twin girls, then investment account can be opened only for the twin or twin girl child and not the girl child born after them.

Purpose of Sukanya Samriddhi Yojana

The main objective of starting this scheme of the Prime Minister is to save the girl child from future financial problems. Because in this era of inflation, parents belonging to middle class family have to face a lot of financial problems while getting their girls higher education and getting married. Keeping these things in mind, the Prime Minister has started Sukanya Samriddhi Yojana. Under this scheme, parents or legal guardians belonging to any middle class family across the country can easily invest. Because a minimum investment of Rs 250 can be made in the account opened under this scheme. Presently Sukanya Samriddhi Yojana is entitle girls in the country to lead a self-reliant life and at the same time motivating them to get higher education.

Some important information related to Sukanya Samriddhi Yojana (SSY)

  • It is mandatory to deposit Rs 250 per year in the account opened under Samriddhi Yojana. If in any case the account holder does not deposit a minimum of Rs 250 in a year, then his account will be called a default account. But even on this defaulted account, the account holder will continue to receive the applicable interest till the maturity period.
  • The beneficiary girl child can operate her own Sukanya Samriddhi account after completing 18 years of age. For this, he has to go to the post office or the bank where his SSY account is open and submit all the necessary documents.
  • After passing 10th class, the girl can withdraw 50% amount from her account in lump sum or in installments. This amount can be withdrawn once in 1 year and in installments for a maximum of 5 years.
  • The maturity period of SSY Account is 21 years. However, in certain circumstances, such as marriage after the age of 18 years, the account holder’s death or financial difficulties in operating the account, the account can be closed.
  • The facility of transfer of investment account opened under this scheme from one bank to another bank or from one post office to another post office is also provided across the country.

Benefits of Sukanya Samriddhi Yojana

  • This scheme has been operated by the government to save the future of the girl child below the age of 10 years from the financial crisis of the country.
  • This scheme provides interest at the rate of 7.6% on the investment amount to the account holder which is tax free.
  • Sukanya Samriddhi Yojana provides investors with guaranteed returns at a higher rate of interest as compared to other schemes run by the central government.
  • An investor can invest a minimum of ₹ 250 and a maximum of ₹ 1.5 lakh every year under this scheme according to their financial status.
  • Under this scheme, tax exemption up to ₹ 500000 is provided every year under section 80C of the Income Tax Act.

Eligibility under Sukanya Samriddhi Scheme

  • Sukanya Samriddhi Account of the girl child can be opened only by the parents or legal guardian of the girl child.
  • It is mandatory for the parent or guardian to be a permanent resident of India.
  • Only a girl child below the age of 10 years can open an investment account under this scheme.
  • Only 2 girls of a family can open an investment account under this scheme. If twin girls are born after one girl in a family, then in this case, separate investment accounts of twin girls can be opened.

Required Documents

  • Aadhar Card, PAN Card, Identity Card of the parent or legal guardian (by whom the account is operated)
  • birth certificate of girl child,
  • Address proof
  • Medical certificate
  • All necessary documents as demanded by the bank or post office

Procedure to open account under Sukanya Samriddhi Yojana

  • First of all, the parent or legal guardian has to get the application form of Sukanya Samriddhi Yojana from the post office or your nearest bank.
  • Now you have to fill all the important information asked in this application form carefully.
  • After this, all the required documents have to be attached with the form.
  • Now you have to submit this form in the same post office or bank from where you got it.
  • In this way you can make your application under Sukanya Samriddhi Yojana.

How to check your SSY account balance?

  • First of all you have to request your bank to provide login credentials.
  • Login credentials are not provided by all banks. Only certain banks provide this facility.
  • Now after receiving the login credentials, you have to login to the Internet Banking Portal of the Bank.
  • After this the homepage will open in front of you.
  • Now you have to click on Confirm Balance option.
  • After this, the amount of Sukanya Samriddhi account will open in front of you.
  • You can check Sukanya Samriddhi account balance through this only.

Some Terms and Conditions of Sukanya Samriddhi Yojana

Investment Terms and Conditions
  • Age of Account Opening: Sukanya Samriddhi Account can be opened by the guardian before the girl child attains the age of 10 years.
  • Number of Accounts: Only one account can be opened for a girl child under this scheme. Under this scheme, a separate account cannot be operated by the mother and separate account by the father for a daughter.
  • Number of account holders of the family: Only two daughters of a family can take advantage of this scheme.
  • Number of account holders of a family in case of twin daughters: If twin or triplet daughters are born then in that case more than 2 accounts can also be opened.
  • Operation of Account: Sukanya Samriddhi Account is operated by the guardian of the account holder till the account holder attains the age of 18 years.
Terms and conditions for depositing maximum and minimum amount
  • Minimum Account Opening Amount: The account can be opened under this scheme for a minimum amount of Rs.250.
  • Minimum investment per annum: Every year under this scheme the beneficiary will have to invest Rs.250.
  • Default Status: If the minimum investment of Rs.250 per annum is not made by the account holder, then the account will be defaulted. If the account is in default, then in this case the account can be revived by paying a minimum amount of Rs.250 and a penalty of ₹50.
  • Maximum investment amount: A maximum amount of up to ₹ 150000 can be invested under Sukanya Samriddhi Yojana.
  • Important Documents for Account Opening: To open an account under this scheme, the guardian will have to submit Form-1, birth certificate of the daughter and PAN card and Aadhar number of the guardian.
  • Period of investment: Investment can be made under this scheme up to 15 years from the date of account opening.
Terms and Conditions relating to Maturity, Tax Benefits and Interest Rates
  • Maturity Age: The Sukanya Samriddhi Account will mature after 21 years from the date of opening or after the girl child attains the age of 18 years at the time of marriage.
  • Interest Rate: The interest rate will be notified by the government on a quarterly basis. The interest rate under this scheme for January 2021 to March 2021 is 7.6%.
  • Interest amount: Under this scheme, the interest amount will be deposited in the account at the end of the financial year. Sukanya Samriddhi account can be opened in post office or bank.
  • Tax Benefits: The investment made under this scheme is tax free under section 80C. The interest and maturity amount received under this scheme is also tax free.
Terms and conditions regarding premature closure of account
  • Premature Closure: Sukanya Samriddhi Account can be closed prematurely (after 5 years of account opening).
  • Death of the account holder: If the account holder dies, then in this case this account can be closed.
  • Life-threatening disease situation: If the account holder gets any kind of life-threatening disease, then in this situation also this account can be closed.
  • Death of the Guardian: The account can be closed even in the event of the death of the guardian (who operates the account) of the account holder.
Terms and conditions for withdrawing money from Sukanya Samriddhi account
  • Withdrawal Status: Up to a maximum of 50% of the balance available at the end of the previous financial year can be withdrawn from the Sukanya Samriddhi Yojana account. This withdrawal can be done for the education of the girl child.
  • Age for Withdrawal of Sukanya Samriddhi Account: This withdrawal can be done after the girl child attains the age of 18 years or after passing class X (whichever is earlier).
  • Withdrawal Mode: Withdrawals from the account can be made in one go or in installments.
Guidelines for Sukanya Samriddhi Yojana
  • Sukanya Samriddhi Yojana was started with the aim of ensuring a bright future for the girl child of the country.
  • Deduction is also provided under this scheme under Income Tax Act 80C. Under this scheme, the account is opened in the name of the daughter.
  • This account is opened before the daughter attains the age of 10 years.
  • Only two accounts can be opened in each family.
  • The account opened under this scheme is operated by the parents of the girl child till the girl child attains the age of 18 years.
  • In order to open an account under this scheme, the girl child and her parents will have to submit some important documents such as Aadhar number, PAN number etc.
  • To open an account under this scheme, a minimum investment of Rs 250 per annum has to be made.
  • If the minimum investment is not made, the account will default.
  • The defaulted account can be reopened within a period of 15 years.
  • For which a minimum amount of Rs 250 will have to be deposited for each year of default.
  • The maximum deposit limit under this scheme is ₹ 150000.
  • An interest of 7.60% is provided by the government on the amount invested.
  • For the education of the girl child, 50% of the amount can be withdrawn before the maturity of the account and 50% of the amount can be withdrawn after the girl child attains the age of 18 years.
  • Sukanya Samriddhi Account matures after a period of 21 years from the date of account opening.
  • This account can be closed when the girl child is married.

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