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If you want to secure the future of your daughters, then Sukanya Samriddhi Yojana It is an excellent government saving scheme. the scheme 'Save daughter – educate daughter' Under the initiative, it is being run for daughters. any of your 10 years An account can be opened under this scheme for a daughter younger than Rs. Under the scheme, an account can be opened with even Rs 250 annually, which later becomes a big fund. Let us tell you that when the daughter turns 21, then the return on investment can be in lakhs of rupees. Currently, the interest rate in this scheme along with tax benefits is higher than fixed deposits and PPF.
In this article:
Sukanya Samriddhi Yojana details (sukanya samriddhi yojana details in Hindi)
Check important details related to SSY scheme below:
Rate of interest | 8.00% per annum |
investment amount |
Minimum Rs 250, Maximum Rs 1.5 lakh per year |
maturity period |
Till the age of 21 years or till the girl gets married after the age of 18 years. |
maturity amount |
According to the amount of investment |
investment period | up to 15 years |
Ability |
Daughter's age is less than 10 years |
income tax exemption |
Tax benefits under 80C on investments up to a maximum of Rs 1.5 lakh |
Website |
Sukanya Samriddhi Yojana Interest Rates (2023)
This is a small savings scheme. The government decides the interest rate for this scheme every three months. Sukanya Samriddhi Yojana interest rate for the quarter July to September 2023 (SSY Interest Rates, 8 percent That is, currently you will get interest at the rate of 8 percent per annum on this scheme. In this you get compound interest on annual basis. The interest rate offered in this scheme is mentioned in the table below:
October 2023- December 2023 | 8.00% |
July 2023- September 2023 | 8.00% |
April 2023 – June 2023 | 8.00% |
April 2020- March 2023 | 7.6 % |
1 January 2019 – 31 March 2019 | 8.5% |
1 October 2018 – 31 December 2018 | 8.5% |
1 July 2018 – 30 September 2018 | 8.1% |
1 April 2018 – 30 June 2018 | 8.1% |
1 January 2018 – 31 March 2018 | 8.1% |
How to invest in Sukanya Samriddhi Yojana
If you want to invest in Sukanya Samriddhi Yojana (SSY) i.e. open an account, then this facility is available in post office, government and private banks. For this you will need some documents:
Documents required for Sukanya Yojana
- birth certificate of girl child
- Photo ID of the applicant's parent or legal guardian
- Address proof of the applicant's parents or legal guardian
- KYC proof like PAN, Voter ID, Aadhar Card
application procedure
Application form for Sukanya Samriddhi Yojana can be downloaded from RBI website, Indian Post website and official website of banks. Then you have to enter the key details in the application form by the girl child, parent or legal guardian:
- Primary Account Holder: Girl Name
- Joint Holder: Name of parent or legal guardian
- initial deposit amount
- Cheque/DD number and date for initial deposit
- Date of birth of girl child with birth certificate details
- Identity of parent or legal guardian like driving license, Aadhaar card etc.
- Current and permanent address (as per ID document of parent or legal guardian)
- Other KYC proof details like PAN, Voter ID card etc.
How to open SSY account
Currently there is no online method to open an account for Sukanya Samriddhi Yojana. You can download the application form from the website of the bank or Indian Post. Then after filling that form, you can open a Sukanya Samriddhi Yojana (SSY) account offline by going to your nearest post office or bank. To open an account you can follow the steps given below:
Step-1: first of all your Nearest Bank or Post Office Go to where you want to open SSY account.
Step-2: for SSY application form Will have to be filled. as well as necessary document Must be attached.
Step-3: You can pay the amount you want to open an account through cash, check or demand draft. You are in this account Deposit from Rs 250 to Rs 1.5 lakh per year can do.
Step-4: Your application and payment will be processed by the bank or post office.
Step-5: After processing your SSY account active Will be done. You will also be given a passbook by the bank or post office.
How to make online payment for SSY account
If you want, you can make online payment for SSY account. For this, first of all you have to download IPPB app (India Post Payments Bank Mobile Banking App) in your smartphone. For this the steps given below have to be followed:
step 1: First on your mobile phone IPPB App (IPPB Mobile Banking, Download it.
Step 2: After this your bank account money from your ippb account Transfer to.
Step 3: Login to your IPPB account and 'DOP Product' According to 'Sukanya Samriddhi Yojana' Select.Step 4: own SSY account number And consumer id Enter.
Step 5: Now select the amount you want to pay and also choose the installment period.
Step 6: Once the payment routine is set up IPPB Will inform you about this.
Step 7: whenever your money ippb account Will be transferred from, you will be informed about it.
What is the eligibility for Sukanya Samriddhi Yojana?
The following eligibility criteria are required to open an account in Sukanya Samriddhi Yojana:
- Parents or legal guardian can open SSY account for a daughter below 10 years of age.
- It is necessary for the girl to be an Indian citizen.
- A maximum of two accounts can be opened for two girls in a family.
- However, in case of twin girls, a third SSY account can be opened.
Sukanya Samriddhi Yojana Deposit Limit (2023)
In Sukanya Samriddhi Account you Minimum deposit of Rs 250 and maximum Rs 1.5 lakh per year can do. After opening the account, at least the minimum amount will have to be invested every year for 15 years. After this, interest will continue till maturity.
Duration of Sukanya Samriddhi Yojana
Talking about the duration of Post Office Sukanya Samriddhi Yojana, it is till the age of 21 years or till the marriage of the daughter after the age of 18 years. However, you have to contribute to this scheme only for 15 years. After this, interest continues to be received on the SSY account till maturity, even if no amount is deposited in it.
Sukanya Samriddhi Yojana Calculator
- You can use the formula given below to calculate the interest earned in SSY account:
A = P(1 + r/n)^(n*t)
Here…
P : initial deposit
r : rate of interest
n How many times is interest compounded in a year?
t : How many years
A :Amount received on maturity
How much tax is charged on Sukanya Samriddhi Yojana?
- Section of Income Tax Act 1961 80c Under this scheme, you get tax benefits on investments up to Rs 1.5 lakh, that is, there is no tax on the interest you get on the investment.
- The interest amount received under the scheme is also tax free.
- Tax benefits are also provided on the maturity amount or withdrawal amount.
Can Sukanya Samriddhi Yojana account be transferred?
Yes, you can transfer Sukanya Samriddhi Yojana account from post office to bank:
step 1: before that post office Go to where you have your SSY account.
Step 2: Due to your transfer PO Executive then submit the duly filled account transfer form.
Step 3: with transfer form passbook And KYC Documents will also have to be submitted.
Step 4: At the request of the account holder PO Executive Will close the account.
Step 5: Go to the bank branch where you SSY account transfer Wants to do.
Step 6: Now Self attested KYC documents All necessary documents including will have to be submitted.
Step 7: A new passbook will be received after the transfer request is completed.
To transfer SSY account the girl child does not need to go to the PO branch. All formalities can be completed by the guardian. Please note that balance transfer of SSY accounts can be done free of cost. Also, transfer of the account can be done by providing the address proof of the beneficiary or one of their guardians. For change in Sukanya Samriddhi Account in any other circumstances payment of rs 100 Will have to do.
How can Sukanya Samriddhi Yojana be closed?
You can close Sukanya Samriddhi Yojana in the following circumstances:
On completion of maturity
- The account becomes mature when the girl turns 21.
- After this, the maturity value along with interest is returned to the depositor or the girl child.
- To obtain a maturity account, documents related to address proof, identity and citizenship will have to be submitted.
Premature closure of account can be done under the following circumstances:
Death of girl: The SSY account balance along with the interest amount is paid after providing the death certificate.
Girl's marriage: After the girl turns 18 years of age, applicants can apply for the purpose of marriage by providing age certificate one month before the marriage and three months after the marriage.
medical treatment: In case of fatal illness of the girl child or death of the guardian, the SSY account can be closed by providing documents related to the illness or death certificate of the guardian.
Citizenship of the girl child: If the girl child becomes non-resident or non-citizen of India, this account can be prematurely closed by informing about the change within one month of the change of status.
On completion of five years of SSY account: If continuation of the account causes problems to the girl child, the account can be closed prematurely by giving satisfactory reasons to the post office or bank.
other reason: The account can be closed at any time after opening the account. However, in this situation the interest earned on the deposited amount will depend on the post office or bank.
Top 10 states opening Sukanya Samriddhi Account
1. Uttar Pradesh
2. Tamil Nadu
3. Maharashtra
4. Karnataka
5. Madhya Pradesh
6. Rajasthan
7. Bihar
8. Gujarat
9.Andhra Pradesh
10. West Bengal
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