Sukanya Samriddhi Yojana Account – Reference Guide and Maturity Calculator

Sukanya Samriddhi Yojana Account is a new Initiative from Government of India, to help the parents of girl children, to meet the future educational and marriage expenses. Sukanya Samrudhi Yojana Account was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of “Beti Bachao, Beti Padhavo” Campaign. The greatest advantages of the scheme include its higher returns and income tax benefits. To join this scheme parents of the girl child should open a specialized account in any of the collaborating banks or post office.

Sukanya Samriddhi Yojana Account – terms and conditions.

• Only parents with girl children can open Sukanya Samriddhi Yojana Account.
• Only one account can be opened for a single girl child.
• One parent can open a maximum of two accounts in the name of two girl children but a third account can be opened in the name of a girl child, in the event of the birth of twin girls as second birth or if the first birth itself results into three girl children.
• Age at entry : 0 -10  years of age.
• Minimum investment amount: 1000 per year.
• Maximum investment amount: 1,50,000 per year.
• Investment can be done only for 14 years from the date of opening of the account.
• Maturity Period of the account will be 21 years from the date of opening of the account or marriage of the child whichever is earlier.
• Up to 50 % of the available amount can be withdrawn as partial withdrawal to meet educational expenses.
• The interest rate for the account is regulated by the Ministry of Finance and is declared every year.
• The interest rate offered for the financial year 2016-17 is 8.6% compounding annually

Sukanya Samriddhi Yojana Maturity Value – Quick calculator

Documents Required to Join Sukanya Samriddhi Yojana Account.

1. SSY Account opening form
2. Birth Certificate of Girl Child
3. Identity Proof
4. Residence proof

Sukanya Samriddhi Yojana account can be opened through any of the banks listed here or through Post Office.

Banks offering Sukanya Account.

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

The interest rate offered for Sukanya Samriddhi Yojana Account (SSY)

Pros of SSY Account

• Comparatively better interest rate offered in the scheme makes the scheme attractive.
• Income Tax rebate u/s 80 C is an added advantage.
• Option to withdraw amount to meet the educational expense of the child.

Cons of SSY Account

• Investment allowed only up to 14 years.
• Low liquidity as the scheme cannot be closed in between.
• Account allowed only for two girl children.

Anish L J

Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.