Secure your daughter’s future with Sukanya Samriddhi Yojana

(Last Updated On: January 22, 2017)

Sukanya Samriddhi Yojana is a most popular government scheme for the betterment of girl children in India. It was launched by Shri Narendra Modi (Indian Prime Minister) under the Beti Bachao, Beti Padhao campaign. Precisely, this scheme is an opportunity to save money for the betterment of girl child. The money saved through Sukanya Samriddhi Yojana will provide means for every girl to get higher education or wedding expenses. This scheme is a bold step that provides financial security for girl child to make them independent!
Gender inequality always has been the most notorious issue in the country. This scheme is a great step, aimed to eliminate gender inequality in the society. We live in a country, where higher education of male is preferred. On the other hand, wedding expenses of a girl are taken as an unbearable liability. Sukanya Samriddhi Yojana assists girl to achieve financial stability and independence. That is why this scheme is widely appreciated since the day one!
It has one unique feature over all other saving schemes. Although, parents open this account for their girl child. But except that girl child, no one can make a withdrawal. Not even parents can use the money on the behalf of their girl child. Clearly, this makes the girl child independent under this scheme!


Key Features Of Sukanya Samriddhi Scheme

  • Every feature of Sukanya Samridhi Yojana is beneficial for girls. We have explained most significant features of this scheme as below:
    ⦁ It offers high-interest rate as compared to other saving schemes. Current interest rate is 8.6%. Every year, the interest rate gets changed according to Finance Ministry.
    ⦁ The investment made for Sukanya Samriddhi Yojana is completely exempt from Income Tax and falls in E-E-E(Exempt-Exempt-Exempt) pattern.
    ⦁ Once the child girl is 18 years old, partial withdrawals will be allowed for her higher education or marriage.
    ⦁ A parent or guardian can open the account and operate the account until the girl child attains an age of 18 years.
    ⦁ This scheme is available for every girl who is 10 years old or less.
    ⦁ Birth certificate of a girl child is the primary document needed for Sukanya Samriddhi account.
    ⦁ The maturity tenure is 21 years from the date when the account was opened.
    ⦁ For straight 14 years, the investment has to be made. After 14 years, the account will receive the benefits till the completion of the maturity period.
    ⦁ An amount of Rs. 1,50,000 is allowed as a maximum deposit.
    ⦁ One can open the account at any authorized bank or post office.

How To Open Sukanya Samridhi Account?

You can open the Sukanya Samriddhi Yojana account at following :

  • Post Offices: You can easily open the account at the post office nearby. The network of post offices is highly penetrative and easily accessible in India. It is convenient for people living in rural areas. The objective of this scheme is to bring financial prosperity for every girl child, regardless where she lives. This way, post offices are doing a great job.
  • Public / Private Authorized Banks: Apart from post offices, anyone can open a Sukanya Samridhi account at authorized public or private bank.

The application forms are available at of these places. You need to submit the form along with required documents. The account can be opened by the parents or guardian. The depositor has to be parent or guardian.

See also  Post Office Sukanya Samriddhi Yojana (SSY): Scheme Details, How to open An Account

Interest Rate On Sukanya Samridhi Account

The interest rate is the most compelling fact about Sukanya Samridhi Yojana. It offers higher interest rate as compared to other saving schemes. Currently, the interest rate offered is 8.6% per annum. Every year, Ministry of finance decide the interest rate.

Who Is Eligible for Sukanya Samridhi Yojana Account?

Although, this scheme is specifically launched for a girl child. Still, the certain criteria have to be met. The most important factor is the age of girl child. A parent or guardian can open the account on the behalf of girl child. In order to open the account, the age of girl child has to be less than 10 years. For grace period, a girl born on 2nd February 2003 to 1st December 2015 is eligible for this scheme.

Documents Required For Sukanya Samridhi Yojana Account

There is a list of documents, which are essential to open a Sukanya Samridhi Yojana account. Without these documents, your application will not be accepted.
You need following documents to open the account:

  • Sukanya Samridhi Yojana Form
  • Birth certificate of the girl child, this is the primary document for this scheme
  • Identity proof of the parent or guardian ( PAN card, passport or ration card, etc)
  • Address proof of the parent of guardian (passport, ration card, driving license, etc)

Sukanya Samridhi Scheme Application Form

As mentioned above, one can open the account at post offices or authorized banks. Similarly, the applications forms are available at any of these places. For the convenience, the form is available on the website of authorized banks and post offices. To save time, you can download and print out the Sukanya Samridhi Yojana form. This will reduce the processing time.

Rules & Guidelines Of Sukanya Samridhi Yojana Scheme

The government has issued the Sukanya Samridhi Yojana. It means, the certain set of rules and guidelines have been set for this scheme. Every rule is applicable regardless of the location of the bank or post office. It is important to know the rules in order to avoid future complications. Let’s check them out!

How To Make Premature Closure Of Sukanya Samridhi Yojana Account?

In following two cases, the premature closure of account is possible:

  • The premature closure will be allowed in the severe situation like a death of girl child. The account will be closed and all savings will be forwarded to the depositor. In this case, a valid death certificate is mandatory as the proof of death.
  • The premature closure is possible if Government feels that the depositor is unable to make further investment. This may happen due to medical exigency or severe illness of the depositor.

What Are The Withdrawal Rules Of Sukanya Samridhi Account?

The 100% withdrawal will be allowed if the girl child has attained the age of 21 years. Once the girl has attained the age of 21 years, the partial withdrawal will be allowed. Only 50% of total deposits will be released, aimed at higher education or wedding expenses of the girl child as per her consent.
The withdrawals are allowed for the account, which has been active for 14 years.
The most prominent feature of this scheme is withdrawal limitation. Only girl child can make the withdrawal, whether complete or partial. Without her consent, no withdrawal will be processed. This feature provides financial independence to the girl child. The account will stop working, once the girl is married.

See also  How can NPS help you save taxes

Tax Benefits Of Sukanya Samridhi Yojana

Along with withdrawal rules, tax benefits is another attractive feature of this scheme. It is useful for both girl child and the depositor. The tax benefit is applicable to this scheme under section 80C of the Income Tax Act. That is why this scheme acts an opportunity to save tax by taxpayers for their daughters. It means, if people avail this scheme for the betterment of the girl child, they will be rewarded with the tax rebate.
Under section 80 C of Income Tax Act, the maximum deposit amount is Rs. 1,50,000.

How To Transfer Current Sukanya Samridhi Yojana Account?

Getting transferred is not something new. A person may need to change the residence due to the new job in another city. In this scenario, you have the option to transfer the current Sukanya Samridhi account. The transfer is allowed between location to location, post office to bank or bank to bank. This was made possible to encourage more people to avail this opportunity.
The transfer process is pretty easy. You just need to follow the steps written below:

  • First off, visit the post office where you have opened the account. The beneficiary is not required to come to the post office.
  • At the time of opening, you must have received the passbook. You need to return it to the bank.
  • Next step is to inform Executive at the post office about a transfer of the account. The transfer form is available for this job. You need to fill it with required documents.
  • The post office executive will forward the request.
  • Now submit the essential documents to the bank where you want the transfer to the account.
  • You will get the new passbook with the current balance carry forwarded from the previous post office.
  • Now you can carry on transactions!

The Same process will be followed for transfer between banks or locations. The most important part is the authorization. The transfer is allowed between authorized institutions only. This way, the depositor can transfer the account without any hassle. People mostly make transfers to the banks due to faster operating of banks.

How To Open Sukanya Samridhi Account Online?

It is not possible to open Sukanya Samridhi account online. You can download the form, that’s it. Next, you have to fill the form with essential details. Attach the documents needed and submit to the nearest bank or post office. There is no way to submit the form online!

FAQs About Sukanya Samridhi Yojana Scheme

Although, we already have provided necessary information about Sukanya Samridhi scheme. Still, people have so many unanswered questions. We have answered some of them as below:
What is the age limit of girl child for Sukanya Samridhi Scheme?
The parent or guardian can open the account for a girl child with age less than 10 years. As a grace period, the account is allowed for any girl who was born between 2nd February 2003 to 1st December 2004.
What are the tax benefits for Sukanya Samridhi Scheme?
The tax rebate under section 80C of Income Tax Act is applicable for this scheme. Under this section, maximum deposit limit is Rs. 1,50,000. Anything above this amount is not going to have any tax benefits.
Who can open the account?
Any parent or guardian of the girl child can apply for the account on the behalf of the girl child.
Is Sukanya Samridhi Scheme is limited to Indian residents only?
Right now, there is no official statement about this issue. We guess NRIs can afford savings for their girl children. That is why NRIs don’t go for this scheme.
Can transfer to normal bank account to Samrishi Sukanya account is possible?
No, direct conversion of bank deposit is not possible with this scheme. There is a proper channel of doing it. As you have to make annual payments to the account.
What is the guideline regarding unexpected death of girl child?
In case the beneficiary has died unexpectedly, the account will be closed. All the savings will be transferred to the depositor ( parent or guardian). A valid death certificate is mandatory here.
What happens if the depositor has died?
In case the depositor has died, there are two possible outcomes. First, the family or girl child can receive the deposits. Secondly, the amount will remain until the maturity tenure is complete. The interest will be accrued on the deposited amount till the maturity.
Is premature closure is allowed?
The premature withdrawal of 50% is allowed, if the girl has attained the age of 18 years. Secondly, the withdrawal is needed for higher education or wedding expenses of the girl child.
Can I transfer the current Sukanya Samridhi Account to another location?
Yes, you can easily transfer a current account from one post office to another, or bank to bank or location to location.
How many accounts are allowed for one girl?
One one account is allowed to open for one girl.

See also  How Indians Save

Final Thoughts

Undeniably, the Sukanya Samridhi Yojana Scheme is the best saving scheme for girl child. It comes with tax benefits and higher returns with rules that empower the women in the country. The girls have the power to withdraw and use the investment for their higher education or wedding. In short, this scheme has only one objective, that is prosperity and betterment of girls!

Finally, if you are looking to invest in Sukanya Samriddhi Yojana, do check out our Sukanya Samriddhi Yojana Calculator to check out what maturity amount and interest to expect when the account matures.


8 responses to “Secure your daughter’s future with Sukanya Samriddhi Yojana”

  1. Radha Goyal Avatar
    Radha Goyal

    When an account holder becomes NRI, they have to close this account. Their money will be safe and can be taken back.
    Hope it helps:)


    He has to close the account.

  3. Kashi Vishwanathan Avatar
    Kashi Vishwanathan

    Can grand parents contribute to this account

  4. Mrs. Sudha Viswanath Avatar
    Mrs. Sudha Viswanath

    Dear Sir/ madam
    Kindly let me know the banks which are undergoing this scheme….As I went to my nearest banks…as they are not aware of this scheme..

  5. Harish Panwar Avatar
    Harish Panwar

    Want to change the guardian from father to mother, when both are alive and not separted

  6. Ishu Garg Avatar
    Ishu Garg

    What happens to the Sukanya samridhi yojna account if the account holder becomes NRI after few years? Can he close the account and make withdrawal?


    There is a confusing statement repeated above.
    “Maximum deposit limit is 150,000”
    This is wrong. One can deposit any of amount but should be denomination of 100.
    Please review and correct this.

  8. Sourav Mukherjee Avatar
    Sourav Mukherjee

    Can we open an account in Sukanya Samriddhi yojona scheme without Aadhar card of an eight month old baby girl in any bank. We have birth certificate of baby and parent’s KYC.

Leave a Reply

Your email address will not be published. Required fields are marked *