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PM Sukanya Samriddhi Yojana 2021 Online Apply, PMSSY Status Check, Eligibility, Chart: Sukanya Samriddhi Yojana (SYY) is a saving scheme launched by the Government of India in the year 2014. Ministry of Women and Child Welfare, Govt. of Indian has launched the scheme as a part of “Beti Bachao, Beti Padhao” campaign.

PM SSY scheme is focused to encourage the parents to save and maximize the funds for the higher education and to meet the marriage expenses of the girl child. Under SSY scheme, a natural or legal guardian can open an account in an authorized bank or post office on the behalf of their girl child. Sukanaya Samriddhi scheme is applicable to the whole population across India.

PM Sukanya Samriddhi Yojana 2021

Here in this article, users can find information related to this particular SSY scheme.

Sukanaya Samriddhi Yojana- At a glance

Latest Update-: The date to apply for the sukanya scheme has been extended till 31 July 2020 by the government. Read the article for complete information.

Update-: The SSY interest rates have been modified by the government for 2019-2020 which will be 7.6%.

Benefits of Sukanya Samriddhi Yojna

Here we have shared some of the major benefits of opening a Sukanya Samriddhi Account-

1. There are various tax benefits under this scheme as per section 80C of Income Tax Act.
2. The scheme provides higher rates of interest as compared to other schemes in market.
3.  The minimum amount to be deposited annually in the account is too low i.e. Rs.250/-.
4. The account under this scheme is transferable across India.
5. Once the girl attains an age of 10 years if she wishes she may operate her account by her own.   
6. On maturity of the account girl (having SSY account) gets the proceeds.
7. It has minimal documentation requirement.

This scheme is beneficial for both girl and their parents/guardians as it helps both.

SSY 2021 Apply Online

SSY account can be opened in any of the authorized bank or post office across the country. The account can be opened by the parents or legal guardians of the girl child provided they have to submit the birth certificate of the girl and other required documents.

The depositor can open and operate only one account on the behalf of the girl. Guardians or natural parents are allowed to open account under this scheme only for two girls. However, in the case of twin girls, they can open a third account as the second birth or in the condition if the first birth is itself a triplet. They have to provide a relevant certificate in both situations to open the account.

Deposit

SSY account is opened with an initial balance of Rs.1000/. After that, depositors can deposit any amount subject to the condition that depositor must deposit a minimum of Rs.250/- and the maximum amount should not exceed one lakh fifty thousand in a single occasion or multiple occasion in a financial year.  

Depositor can deposit money in the account till the completion of fourteen years from the date of account opening on the behalf of the girl.     

If SSY account is not maintained annually as per the rule, then such accounts can be regularised by making payment of penalty of Rs.50/- per year along with the minimum subscription amount for the year.

Sukanaya Samriddhi Mode of deposit  

Deposit in account can be made through-

• Cash
• Cheque or demand draft drawn in favor concerned bank manager or postmaster.

Sukanaya Samriddhi Yojana Interest

The interest rates are notified by the government and are decided on a quarterly basis. It is compounded on an annual basis and is credited to the account till it completes fourteen years from the date of opening of the account. The current interest rate for 1st April 2020 -1st June 2020 is 7.6%.

Account holders can also opt for monthly interest. In this case, the same shall be calculated only on the amount in the account on completed thousands and the remaining balance or amount will continue to earn interest as per the prevailing rates.  

Interest Rate Revisions chart

Sukanaya Samriddhi Documents Required

The parents/ guardians of the girl are required to submit the following documents for opening the account under SSY in a bank or post office-

• Account opening form- to be obtained from the respective bank.
• Identity proof of legal guardian/parent- It can include PAN, Passport, matriculation certificate, voter ID, driving license, or any other ID proof issued by the government of India.  
• Address proof of parent/guardian- It can include PAN card, passport, Voter ID card, ration card, electricity bill, telephone bill, or any other proof of address issued by the Government of India.
• Birth certificate of child.  

SSY Age Limit

• As per the scheme, only females are eligible for this scheme.
• Only girls under the age of 10 years are eligible to open account. It is the responsibility of their parents/ or legal guardians to open the account in the name of the daughter.
• A slight relaxation is applicable for the girls who are born on or after 2nd December 2003.

Essential Points regarding the Sukanya Samriddhi Yojana

• Applicants have to credit the prescribed minimum balance on their account otherwise the authority shall be imposing a penalty of Rs 50/-
• Under the Sukanya Samriddhi Yojana, the beneficiaries have to deposit the principal amount till 14 years. After completion of 14 years no money will be paid till maturity.
• In case of withdrawing the money from the scheme only 50% will be paid back only after the girl attains the age of 18 years.
• Applicants can close their account whenever they want in case they wish to continue their account. The interest will be paid to the beneficiaries. To avail the interest there must be some principal amount in the account of the beneficiary.
• The amount submitted by the beneficiaries under the Sukanya Samriddhi Yojana will be completely exempted from income tax.

Sukanaya Samriddhi Pass Book

On the opening of the account, a passbook is issued to the account holder. The passbook holds the name, address, date of birth of the account holder, date of opening of account, account number, and amount deposited.

Account holder/parents/guardians are required to present this passbook at the time of deposit, and at the time of final closure of account.

SSY PM Sukanya Samriddhi Yojana Maturity and Partial Withdrawal

Sukanya Samriddhi Account gets mature on the completion of 21 years from the opening of account. People have confused that Sukanya Samriddhi Account gets mature as the girl turns 21 but this is totally false. There is no connection of age of the girl with the maturity of the account.

However, account holder can only withdraw the amount if she attains the age of 18 years and the amount is being used for higher studies and marriage.

The account will be closed after its maturity. The premature closure of account is allowed in the event of the death of the account holder on the production of death certification issued by the competent authority. Then the balance is credited to the guardian and account is closed.

Sukanaya Samriddhi Scheme Tax Benefits

The amount received at the maturity of the account if tax-free. It is exempted from tax and ensure that the amount can be fully utilized in the development of the girl without the payment of tax.

As per Income Tax Act, all the investments made under this scheme are eligible for benefit of tax deduction. Tax deduction maximum of 1.5 lakhs towards SSY is admissible.

Under this interest is accumulated, which is compounded and credited to the account on an annual basis. No tax is levied on this accrued/accumulated interest. This allows funds under the scheme to grow to the maximum.

Tax exemption can be claimed either by the parent of the girl or by the legal guardian. Only one depositor is eligible for tax exemption under section 80C of Income Tax Act.

Authorized Banks for PM Sukanya Samriddhi Yojana

There are total 28 banks authorized by Reserve Bank of Indian (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open SSY account in any of the following banks-

1. Allahabad Bank
2. State Bank of India (SBI)
3. Axis Bank
4. Andhra Bank
5. Bank of Maharashtra (BOM)
6. Bank of India (BOI)
7. Corporation Bank
8. Central Bank of India (CBI)
9. Canara Bank
10. Dena Bank
11. Bank of Baroda (BOB)
12. State Bank of Patiala (SBP)
13. State Bank of Mysore (SBM)
14. Indian Overseas Bank (IOB)
15. Indian Bank
16. Punjab National Bank (PNB)
17. IDBI Bank
18. ICICI Bank
19. Syndicate Bank
20. State Bank of Bikaner & Jaipur (SBBJ)
21. State Bank of Travancore (SBT)
22. Oriental Bank of Commerce (OBC)
23. State Bank of Hyderabad (SBH)
24. Punjab & Sind Bank (PSB)
25. Union Bank of India
26. UCO Bank
27. United Bank of India
28. Vijaya Bank

Sukanya Samriddhi is one of the best ways to make and secure the future of the girl child. Therefore, to ensure a good future for your daughter each and every capable individual should enroll in the scheme. Apart from the secure future of the girl child, the scheme also provides a rebate in Income tax.

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