Sukanya Samriddhi Yojana (SSY) Scheme: Eligibility & Interest Rate

Sukanya Samriddhi Yojana is a drive sent off by Prime Minister Narendra Modi, the Central Government, as a piece of the “Beti Bachao Beti Padhao” crusade. The sole target of this tax-saving plan is girl child success.

Sukanya Samriddhi Yojana (SSY) – Meaning, Benefits, Interest Rate & More

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana Information

  • Premium Rate: 7.60% p.a
  • Minimum Investment: Rs. 250
  • Maximum Investment: Upto Rs. 1.5 Lakhs
  • Maturity Period: 21 Years
  • Tax Benefits: Up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a Central Government saving scheme with an expectation to get a girl child’s future. The girl child should be 10 years old or more youthful to open a record under this plan. This plan conveys a higher pace of interest, charge derivation, apply online advantages.

Sukanya Samriddhi Yojana Interest Rate 2022

The loan fee is fixed by the public authority and inspected quarterly while accumulated yearly. The loan fee for the monetary year 2022-23 is 7.60%.

PeriodSSY Interest Rates
April 2022 – June 20227.60%
January 2022 – March 20227.60%
April 2020 – December 20217.60%
July 2019 – March 20208.40%
October 2018 – June 20198.50%
January 2018 – September 20188.10%
July 2017 – December 20178.30%
April 2017 – June 20178.40%

Qualification for Sukanya Samriddhi Yojana

Coming up next are the qualification standards:

  1. The girl child should be ten years of age or younger.
  2. The guardian or both of the guardians of the girl child can open the account.
  3. Only one account can be opened per girl child.
  4. A family can open a limit of two SSY accounts, for example, secure two girl child under this plan.
  5. In the instance of twin young ladies, the parent or guardians can open a third account.

Tax cuts under Sukanya Samriddhi Yojana (SSY)

The chief sum payable is accessible as an expense exception under segment 80C. The premium acquired during the whole time of speculation and the development sum is tax-exempt.

How to put resources into Sukanya Samriddhi Account Scheme

You can open the record at a mailing station, or apply online at an assigned part of a nationalized bank or a confidential bank.

The application structure alongside the accompanying reports

  • Birth certificate of the girl child
  • Address evidence of the candidate’s parent or guardian
  • The personal ID of the candidate’s parent or watchman
  • KYC evidence i.e Aadhar card, PAN, Voter ID, and Passport

Advantages of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana scheme was presented as a piece of Beti Bachao, Beti Padhao drive. This plan gives different advantages to the girl child –

  • Putting resources into SSY gives tax cuts up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961.
  • The base sum for interest in a year is Rs. 500, giving the guardians/gatekeeper adaptability for keeping cash. The most extreme that one can store in a year towards SSY is Rs. 1.5 lakh.
  • The government of India backs this plan. Hence, there is an assurance of profits for the girl child.
  • There is a higher fixed pace of return when contrasted with other government-upheld charge investment funds plans like PPF. (The ongoing pace of interest is 7.60% p.a for FY 2022-23)
  • One needs to remain invested in this plan up to 18 or 21 years of the girl child, and it gives an advantage of the force of compounding for long haul venture.
  • The maturity continues of the SSY account are paid to the girl child alongside the gathered revenue. This gives monetary freedom to the girl child at that age.
  • A novel advantage of SSY is that even after development, in the event that the record isn’t shut by the record holder, the premium will be payable till the last conclusion of the record.
  • The parent/guardian working the SSY record can get it moved from one piece of the country through another (bank/post office) in the event of their transfer.

Rundown of Banks Offering Sukanya Samriddhi Yojana (SSY)

  1. State Bank of India
  2. Axis Bank
  3. ICICI Bank
  4. Vijaya Bank
  5. Allahabad Bank
  6. Punjab and Sind Bank
  7. Andhra Bank
  8. Bank of Baroda
  9. Canara Bank
  10. Bank of India
  11. Bank of Maharashtra
  12. Central Bank of India
  13. Corporation Bank
  14. Indian Overseas Bank
  15. United Bank of India
  16. Dena Bank
  17. Indian Bank
  18. UCO Bank
  19. Punjab National Bank
  20. Union Bank of India
  21. Oriental Bank of Commerce
  22. IDBI Bank

Sukanya Samriddhi Yojana (SSY) Withdrawal Rules

You can pull out the investment amount in the plan after the fruition of 15 years of venture or untimely or halfway withdrawal.

Withdrawal of investment maturity

On maturity of the investment, the chief sum and interest can be removed. The withdrawal is permitted on accommodation of the accompanying records:

  • Application form for withdrawal
  • ID verification and address evidence
  • The withdrawal is taken into consideration advanced education assuming the girl child achieves the age of 18 years and finished her tenth norm. The sum withdrawn should be utilized for paying the affirmation expense or some other charge charged by an instructive establishment.
  • The evidence of admission to schooling organizations should be introduced while applying for withdrawal. The confirmation of affirmation, for example, charge receipt, confirmation card, and understudy ID.
  • The maximum amount that can be removed is half of the aggregate sum accessible in the past monetary year. The sum can be removed in 5 portions or double.

Untimely withdrawal of venture

An untimely or halfway withdrawal of venture is permitted in the event of the marriage once the girl child achieves the age of 18 years. The application should be recorded a multi month before the marriage alongside age-proof of the girl child.

Mutual Fund substitute to Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana (SSY) conspire is a drive by the public authority to get the fate of a girl child. Youngsters’ common assets are reserves that fill a similar need of getting a kid’s future. This common asset conveys a higher loan fee than other shared reserves.

What is the children’s mutual fund?

The mutual funds of children can be made by the lawful guardian or guardians of the minor kid to get the eventual fate of the kid.

The assets are put resources into both equity-oriented mutual funds and debt-oriented mutual funds. The proportion of the venture relies upon the plan picked by the guardians.

On the off chance that the assets are put over 60% in value protections, it is named as value situated common assets. In the event that the assets are put over 60% in the red instruments, it is named debt-oriented common assets.

Distinction Between Sukanya Samriddhi Account and Children’s Mutual Fund

ParticularsSukanya Samriddhi AccountChildren’s Mutual Fund
Who can opt for the scheme?Only a girl childCan be opted for both girl child and boy child
Age LimitThe girl child must be of 10 years of age or youngerThe child can be 18 years of age or younger
Limit on accountsA maximum of 2 accounts per familyNo such limit
Return on investmentInterest rate is fixed by the government and reviewed quarterlyInterest income depends on the performance of the funds in the market
Tax BenefitThe principal amount, interest earned and maturity proceeds all are tax-freeNo tax implication until the redemption of the fund. On redemption benefit of indexation is available.
RiskNo risk since the scheme is operated by the governmentDepends on the market fluctuations and the risk an investor is ready to take as per his earnings and cost of living


The two plans have their own highlights and advantages alongside restrictions. While SSY under the Beti Bachao Beti Padhao conspire is without risk and offers tax cuts, an equity mutual fund offers more significant yields. Also, the two plans will offer a decent choice for interest in the long haul. An investor can separate their assets and put resources into both plans to profit from the greatest advantage and deal with the limits of chance. You can likewise utilize Scripbox’s Sukanya Samriddhi Yojana Calculator and gauge the development sum and abundance made.

Frequently Asked Questions

Which bank is best for Sukanya samriddhi Yojana?

There are many banks that are approved to offer Sukanya Samriddhi Yojana. Likewise, one can open an SSY account at a mail center. Notwithstanding, one needs to genuinely visit an approved bank or mail center to open an SSY account. There is no internet-based office for SSY account opening by any bank or mail center at this point. However, when the account is opened after the accommodation, everything being equal, one can set standing guidance on the web.

It is critical to take note of that, in the event that a store isn’t made consistently, the record will fall under “Record under the default”. Consequently, one can visit the closest approved bank or mailing station for opening a Sukanya Samridhi Yojana account in view of their comfort.

Will guardians withdraw cash from Sukanya samriddhi account?

The parent/guardian can pull out their cash from the Sukanya Samriddhi account as and when they need it. Be that as it may, the girl child must be 18 years old before the parent/guardian pulls out cash from her record. Besides, the guardians can pull out just half of the absolute corpus for satisfying the reason for advanced education or marriage of the kid. Likewise, verification of affirmation, whenever required, assumes that the sum is removed for advanced educational purposes.

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