Sukanya samridhi yojana malayalam

Sukanya Samriddhi Yojana: A Comprehensive Guide

Sukanya Samriddhi Yojana is a government-backed small savings scheme in India aimed at the welfare of girl children. It is a part of the Beti Bachao, Beti Padhao campaign and encourages parents to secure their daughter's future by opening an account in their name. The scheme offers a higher interest rate than most other savings schemes, and the account matures after 21 years from the date of opening or when the girl child marries after attaining the age of 18.

To be eligible for the scheme, the girl child must be below ten years of age at the time of account opening. The account can be opened by parents or legal guardians, and only one account is allowed per girl child. The minimum deposit amount is Rs. 250, and the maximum deposit amount is Rs. 1.5 lakhs per annum. The account can be opened in any post office in India or authorized bank branch.

The interest rate for Sukanya Samriddhi Yojana is revised by the government every quarter and is currently set at 7.6% per annum. The interest is compounded annually and credited to the account at the end of each financial year. The scheme also offers tax benefits under Section 80C of the Income Tax Act, 1961. The account can be operated by the parent or guardian until the girl child attains the age of 18 years.


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Key Takeaways

  • Sukanya Samriddhi Yojana is a government-backed small savings scheme for the welfare of girl children in India.
  • The scheme offers a higher interest rate than most savings schemes, and the account matures after 21 years from the date of opening or when the girl child marries after attaining the age of 18.
  • The account can be opened by parents or legal guardians, and only one account is allowed per girl child. This SSY scheme provides tax benefits under Section 80C of the Income Tax Act, 1961.

Overview of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a deposit scheme launched by the Government of India in January 2015. The scheme was launched under the "Beti Bachao, Beti Padhao" (Save the Girl Child, Educate the Girl Child) campaign. The scheme is aimed at promoting the welfare of girl children and ensuring their financial security.

The scheme provides a fixed interest rate and tax benefits to the account holder. The interest rate is reviewed and revised by the government periodically. Currently, the interest rate is 7.6% per annum.

The scheme can be opened by the parents or legal guardians of a girl child who is below the age of 10 years. The account can be opened by a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh per annum. You can open the account at any post office or a recognized bank.

The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier. The account can be closed prematurely after the girl child attains the age of 18 years, subject to certain conditions.

The scheme gives tax benefits under Section 80C of the Income Tax Act, 1961. The contributions made to the scheme are eligible for a deduction of up to Rs. 1.5 lakh per annum. The interest earned and the maturity amount are tax-free.

Overall, Sukanya Samriddhi Yojana is a commendable initiative by the Indian government aimed at securing the financial future of girl children. The scheme provides a safe and secure investment option for parents and legal guardians to ensure the financial stability of their girl child.

Eligibility Criteria

Age Limit

The Sukanya Samriddhi Yojana is a savings scheme that is exclusively designed for the girl child. The account can be opened at any time after the birth of a girl child until she turns ten years old. Therefore, the girl child must be under the age of ten years to be eligible for the scheme.

Residential Status

The scheme is available to all Indian residents. A girl child who is an Indian citizen can open an account under the Sukanya Samriddhi Yojana. Non-resident Indians (NRIs) are not eligible to open an account under this scheme.

It is important to note that only one account can be opened per girl child, and a family can open a maximum of two accounts for two different girl children. The minimum deposit required to open an account is Rs. 250, and the maximum deposit allowed per year is Rs. 1.5 lakh.

The money you initially deposit, the interest you accumulate over time, and the benefits you receive at maturity are all free from taxation. Therefore, the scheme is an affordable option when it comes to saving up money for the future of a girl child.

According to the Sukanya Samriddhi Yojana (SSY) Scheme search results, the interest rate for the year 2024 is not yet announced. However, the interest rate for the year 2023 was 8%. The scheme has a maturity period of 21 years, which means that the account will mature when the girl child turns 21 years old.

In conclusion, the Sukanya Samriddhi Yojana is a great investment option for parents who want to secure the future of their girl child. The eligibility criteria are straightforward and easy to understand. By investing in this scheme, parents can ensure that their girl child has a bright future ahead.

Account Opening Procedure

Required Documents

To open a Sukanya Samriddhi Yojana account, the following documents are required:

  • SSY Account opening form
  • Beneficiary's birth certificate
  • Identity proof of the parent/guardian who will be operating the account
  • Address proof of the parent/guardian who will be operating the account

Steps to Open an Account

There are two ways to open a Sukanya Samriddhi Yojana account: online and offline. Here are the steps for both methods:

Online

  1. Log in to your net banking facility and select the option to open a Sukanya Samriddhi Yojana account.
  2. Complete the necessary information, upload the required documents, submit the application, and initiate the process by making the initial deposit.
  3. Submit the application and make the initial deposit.

Offline

  1. Visit the nearest branch of an authorised bank or post office.
  2. Complete the Sukanya Samriddhi account form by providing the necessary details.
  3. Provide the necessary documents, including the beneficiary's birth certificate, identity proof, and address proof of the parent/guardian.
  4. Make the initial deposit.

It is important to note that only one account is allowed per girl child, and the account can only be opened by a parent or legal guardian of the girl child. The girl child must be below the age of 10 years at the time of account opening.

Deposit Rules

Minimum and Maximum Contribution

The minimum deposit amount for opening an SSY account is ₹250, and thereafter, in multiples of ₹50. The maximum contribution allowed in a financial year is ₹1,50,000. A parent or legal guardian can make deposits on behalf of the girl child until she reaches the age of 18. After that, the girl child can make deposits on her own.

Modes of Deposit

You can deposit funds through cash, cheque, demand draft, or online transfer. It is important to note that the deposit should be made in the name of the girl child and not in the name of the parent or legal guardian. The deposit slip should mention the name and account number of the girl child.

Moreover, it is advisable to make the deposit before the 10th of every month to avoid any penalty charges. It is also important to keep a record of all the deposits made towards the SSY account.

In case the annual contribution limit of ₹1,50,000 is exceeded, the excess amount will not earn any interest. The excess amount can be withdrawn by the account holder after the completion of the lock-in period of 5 years. However, such withdrawals will be subject to a penalty of 1% per annum on the excess amount.

It is recommended to make regular contributions towards the SSY account to ensure that the girl child receives maximum benefits from the scheme.

Sukanya Samriddhi Yojana Interest Rate and Calculation

Current Interest Rate

As of January 2024, the current interest rate for Sukanya Samriddhi Yojana is 8.2%. The interest rate is reviewed and revised by the government on a quarterly basis. The rate of interest for the second quarter of the financial year 2023-2024, i.e. from 1 July 2023 to 30 September 2023, was 8% p.a.

To determine the returns on investment, one can use the Sukanya Samriddhi Yojana calculator. The calculator requires the invested amount and tenure to calculate the returns. It is important to check if the eligibility criteria of the scheme is fulfilled before using the calculator.

Interest Compounding

The interest on Sukanya Samriddhi Yojana is compounded annually. The formula for calculating the compound interest is:

A = P (1 + r/n) ^ nt

Where A is the compound interest, P is the principal amount, r is the rate of interest, n is the number of times the interest compounds in a year, and t is the tenure in years.

It is important to note that the interest is calculated on the lowest balance between the 10th and the last day of the month. The interest earned is tax-free and the scheme offers a higher rate of interest compared to other fixed-income schemes.

Tax Benefits

Sukanya Samriddhi Yojana offers tax benefits to its account holders. Here are some of the tax benefits of this scheme:

Tax Deductions

Investments made in Sukanya Samriddhi Yojana accounts are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The maximum amount eligible for tax deduction is Rs. 1.5 lakh per annum. This means that if an account holder invests Rs. 1.5 lakh in a financial year, he or she can claim the entire amount as a tax deduction.

Tax-Free Returns

The returns earned on the investment made in Sukanya Samriddhi Yojana accounts are tax-free. This means that the interest earned on the investment is not subject to any tax. The interest rate offered on the scheme is 8% per annum, which is higher than most other government schemes.

No Tax on Maturity Amount

The maturity amount of Sukanya Samriddhi Yojana accounts is tax-free. This means that the amount received on maturity is not subject to any tax. The maturity period of the scheme is 21 years from the date of opening the account or until the marriage of the account holder, whichever is earlier.

Conclusion

Sukanya Samriddhi Yojana is a great investment option for parents who want to secure the future of their daughters. The scheme offers attractive interest rates and tax benefits, making it a popular choice among investors.

Account Operation

Account Management

The Sukanya Samriddhi Yojana (SSY) account can be opened by the parents or legal guardians of a girl child below the age of 10. You have the option to open the account at designated banks or post offices. The account can be operated by the parents or legal guardians of the girl child until the account holder reaches the age of 18.

It is important to note that only one account can be opened per girl child. In case of twins or triplets, a maximum of two accounts can be opened. The account can be transferred to any part of India if the girl child shifts to a new location.

Withdrawal Rules

Withdrawals from the SSY account can be made only after the account holder reaches the age of 18. The account holder can withdraw up to 50% of the balance in the account after she reaches the age of 18 for the purpose of higher education or marriage. The withdrawal can be made only if the account holder provides proof of admission to a recognized educational institution or proof of marriage.

The remaining balance in the account will continue to earn interest until the account is closed. The account can be closed after the account holder reaches the age of 21. If the account is not closed after the account holder reaches the age of 21, the account will continue to earn interest at the prevailing rate until it is closed.

It is important to note that premature closure of the account is allowed only in case of the death of the account holder. In such cases, the balance in the account will be paid to the legal heirs of the account holder.

Maturity and Closure

Sukanya Samriddhi Yojana is a long-term savings scheme for the benefit of the girl child. The scheme has a maturity period of 21 years from the date of opening the account. The account will mature once the girl child or the account holder reaches 21 years of age. At maturity, the account holder will receive the total amount deposited along with the accrued interest.

Maturity Period

The maturity period of the Sukanya Samriddhi Yojana account is 21 years from the date of opening the account. The account will automatically mature once the girl child or the account holder reaches 21 years of age. Upon maturity, the account holder can withdraw the entire amount along with the accrued interest.

Premature Closure Conditions

The Sukanya Samriddhi Yojana account can be closed prematurely under certain conditions. The account can be closed before maturity in the following cases:

  • Marriage of the account holder: In case the account holder gets married before the maturity of the account, the account can be closed. However, the account holder needs to provide proof of marriage and age at the time of marriage.
  • Death of the account holder: In case of the unfortunate demise of the account holder, the account can be closed. The account balance along with the accrued interest will be paid to the nominee or legal heir.
  • Financial hardship: The account can be closed prematurely in case of financial hardship faced by the account holder or the guardian. However, the account holder needs to provide valid reasons for the same.

It is important to note that premature closure of the account will attract a penalty of 1.5% on the interest rate applicable at the time of opening the account. Therefore, it is advisable to keep the account active till maturity to avail the maximum benefits of the scheme.

To conclude, Sukanya Samriddhi Yojana stands out as a beneficial savings scheme designed for the well-being and financial security of the girl child. The scheme has a long maturity period of 21 years, and premature closure is allowed under certain conditions. It is important to keep the account active till maturity to avail the maximum benefits of the scheme.

Transfer of Account

Transferring a Sukanya Samriddhi Yojana account is a simple process. The account can be transferred from one bank to another or from the post office to a bank. The account holder must visit the post office or bank where their primary account is held to initiate the transfer process.

To transfer the account, the account holder must submit an SSY transfer request. The request can be submitted at the nearest post office or bank where the account is held. The account holder must mention the address of the bank where they wish to transfer the account.

If the account is already opened in any post office, it can be transferred to any other branch of the account holder's choice. The presence of the girl child at the branch is not required, unless she is personally handling the accounts.

It is important to note that the account can only be transferred within the country. Typically, the transfer process takes a few days to be finalized. Once the transfer is complete, the account holder will receive a confirmation from the bank or post office where the account is transferred.

In case the account holder wishes to transfer the account to ICICI Bank, they can do so by submitting the SSY Transfer Request at the existing bank or post office. The transfer process is simple and hassle-free.

Overall, transferring a Sukanya Samriddhi Yojana account is a straightforward process that can be completed easily. The account holder must ensure that they follow the necessary steps and provide accurate information to avoid any delays in the transfer process.

Frequently Asked Questions

What are the Participating Banks Offering the Sukanya Samriddhi Account?

The Sukanya Samriddhi Yojana account is offered by most public and private sector banks in India. Some of the participating banks include State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), and Canara Bank. It is advisable to check with the bank of your choice to confirm their participation in the scheme.

Can the Sukanya Samriddhi Account be Opened and Managed at a Post Office?

Yes, the Sukanya Samriddhi account can be opened and managed at a post office. The post office savings scheme offers the same interest rate and tax benefits as the scheme offered by banks.

What is the Current Interest Rate for the Sukanya Samriddhi Scheme?

As of January 2024, the Sukanya Samriddhi Yojana scheme offers an interest rate of 8% per annum. The interest rate is reviewed and revised by the government every quarter.

How Can One Calculate the Future Maturity Amount of a Sukanya Samriddhi Account?

The future maturity amount of a Sukanya Samriddhi account can be calculated using the formula:

M = P*(1+i)^n-1/i

where M is the maturity amount, P is the principal amount, i is the interest rate, and n is the number of years for which the account has been active.

What are the Essential Details One Should Know Before Opening a Sukanya Samriddhi Account?

Before opening a Sukanya Samriddhi account, it is essential to know that the account can be opened for a girl child below the age of 10 years. The parent or legal guardian of the girl child is eligible to open the account. The minimum deposit amount is Rs. 250, and the maximum deposit amount allowed is Rs. 1.5 lakh per annum. The account matures either after 21 years from the date of opening or when the girl child gets married after reaching the age of 18 years.

Up to What Age Can a Sukanya Samriddhi Account be Opened for a Girl Child?

A Sukanya Samriddhi account can be opened for a girl child below the age of 10 years. However, if the account is opened before the girl child turns 10, deposits can be made until the completion of 15 years from the date of opening the account.

Important links

SSY Application form :  SSY form 
SSY Calculator :  SSY Calculator

Watch Malayalam video explaining about Sukanya samridhi yojana. Video is taken from our YouTube channel share market Malayalam by Muhammad Riyas.


We have discussed other investment methods for your child in this post -  Savings for Child's Education and Marriage in India.

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