Under the Beti Padhao, Beti Bachao Yojana, the central government launched the Sukanya Samriddhi Yojana. SSY was started so that girls born in economically weak families do not have to face economic crisis in future.
Sukanya is a small savings scheme, which is operated for a long period. In Sukanya Yojana, parents invest in the name of their daughters. They can also get income tax exemption on investment in SSY. Along with this, a big fund is collected in the name of daughters. In Sukanya Samriddhi Yojana, investment is made before the daughters complete 10 years of age.
Sukanya Samriddhi Yojana
Under this scheme, parents or guardians open an account in the name of the girl child. So that they can get financial help for their marriage or higher education. It is necessary to invest at least 15 years in the account opened under Sukanya Samriddhi Yojana. Interest is being given at the rate of 7.6% for the financial year 2022-23 on the investment made in the account. If investors invest Rs 1.5 lakh or more in a year under Sukanya Samriddhi Yojana, then they also get tax exemption. That’s why investors are advised to invest in this scheme to accumulate huge amount for their daughters in future.
How many daughters of the family will get the benefit
- Under the Sukanya Samriddhi Yojana, only two daughters of the family can be made beneficiaries. But in some cases this number can increase.
- If there is already a girl child in the family and then twins or more girls are born together, then they will also be made beneficiaries of the scheme.
- In the case of twin or more than two girls already born together, the girl child born later will not be eligible under this scheme.
- Legally adopted girl child will also be given the benefit of the scheme.
Benefits of Sukanya Samriddhi Yojana
- This is a government saving scheme. Which has been started by the Central Government with the aim of making the future of daughters bright.
- This is a government scheme so there is no market risk in it. Means you get guaranteed returns.
- Sukanya Samriddhi Yojana is a small savings scheme launched for a long period. In which the benefit of annual compounding is available. That is, good returns are received even in less investment.
- Adopted girl child i.e. adopted daughter is also included in this.
- Only two daughters of the family will get the benefit of the scheme.
- Under Sukanya Samriddhi Yojana, the investor can invest according to his financial condition. In this, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested in a financial year.
- Some amount can be withdrawn from the account even after the girl child turns 18 or passes class X. But you can withdraw from the account only once in a year.
- Government of India has kept Sukanya Samriddhi Yojana tax free. The amount invested in it, along with the interest received on it, as well as the amount received on maturity, is tax free. That is, Sukanya Samriddhi Yojana gives investors tax benefits along with savings.
- If needed, the account can be easily transferred from one post office to another or from one bank to another. But this is done only when the account holder has moved from the original place. In such a case, they will have to show proof of shifting. After which the account opened under Sukanya Samriddhi Yojana will be transferred.
Age Limit of Sukanya Samriddhi Yojana
Parents or any member of the family can open an account under Sukanya Samriddhi Yojana in the name of girls below the age of 10 years. It is mandatory to invest for 15 years under this scheme. Its maturity period is 21 years.
Sukanya Samriddhi Yojana Interest Rates
The rate of interest available on this small savings scheme is decided by the government. The interest rate has been reduced from 8.4% to 7.6%. The interest earned on this is now completely tax free.
Account opening process in Sukanya Samriddhi Yojana
- To open an account in Sukanya Samriddhi Yojana in the name of daughters, the guardian of the parents will have to obtain the application form of the scheme from the bank or post office.
- Fill all the information asked in the application form like name of parent or guardian, name of girl child, age etc. after reading it carefully.
- Many documents will also have to be submitted along with the application form. Like income certificate of parents, birth certificate of girl child.
- Go to the bank or post office from where you had received the application form and submit it.
- After this whole process the application will be done in Sukanya Samriddhi Yojana.
How to check account balance in Sukanya Samriddhi Yojana
You can also check the balance of Sukanya Samriddhi Yojana account while sitting at home. But you must have you login credentials. The login credentials are provided by the bank. However, this facility is not available in all banks. That’s why before opening an account under Sukanya Samriddhi Yojana, make sure to know about the login credentials of the bank. After taking the login credentials from the bank, visit the internet banking portal of the bank. In this, the option to check the balance will come on the home page itself. On clicking which you will be able to see the balance of Sukanya Samriddhi account.
Rules for withdrawing money deposited in Sukanya Samriddhi Yojana
The amount can be withdrawn from the account after the maturity of the scheme i.e. after 21 years of opening the account under Sukanya Samriddhi Yojana or when the girl child turns 18. Or after the girl child passes class X, fifty percent amount can be withdrawn for further education. Beneficiary can withdraw either in lump sum or in installments. A maximum of 50 percent of the balance remaining in the account at the end of the previous financial year can be withdrawn.
When can the account be closed in Sukanya Samriddhi Yojana?
By the way, it is necessary to invest in Sukanya Samriddhi Yojana for 15 years. But in some cases the account can be closed prematurely.
- In case of death of the girl child – If the girl child in whose name the account has been opened in Sukanya Samriddhi Yojana dies, then the account is closed.
- On the death of the guardian – The account can be closed even after the death of the guardian by whom the account is being operated.
- Suffering from a life-threatening illness – The account can be closed prematurely even if the account holder has a life-threatening illness.
- On settling abroad or getting married – If the girl child settles abroad. Or if she gets married abroad before she turns 21, even then the account will be closed.
- In case of weak financial condition – Many times such cases have also come to the fore that the financial condition of the parents becomes so weak that they are not able to pay the amount of investment. In such a case also the account can be closed.
Income Tax Benefit in Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana launched for daughters is also special because it gives tax benefits to the investors in many ways. Firstly, the amount invested in the scheme, the interest received and the maturity amount are tax-free. Not only this, under Section 80C of the Income Tax Act 1961, investors can avail tax benefits of up to Rs 1.5 lakh every year on the principal amount invested.
Online Application for Sukanya Samriddhi Yojana
You can also download the application form for opening an account under Sukanya Samriddhi Yojana from the website of RBI or the official site of some other institutions. Apart from the official site of Reserve Bank of India, the official website of The India Post, official website of public sector banks like SBI, PNB, BOB, private sector banks like Axis Bank, ICICI Bank can also be downloaded through the official website of the scheme. can be done.
Sukanya Samriddhi Yojana calculator
Through the calculator, the amount is calculated which is given to the applicant on maturity. In this, it is calculated assuming that the installment of each time was the same. No investment is required in this from 15th to 21st year. The calculation is done on the basis of old investment only. In order to find out the amount received on maturity in Sukanya Samriddhi Yojana through the calculator, the age of the girl child and the amount of contribution will have to be mentioned. For which a formula is used.
Formula of Sukanya Samriddhi Yojana calculation – A=P(1+r/n)^n
in which A means compound interest, P means original investment amount, R means interest rate on investment, N means interest in one year In compound and T means period i.e. total number of years
According to this formula, if you invest Rs 1000 every year in Sukanya Samriddhi Yojana, then the total amount of investment in 14 years will be Rs 14000. On which you will get maturity amount of about Rs 46,821 in 21 years. By investing Rs 2000 every year, the maturity amount will more than double to Rs 93,643. That is, in this you will get the benefit of compound interest.
You are investing Rs 1 lakh in a year under Sukanya Samriddhi Yojana. The tenure of investment is 15 years. That means your total investment was Rs 15 lakh. According to the 7.6% interest rate, after 21 years you will get an interest of approximately Rs 3,10,454.12. That is, at the time of maturity, you will get Rs 43,95,380.96. Which will be tax free.
Documents required for Sukanya Samriddhi Yojana
- baby girl birth certificate,
- Identity proof of the girl child,
- Aadhaar card of the girl child and parents,
- Affidavit of guardian in case of twin or triplet girls
- Passport size photographs of parents or guardians
- permanent address
- All other documents as asked by the bank or post office
Changes in Sukanya Samriddhi Yojana
- Any girl on attaining 18 years of age will now be able to operate the account. Initially this age was kept at 10 years. However, there is still a debate about the operation in the hands of girls at the age of 18 years.
- Earlier you had to deposit at least Rs 250 in a year under Sukanya Samriddhi Yojana. Failure to do so was declared a defaulter under the scheme. But now it is not so. If for some reason you are unable to deposit even Rs 250, then there will be no change in the interest rate, nor will you be declared a defaulter.
- Earlier there were only two reasons for premature closure of the account. First on the sudden death of the girl child and second on the daughter becoming an NRI. But now the account of Sukanya Samriddhi Yojana can be closed even if there is a life-threatening disease and death of the parent or guardian.
