Sukanya Samriddhi Yojana 2024 – सुकन्या समृद्धि योजना 2024 – About, Objectives, Features, How To Apply, Rules, Interest Rates And FAQs

Sukanya Samriddhi Yojana 2024– सुकन्या समृद्धि योजना 2024, is a Government of India backed savings yojana and financial program created as part of the “Beti Bachao Beti Padhao” initiative. It is designed to encourage parents/guardians to build a fund for the future education of their girl child’s.

The yojana currently provides an interest rate of 8.2% annually which is highest in it’s category and also provides income tax benefits for the accesses.

The Sukanya Samriddhi Yojana is operated by opening a Sukanya Samriddhi Account. It can be opened at any India Post Office or branch of Authorised Commercial Banks.

Sukanya Samriddhi Yojana – About

Sukanya Samriddhi Yojana is a savings yojana initiated by the Government of India for girls.

The yojana was launched by Prime Minister Narendra Damodardas Modi on 22 January 2015 as a part of the “Beti Bachao, Beti Padhao” campaign.

Under this yojana, parents or legal guardians can open an account in the name of a girl child and deposit a fixed amount annually.

The account remains active until the girl turns 21 years.

Sukanya Samriddhi Yojana also provides tax-saving benefits. The deposited amount and interest earned are exempted from taxation.

Sukanya Samriddhi Yojana – Objectives

Sukanya Samriddhi Yojana intends to provide a support to girl child’s parents/guardians by encouraging them to save for their daughters’ future and it will also avail them tax benefits.

Sukanya Samriddhi Yojana is designed to support financial assistance for education and other areas to encourages higher participation and empowerment of girls. It will create a more equitable and promising future for girl children in India by supporting their education, well-being, and overall development.

Sukanya Samriddhi Yojana – Beneficiaries

Any resident Indian girl child is considered a beneficiary under Sukanya Samriddhi Yojana from the time of opening the account until maturity or closure.

Sukanya Samriddhi Yojana – Interest payable, Rates, Periodicity

Current Rate of interest is 8.2​​​% Per Annum (with effect from 01-01-2024 ), calculated on yearly basis, and is compounded yearly.

NOTES:

• Minimum Amount for opening of account and maximum balance that can be retained
• Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a financial year.
• Subsequent deposit in multiple of INR 50/- can be done.
• Deposits can be made in lump-sum
• There is no limit on number of deposits either in a month or in a Financial year.

Sukanya Samriddhi Yojana – Features

Who can open account

• By the guardian in the name of girl child below the age of 10 years.
• Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
• This account can be opened for maximum of two girls in a family. Provided in case of twins/triplets girls birth more than two accounts can be opened.

Deposits

• Account can be opened with minimum initial deposit Rs. 250.
• Minimum deposit in a FY is Rs. 250 and maximum deposit can be made up to Rs. 1.50 lakh (in multiple of Rs.50) in a FY in lumpsum or in multiple installments.
• Deposit can be made maximum up to completion of 15 years from the date of opening.
• If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.
• Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs. 250 + Rs. 50 default for each defaulted year.
• Deposits qualify for deduction under section 80C of Income Tax Act.

Interest

• The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.
• The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
• Interest shall be credited to the account at the end of each Financial year.
• Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
• Interest earned is tax free under Income Tax Act.

Operation of Account

Account will be operated by the guardian till the girl child attains the age of majority (i.e. 18 years).

Withdrawal

• Withdrawal may be taken from 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 F.Y.
• Withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.

Premature closure

Account may be prematurely closed after 5 years of account opening on the following conditions:

• On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
• On extreme compassionate grounds
  • Life threatening decease of a/c holder.
  • Death of the guardian by whom account was operated.
  • Complete documentation and application required for such closure.
  • For premature closure of account submit prescribed application form along with pass book at concerned Post Office.

Closure on maturity

• After 21 years from the date of account opening.
• Or at the time of marriage of girl child after attaining age of 18years.(1 month before or 3 month after date of marriage).

Sukanya Samriddhi Yojana – Rules (2019)

On 12th November, 2019; In New Delhi; Jt Secy – RAJAT KUMAR MISHRA notified.

G.S.R. 914(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following yojana, namely:-

Short title and commencement

• This yojana may be called the Sukanya Samriddhi Yojana Account, 2019.
• It shall come into force on the date of its publication in the Official Gazette.

Definitions

• In this yojana, unless the context otherwise requires:
  • “account” means an account opened under this yojana;
  • “account holder” means a girl child in whose name the account is held;
  • “Act” means the Government Savings Promotion Act, 1873 (5 of 1873);
  • “birth certificate” means birth certificate issued by the municipal authority or any office authorised to issue birth and death certificate by the Registrar of Births and Deaths or the Indian Consulate as defined in clause (d) of sub-section (1) of section 2 of the Citizenship Act, 1955 (57 of 1955);
  • “family” means a unit consisting of a person and his spouse (both or either of whom are alive or deceased) and their children, adopted or otherwise;
  • “financial year” means the period commencing on the 1stday of April and ending on the 31stday of March of the following year;
  • “Form” means forms appended to this yojana;
  • “General Rules” means the Government Savings Promotion General Rules, 2018;
  • “maturity” means maturity of an account on completion of a period of twenty-one years from the date of its opening.
• Words and the expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

Opening of account

• The account may be opened by one of the guardian in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account.
• Every account holder shall have a single account under this yojana.
• The application in Form-1 for opening an account shall be accompanied by birth certificate of the girl child in whose name the account is to be opened, along with required documents of guardian.
• An account under this yojana may be opened for a maximum of two girl children in one family:
  • Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family
  • Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.

Deposits

• The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account.
• The total amount deposited in an account shall not exceed one lakh fifty thousand rupees in a financial year:
  • Provided that the deposit in excess of one lakh fifty thousand rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor.
• Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account.
• An account in which minimum amount as specified in sub-paragraph (1) has not been deposited shall be considered as an account under default:
  • Provided that an account under default may be regularised any time till completion of a period of fifteen years from the date of opening of account on payment of a penalty of fifty rupees for each year of default along with the minimum annual deposit in respect of the defaulted years.
• In case of an account under default, if not regularised within the time specified under sub-paragraph (4), then the whole deposit, including the deposits made prior to the date of default, shall be eligible for interest at the rate applicable to the yojana till closure of the account.

Interest on deposit.

• Deposits in the account shall earn interest at the rate 8.4 per cent per annum.
• The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month. The interest shall be credited to the account at the end of each financial year and any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
• Interest shall be credited at the end of the financial year irrespective of the change of the account office due to transfer of the account during the financial year.

Operation of account

The account shall be operated by the guardian till the account holder attains the age of eighteen years. The account shall be operated by the account holder herself after attaining age of eighteen years by submitting necessary documents.

Premature closure of account

• In the event of death of the account holder, the account shall be closed immediately on application in Form-2, on production of death certificate issued by the competent authority and the balance at the credit of the account and interest due thereon till the date of death shall be paid to the guardian.
• Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account.
• Where the accounts office is satisfied that in case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder, it may, after complete documentation establishing the grounds for such closure, by order and for reasons to be recorded in writing, allow premature closure of the account. Outstanding balance in the account with interest due as applicable to the yojana shall be paid to the account holder or guardian, as the case may be:
  • Provided that no premature closure of an account under this sub-paragraph shall be made before completion of five years from the date of opening of the account.

Withdrawal

• On an application in Form-3, withdrawal of up-to a maximum of fifty per cent. of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder:
  • Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
• The application for withdrawal under sub-paragraph (1) shall be accompanied by documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee-slip from such institution indicating such financial requirement.
• The withdrawal under sub-paragraph (1) may be made in one lump sum or in instalments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified in sub-paragraph (1):
  • Provided that the amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the educational institution.

Closure on maturity

• The account shall mature on completion of a period of twenty-one years from the date of its opening.
• The closure of the account may also be permitted before completion of twenty-one years if the account holder on an application makes a request for such closure for the reason of intended marriage of the account holder on furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage:
• Provided that no such closure shall be allowed before one month from the date of the intended marriage or after three months from the date of marriage.
• On an application in Form-4 by the account holder, the balance outstanding along with interest as applicable under paragraph 5 shall be payable to the account holder.

Application of General Rules

Provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provisions have been made in this yojana.

Power to relax

Where the Central Government is satisfied that the operation of any of the provisions of this yojana causes undue hardship to the account holder, it may, by order and for reasons to be recorded in writing, relax the requirement of that provision or provisions in respect of such account holder, in a manner not inconsistent with the provisions of the Act.

Sukanya Samriddhi Yojana – How to ?

Below are the following steps one should follow to open a Sukanya Samriddhi Yojana Account:

• The depositor is required to visit the nearest branch of the bank or post office and collect the application form.
• He must complete the application form and submit it along with the essential documents mentioned above.
• The investor is required to pay the deposit amount, which could range between INR 250 to INR 1.5 lakh.
• The bank or post office will verify the provided details by the depositor, and an Sukanya Samriddhi Yojana account will be opened if all the details are correct by the bank or post office.

How to Open Account in Post Office?

1. To fill an Sukanya Samriddhi Yojana account form for the post office, follow these simple steps:
2. Visit the nearest post office and request the Sukanya Samriddhi Yojana account application form.
3. If you already have a savings account with the post office, mention your account number.
4. In the ‘To The Postmaster’ section, provide the post office branch details and postal address.
5. Affix a photograph of the applicant.
6. Fill in the name of the applicant and select ‘Sukanya Samriddhi Yojana’ as the chosen option.
7. Complete the ‘Account Type’ and ‘Account Holder Type’ fields with the relevant information.
8. Specify the initial deposit amount you wish to make once the account is created.
9. Provide other necessary details like gender, Aadhaar number, PAN, address, etc.
10. Sign page 1 to authorize all the information provided.
11. On Page 2, section (5), indicate if you want to set standing instructions for deposits.
12. Check the box next to SSA to confirm that no other Sukanya Samriddhi Yojana account exists.
13. Enter the date and signature as required.
14. Complete the nomination details section.
15. If the applicant is illiterate, have two witnesses sign on their behalf.
16. Finally, provide the place, date, and signature at the end of the nomination section.
17. By following these steps, you can successfully fill the Sukanya Samriddhi Yojana account form at the post office.

How to open an Account Through Banks

1. Visit the bank branch in person and request the application form.
2. Fill in all the required details in the form.
3. Submit the completed form along with relevant documents for verification.
4. Once the application is successfully verified, it will be approved.
5. You will receive an SMS confirmation about the account opening.
6. To complete the process, visit the official website of the bank and download the form.
7. Fill in the form and submit it to the participating bank.

How to Transfer Account from Post Office to Bank?

To transfer a Sukanya Samriddhi Yojana Account from a post office to a bank, follow these simple steps:

1. Visit the post office where the account is currently held.
2. Inform the post office executive about your intention to transfer the account to a bank.
3. Fill out the account transfer form provided by the post office.
4. Submit the duly filled transfer form along with the passbook and KYC documents.
5. The post office executive will process the request and discontinue the account as per the beneficiary’s request.
6. Next, visit the bank branch where you want the account to be transferred.
7. Submit all the necessary documents, including self-attested KYC documents, to the bank.
8. The bank will process the transfer request, and a new passbook will be issued upon completion of the transfer.

How to Pay Online?

1. Download the IPPB application on a mobile phone.
2. Transfer the sum from the bank account to the IPPB account.
3. Under ‘DOP Products, ‘ the user is required to choose the ‘Sukanya Samriddhi Yojana’ upon logging in to the IPPB account.
4. Provide the customer ID along with the Sukanya Samriddhi Yojana account number.
5. In the next step, the user should choose the amount to be deposited under the Sukanya Samriddhi Yojana account along with the duration of installments.
6. The user will be notified once the amount is transferred from the bank account to the IPPB account.

What are the Details that are Recorded in the Passbook?

The passbook for an Sukanya Samriddhi Yojana Account contains essential details related to the account holder and the account itself. It includes the date of opening the account, the girl child’s date of birth, the unique account number, the account holder’s name and address, and the record of deposited amounts.

The passbook serves as a record of transactions and must be presented to the bank or post office while depositing money, receiving interest payments, and during the account closure process. It plays a crucial role in keeping track of the account’s financial activities and maintaining transparency throughout the Sukanya Samriddhi Yojana Account.

Sukanya Samriddhi Yojana – Bank Names Offering This Yojana

The following banks offer the Sukanya Samriddhi Yojana account:

1. State Bank of India
2. Bank of India
3. Canara Bank
4. Corporation Bank
5. ICICI Bank
6. Indian Bank
7. Oriental Bank of Commerce
8. Punjab National Bank
9. UCO Bank
10. United Bank of India
11. Axis Bank
12. Andhra Bank
13. Bank of Baroda
14. Bank of Maharashtra
15. Central Bank of India
16. Dena Bank
17. IDBI Bank
18. Indian Overseas Bank
19. Punjab & Sind Bank
20. Syndicate Bank
21. Union Bank of India
22. Vijaya Bank
23. Allahabad Bank

Sukanya Samriddhi Yojana – Interest Rates Details

Sukanya Samriddhi Yojana – Frequently Asked Questions (FAQs)

How to open the Sukanya Samriddhi Yojana Account offline?

• The Sukanya Samriddhi Yojana Account can be opened offline at any post office or participating bank. In order to open the account, the individual is required to complete the following guidelines.
• Visit the bank or post office where the Sukanya Samriddhi Yojana account is required to be opened.
• Collect the application form and fill out the necessary information.
• Attach the relevant documents or supporting papers to the application form.
• Pay the deposit in the form of a cheque, cash or demand draft. The payment for the deposit ranges between INR 250 to INR 1.5 lakh.
• The application and the payment will be processed by the post office or the bank.
• Upon verifying the details provided by the depositor, the bank or post office will activate the Sukanya Samriddhi Yojana account. The individual will obtain a passbook for the same.

How can one calculate the interest on Sukanya Samriddhi Yojana?

The assessor is required to apply the following formula in order to calculate the interest on Sukanya Samriddhi Yojana.

A = P(1+r/n)^nt

P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years A = Amount at maturity

What are the tax benefits one may avail of in Sukanya Samriddhi Yojana Account?

• Tax deduction benefits of up to INR 1.5 lakh can be availed during a financial year on the contribution made by the depositor under section 80C of the Income Tax Act of 1961.
• The interest generated will also be exempted from paying tax under section 10 (10D) of the Income Tax Act of 1961.
• One may also avail of the tax benefit for the maturity amount and amount at the time of withdrawal.

Can I withdraw money from Sukanya Samriddhi Yojana before maturity?

You have the option to withdraw a portion of the funds in your Sukanya Samriddhi account, with a limit of up to 50%, for either the purpose of the marriage or higher education expenses of the female child.

Can a Sukanya Samriddhi Yojana account be transferred from one location to another?

The Sukanya Samriddhi Account is transferable to any location within India and can be transferred from either a post office to a bank or from a bank to a post office, providing flexibility for the account holder.

Where can one open a Sukanya Samriddhi Yojana account?

One can go to any Indian post office to open a Sukanya Samriddhi Yojana account. The individual would get all the instructions from the official who is assigned for opening the accounts. Some other financial institutions also offering this yojana are Sukanya Samriddhi Yojana SBI, the Sukanya Samriddhi Yojana HDFC, and the Sukanya Samriddhi Yojana in PNB.

How to open a Sukanya Samriddhi Yojana account?

One can open Sukanya Samriddhi Yojana Account in the name of the girl child with a minimum deposit of Rs.250 before she turns 10 years of age. In the current financial year, one can deposit up to a maximum of Rs.1.5 lakh in the Sukanya Samriddhi Yojana account.

Under the Sukanya Samriddhi Yojana, what is the maximum age limit given to the girl child to avail of the Yojana?

As Sukanya Samriddhi Yojana is a newly launched government yojana that aims to provide financial security to a girl child. Thus, any parent with a girl who is below the age of 10 years is eligible to avail of the yojana. Moreover, a girl child who has attained the age of 10 years, precisely 1 year before the launch of the yojana is also eligible for the yojana.

Why should I opt for Sukanya Samriddhi Yojana?

If you do not want to have stress on the finances for your girl child, Sukanya Samriddhi Yojana is the best investment plan for you. It will secure the future of your girl child as you can use the maturity amount for her higher education and as well as at the time of her marriage.

Who can deposit and operate the account?

Legal guardians or parents can operate this account until the insured girl child attains the age of 10 years or until the maturity of the account. The girl child is eligible to operate this account as soon as she turns 10 years old if she wants to.

What are the tax benefits offered under Sukanya Samriddhi Yojana?

There are various tax benefits offered under Sukanya Samriddhi Yojana. The Sukanya Samriddhi Yojana investment plan is designated as an EEE (Exempt, exempt, exempt) investment option. This means that the amount contributed towards the yojana up to the maximum limit of Rs.1.5 lakhs, the interest received on the invested amount and the maturity proceeds are all tax exempted under section 80C of the Income Tax Act.

Who can open Sukanya Samriddhi account?

• The Sukanya Samriddhi Yojana account can be opened by any parents or legal guardian of a girl child on behalf of their daughter. However, while opening an account the parents or legal guardian should fulfill certain eligibility criteria such as:
• The maximum age limit of the girl should be 10 years or less.
• Only 2 Sukanya Samriddhi Yojana account is allowed for a single-family i.e. one for each girl child.
• Only one account can be opened in the name of a single girl child.

What is the period of the Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Account can be opened for 21 years, however, you can keep the account open after 21 years but no interest will be paid after maturity of the account.

When can parents withdraw from the Policy?

The Sukanya Samriddhi Account allows 50 percent withdrawal of the deposited money when the covered girl child reaches 18 years for higher education. However, the account gains maturity after the completion of 21 years from the date of account opening.

Is there a facility to take a loan against the balance of the Sukanya Samriddhi Yojana account?

No, the facility of loan is not applicable against the Sukanya Samriddhi Yojana account.

Can a Non-Resident Indian avail the Sukanya Samriddhi Yojana?

As of now, the NRIs (Non-Residential Indian) are not eligible to avail Sukanya Samriddhi Yojana Account.

Can I make premature closure of the Sukanya Samriddhi Yojana Account?

Yes, you can make premature closure of the Sukanya Samriddhi Account in specific cases. This may include sympathetic ground such as terminal illness, the unexpected demise of the primary account holder, etc. However, premature closure of the account entirely varies from situation to situation.

Can I continue to invest in the Sukanya Samriddhi Yojana account if I and my daughter move to another country?

The Sukanya Samriddhi Account will have to be closed if the girl child becomes an NRI or loses Indian citizenship.

What happens in case of an uncertain demise of the girl child during the tenure of the yojana?

In case of the unfortunate demise of the girl child during the tenure of the yojana, the account is discontinued and closed and the proceeds are transferred to the parents or guardian of the girl child.

Can I convert my bank deposit account to Sukanya Samriddhi Yojana Account?

No, currently there is no feature available to convert the bank deposit account to an Sukanya Samriddhi Yojana account.

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