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Sunday, 24 January 2021

Sukanya Samriddhi Yojana Deatils | Application Form | Eligibility, Interest Rate, Benefits

 Sukanya Samriddhi Yojana (SSY) is a savings scheme launched back in 2015 as part of the Government initiative Beti Bachao, Beti Padhao campaign. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.


As of 1st July 2019, SSY accounts offer 8.4% rate of interest. A Sukanya Samriddhi Yojana calculator can help you determine the returns you receive as per the invested amount and tenure.  


Here’s the eligibility criteria for opening a Sukanya Samriddhi Yojana Account:

Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.

The girl child should be less than 10 years at the time of account opening. 

The account can be operational till the girl reaches the age of 21 years.

The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.

A single girl child cannot have multiple Sukanya Samridhhi accounts.

Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child



invest in Sukanya Samrudhi Yojana or PPF for your daughter's future. If you invest till July 30, you will get the benefit of tax exemption.

The PPF account is earning 7.1 per cent interest

Sukanya Samrudhi Yojana is earning 7.6 per cent interest per annum

It is the responsibility of all parents to make their children's future bright. It is necessary to invest in the right place keeping in view the expenses incurred on the marriage or study of the children. If you want to invest for your daughter in a place where your money is safe and you also get the benefit of tax exemption, you can invest in Sukanya Samrudhi Yojana or Public Provident Fund (PPF). Today we are telling you about both these schemes so that you can invest in the right place according to your need.


Special things about PPF

  • The scheme can be opened anywhere in a bank or post office. It can also be transferred to any bank or any post office.
  • It can be opened for only Rs 100, but then a deposit of Rs 500 is required once a year. A maximum of Rs 1.5 lakh can be deposited in this account every year.
  • The scheme is for 15 years, which cannot be stopped in between. But it can be extended for 5-5 years after 15 years.
  • It cannot be closed before 15 years, but after 3 years you can take a loan instead of this account. If anyone wants, he can withdraw money from this account from the 7th year under the rules.
  • The government reviews interest rates every three months. Interest rates can be higher or lower. The account is currently earning 7.1 per cent interest.
  • The benefit of tax exemption under 80C can be availed by investing Rs 1.5 lakh in these schemes.

Where to invest?


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How to invest in the Sukanya Samriddhi Yojana

You can invest in this scheme through your nearby post office or designated branches of participating public and private banks. You will need to submit KYC documents like Passport, Aadhaar Card, etc. along with the required form and initial deposit by cheque/draft. This wide reach is designed to help ensure success of the Beti Bachao, Beti Padhao Yojana.



Sukanya Samriddhi Yojana (SSY) Application Form

The Sukanya Samriddhi Yojana (SSY) Application Form for new account can be obtained by visiting a nearby post office or participating public/private sector bank. Alternately, you can also download the SSY New Account Application Form from the RBI website.

POST OFFICE FORM CLICK HERE

Application Form Click Here


How to Download SSY Application Form Online

Sukanya Samriddhi Yojana Account Application form can be downloaded from various sources such as:

  • 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)
  • While there are multiple sources for downloading the SSY application form, the fields in the form will be the same regardless of source

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