Sukanya Samriddhi Yojana Details | Application Form | Eligibility, Interest Rate, Benefits
Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.
Sukanya Samriddhi Yojana Deatils | Application Form | Eligibility, Interest Rate, Benefits
As of 1st July 2019, SSY accounts offer 8.4% rate of interest. A Sukanya Samriddhi Yojana calculator can help you determine the returns you receive as per the invested amount and tenure.  

Here’s the eligibility criteria for opening a Sukanya Samriddhi Yojana Account:
  • Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
  • The girl child should be less than 10 years at the time of account opening. 
  • The account can be operational till the girl reaches the age of 21 years.
  • The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.
  • A single girl child cannot have multiple Sukanya Samridhhi accounts.
  • Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.
invest in Sukanya Samrudhi Yojana or PPF for your daughter's future. If you invest till July 30, you will get the benefit of tax exemption.
The PPF account is earning 7.1 per cent interest
Sukanya Samrudhi Yojana is earning 7.6 per cent interest per annum
It is the responsibility of all parents to make their children's future bright. It is necessary to invest in the right place keeping in view the expenses incurred on the marriage or study of the children. If you want to invest for your daughter in a place where your money is safe and you also get the benefit of tax exemption, you can invest in Sukanya Samrudhi Yojana or Public Provident Fund (PPF). Today we are telling you about both these schemes so that you can invest in the right place according to your need.

Special matters connected with Sukanya Samrudhi Yojana
  • The scheme can be opened anywhere in a bank or post office. Sukanya Samrudhi Yojana is currently earning 7.6 per cent annual interest.
  • An account can be opened for only Rs 250. Under Sukanya Samrudhi Yojana, you can open an account before the age of 10 after the birth of a child.
  • The account will mature after the girl turns 21 or the girl gets married and you will get all the money including interest.
  • The account can be closed up to 5 years after opening. This can happen in many cases, such as due to a serious illness or the account being closed for any other reason, it can be allowed, but on an interest saving account basis. Will get
  • The Sukanya Samrudhi Yojana account can be used to withdraw up to 50 per cent of the cost of higher education for a child after the age of 18.
  • In order to open an account, it is necessary to give the birth certificate of the child. In addition, proof of identity and address of the child and parents has to be given.
  • This account can be transferred anywhere in the country. But the account holder has moved from the original place of account opening to another place. You do not have to pay any fees for it.
  • If the account is being closed before the completion of 21 years, the account holder has to give an affidavit that at the time of closing the account, he is not less than 18 years of age.
  • Under Sukanya Samrudhi Yojana in the current financial year, up to Rs 1.5 lakh can be invested in this account in a year.
  • The benefit of tax exemption under Section 80C of the Income Tax Act can be availed on investing money under Sukanya Samrudhi Yojana.

Special things about PPF
  • The scheme can be opened anywhere in a bank or post office. It can also be transferred to any bank or any post office.
  • It can be opened for only Rs 100, but then a deposit of Rs 500 is required once a year. A maximum of Rs 1.5 lakh can be deposited in this account every year.
  • The scheme is for 15 years, which cannot be stopped in between. But it can be extended for 5-5 years after 15 years.
  • It cannot be closed before 15 years, but after 3 years you can take a loan instead of this account. If anyone wants, he can withdraw money from this account from the 7th year under the rules.
  • The government reviews interest rates every three months. Interest rates can be higher or lower. The account is currently earning 7.1 per cent interest.
  • The benefit of tax exemption under 80C can be availed by investing Rs 1.5 lakh in these schemes.
  • Where to invest?
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How to invest in the Sukanya Samriddhi Yojana
You can invest in this scheme through your nearby post office or designated branches of participating public and private banks. You will need to submit KYC documents like Passport, Aadhaar Card, etc. along with the required form and initial deposit by cheque/draft. This wide reach is designed to help ensure success of the Beti Bachao, Beti Padhao Yojana.

Sukanya Samriddhi Yojana (SSY) Application Form
The Sukanya Samriddhi Yojana (SSY) Application Form for new account can be obtained by visiting a nearby post office or participating public/private sector bank. Alternately, you can also download the SSY New Account Application Form from the RBI website.

How to Download SSY Application Form Online
Sukanya Samriddhi Yojana Account Application form can be downloaded from various sources such as:
  • The Reserve Bank of India Website
  • The India Post Website
  • Individual websites of public sector banks (SBI, PNB, BoB, etc.)
  • The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank and HDFC Bank)
  • While there are multiple sources for downloading the SSY application form, the fields in the form will be the same regardless of source.
How to fill SSY Application Form
  • The SSY Application Form requires applicants to provide some key data regarding the girl child in whose name the investment will be made under the Beti Bachao, Beti Padhao Yojana. Details of the parent/guardian who will be opening the account/making deposits on her behalf are also required. The following are the key fields that are featured in the SSY Application Form:
  • Name of Girl Child (Primary Account Holder)
  • Name of Parent/Guardian opening the account (Joint Holder)
  • Initial deposit amount
  • Cheque/DD Number and Date (used for initial deposit)
  • Date of Birth of girl child
  • Birth Certificate details of primary account holder (Certificate number, date of issue, etc.)
  • ID Details of Parent/Guardian (Driving License, Aadhaar, etc.)
  • Present and Permanent Address (as per ID document of parent/guardian)
  • Details of any other KYC Documents (PAN, Voter ID card, etc.)
  • Once the above details have been filled out, the form needs to be signed and submitted with the account opening authority (Post office/Bank Branch) along with copies of all applicable documents.
How to Check Your SSY Account Balance
If your account is maintained with a participating bank branch, account balance can be checked easily through internet banking or mobile banking. You do however need to ensure that this account is linked to your existing net banking account for easy access to account records. This option of online balance check for SSY accounts held with participating banks is in addition to the passbook update option by physically visiting the bank branch.

If you have opened your SSY account at an India Post Office, there is currently no way to check the balance in the account online. You will have to visit the post office branch to get your passbook updated in order to perform a balance check. 

Income tax can be avoided by investing in both the places. In addition, both schemes have their own merits and demerits. If your daughter is less than 10 years old then it would be appropriate to invest in Sukanya Samrudhi Yojana as here you will get more interest than PPF. Also, if your daughter is over 10 years old, you can invest in PPF.

FAQs
Q: Can I take a loan against the balance in the SSY account?
Ans: No. The facility of loan against SSY account balance is not currently available. You can avail the option of loan against PPF instead.

Q: Is premature closure of the Sukanya Samriddhi Yojana Account allowed?
Ans: Yes. Premature closure of the Sukanya account is allowed in certain cases. This may include compassionate grounds due to terminal illness, unexpected demise of the primary account holder, etc. However, the decision to allow such closure is on a case by case basis.

Q: Can I continue investing in SSY if my daughter and I move to another country?
Ans: The SSY account will have to be closed if the girl child becomes an NRI or loses her Indian citizenship.

Q: What is the penalty if I miss my SSY account minimum annual payment?
Ans: There will be a penalty of Rs.50 if minimum amount of Rs. 250 is not deposited in the account during a financial year.

Q: Is there tax on SSY account interest?
Ans: No. SSY is a completely exempt (EEE) investment hence the principal amount invested, the interest earned as well as the maturity amount are all tax exempt.