All you need to know about Sukanya Samriddhi Yojana

Written on Thursday, October 29, 2015
By Vishwajeet Parashar- Senior VP & Group Head - Marketing, Bajaj Capital Ltd.

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Sukanya Samriddhi Yojana is a scheme by government of India and is meant only for parents/legal guardians of girl child less than 10 years old. One can open Sukanya Samriddhi accounts only for two girl children. The account can be opened in post offices or scheduled commercial banks with a minimum investment of Rs 1,000 a year. Thereafter, one can invest any sum in multiples of Rs 100. One is allowed to invest a maximum of Rs 1.5 lakh a year irrespective of the number of accounts.


The money in the account can be fully withdrawn only after the girl turns 21. However, an account holder can withdraw up to 50 per cent amount at the end of the previous financial year for the purpose of the girl's higher education or marriage after she turns 18. If the money is not withdrawn even after the girl turns 21, it will continue to earn interest. In order to ensure that people from all sections of society benefit from the scheme, the government has allowed cash deposits.


Procedure of Sukanya Samriddhi Yojana


-Account can be opened in the name of child till she attains the age of 10 years.

-Only one account can be opened in the name of child.

-Account can be opened in post offices and also at the notified branches of commercial banks.

-It is mandatory to produce the birth certificate of child at the time of account opening.

-One can start with a minimum contribution of Rs. 1000 and thereafter any amount in multiples of Rs. 100.

-In a financial year you need to deposit a minimum of Rs. 1000.

-Interest is calculated annually and the rate may vary as per government notifications.

-You can deposit a maximum of 1.5 Lakh in a financial year.

-50% of the amount can be withdrawn for education or marriage when the child attains a age of 18 years.

-Account can be easily migrated to any post office or bank in India.

-You can withdraw the entire amount on maturity i.e 21 years from the date of opening.


How it scores over PPF


The revision in interest rate for Sukanya Samriddhi Yojna has made it even more lucrative investment option for your daughter’s future.  Now SSY offers 9.2 percent annually and is more attractive than PPF scheme that offers 8.7 percent. If we talk about the tax saving option, both are equally good as they offer tax free returns.  

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