To empower the women of the country now, the Government of India has launched Sukanya Samriddhi Yojana for the year 2019. It is one of the best Girls Child Saving Scheme which secures the future of daughters. This scheme has been launched in association with the government’s initiative of Beti Bachao Beti Padhao which was launched in the year 2015 to provide an adequate education for the girl child of every household prevailing in India.
About SSY 2019 – 20
The Parents who want to secure their Daughter’s Future may open Sukanya Samriddhi Yojana Saving Account. For each financial year Beneficiary of SSY 2019 Scheme may deposit a minimum Rs 250 and Maximum Rs 1.5 Lakh. The account which will be opened under the Sukanya Samriddhi Scheme will get mature after the girl child will become 21 years old. This SSY Saving Account may be opened till the girl child attains the age of 10 years.
Sukanya Samriddhi Yojana 2019
The Sukanya Samriddhi Yojana is a long-term investment initiative launched by the government in association with the initiative of Beti Bachao Beti Padhao Yojana. Under the Sukanya Samridhi Yojana, you can gain benefits such as interest benefits, taxation benefits, etc. Also, it is very easy to apply for this scheme. Read the complete article for further details.
Overview Of Sukanya Samriddhi Yojana
|Name||Sukanya Samriddhi Scheme|
|Account Type||Small Savings Scheme|
|Launch Date||22nd January 2015|
|Launched By||PM Narendra Modi|
|Target Audience||Girl Child|
|Current Interest Rate||8.6%|
|Age Limit||10 Years or Less|
|Deposit Limit||Minimum 250 , Maximum 1.5 Lakhs|
Benefits Of Sukanya Samriddhi Yojana
There are many benefits of the Sukanya Samriddhi Yojana and some of the benefits are listed below:-
- The scheme provides tax deduction benefits under Section 80C up to Rs.1.5 lakh annually.
- The scheme provides the beneficiaries a benefit of flexible investment option.
- Under the scheme a minimum deposit of Rs. 250 in a year is possible.
- Also a maximum deposit of Rs. 1.5 lakh per annum is possible.
- The main motive of this scheme is to provide adequate funds at proper and promised timelines.
- Under the scheme a high return rate is possible.
- Also, the scheme provides the benefit of compounding.
- The scheme can be freely transferred from one part of the country to another.
Tenure Of Sukanya Samriddhi Yojana
Under the Sukanya Samriddhi Yojana, you can gain the benefits of the return until your girl child attained the age of 18 years or is legally marrying someone. Although, the premium amount has to be paid until the girl child is 15 years of age and from then until your girl child gets married the interest will be timely credited to your registered account.
In the Case Of Partial Withdrawal
If the girl child wants she can withdraw the amount of the scheme but not more than 50% when she obtained the age of 18 years and thus, the amount can be used for higher education purposes.
Eligibility For Sukanya Samriddhi Yojana
To be eligible for the Sukanya Samriddhi Yojana the concerned authority has finalized the following eligibility criteria:-
- The scheme has only been implanted for the girl child prevailing in a household. Thus, the scheme has to be open in the name of a girl child.
- The girl child has to be below the age of 10 at the time of account opening.
- Multiple Sukanya Samridhhi accounts cannot be opened for a single girl child.
- Only two SSY accounts are allowed for a family i.e. one for each girl child.
- Birth certificate of the girl child
- Identity proof of the depositor (parent or legal guardian), i.e., PAN card, ration card, driving license, passport
- Address proof of the depositor (parent or legal guardian),
- Account Opening application form of Sukanya Samriddhi Yojana 2019
Interest Rate In Sukanya Samriddhi Yojana
To make the beneficiaries avail of the benefits of the Sukanya Samriddhi Yojana, the interest rate under the scheme has been kept affordable and reasonable. The interest rate for July to September 2019 (Q2, FY 2019-20) is 8.4%The interest rate has been fixed by the government concerned authorities of the scheme.
|Financial Year||Interest rate|
|From April 1, 2014||9.1%|
|From April 1, 2015||9.2%|
|From April 1, 2016 -June 30, 2016||8.6%|
|From July 1, 2016-September 30, 2016||8.6%|
|From October 1, 2016-December 31, 2016||8.5%|
|From January 1, 2018 – March 31, 2018||8.3%|
|From April 1, 2018 -June 30, 2018||8.1%|
|From July 1, 2018 -September 30, 2018||8.1%|
|From October 1, 2018 – December 31, 2018||8.5%|
|From July to September 2019||8.4 %|
Application Procedure In Sukanya Samriddhi Yojana
To apply for the Sukanya Samriddhi Yojana you need to visit your nearest bank. Certain banks have been designated to carry off the process for applying in this scheme. You can also invest in this scheme though you’re a nearby post office. So to apply for the scheme you need to follow these simple steps:-
- First, go to this link and download the application form for this scheme.
- Or you can go to the nearest post office or designated bank and ask them to give you the form for this scheme.
- The form is also available on this given websites –
- The Reserve Bank of India website
- The India Post website
- Individual websites of public sector banks (SBI, PNB, BoB, etc.)
- The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank, and HDFC Bank)
- You will have to provide the following details while filling out the application form –
- Name of Girl Child
- Name of Parent/Guardian opening the account (Joint Holder)
- Initial deposit amount
- Cheque/DD Number and Date
- Date of Birth of girl child
- Birth Certificate details of the primary account holder
- ID Details of Parent/Guardian (Driving License, Aadhaar, etc.)
- Present and Permanent Address
- Details of any other KYC Documents (PAN, Voter ID card, etc.)
- After you fill out all the details, check your form carefully and submit it to the bank
- Thus, you are eligible for the benefits provided under the scheme.
Checking Balance In Sukanya Samriddhi Yojana
To check the balance under the Sukanya Samriddhi Yojana you need to follow the simple steps given below:-
- If your Sukanya Samriddhi Yojana scheme account is linked with your net banking facility then you can check your account balance online by filling in the details.
- If your Sukanya Samriddhi Yojana scheme account is opened with post office then, you just have to visit the post office to check the balance of your account.
Premature Closure Of The Account
The premature closure of the account can happen in two ways as announced by the concerned authorities.
By the death of the account holder
If unfortunately there is a death of the account holder that is the girl child who has enrolled herself under the Sukanya Samridhi Yojna. Then, the nominee of the account can claim the interest plus premium account available under the scheme.
By inability to continue the account
The account can also be closed if the account holder is unable to pay the premium amounts. But to carry on this process prior permission has to be taken by the central government. Although it is very difficult to carry on this process because the premium amount is very less and can be afforded by everyone under the scheme.
Loan And Transfer Under Sukanya Samriddhi Yojana
As announced by the concerned authorities no loan can be taken by the Sukanya Samriddhi Yojana scheme kept as collateral. Although the scheme is freely transferable that is you can transfer your account balance from one post office to another post office but to carry on this process you need to fill out a separate application form to apply for the transfer. Transfer forms are available online as well as offline.