Sukanya Samriddhi Yojana (SSY) Details: 2022 Interest Rate, Eligibility, Taxation, and More
Did you know that you can now open up to two Sukanya Samriddhi Yojana accounts for girls and a third account if you have twins or triplets? You can learn everything there is to know about the scheme, how it works, and what the benefits of Sukanya Samriddhi Yojana are.
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| 2022 Sukanya Samriddhi Yojana (SSY) Details Interest Rate, Eligibility, Taxation, |
Sukanya Samriddhi Yojana (SSY) is a government-sponsored small savings scheme for girls. It is a component of the Beti Bachao, Beti Padhao Yojana and can be accessed by the parents of a girl child under the age of ten. It is possible to open it at designated banks or post offices. A SSY Account is valid for 21 years or until the girl child reaches the age of 18.
Sukanya Samriddhi Yojana (SSY) Highlights |
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| Interest Rates | 7.6% per annum (Q1 FY 2022-23) |
| Maturity Period | 21 years or until the girl child marries after the age of 18 |
| Minimum Deposit Amount | Rs. 250 |
| Maximum Deposit Amount | Rs. 1.5 Lakh in a financial year |
| Eligibility | Parents or legal guardian of a girl child below the age of 10 are eligible to open the SSY in the name of the girl child |
| Income Tax Rebate | Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year) |
Interest Rates on Sukanya Samriddhi Yojana in 2022:
The government announces quarterly SSY interest rates. Interest rates have been set at 7.6 percent p.a. for Q1 (April-June) FY 2022-23. To view historical Sukanya Samriddhi Yojana (SSY) interest rates, go here.
Eligibility for Sukanya Samriddhi Yojana (SSY):
- Only the parents or legal guardians of a girl child are eligible to open an SSY account.
- The girl child must be under the age of ten at the time the account is opened.
- A girl child's name can only be used to open one account.
- A family may only have two SSY accounts, one for each girl child.
- Note: Sukanya Samriddhi Accounts can be opened for more than two girls in the following circumstances:
- A third account can be opened if a girl child is born before twin or triplet girls, or if triplets are born first.
- A third SSY account cannot be opened if a girl child is born after twin or triplet girls.
The Advantages of Sukanya Samriddhi Yojana Investing (SSY):
Sukanya Samriddhi Yojana full information (SSY) introduced as part of the Beti Bachao, Beti Padhao Yojana initiative offers investors a variety of benefits. The following are some of the main advantages of this scheme:
High Interest Rate: When compared to other government-backed tax saving schemes such as PPF, SSY offers a higher fixed rate of return (currently 7.6 percent per annum for Q1 FY (2022-23)).
Guaranteed Returns: Because SSY is backed by the government, it offers guaranteed returns.
Tax Benefit: The SSY provides tax benefits under Section 80C up to Rs. 1.5 lakh per year.
Flexible Investment: A minimum deposit of Rs. 250 per year and a maximum deposit of Rs. 1.5 lakh per year are permitted. This ensures that people of varying financial means can participate in the scheme.
Benefit of Compounding:Sukanya Samriddhi Yojana (SSY) is a great long-term investment scheme because it provides the benefit of annual compounding. As a result, even small investments will yield significant long-term returns.
Convenient Transfer: In the event of the death of a parent or guardian operating the Sukanya Samriddhi Account, the SSY account can be freely transferred from one part of the country to another (bank/post office).
Deposit Limits for Sukanya Samriddhi Yojana (SSY):
The minimum annual contribution to the Sukanya Samriddhi Account is Rs. 250, and the maximum contribution in a fiscal year is Rs. 1.5 lakh. From the date of account opening, you must invest at least the minimum amount every year for up to 15 years. Following that, the account will continue to earn interest until maturity.
Tenure/Maturity Period of Sukanya Samriddhi Yojana (SSY):
Sukanya Samriddhi Yojana is valid until the girl child reaches the age of 21 or until she marries after reaching the age of 18. However, contributions are only required for 15 years. Even if no deposits are made into the SSY account, it will continue to earn interest until maturity.
Sukanya Samriddhi Yojana's Other Key Features (SSY)
1. If an SSY account holder fails to make even the minimum deposit of Rs. 250 in a fiscal year, his or her account will be designated as a 'Default Account.' This default account will earn the scheme's interest rate until the maturity date. However, the defaulted account can be revived prior to the completion of 15 years of account opening by paying at least Rs. 250 plus Rs. 50 for each defaulted year.
2. After the age of 18, a girl child can operate her own account. After submitting all necessary documents to the post office/bank where the account is held, she is eligible to operate the SSY once she reaches the age of 18.
3. Once the girl is over the age of 18 or has passed the 10th standard, she can withdraw up to 50% of the balance available at the end of the previous fiscal year to cover higher education expenses such as fees and other such charges. A maximum of one withdrawal per year, in lump sum or in instalments, for a maximum of five years, subject to the specified ceiling and the actual requirement of fee/other charges.
Closure of SSY Account Too Soon
Premature closure can only be done by a girl child when she reaches the age of 18 for the purpose of covering marriage expenses. However, there are some exceptions in which the account can be closed and the corresponding amount withdrawn:
Account inability to continue The Sukanya Samriddhi Account may be closed prematurely if the central government issues a directive regarding the depository's inability to carry forward the account. The closure can also be processed if the depositor's contribution to the account is causing financial stress. Furthermore, proper permission from the appropriate authorities must be obtained in order to process the account closure and settlement.
It should be noted that the Sukanya Samriddhi Yojana account will only be closed in extreme cases such as life-threatening diseases or medical emergencies.
How to Make an Investment in the Sukanya Samriddhi Yojana
This scheme is available through your local post office or designated branches of participating public and private banks. You must submit KYC documents such as a passport and an Aadhaar card, as well as the required form and an initial deposit by cheque/draft.
Investors must complete the Sukanya Samriddhi Yojana (SSY) Application Form, which is available at a nearby post office or participating public/private sector bank. You can also get the SSY New Account Application Form from the following websites:
1. Website of the Reserve Bank of India
2. The India Post Website
3. Individual public-sector bank websites (SBI, PNB, BoB, etc.)
4. Participating private sector banks' websites (e.g. ICICI Bank, Axis Bank and HDFC Bank)
While there are several places to get the SSY application form, the fields in the form will be the same regardless of where you get it.
SSY Application Form Fill Up Process step by step:
The SSY Application Form requires applicants to provide some key information about the girl child in whose name the Beti Bachao, Beti Padhao Yojana investment will be made. The information of the parent/guardian who will open the account and make deposits on her behalf is also required. The key fields included in the SSY Application Form are as follows:
1. Girl Child's Name (Primary Account Holder)
2. Name of the Parent/Guardian who is opening the account (Joint Holder)
3. Amount of the initial deposit
4. Date and number of the cheque/DD (used for an initial deposit)
5. Girl Child's Birth Date
6. Details from the primary account holder's birth certificate (Certificate number, date of issue, etc.)
7. Parent/Guardian ID Information (Driving License, Aadhaar, etc.)
8. Current and Permanent Address (as shown on parent/guardian ID)
9. Details on any additional KYC documents (PAN, Voter ID card, etc.)
After filling out the above information, the form must be signed and submitted to the account opening authority (Post Office/Bank Branch), along with copies of all relevant documents.
Sukanya Samriddhi Yojana's Tax Implications (SSY)
SSY investments are classified as EEE (Exempt, Exempt, Exempt) investments in terms of taxation. This means that the principal invested, interest earned, and maturity amount are all tax-free. Sukanya Samriddhi Yojana currently has a tax deduction benefit on the principal amount invested of up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act of 1961.
Sukanya Samriddhi Yojana Account Transfer Process:
One of the main advantages of the sukanya samriddhi yojana full information Account is that it can be easily transferred from one part of India to another. You can easily transfer this tax-saving deposit account for the benefit of girl children from one India Post Office to another or from one designated bank branch to another under existing rules.
To begin the transfer of your sukanya samriddhi yojana account from a post office, you must complete and submit the transfer request form to the Post Master of the India Post Office where your account is currently located. Similar transfer forms are available both online and offline if you want to transfer your deposit from one designated bank branch to another.
Calculator for the Sukanya Samriddhi Yojana (SSY):
The value of any investment can only be determined by how much it grows over time. The sample calculation below shows the high returns you can get by contributing to the sukanya samriddhi yojana calculator.
Let us guess the following:
The girl child is born in 2020, and her parents open an sukanya samriddhi yojana account for her that year. After 21 years, the account will mature, and the girl child will receive the full maturity amount.
Annual investments = Rs. 1 lakh
Investment Period = 15 years
Total amount invested at the end of 15 years = Rs. 15 lakh
SSY Interest rate for 1 year= 7.6%
Interest at the end of 21 years= Rs. 3,10,454.12
Maturity Value at the end of 21 years= Rs. 43,95,380.96
The amortisation schedule for the Sukanya Samriddhi Yojana is shown in the table below.
Use sukanya samriddhi yojana calculator for approx. return.
| Financial Year | Deposit Amount (in Rs.) | Interest Earned (in Rs.) | Year-end Balance (in Rs.) |
| 1 | 100000 | 7600 | 107600 |
| 2 | 100000 | 15777.6 | 223377.6 |
| 3 | 100000 | 24576.70 | 347954.30 |
| 4 | 100000 | 34044.53 | 481998.82 |
| 5 | 100000 | 44231.91 | 626230.73 |
| 6 | 100000 | 55193.54 | 781424.27 |
| 7 | 100000 | 66988.24 | 948412.52 |
| 8 | 100000 | 79679.35 | 1128091.87 |
| 9 | 100000 | 93334.98 | 1321426.85 |
| 10 | 100000 | 108028.44 | 1529455.29 |
| 11 | 100000 | 123838.60 | 1753293.89 |
| 12 | 100000 | 140850.34 | 1994144.23 |
| 13 | 100000 | 159154.96 | 2253299.19 |
| 14 | 100000 | 178850.74 | 2532149.93 |
| 15 | 100000 | 200043.39 | 2832193.32 |
| 16 | 0 | 215246.69 | 3047440.01 |
| 17 | 0 | 231605.44 | 3279045.45 |
| 18 | 0 | 249207.45 | 3528252.91 |
| 19 | 0 | 268147.22 | 3796400.13 |
| 20 | 0 | 288526.41 | 4084926.54 |
| 21 | 0 | 310454.42 | 4395380.96 |
Sukanya Samriddhi Yojana (SSY) Interest Rates Year Wise:
| Time Period | SSY Interest Rate (% annually) |
| Jan to Mar 2022 (Q4 FY 2021-22) | 7.6 % |
| Oct to Dec 2021 (Q3 FY 2021-22) | 7.6% |
| Jul to Sep 2021 (Q2 FY 2021-22) | 7.6% |
| April to June 2021 (Q1 FY 2021-22) | 7.6% |
| Jan to March 2021 (Q4 FY 2020-21) | 7.6% |
| Oct to Dec 2020 (Q3 FY 2020-21) | 7.6% |
| Jul to Sep 2020 (Q2 FY 2020-21) | 7.6% |
| Apr to Jun 2020 (Q1 FY 2020-21) | 7.6% |
| Jan to March (Q4 FY 2019-20) | 8.4% |
| Oct to Dec 2019 (Q3 FY 2019-20) | 8.4% |
| Jul to Sep 2019 (Q2 FY 2019-20) | 8.4% |
| Apr to Jun 2019 (Q1 FY 2019-20) | 8.5% |
| Jan to March 2019 (Q4 FY 2018-19) | 8.5% |
| Oct to Dec 2018 (Q3 FY 2018-19) | 8.5% |
| Jul to Sep 2018 (Q2 FY 2018-19) | 8.1% |
| Apr to Jun 2018 (Q1 FY 2018-19) | 8.1% |
| Jan to March 2018 (Q4 FY 2017-18) | 8.1% |
| Oct to Dec 2017 (Q3 FY 2017-18) | 8.3% |
| Jul to Sep 2017 (Q2 FY 2017-18) | 8.3% |
| Apr to Jun 2017 (Q1 FY 2017-18) | 8.4% |
Sukanya Samriddhi Yojana Account Related FAQs
1. Can I borrow against the balance in my SSY account?Answer: No, the loan against SSY account balance facility is not currently available. Instead, you can take out a loan against your PPF.
2. Is it permissible to close the Sukanya Samriddhi Yojana Account prematurely?
Answer: Yes. In certain circumstances, the Sukanya Samriddhi Yojana Account may be closed prematurely. This could be due to a terminal illness, the unexpected death of the primary account holder, or other circumstances. The decision to allow such closure is made on a case-by-case basis.
3. Can I keep investing in SSY if my daughter and I relocate to a different country?
Answer: If the girl child becomes an NRI or loses her Indian citizenship, the SSY account must be closed.
4. What is the penalty if I miss my SSY account minimum annual payment?
Answer: There will be a penalty of Rs. 50 if the minimum amount of Rs. 250 is not deposited in the account during a financial year within "sukanya samriddhi yojana SBI" or "sukanya samriddhi yojana post office".
5. Is there tax on SSY account interest?
Answer: No. sukanya samriddhi yojana is a completely exempt (EEE) investment hence the principal amount invested, the interest earned as well as the maturity amount are all tax-exempt. for better result Use sukanya samriddhi yojana calculator .
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