If you are father or mother of a new-born or less than 10 years’ girl child, then this is the scheme you would always wanted to take it for the welfare of your child. As you see the interest rate on savings bank schemes, only direction it knows is ‘downward’.
Also the fixed deposit interest rate is slightly more about 3-7 %, but here you have to pay the income-tax on the interest amount, so net interest rate you earn as same as the savings bank account interest rate. So, this Sukanya Samriddhi Yojana scheme is the best option for the well-being of the child in future.
Major Contents in the Post: (Jump to the Section)
- Sukanya Samriddhi Yojana Account opening form SSA-1 pdf to download
- Sukanya Samriddhi Yojana Account SSY / SSA Interest rate during October to December 2023 and maturity amount
- Sukanya Samriddhi Yojana Account SSY / SSA maturity amount Calculator in MS-EXCEL
- Sukanya Samriddhi Yojana maturity amount, return on Investment of SSA / SSY
- Frequently asked questions (FAQ)
Return on investment at the maturity of Sukanya Samriddhi Yojana Account:
The interest rate on Sukanya Samriddhi Yojana account has been kept same at 8.0% in the quarter October to December 2023, so the return on the investment at the maturity will also be same, considering the same interest rate applies to whole period, if you start today.
If you continuously deposit the maximum amount of Rs. 1,50,000/- yearly, assuming on 1st April of every year, then the total amount will be about Rs. 68 Lakh.
How this figure comes, this is simple, based on the power of compound interest. This amount will be of very much helpful to your daughter for study or marriage whatever. Rate of Interest will always change in future. So, rate of interest and maturity amount of SSY also may increase or decrease in future as per RBI / Govt. of India’s decision.
Sukanya samriddhi yojana Account SSY / SSA maturity amount single-step Calculator in MS-EXCEL:
Here based on the interest, you can calculate SSY / SSA maturity amount in one step only. Just change the interest rate cell (D1) in the column of MS-Excel, the return for all the years will change automatically.
When Sukanya Samriddhi Yojana Account SSY/SSA Scheme started?
Sukanya samriddhi yojana SSY is a Government scheme for girl child under Beti bachao, Beti Padhao plan launched in 2014-15. To encourage the girls and her development, this scheme has been launched and since then it has been a huge successful scheme. It is very important to mention here that 76,19,668 girl children got ₹28.38 billion (US$400 million) deposited within 6 months under this scheme (Source:https://en.m.wikipedia.org/wiki/Sukanya_Samriddhi_Account).
Sukanya Samriddhi Yojana Account SSY / SSA Interest rate during October to December 2023:
While the rate of interest is 8.0% in October to December 2023 from 9.2% in 2015, but it is still one of the safest and highest interest rate scheme.
Also Read : Post office and small savings Interest rates – Latest
Past Sukanya Samriddhi Yojana Account SSY / SSA Interest rate chart:
The historical rate of interest of Sukanya Samriddhi Yojana Account SSY / SSA since 1st Jan 2018 to present date has been presented below.
| Sukanya Samriddhi Yojana Account SSY / SSA Interest rate Period | Sukanya Samriddhi Yojana Account SSY / SSA Interest rate |
| 01.10.2023 to 31.12.2023 | 8.0% |
| 01.07.2023 to 30.09.2023 | 8.0% |
| 01.04.2023 to 30.06.2023 | 8.0% |
| 01.01.2023 to 31.03.2023 | 7.60% |
| 01.10.2022 to 31.12.2022 | 7.60% |
| 01.07.2022 to 30.09.2022 | 7.60% |
| 01.04.2022 to 30.06.2022 | 7.60% |
| 01.01.2022 to 31.03.2022 | 7.60% |
| 01.10.2021 to 31.12.2021 | 7.60% |
| 01.07.2021 to 30.09.2021 | 7.60% |
| 01.04.2021 to 30.06.2021 | 7.60% |
| 01.01.2021 to 31.03.2021 | 7.60% |
| 01.10.2020 to 31.12.2020 | 7.60% |
| 01.07.2020 to 30.09.2020 | 7.60% |
| 01.04.2020 to 30.06.2020 | 7.60% |
| 01.01.2020 to 31.03.2020 | 8.40% |
| 01.10.2019 to 31.12.2019 | 8.40% |
| 01.07.2019 to 30.09.2019 | 8.40% |
| 01.04.2019 to 30.06.2019 | 8.50% |
| 01.01.2019 to 31.03.2019 | 8.50% |
| 01.10.2018 to 31.12.2018 | 8.50% |
| 01.07.2018 to 30.09.2018 | 8.10% |
| 01.04.2018 to 30.06.2018 | 8.10% |
| 01.01.2018 to 31.03.2018 | 8.10% |
Benefits of Sukanya Samriddhi Yojana account SSY / SSA:
- For the future of your girl for her education, marriage etc. as the maturity amount is a large amount.
- This SSY investment has triple tax benefits, EEE exemption at entry, on interest and on maturity.
- Interest rate is one of the highest in all the investment schemes.
- The investment is safe and guaranteed from Govt. of India.
- The SSY account can be easily transferred if you get transfer in any part of country.
- You can choose to invest from Rs. 250/- to Rs. 1.5 lakh per year, so a flexibility is present in this scheme.
Criterias for enrolling Sukanya samriddhi yojana account SSY / SSA:
- This scheme can be taken in the name of girl child for Indian citizen only.
- In one family, this account can be opened for 2 girls maximum.
- The girl child age must be between 1 day to 10 years of age.
If you follow the above criterias, then you can open Sukanya Samriddhi Yojana account by going to the post-office or bank branch.
Documents required to open Sukanya Samriddhi Yojana Account SSY / SSA are:
- Sukanya Samriddhi Yojana account opening form.
- Birth Certificate of girl child.
- In some banks, Aadhaar card of girl child is also mandatory.
- Identity card (PAN, driving license, Voter ID, Aadhaar card etc.) of parent.
- Address proof ( driving license, Voter ID, Aadhaar card etc.) of parent.
- Passport photos of girl child and parent both.
- Cheque, Cash or Demand draft of Rs.250/-.
Sukanya Samriddhi Yojana account opening form (SSA-1) in pdf to download:
To open an SSA / SSY account, the opening form is here in pdf form which you can download.
How to deposit money in Sukanya samriddhi yojana account SSY / SSA?:
- Minimum yearly contribution amount is Rs.250/- and Maximum is Rs. 1,50,000/-.
- If you do not deposit, account becomes inactive, which you can re-activate by paying Rs.50 as penalty in addition to the minimum yearly contribution.
- Amount can be deposited through online banking or offline by cheque or cash.
- Amount has to be deposited only for 14 years while account will mature after 21 years of account opening year. For example, if you open account in 2020, then you have to deposit contribution only till 2033, but account will mature in 2040, irrespective of the age of girl.
- Since the scheme is same for all the eligible age of girls, so it is always a wiser decision to open the account as early as possible. For example, if Sukanya Samriddhi Yojana is opened for 1 year old, the account will mature when she will be of 22 years old, but for 10 year old, when she will be of 32 years old.
How much Income tax exemption is applicable if investing in Sukanya samriddhi yojana account SSY / SSA?:
The contribution amount up to maximum Rs. 1,50,000/- per year can be claimed in income tax exemption under section 80C. It is under EEE for income tax purpose, means income tax exempt at the time of investing, income tax exempt at the interest earned and income tax exempt at the time of maturity of plan.
In how many years, Sukanya Samriddhi Yojana account SSY / SSA will mature?
Sukanya Samriddhi Yojana will mature in 21 years after opening of account. The below table tells you that for 1 year old girl, it will mature when ahe will be of 22 years old. Like wise just add 21 years from the date of opening to get the maturity year.
| Girl’s age at the time of Sukanya Samriddhi Yojana Account opening | Amount needs to deposit for how many years in Sukanya Samriddhi Yojana | Girl’s age when Sukanya Samriddhi Yojana Account Matures |
| 1 day | 14 years | 21 years |
| 1 year | 14 years | 22 years |
| 3 years | 14 years | 24 years |
| 5 years | 14 years | 26 years |
| 8 years | 14 years | 29 years |
| 10 years | 14 years | 32 years |
How to withdraw the money from Sukanya Samriddhi Yojana Account SSY / SSA?:
- In case of maturity after 21 years, you have to show only the Sukanya Samriddhi Yojana account Passbook given by bank/post-office with Identity proof.
- In case of Pre-mature withdrawal for marriage after age of 18, she may withdraw the whole amount and close the account. But if she withdraws only 50% of amount, then she may choose not to close the account and take the remaining amount after maturity of 21 years of account with interest.
Sukanya Samriddhi Yojana Account SSY / SSA deposit and number of subscribers with Govt. of India till Dec 2020:
As on December 2020, under Sukanya Samriddhi Yojana account (SSA), the total number of customers or subscribers are 17,776,319 (1.77 crore). And the total deposit amount is Rs. 618,038,670,281 (Rs. 61,803 crore ) under Sukanya Samriddhi yojana as on Dec 2020.
Frequently asked questions (FAQ) about Sukanya samriddhi yojana Account SSY / SSA:
1. If I stopped deposit in Sukanya samriddhi yojana account SSY / SSA, what will happen to my account?
Ans: In the Sukanya samriddhi yojana, one needs to deposit minimum Rs. 250 per year. Otherwise account will be in defaulted category.
2. If I stopped deposit in Sukanya samriddhi yojana account SSY / SSA, how much interest my deposit will earn?
Ans: Previously, the defaulted account used to earn the interest rate equal to savings account of post office, which was about 4%. But from 2021, the defaulted account deposit amount also will earn the same interest equal to active account.
3. Can the Sukanya samriddhi yojana account SSY / SSA be closed before maturity / pre-maturity?
Ans: The Sukanya samriddhi yojana account can be closed before maturity, but after 5 years of account opening, on the following grounds:
- On the death of account holder (girl). (From date of death to date of payment Post office Savings Account interest rate will be applicable).
- On extreme compassionate grounds like –
- Life threatening decease of account holder (girl)
- Death of the guardian by whom account operated
4. For how many no. of girls, Sukanya samriddhi yojana account SSY / SSA can be opened?
Ans: Normally, for two (2) girls, Sukanya samriddhi yojana account can be opened. But, in case of twins or triplets case, more than two accounts can be opened.
5. At what age, the girl can operate Sukanya samriddhi yojana account SSY / SSA?
Ans: The girl can operate Sukanya samriddhi yojana account when she will be 18 years old. Till then the guardian will operate the account.
6. Can the Sukanya samriddhi yojana account SSY / SSA be transferred from one city to another city?
Ans: Yes, the Sukanya samriddhi yojana account be transferred from one city to another city by filling the transfer form in your post office or bank, where your account is.
7. What is the process to close the Sukanya samriddhi yojana account SSY / SSA after maturity?
Ans: The Sukanya samriddhi yojana account after maturity can be closed –
- After 21 years from the date of account opening.
- Or at the time of marriage of girl child after attaining age of 18 years. But, you have to apply to close the account 1 month before or 3 month after date of marriage.
8. Can I withdraw the money from Sukanya samriddhi yojana account SSY / SSA before maturity?
Ans: The money from Sukanya samriddhi yojana account can be withdrawn before maturity on teh following conditions:
- Withdrawal may be taken from Sukanya Samriddhi Yojana account after girl child attains age of 18 or passed 10th standard.
- withdrawal may be taken up to 50% of balance available at the end of preceding financial year.
- withdrawal may be made in one lump sum or in installments.
- Withdrawal is allowed only one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee / other charges.
9. Who decides the rate of interest for Sukanya samriddhi yojana account SSY / SSA?
Ans: Ministry of Finance declares the rate of interest for Sukanya samriddhi yojana account based on AICPIN-IW on quarterly basis. It may be more or less than previous quarter based on the data.
10. When the interest of Sukanya samriddhi yojana account SSY / SSA credit in account?
Ans: Interest of Sukanya samriddhi yojana account shall be credited to the account at the end of each Financial year.
11. How the defaulted account of Sukanya samriddhi yojana account SSY / SSA be activate again?
Ans: Defaulted account can be revived or activated, before completion of 15 years from the date of opening of account, by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
12. What is the minimum amount and maximum amount needs to be deposited in Sukanya samriddhi yojana account SSY / SSA?
Ans: The minimum amount is Rs. 250 per year that needs to be deposited in Sukanya samriddhi yojana account. And, The maximum amount is Rs. 150,000 per year that may be deposited in Sukanya samriddhi yojana account.
13. Can Sukanya Samriddhi Yojana account SSY / SSA be opened online?
Ans: No, Sukanya Samriddhi Yojana account SSY / SSA can’t be opened online. You have to go to post office or bank to open physically, along with our daughter in some case.
14. How can I make online payment to Sukanya Samriddhi Yojana account SSY / SSA?
Ans: Sukanya Samriddhi Yojana account SSY / SSA online payment can be done via internet banking. If you have already internet banking then you can do like money transfer from one account to another account. In a similar way, you have to transfer money to the SSY / SSA account number from your account. Even you can schedule a monthly payment to your SSY / SSA account.
14. How can I make online payment to Sukanya Samriddhi Yojana account SSY / SSA operated in Post office?
Ans: Online payment to Sukanya Samriddhi Yojana account SSY / SSA operated in Post office can be done via IPPB (India Post Payments Bank) account.
- First you have to add money to your IPPB (India Post Payments Bank) account.
- Under DOP products, select Sukanya Samriddhi account.
- Enter your SSY account number and DOP customer ID.
- Enter amount details
- Then, you will get the confirmation message on your IPPB app regarding successful transfer.
15. Can I take a loan against Sukanya Samriddhi Yojana account SSY / SSA?
Ans: No, at present the loan facility against Sukanya Samriddhi Yojana account SSY / SSA is not available.
16. If my daughter moves to another country or becomes NRI, then what will happen to my Sukanya Samriddhi Yojana account SSY / SSA ?
Ans: Since the Sukanya Samriddhi Yojana account SSY / SSA is only for Indian residents. So, if your daughter moves to another country or becomes NRI, then you have to close the Sukanya Samriddhi Yojana account SSY / SSA pre-maturely.
Disclaimer: Consult official website before taking final decision.