Sukanya Samriddhi Yojana: Benefits, 9.2% Interest, Features, Banks

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Sukanya Samriddhi Yojana Account

After the highly successful Pradhanmantri Jan Dhan Yojana which offered many benefits, Indian government in January 2015 launched Sukanya Samriddhi Account, a special small deposit savings scheme for a girl child. The main objective behind the launch of this scheme was to secure financial future of the girl. In India there is still belief that having a girl means financial burden (either marriage or education) and this scheme is an answer to all such people with this insane mentality.

Sukanya Samriddhi Account

Sukanya Samriddhi Account for Girl Child

Here are the details:

  • Eligibility: What should be the age of girl in order to open the account? This scheme is only for girls who are ten years or below. You can also open the account after she’s born provided birth certificate is produced. However you cannot open account for your girl child if she is more than 10 years old.
  • Interest Rate: 9.1% for the financial year 2014-2015. For 2015-2016, interest rate has been increased to 9.2%. Interest rate will keep on changing every year and Indian government will notify on the same. Check out maturity amount calculated @9.2% interest rate. Investing Rs. 1,50,000 will earn you Rs. 80,06,463.
  • Is the income earned taxable: The most important benefit of sukanya samriddhi yojana is that the investments and returns are exempt from section 80C of Indian income tax act. This was announced in the Union Budget on 28th Feb 2015.
  • Full Withdrawal: The scheme matures when the girl reaches 21 years of age. After this, full amount can be withdrawn.
  • Is partial withdrawal possible: Yes. Once a girl reaches 18 years of age, she can withdraw 50% of the amount. Condition is that the girl can opt for premature withdrawal only for her marriage or higher study.
  • Interest rate on early withdrawal: Interest rate at the time of premature withdrawal would be applied. Note that interest rates would keep changing every year and government would decide the rates similar to public provident fund.
  • Who can open the account: Natural parents or legal guardian on the behalf of girl child are authorized to open the account.
  • Initial deposit amount: Initially Rs. 1,000 has to be deposited.
  • For how many years deposit can be made: Till 14 years from the date of opening the account. You can see a simple interest rate calculation for this scheme where investing Rs.10,000 every year will get you Rs.5,26,051 on maturity.
  • Where to open: You can open Sukanya Samriddhi Yojana Account at any Indian government post office and notified commercial/PSU banks. Here’s the list of 28 banks to open this account. Select post office have already started to open Sukanya Samriddhi Yojna account. Check out detailed post on how to get this form.
  • What if parents have more than 1 girl child: In such a case, parents can open another account on the different name but only for 2 girl child. Only exception is that the parents have twins and another girl child.
  • Documents required to open the account: There is a minimal document requirement as follows for sukanya samriddhi account:
  1. Girl’s birth certificate
  2. Identification and address proof of parents/guardian
  • Minimum and Maximum Deposit: Minimum deposit is Rs. 1000  and maximum deposit is Rs. 1,50,000.
  • When to deposit money: Anytime between every financial year i.e. April-March. And any number of deposits can be made in a month/a financial year.
  • Mode of payment: Cash/Cheque/Demand draft. There is no online payment facility available.
  • What if deposit is not made in any particular year: Your account will lapse. And for revival of the account, you will have to pay a small penalty of Rs.50 from the scheme will not carry any tax.
  • When can a girl start operating the account: Once the girl reaches the age of 14 years, she can take full control of operating the account.
  • Transfer of account: It is possible anywhere in India and most importantly it can be transferred from one post office to another and from one bank to the other.
  • Passbook facility: This is also provided when account is opened. The passbook will contain details such as name and address, date of birth and account opening date and number.
  • Nomination facility: Not available.

See how the passbook looks, once account is opened.

Other details:

  • NRI’s cannot make investment in this post office small savings scheme
  • If anything happens to the parents and yearly contribution cannot be made then premature closure is possible. For this, request has to be made and death certificate has to be produced by visiting in person to the authority.
  • If the girl gets married before 21 years, the account will become non-operative.
  • If the girl child dies then account will be immediately closed and balance amount in the account will be given back to the guardian.

Download account opening form for this scheme. Also see detailed chart showing difference between public provident fund and sukanya samriddhi account.

Get yourself enrolled under PAHAL scheme and get LPG subsidy. This is the world’s largest direct benefit transfer scheme. Read more about the benefits of PAHAL scheme.

Have you opened account for your girl child? If yes, then please share experience in comment box below which will help visitors of this blog who want help in opening the account. Thank you in advance!

Do you know know that Prime Minister Jan Dhan Yojana (PMJDY) has set Guinness World Record. It’s our duty to ask every Indian with no bank account to open PMJDY account and avail benefits such as life cover and Rs.5,000 overdraft limit.

Be ready to get benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana and Suraksha Bima Yojana with cheapest insurance premium at Rs. 330 & Rs. 12 per annum. These two schemes were announced in the union budget for poor and underprivileged people of India on 28th Feb 2015.

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108 thoughts on “Sukanya Samriddhi Yojana: Benefits, 9.2% Interest, Features, Banks

  1. सुकन्या योजनेतून मुलीच्या शिक्षणाला सहाय्य होईल.

  2. if i pay 1000 rs per year up to 14 years of my chield, what will be the maturity amount at the time of she becomes 21 years age.

  3. बहुत अच्छी योजना है अगर इस योजना को आयकर की धारा 80 c के तहत इन्वेस्टमेंट की छूट दी जाये तो बहुत अच्छा प्रतिसाद मिलेगा और बेटी बचाओ बेटी पढ़ाओ अभियान सफल होगा

  4. Sir,

    My Female baby 3yrs old, can i open this account (Sukanya Samriddhi Yojana) and what document needs.

    Regards,

    Mallikarjun S Doddamani

  5. मेरी नजर में ये बहुत अच्छी योजना है। मेरी आप सभी से अनुरोध है कि जिनकी बेटी की आयु अभी १० वरष से कम है वो सुकनया समृधी योजना जरूर खुलवायें।

  6. इसमें नया क्या है 9.1% लगभग सामान्य खातों पर भी मिल रहा है

  7. हि योजना खूप छान आहे परंतु पोस्ट ऑफिस म्हधे फॉर्म मिळत नाही

  8. इससे भी अच्छी योजनाएं बैंकों में पहले से ही है।

  9. i want 12000 thousend invest par year.what will be maturaty after 21 years’ now my doughter 3 years old

  10. Sir what will be the maturity amount after 21 years if we invest 12,000 per year .Now my daughter is 5 months old.

  11. Sir, pita ke na rahne par kya beti ko jama rashi uplabdha ho jayegi athwa nahin. aur rashi maturity par milegi ya turant mil jayegi kyounki rashi ka bhugtan hona band ho jayega.

  12. Its a beautiful scheme to invest in. It life goal of kid education for a conservative investor.
    Benifits of Sukanya Samriddhi Yojana
    1. You get Tax exemption under 80C section upto 1.5 lacs
    2. Better interest rate than FDs/ PF
    3. Transferable Anywhere in India.
    4. Even Girl Child can operate after she attains the Age of 10 Year.
    5. Payment on maturity to girl child.
    6. Flexible deposits.
    7. Complete your life goal of kid’s education.

    Cons of Sukanya Samriddhi Yojana
    1. High Lock in Period
    2. Limitation on number of Account
    3. Scheme do not provide for online transfer of Amount in this account. It allows only payment by Cash, Cheque and Demand Draft.
    4. No Clarity on Future Interest Rate for this account.

    Thanks
    Moneyfrog.in

  13. M nri ho orr mear bati 9 saal ki ha orr hum indian se he ha kya m yy wala account open kar sati ho kya orr m 24000 per years do tho mear bati 21 saal ki ho jagi tho fri uska hum ko kintna ammount milga

  14. I am confused here that 1000 rs. needs to be diposit monthy or yearly.
    I mean can a poor person can start with this only 1000 rs. per year or not.

    Your quick resoponse is awiated.
    Thanks in Advance.

  15. When my daughter is 18 years of age. Is it possible for me to stop her from withdrawing money without my consent. For ex. Will she need my signature to wiithdraw money after she is 18 years.???? or she can withdraw at will for marriage or higher studies?

    Thanks!

  16. Dear Sir,
    kya aisa possible hai ki mai random amount deposit karu account me. jaise ki ek month me maine 10000/- deposit kiya aur next month me 5000/- kiya aur uske next month me 15000/- deposit kiya.

  17. 1.There are two types of account. One is PM SSA and other is SSA but rate of interest is differ 0.01% why. Although both are almost same.
    2.On going to open a SSA at H.P.O at Karimganj District of Assam I have been insisted by the official of H.P.O to submit PP size photo two copies each of girl child & parents wherein no such instruction is seen in the web browser. Reply please.

  18. SIR ABHI LADKI KI AGE 7 YEAR OLD HAI AGAR HAM PER YEAR 12000/– RUPAY JAMA KARATAY HAI TO 21 YEAR BAD LADKI KO KITNA DHAN MILEGA. PLS REPLY

  19. Sir ma Distt- Amroha (U.P) sa hu. Hamar yaha par sukanya dhan yogana ka bara ma kishi bhi banks ya P.O ma koi shuchana nahi ha.kaya ya U.P ma lagu nahi ha.
    Sir is bara ma kus bataya

  20. What if girl get married at 18 ? It is said that account becomes inoperable if girl get married before 21…she will get money due at that time with interest , right?

  21. sir, meri beti abhi 4 year ki hai agar me 1000 per month diposit karungi to 14 sal me kitani amount hogi or govt. 9.2% intrest 14 sal tak dega kay.

    • Dear Dhanashri, you will get Rs. 6,40,517 on maturity provided 1000 is deposited every month. And 9.2% is for the year 2015-2016. And this may remain the same or revised by the Indian government every year.

  22. sir mujhe aap se jankari chahiye apni beti ka sukanya yojana post office me chalu kiya hoo usne bataya ki byaj 9.2% milega aur salana 12000 jama karna hai 14 sal tk
    aur 21 sal me nikalega

    to sir mujhe 21 saal me kitna rupya milaga please sir bataye

  23. मैंने दोस्तों से सुना इस योजना के बारे में,इतनी अच्छी लगी कि अगर 21वर्ष तक चल जाय तो ग़रीब कि बेटी भी अपना भबिस्य बना सकती है। जय हो नमो नमो।

  24. Sir me apni beti k liye ek a/c kholna chahta hu.2din phle hi uska jnam hua h….plz is bare me document or amount sambandhit jruri jankari de or.medical or education facility k kya yojna h uske bare me samjhaye.thank you

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