The Sukanya Samriddhi Yojana (SSY) is a government-sponsored small savings scheme that benefits girls. It’s part of the Beti Bachao, Beti Padhao Yojana, introduced by Prime Minister Narendra Modi in 2015 and it can only be registered by the parents of a girl child under the age of ten. SSY attempts to address a fundamental issue that affects the girl child like education and marriage. Read below to check the detailed information related to the Sukanya Samriddhi Yojana 2022 like Highlights, Objectives, Features and Benefits, Eligibility Criteria, SSY Interest Rate, Application Procedures, and much more.
Sukanya Samriddhi Yojana 2022
Sukanya Samriddhi Yojana is a government of India savings scheme aiming at improving the lives of girl children in the country. Its goal is to ensure a bright future for India’s girl children by assisting their parents in establishing a fund for their child’s decent education and worry-free wedding costs. For this reason, SSY has created the Sukanya Samriddhi Account. This savings plan will help you save for your little girl regularly. As the year progresses, you can build up a sufficient corpus by making regular deposits. This fund can be used to help your daughter achieve her educational aspirations. You can open an account under the Sukanya Samriddhi Yojana Scheme at Banks and post offices. Sukanya Samriddhi Accounts are valid for 21 years or until the girl child reaches the age of 18.
CBSE Single Girl Child Scholarship
Highlights of Sukanya Samriddhi Yojana
| Yojna Name | Sukanya Samriddhi Yojana 2022 |
| Introduced By | Prime Minister Narendra Modi’s |
| Introduced on | 2015 |
| Interest Rates | 7.6% per annum (Q3 FY 2021-22) |
| Eligibility | A girl child’s parents or legal guardians are entitled to open an SSY in her name if she is under the age of ten. |
| Maturity Period | 21 years or until the girl child marries after the age of 18 |
| Minimum Deposit Amount | Rs. 250 |
| Maximum Deposit Amount | Rs. 1.5 Lakh in a financial year |
| Income Tax Rebate | Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year) |
Objectives of Sukanya Samriddhi Yojana
On January 22, 2015, the Government of India initiated a social effort to address the issue of our country’s dropping child sex ratio. ‘Save girls, educate the girl child,’ says the Beti Bachao Beti Padhao (BBBP) program. The main aim of Sukanya Samriddhi Yojana 2022 are as follows:
- To ensure the girls’ survival and safety.
- Stopping gender discrimination against children and putting an end to sex determination.
Benefits of Investing in Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana, which was launched as part of the Beti Bachao, Beti Padhao Yojana effort, offers a variety of incentives to investors. The following are some of the scheme’s main advantages:
- When compared to other government-backed tax saving schemes like PPF, SSY provides a higher fixed rate of return (currently 7.6% per annum for Q3 FY 2021-22).
- SSY gives tax deduction benefits up to Rs. 1.5 lakh per year under Section 80C.
- Because SSY is protected by the government, it offers guaranteed returns.
- A minimum investment of Rs. 250 and a maximum deposit of Rs. 1.5 lakh can be made in a single year. This ensures that people of all financial backgrounds can participate in the scheme.
- If a parent or guardian operating the Sukanya Samriddhi Account transfers, the SSY account can be freely transferred from one area of the country to another (bank/post office).
- The Sukanya Samriddhi Yojana (SSY) is a fantastic long-term investment strategy since it offers annual compounding. As a result, even tiny investments will yield large profits in the long run.
Features of Sukanya Samriddhi Yojana
Some of the key features of the Sukanya Samriddhi Yojana 2022 are as follows:
- The account can be operated by the guardian or parents until the girl reaches the age of ten. Once she reaches the age of 18, the daughter must manage the account.
- Deposits should be made for 15 years to be eligible for the scheme. The scheme, however, will expire after 21 years.
- In a financial year, the minimum and maximum deposits into an account are Rs.500 and Rs.1.5 lakh, respectively. Deposits in multiples of 100 can be made.
- Deposits can be made in the form of an online transfer, a demand draught, a cheque, or cash to the account.
- An SSY account can be transferred anywhere in India from post offices to banks and vice versa. There will be no fees associated with the account transfer. Proof of a change of address, on the other hand, is required. If no proof is provided, a fee of Rs.100 would be charged.
Interest Rates on Sukanya Samriddhi Yojana
The SSY scheme’s interest rate is decrease from 8.4 percent to 7.6 percent, and it is compounded annually. Once the scheme’s length is fulfilled, or if the girl becomes a non-resident Indian (NRI) or a non-citizen, interest is not payable. The government sets the interest rate, which is establish quarterly. The following table shows the interest rate offered by the scheme:
| YearDuration | Rate of interest (%) |
| April 2020 onwards | 7.6% per annum |
| 1 January 2019 – 31 March 2019 | 8.5% per annum |
| 1 October 2018 – 31 December 2018 | 8.5% per annum |
| 1 July 2018 – 30 September 2018 | 8.1% per annum |
| 1 April 2018 – 30 June 2018 | 8.1% per annum |
| 1 January 2018 – 31 March 2018 | 8.1% per annum |
| 1 July 2017 – 31 December 2017 | 8.3% per annum |
| 1 October 2016 – 31 December 2016 | 8.5% per annum |
| 1 July 2016 – 30 September 2016 | 8.6% per annum |
| 1 April 2016 – 30 June 2016 | 8.6% per annum |
| From 1 April 2015 | 9.2% per annum |
| From 1 April 2014 | 9.1% per annum |
Eligibility Criteria
Applicants who want to apply for the Sukanya Samriddhi Yojana must fulfill the eligibility criteria put forward by the Government of India. The eligibility criteria for Sukanya Samriddhi Yojana 2022 are as follows:
- A girl child must be a permanent resident of India.
- A girl child’s parent or guardian can register for the Sukanya Samriddhi Yojana account on her behalf until she attains the age of ten.
- Up to two accounts for two daughters can open per family.
- In the case of twin girls, a third Sukanya Samriddhi Yojana account can be open.
Required Documents
While filling up the application form for Sukanya Samriddhi Yojana, some important documents will are require by the applicants, make sure to keep them handy. The documents required for Sukanya Samriddhi Yojana 2022 are as follows:
- Form for creating an Sukanya Samriddhi Yojana account.
- At the time of account opening, the depositor must provide proof of identity and residence.
- At the time of account opening, the girl child’s birth certificate must be provided.
- If more than one kid is born in the same order, a medical certificate must get file.
- Any other documentation that the bank or post office may require must be provided.
Sukanya Samriddhi Yojana 2022 Rules
| Particulars | Description |
| The beneficiary of the SSY account | From the time the account is opened until it is matured or closed, every girl child who is a permanent Indian citizen is eligible. |
| Who has the authority to open the account? | The account can be opened by the parents or legal guardians of a girl child under the age of ten. |
| Who has access to the account and can make deposits and withdrawals? | The money may be deposited and operated by either the guardian or the girl child (if she has reached the age of ten). The account must be controlled by the girl kid after she reaches the age of eighteen. |
| Number of accounts | Each girl child has only one account. A family’s account can be formed for a maximum of two girl children (including adopted children)If more than two females are born in the first order of birth, or if one girl kid is born in the first order of birth and twins or more than twins are born in the second-order of birth, accounts for more than two girl children are authorized. |
| Where can an SSA account be opened? | Any post office or permitted commercial bank branch |
| Documents required to open the Account | Birth certificate of the girl kid A medical certificate proving the birth of several girl children in the same order of birth is required. The guardian’s identity and address must be verified. Any other documentation that the post office or banks may request |
| When is it possible to open an SSA account? | Between the time a girl kid is born and the time she reaches the age of ten years |
| Deposit amount and time limit | A minimum of Rs 250 (formerly Rs 1,000) and a maximum of Rs 1,50,000 every financial year, for a maximum of 15 years Subject to the above cap, multiples of Rs 100 |
| Mode of Deposit | Through the cash, demand draft, cheque, or online transfer |
| Interest on deposits | The interest rate for the second quarter of FY 2021-2022, i.e. from July 1 to September 30, is 7.6% p.a.Except if the default is due to the death of the guardian who started the Account, the full deposit in an ‘Account under default’ (where a minimum amount of Rs 250 has not been placed) that is not regularised within the prescribed time will accrue interest on the post savings bank account. After the SSY’s tenure has ended, i.e. after 21 years from account opening, no interest is payable. After the girl kid becomes a non-citizen or non-resident of India, no interest is paid. |
| Consequences of an excessive or insufficient deposit | Excess – Any deposit above the maximum cap will not earn interest and can be withdrawn by the depositor at any time.Shortage – If no minimum deposit is made in a financial year, the account will be termed ‘under default’ and can be regularised within 15 years of account inception by paying a penalty of Rs 50 each defaulted year. |
| Tenure of SSA | 21 years from the account opening date |
| Regulations governing the SSA’s closing | Maturity-based closure: After 21 years, the account matures, and the remaining balance in the SSA, including interest, is paid to the kid upon submission of an application and evidence of identity, domicile, and citizenship documentation. Closure Too Soon Only in the following circumstances is it permissible: The reasons for the planned marriage After a girl child reaches the age of 18, she can apply with her age verification documents one month before or three months after her wedding. The amount in the SSA will be paid to the guardian of the girl child who dies and the death certificate is produced. If a girl child’s status changes, such as if she becomes a non-resident or a non-citizen of India, the case is deemed closed. The female kid or her guardian must notify the girl child or her guardian within one month of the status change. After 5 years, if the post office or bank determines that the operation or continuance of the SSA is causing excessive hardship to the female child (for example, the guardian’s death, the girl child’s medical reasons), the girl child or guardian may request that the SSA be closed prematurely.If the SSA is to be closed for any reason after the account is opened, it will be allowed, but the full deposit will only receive an interest rate applicable to post office savings banks. |
| Withdrawal | This is permissible for higher education reasons if the girl child has reached the age of 18 or has finished the 10th grade, and for meeting the actual fee or other costs required at the time of entrance. The maximum withdrawal is 50% of the balance in the SSA after the previous financial year. This can be paid in a single payment or five payments. The application for withdrawal must be accompanied by documentary verification in the form of a confirmed offer of admission in an educational institution or a fee slip. |
| Transfer of the SSA’s balance | The balance in the SSA can be transferred for free everywhere in India, including from and to post offices, banks, and post offices and banks. This can be done with proof of either the guardian’s or the girl child’s change of address. In all other cases, a charge of Rs 100 must be paid to make such a transfer. |
Steps to open Sukanya Samriddhi Yojana Account in the Bank
Applicants need to follow the below-given steps to open Sukanya Samriddhi Yojana Account in the bank:
- First of all, visit your nearest bank branch in which you want to open an account.
- Now from the concerned officials, collect the Sukanya Samriddhi Yojana Account form i.e., FORM SSA-1.
- Now, fill in the form with all the required details.
- After that, attach all the required documents with the form.
- Now, submit the application form to the concerned officials.
- After that, pay your first deposit in the form of a check, cash, or demand draft.
- The deposit amount must be from Rs.250 up to Rs.1.5 lakh.
- After successful form submission and payment, the bank will process your application and payment.
- Your SSY account will create once your application will process. This account will get passbook to indicate the beginning of the account.
Steps to fill the Sukanya Samriddhi Yojana Account in the Post Office
To fill the Sukanya Samriddhi Yojana Account in the Post Office
- First of all, visit your nearest Post Office branch in which you want to open an account.
- Now from the concerned officials, collect the Sukanya Samriddhi Yojana Account form i.e., FORM SSA-1.
- Now, fill in the form with all the required details.
- After that, attach all the required documents with the form like ID proof, Address proof, and other related documents.
- Now, submit the application form to the concerned officials.
- After that, pay your first deposit in the form of a check, cash, or demand draft.
- The deposit amount must be from Rs.250 up to Rs.1.5 lakh.
- After successful form submission and payment, the bank will process your application and payment.
- Your SSY account will create once your application is process. This account will get a passbook to indicate the beginning of the account.
- Now, fill in the nomination details.
- Now, if the applicant is illiterate, then get the signature of two witnesses.
- After that, add the date, place, and signature at the end of the nomination section to complete the process.
Sukanya Samriddhi Yojana 2022 Participating Bank
The participating banks for opening Sukanya Samriddhi Yojana Accountare given in the table below:
| S. No. | Bank Name |
| State Bank of India | |
| Bank of India | |
| Andhra Bank | |
| Allahabad Bank | |
| Punjab and Sind Bank | |
| Bank of Baroda | |
| Canara Bank | |
| Indian Overseas Bank | |
| Bank of Maharashtra | |
| UCO Bank | |
| Central Bank of India | |
| Corporation Bank | |
| Dena Bank | |
| Indian Bank | |
| United Bank of India | |
| IDBI Bank | |
| ICICI Bank | |
| Punjab National Bank | |
| Syndicate Bank | |
| Union Bank of India | |
| Oriental Bank of Commerce | |
| Axis Bank | |
| Vijaya Bank |