Sukanya Samridhi Yojana: SSY Account! Know investment, returns, interest rate, income tax benefit, eligibility, withdrawal facility and more

Sukanya Samriddhi Yojana is a Central Government-backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for future expenses for their female child. It offers a high-interest rate of 7.6 per cent and tax benefits under 80C. 

Deposit Amount

The account may be opened with a minimum initial deposit of Rs 250 in a financial year in one account. The total amount deposited in an account shall not exceed Rs 150,000 in a financial year. The deposits can be made in the account till the completion of a period of 15 years from the date of opening of the account.

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An account in which the minimum amount as specified has not been deposited shall be considered as an account under default. Provided that an account under default may be regularised any time till completion of a period of 15 years from the date of opening of an account on payment of a penalty of Rs 50 for each year of default, along with the minimum annual deposit in respect of the defaulted years. 

In case of an account under default, if not regularised within the time specified then the whole deposit, including the deposits made prior to the date of default, shall be eligible for interest at the rate applicable to the Scheme till the closure of the account. 

Deposits in an account can be made till the completion of 14 years, from the date of opening of the account.  

The account will be matured on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage. Passbooks will be issued to customers. 

Withdrawal Facility 

To meet the financial requirements of the account holder for the purpose of higher education and marriage, the account holder can avail partial withdrawal facility after attaining 18 years of age. 

If the beneficiary is married before the maturity of the account, the account has to be closed. 

Eligibility  

The account can be opened by the natural or legal guardian for a girl child of age below 10 years. A depositor can open and operate only one account in the name of a girl child under the scheme rules. The natural or legal guardians of a girl child are allowed to open the account for two girl children only.