sukanya-samriddhi-yojana

The Sukanya Samriddhi Yojana (SSY) is a government-backed small deposit scheme for a girl child and her financial needs. It was launched as part of the ‘Beti Bachao Beti Padhao’ campaign. The scheme comes with income-tax benefit under section 80C. The returns are tax-free as well.

When can the Sukanya Samriddhi Yojana account be opened?

A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.

The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18. To meet the requirement of the child’s higher education expenses, partial withdrawal of 50 per cent of the balance is allowed after she turns 18.

Account Opening Rules for Sukanya Samriddhi Yojana

You can only open and operate one account in the name of the girl child. You can’t open two accounts for one girl.

The birth certificate of the girl in whose name the account is opened should be submitted by the guardian at the time of the opening of the account in the post office or bank, along with other documents relating to identity and residence proof of the depositor.

Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

How much money can be deposited in Sukanya Samriddhi Yojana Account?

You have to deposit a minimum of Rs 250 in a financial year, but the total money deposited in an account cannot exceed Rs 1.5 lakh in a financial year.

Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. For a 9-year-old, deposits have to continue till the child turns 24. Between ages 24 and 30 (when the account matures), the account keeps earning interest on the balance.

Partial withdrawal Rules for Sukanya Samriddhi Yojana

To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal of up to 50 per cent of the balance at the credit of the account at the end of preceding financial year is allowed. However, the withdrawal will be allowed only when the account holder turns 18.

For this, not just a written application, but documentary proof in the form of a confirmed admission offer in an educational institution or a fee slip from such institution clarifying that such financial requirement, is required. Further, the withdrawal amount will be restricted to the actual demand 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 institution.

NOTE : As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.