Sukanya Samriddhi Yojana

Introduction: Sukanya Samriddhi Yojana is a government saving scheme for parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.

The scheme was launched by Prime Minister Narendra modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. 

Who can open the account: A natural/ legal guardian on behalf of a girl child

Minimum Deposit per Year: Rs 250/- (then amount in multiple of Rs 100 can be deposited thereafter)

Maximum Deposit per Year: Rs.1,50,000 /- (Any deposit above the maximum cap will not earn any interest and can be withdrawn anytime by the depositor)

Number of accounts under  Sukanya Samriddhi Account Yojana: 

• Only one account per girl child. 
• Accounts can be opened for a Maximum of two girl children in one family.
• In case, the guardian has triplet daughters from first birth or twin daughters from the second birth, maximum of 3 accounts can be opened by the parent, where one account is opened in the name of a single girl child.

When can an SSA account be opened?: Any time between birth of girl child till she attains the age of 10 years

Till which year regular yearly deposit is required?– For initial 15 years from the date of opening of account.

Example: SSA account is opened for Girl A, when her age is 1 year. The regular deposit will be required till she turns 16 year. For Girl B, whose account is opened when she is 9 years, the regular deposit is required till she turns 24 years.

Maturity of deposit: After 21 years from date of opening of account. (No interest will be earned after this.)

Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

Interest Rate: Check the updated Interest Rate Here

Important One Liners:

• For any other reasons, if SSA is to be closed anytime after the opening of SSA, it will be permitted, but the entire deposit would earn interest rate applicable to post office savings bank
• You have to make atleast one deposit each year, and there is no restriction on number of deposit made each year. (Total less than Rs 1.5 lakh )

 

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