Secure Your Girl Child's Future with Sukanya Samriddhi Yojana

The Prime Minister Narendra Modi had launched the Sukanya Samriddhi Yojana which is a saving scheme for the girl child; way back in 2015. This is part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of your girl child. If you have a girl child below the age of 10, you must invest in the Sukanya Samriddhi Yojana. You can open a maximum of two Sukanya Samriddhi Yojana accounts for two girl children. (Three accounts if girls are twins).

The Sukanya Samriddhi Yojana offers an interest rate of 8.4% for the quarter July to September 2019. Interest rates are fixed by the Government and revised each quarter. This is much higher than fixed deposit rates which are in the range of 6.6 to 7.2% a year. The only comparable scheme is the Senior Citizen Savings Scheme (SCSS) which offers 8.6% for July to September 2019.

Time Period	Interest Rate (%)
July to Sep 2019	8.4
Apr to June 2019	8.5
Jan to March 2019	8.5
Oct to Dec 2018	8.5
July to Sep 2018	8.1
Apr to June 2018	8.1
Jan to March 2018	8.1
Oct to Dec 2017	8.3
July to Sep 2017	8.3
Apr to June 2017	8.4

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Secure Your Girl Child's Future with Sukanya Samriddhi Yojana

Who is Eligible for SSY?

• A parent or guardian can open the Sukanya Samriddhi Yojana in the name of the girl child.
• Your girl child must be below 10 years when the SSY account is opened.
• You have to deposit a minimum of Rs 250 each year towards Sukanya Samriddhi Yojana account. The maximum limit is Rs 1.5 Lakhs each year. (The minimum limit towards SSY used to be Rs 1,000 each year).
• Sukanya Samriddhi Yojana offers one of the highest interest rates among small saving schemes like PPF or NSC.
• You get tax benefits under Section 80C up to Rs 1.5 Lakhs a year on investing in SSY.
• If the accountholder dies, the SSY account is closed.
• You can invest in the Sukanya Samriddhi Yojana through cheque, cash or DD.
• The accountholder may withdraw up to 50% of the accumulated amount from SSY on reaching 18 years of age.
• The SSY account matures when the girl child turns 21 or on the day of her marriage, whichever is earlier.

See Also: Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India

How to Invest in Sukanya Samriddhi Yojana?

Invest in SSY account through the nearby post office or the public and private bank. You would have to submit KYC documents like Passport, PAN or Aadhaar Card. You then make the initial deposit towards the SSY account.

You can download the Sukanya Samriddhi Yojana application form from:

• RBI website
• India Post website
• SBI, PNB, BoB or any public sector bank website.
• ICICI Bank, Axis Bank, HDFC Bank or any other private bank website.

How to Fill Sukanya Samriddhi Yojana Application Form?

• Girl Child’s name (Primary Account Holder)
• Parent/Guardian name opening the account. (Joint Holder)
• Initial Deposit
• Cheque/DD Number
• Girl Child DOB
• Birth certificate details of the girl child
• ID details like Aadhaar, Driving License of Parent or Guardian.
• Present and Permanent Address
• Details of KYC Documents like PAN and Voter ID.

See Also: Save Tax Using the Sukanya Samriddhi Yojana

Special Benefits of Sukanya Samriddhi Yojana:

• You enjoy tax benefits under Section 80C up to Rs 1.5 Lakhs a year.
• SSY account offers 8.4% interest rate for July to September 2019.
• SSY account pays interest even after maturity. If you or an accountholder doesn’t close the SSY account even after maturity, you continue to enjoy interest on Sukanya Samriddhi Yojana.
• You can operate SSY account with just Rs 250. A minimum deposit of just Rs 250 must be deposited each financial year.
• The beauty of SSY account is parents cannot spend the money for personal needs. It goes to the girl child. The account balance and the interest which accrues are paid to the girl child at maturity.
• The aim of SSY scheme is to give your girl child financial independence. The girl child is not treated as a burden. Parents invest in SSY scheme to get high interest rates and enjoy tax benefits.

SSY Tax Benefits:

The Sukanya Samriddhi Yojana enjoys the EEE benefit. You enjoy the tax benefit under Section 80C. The interest earned and the maturity amount is tax free.

SSY Calculator:

You can use the SSY Calculator to calculate the maturity amount at the end of the tenure. What does this mean? You get an idea on how much money your daughter gets for higher education and marriage.

How to Use SSY Calculator?

You must satisfy the eligibility norms to use SSY Calculator.

• The girl child’s age must not exceed 10 years.
• She must be an Indian resident citizen.
• SSY account cannot be opened for more than 2 girl children in a single family. (3 in case of twins).

• The SSY Calculator asks you to enter age of daughter and amount you want to invest in SSY account.
• Based on age and amount, the SSY Calculator calculates the approximate amount at maturity. The SSY scheme matures 21 years from the date of opening the account.
• The SSY Calculator shows the year in which SSY account matures, the value on maturity and also the interest rate used to arrive at the maturity amount.
• The SSY Calculator also shows the break-up of the amount, you invest each month in the scheme.

See Also: Sukanya Samriddhi Yojana Account - Eligibility, Tax Benefits and Rules

Get 70 Lakhs for Daughter’s Marriage

Let’s say your girl child is 5 years and you want Rs 70 Lakhs for her marriage when she is 20 years of age. (You have a time frame of 15 years to collect the money).

If you invest Rs 1.5 Lakh a year for 15 years in SSY account, your daughter will get Rs 70 Lakh when she is 20 years. (Assume an interest rate of 8.3%). This money could be used for her marriage.

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