Sukanya Samriddhi Yojana Online Calculator
Calculating on current interest rate.(8.5%) (2019)
Sukanya Samriddhi Yojana Account Features and Eligibility
|Current Interest Rate||8.5% p.a.|
|Maturity Period||21 Years|
|Payment Tenure||14 Years|
|Minimum and Maximum Age Limit||1-11 years|
|Deposit Frequency||12 times in a financial Year|
|Deposit Amount||250-1.5 Lakhs|
What is Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana is an account designed especially for the girl child of a family and parents so that at the time of marriage or higher Education the savings from Sukanya Samriddhi Yojana can be used to fulfill the monetary requirement at that moment. It was introduced by Modi Sarkar as a campaign under the “Beti Bachao, Beti Padhao” that protects and empowers the female section of the society. The main aim of the Sukanya Samriddhi Yojana is to save the society from the female infanticide and uplift the mentality of the society into accepting God’s gift as it is.
Interest Rate of Sukanya Samriddhi Yojana
The interest rate of Sukanya Samriddhi Yojana Account changes from time to time and is decided by the Ministry of Finance. The interest rate changes annually and is applicable for that Financial Year. The current Interest rate for the financial year 2018-19 is 8.5% p.a.
Previous Years Interest Rate
This Scheme was started with the interest rate of 9.1% that was the highest paying account. The following are the historic interest from 2015 to 2019-
Benefit of Sukanya Samriddhi Account
The Benefit of Sukanya Samriddhi Yojana Account is as follows-
- The minimum deposit amount cap is Rs.250 that enables the account to reach to the poor section of the society
- Inter-Branch as well as inter-Bank Account transfer to any of the bank/Post Office is provided free of cost
- The Payment tenure is of 14 Years and the maturity period is 21 years
- Partial Withdrawal at the age of 18 is available for higher education support
- Tax exemption is also provided for the interest rate.
- Secures the future of the daughter.
Tax Exemption on Sukanya Samriddhi Yojana
Tax Exemption is applicable in this account scheme under the Income Tax Act, Section 80C. The Interest earned and the Maturity amount is also tax exempted. This account also provides the Tax benefit of Rs.1.5 lakhs which makes it very useful to save the Tax deduction while filing the ITR.
Bank Offering Sukanya Samriddhi Yojana
RBI gave the approval to these banks to manage the Sukanya Samriddhi Yojana Account for their customer. You can open the Account on any of the bank branches of these banks also you can open on any of the Post Office Branches. The following are the bank lists that are eligible for Sukanya Samriddhi Yojana-
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BOB)
- Bank of India (BOI)
- Bank of Maharashtra (BOM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab & Sind Bank (PSB)
- State Bank of India (SBI)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Document Required for Sukanya Samriddhi Yojana
The Following are the document required to submit at the time of opening the Sukanya Samriddhi Yojana Account-
- Sukanya Samriddhi Account (SSA) Opening Form.
- Birth certificate of the girl child.
- Identity proof of the depositor.
- Address proof of the depositor.
- Sukanya Samriddhi Account (SSA) Opening Form.
The SSY Account Form can be downloaded from the official RBI website or can be collected from the Bank branch.
How Interest Is Calculated In Sukanya Samriddhi Yojana?
The Interest rate is calculated on compound bases which makes it the best Return on Investment account and delivers high returns by investing less. When compared the amount invested becomes almost 4 times the investment made at the time of maturity. You can use the Sukanya Samriddhi Yojana calculator to find the amount you will receive at the time of maturity.
Premature Closure of Sukanya Samriddhi Yojana
The Premature closure is only applicable under two circumstances either the untimely death of the girl child or the condition of the parents or guardian which does not allow them to carry forward the account any further. The account can only be closed prematurely under the special permission from the authorities. In the case of the death of the girl child the amount can be claimed by the Parents ot guardian.
Partial Withdrawal on Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana offers a partial withdrawal when the girl reaches the age of 18 years. This is to ensure that the parents or guardian can afford the education of the girl child. Education is a very important aspect in every individual life and this account is designed to support that aspect. 50% of the balance when the girl reaches 18 Years of age is allowed.
Sukanya Samriddhi Yojana Account Transfer
You can also transfer the account both inter-branch as well as inter-bank wise. This facilitates the parents or guardian of the girl child to manage the account easily. You can also transfer it to the Post Office to Bank or vice versa. To transfer the account form one bank to other follows these steps-
- Visit the Bank Branch with the Passbook and submit the transfer request form with the full address of the bank where you want your account to transfer
- Verification will be done with the documents and request. The bank or post office will provide you or send the document themselves with the cheque or DD of the outstanding balance
- Visit the New bank branch and fill the account opening form of Sukanya Samriddhi Yojana with all the KYC Document and the document received from the bank branch.
- The transfer process can take some time once completed you will be provided with the passbook with the outstanding balance of the Sukanya Samriddhi Yojana.