Sukanya Samriddhi Yojana: Details, Interest Rate 2021, Eligibility

Sukanya Samriddhi Yojana | Sukanya Samriddhi Yojana Calculator | Sukanya Yojana

With this fast-moving world, India is also taking all the possible steps to improve its literacy rate, education system, poverty eradication, and a lot more. Similarly, one such action taken by the government of India is the Sukanya samriddhi yojana. This scheme comes under the education category and helps increase and spread awareness about girls’ education and marriage in India. 

Click to read in Hindi: सुकन्या समृद्धि योजना

Indians have always been seen discriminating against girls and boys, which has led to spoiling the future of potential girls who could have done a lot better than boys. Well, not anymore. This Sukanya samriddhi yojana scheme has helped and is still helping many girl students across India to pursue education to achieve their dreams and goals in life. 

What is Sukanaya Samriddhi Yojana? 

Sukanya samriddhi yojana is a small deposit scheme. India’s government has launched the project to meet the education and marriage expenses of the girl child. 

Sukanya samriddhi yojana is launched under Beti Bachao Beti padhao Andolan and is one of the most popular schemes helping girls in today’s date. 

Currently, the scheme gives an interest rate of 7.6% annually. The interest rate is determined by the central government quarterly. It also provided income tax benefits under section 80c of the income tax department. Along with this, the tax returns are also free under this Sukanya samriddhi yojana scheme.

When can parents and guardians apply for the Sukanya samriddhi yojana scheme?

Well, there is a fixed or declared time to apply for the scheme. The parents or guardians can apply for the account till the girl child below ten years old with a minimum deposit of 250/ Year – which was 1000/- earlier. 

The parents or guardians can open their girl child’s account in any nearby post office or verified commercial banks’ branches. They have to invest at least a minimum amount every year for 14 Years, from the account opening date. The account will mature on completion of 21 years right from the day of opening the account or on the girl child gets married and turns 18 years old. The government has also declared that the girl child can withdraw the 50 percent of the balance to manage their higher education expenses after attaining 18 years of age. 

Features of Sukanya samriddhi yojana:

As there are highlights of every scheme, so is that with Sukanya samriddhi yojana. Once you get a Sukanya samriddhi account of your girl child who can use the following features of the method mentioned below: 

  • The scheme account provides the girl child with an attractive interest of 7.6 percent, which is entirely free from tax under section 80c of the income tax department.
  • A minimum investment of Rs 250 can be made once in a full financial year.
  • Passbook will be issued in the name of a girl child whose account has been opened.
  • A maximum investment of Rs 1,50,000 can be made once in a financial year.
  • If the minimum investment of 250 Rs hasn’t been made, then a penalty charge of 50 Rs will be imposed on the customer’s account.
  • Parents’ guardians can deposit in the account for 14 years from the account’s date of opening.
  • The account of the Sukanya Yojana should mature on the completion of 21 years after the opening of the account. The family is also supposed to provide information about where the marriage is taking place. The features of the account should not be working after the wedding.
  • If the beneficiary gets married before the account’s maturity period, the account has to be closed. 
  • The account is easily transferrable in any part of India.

Eligibility criteria for Sukanya samriddhi yojana:

If you want to apply for your girl child and enrol her with Sukanya samriddhi yojana, make sure you check the eligibility criteria to fit in the scheme: 

  1. The account is opened by the legal guardian or natural parents of the girl child below ten years.
  2. A girl child can operate only one Sukanya samriddhi yojana account at once. She is not allowed to open another account simultaneously.
  3. Legal guardians or the girl child’s natural parents can open two accounts, only not more than that. It may be 3 only in the case of 2nd girl child is a twin.

Documents required for opening of Sukanya samriddhi account:

Following are the documents required to get enrolled with the Sukanya Yojana scheme:

Fill the account opening form of the girl child. The account should be filled with all the appropriate personal information.

  • Original birth certificate of the girl child
  • Depositors identification documents and a valid address proof too.
  • Medical certificate in case of the birth of multiple children under the birth of one. 
  • The authority can ask for a few other concerned documents. 

Sukanya samriddhi yojana calculator: 

With the Sukanya samriddhi yojana online calculator, you can easily calculate and determine the returns you would be expecting as per the invested amount and tenure. 

  • Who can all use the Sukanya samriddhi yojana calculator? 

Everyone who falls fits perfectly in the eligibility criteria and is of Indian nationality can have access to the Sukanya samriddhi yojana calculator. 

How to Check Your SSY Account Balance

If your Sukanya Samriddhi Account is runing with a participating bank branch, then you can ask bank to activate internet banking facility on your account and link it with your existing net banking account. After that you can checked easily through internet banking or mobile banking services. You can also visit branch physically and ask to update passbook.

For the Post Office SSY account, there is currently no way to check the account balance online. You will have to visit the post office branch and ask to update your passbook to check the balance.

Conclusion

So, suppose any girl child of legal age fits perfectly in the eligibility criteria and has access to all the documents mentioned above. In that case, it can easily apply for the Sukanya Yojana scheme. The scheme has been serving and helping families with this scheme and leading to higher education and a lower poverty rate in India. India is working on more such projects in different areas where people require financial assistance. The best part of the scheme is that the amount deposited can be used for the girl child’s further or higher education, which helps achieve their goals and make their dream fulfilled.

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