What Is Sukanya Samriddhi Yojana?

It is a scheme which aims at the betterment of girl child in the country. The scheme has been launched to offer a means of saving the female child in each and every family. The tenure of the scheme is 21 years, which starts from the day of the opening of the account or till the girl is getting married after attaining the age of 18 years.

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Sukanya Samriddhi Yojana Information

This scheme was launched by the Prime Minister of India, Narendra Modi under the campaign of ‘BETI BACHAO BETI PADHAO’, aiming to secure the future of all the girls in the country. The main benefits of this scheme are:

  1. The interest rate was reduced from 8.4% to 7.6%.
  2. The account can be transferred easily.
  3. Tax benefits up to Rs. 1.5 lakh.

The important features of this scheme are mentioned in the table below:

Rate of Interest 7.60% per annum
Amount of Investment Minimum – Rs. 250/-

Maximum- Rs. 1.5 lakh

Amount of Maturity Depends on the amount invested
Maturity Period 21 years

The investments made in this scheme can either be used for a girl’s education or her marriage. This account can be opened easily in port offices or in banks as well. Under Section- 80 C of the Income Tax Act, 1961, the tax benefits of up to Rs. 1.5 lakh are provided for all the contributions made in this scheme.

Sukanya Samriddhi Yojana Interest Rates

The interest rates of this scheme were reduced from 8.4% to 7.6% for the benefit of the people and it is compounded on a yearly basis. The interest is not payable as the duration of the scheme is completed or if the girl becomes a non-resident of India. The interest rate is decided by the government. It is determined on a quarterly basis.

The Interest Rates that are offered in this scheme are mentioned below:

Duration Rate of interest (%)
April 2020 onwards 7.6
1 January 2019 – 31 March 2019 8.5
1 October 2018 – 31 December 2018 8.5
1 July 2018 – 30 September 2018 8.1
1 April 2018 – 30 June 2018 8.1
1 January 2018 – 31 March 2018 8.1
1 July 2017 – 31 December 2017 8.3
1 October 2016 – 31 December 2016 8.5
1 July 2016 – 30 September 2016 8.6
1 April 2016 – 30 June 2016 8.6
From 1 April 2015 9.2
From 1 April 2014 9.1

What is the Sukanya Samriddhi Yojana Account?

SSY membership is a federal government of India-backed tiny first deposit scheme for the girl child. The SSY account is exposed anytime after the beginning of the girl child until she becomes 10 years aged. You might open up the SSY profile in the post office or any side of the retail financial institution. You may open the Sukanya Samriddhi Yojana membership through a minimal initial deposit of merely Rs 250. The maximum amount deposited in the SSY membership is Rs 1.5 lakh per financial 12 months. The SSY account is established with the name of the child, giving them a vivid foreseeable future. You may use the cash for higher education or the nuptials expenses of a girl child.

The SSY profile is operative for the next 21 years from opening the account or until the girl child’s matrimony after 18. After that, you might make limited withdrawals up to 50per cent associated with balance quantity for degree expenses regarding the girl. The SSY profile also provides an interest of 7.6per cent p.a. for the July to September quarter of 2021.

What is the Sukanya Samriddhi Yojana Calculator?

sukanya samriddhi yojana calculator

The Sukanya Samriddhi Yojana Calculator is a less time-consuming tool that calculates the interest earned and the maturity amount in the SSY membership. Therefore, if we fulfil the qualifications requirements for the SSY profile, we can utilize the calculator and figure out the maturity value of your investment. The SSY Calculator includes a formula container, for which you need to enter the amount of the first deposit, the age of the girl child up to 10 years, and mention the starting year of this expense. The calculator then shows the total maturity amount.

The formula of the SSY Calculator

You need to enter the number of first deposits, age of your girl child, together with the year in which you get started on the investment. Then, the SSY calculator will reveal the attention received in the financial investment and the whole amount.

Let’s utilize the exact formula:

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

P = original Deposit r = Rate of interest, n = number of years the interest ingredients, t = Number of years, a = Amount at maturity.

As an example, you deposit Rs 1,50,000 every year for 15 years in the SSY membership. The SSY profile offers an interest of 7.6per cent p.a.

How to use SSY Calculators?

The SSY Calculator demonstrates the interest you’ve earned and the maturity amount in the SSY profile. To use the SSY Calculator:

  • First, you need to enter the deposit amount up to Rs 1.5 lakh a year.
  • Then you have to enter the age of your girl child in the order of years. The maximum age for the same is 10 years.
  • Finally, utilize the slider and choose the financial investment starting year.
  • You then choose the length of time regarding the investment.
  • The SSY Calculator shows you the age of a girl child during the maturity of the SSY profile. Additionally explains the readiness of 12 months associated with the investment, the interest generated, and the maturity amount.

Advantages of using Sukanya Samriddhi Yojana Calculator

  • The SSY Calculator reveals the interest you’ve got and earned plus the maturity amount in the SSY membership in seconds.
  • The SSY account is a wonderful expense to save income tax. Additionally, it supplies among the best interest rates among fixed-income opportunities. Finally, the SSY Calculator demonstrates how the SSY profile may help you accomplish your economic desired goals, including a daughter’s matrimony and higher education.
  • You might use the SSY Calculator to determine the amount you have to spend for a girl child’s training and marriage.
  • The SSY Calculator can be an easy-to-use calculator. It might be used from the comfort of your home or everywhere.

Documents Required To Open An Sukanya Samriddhi Yojana Account

If you want to open an SSY account, the following documents are mandatory:

  • Account opening form.
  • Birth certificate of the girl
  • ID Proof and address proof of the depositor
  • Medical certificate if multiple children are born under on order of birth
  • Other documents requested by the post office or bank

Banks That Offer Sukanya Samriddhi Yojana Account

If you want to avail of the benefits of this scheme, you can visit any of the banks mentioned below and open an account:

  • State Bank of India
  • United Bank of India
  • UCO Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Andhra Bank


What are the advantages of the Sukanya Yojana?

Contributions to the Sukanya Samriddhi Yojana for your daughter’s future are tax-deductible under Section 80C of the Income Tax Act of 1961. As a result, you can claim tax benefits up to Rs 1.5 lakh invested in the plan.

Why is the Sukanya Samriddhi Yojana bad?

Another concern is that the entire SSY corpus is locked in till the girl becomes 18 years old. Even yet, only up to 50% of the investment amount can be withdrawn for educational purposes. As a result, liquidity is a concern.

Can we get a loan under the Sukanya Samriddhi Yojana?

According to the current laws and regulations, no loans may be taken against this policy. Any money put into the account cannot be used as collateral for a loan.

✅ Can I withdraw money from my account if it is premature?

No, you cannot but only a partial withdrawal of up to 50% can be withdrawn if the girl has attained 18 years of age.