Sukanya Samriddhi Yojana Account Online Form / Interest Rate Calculator 2024[Updated]

Sukanya Samriddhi Yojana, initiated by the NDA Government under the leadership of Narendra Modi, is a visionary program aimed at promoting the concept of "Save for every girl child." Aligned with the "Beti Bachao Beti Padhao" campaign, the Sukanya Samriddhi Account Scheme stands as a testament to the government's commitment to fostering financial savings for the welfare and future education of girl children.

The Sukanya Samriddhi Yojana aims to motivate parents to actively contribute to savings for their daughters, facilitating financial support for their education and marriage expenses.

As of January 1, 2024, the Sukanya Samriddhi Yojana offers a competitive interest rate of 8.20% per annum. This interest is calculated annually and compounded yearly. Individuals can utilize the Sukanya Samriddhi Yojana chart and calculator to assess and compare the interest earned, empowering them to make informed investment decisions after considering all Post Office Schemes in 2023.

where to Open the Sukanya Samriddhi Account?

A maximum of two girl children can have an account opened by their parents or legal guardians. In the case of twins or triplets, an exemption is granted upon submission of a certificate from authorized medical institutions. Parents can initiate the account until the girl child reaches the age of 10.

The account must be registered solely in the name of the girl child, and only the guardian is authorized to make deposits on her behalf. The account can be established at any Post Office throughout India or at designated bank branches.

Sukanya Samriddhi Yojana Account Online Forms 2023

Here we are providing you the links of SSY Account Online forms which can be downloaded to open Sukanya Samriddhi Yojana Account.

• SSY Account Opening Form (FORM I) – Sukanya Samriddhi Yojana Account Opening Form Online

• SSY Application for Loan / Withdrawal (FORM 3) – Sukanya Samriddhi Yojana Application Loan / Withdrawal
• Application for Transfer of SSY Account (FORM 5) – Sukanya Samriddhi Account Transfer Form
• Application for premature closure of SSY Account (FORM 8) – Sukanya Samriddhi Account Premature Closure Form
• Application for Closure of SSY Account (FORM 9) – Sukanya Samriddhi Yojana Account Closure Form

Changes in SSY Guidelines 2023

1. Higher interest rate for default accounts

Failure to deposit the minimum amount of Rs. 250 in a financial year in the Sukanya Samriddhi Yojana account will classify it as a default account. Under the newly notified regulations, these "default accounts" will accrue interest at the rate applicable to the scheme until the maturity date if they are not regularized by then. Previously, such default accounts were only entitled to the post office savings bank interest rate. However, accounts designated as defaults due to the demise of the guardian will still be eligible for interest based on the scheme's updated rules.

2. Changes in rules for premature closure of account
As per the new scheme rules, the premature closure of a Sukanya Samriddhi account is allowed in case of death of the girl child or on compassionate grounds. The phrase “Compassionate grounds” would include situations such as medical treatment of the account holder for life threatening diseases or death of guardian. The old rules of the scheme allowed closure of the account in two cases i.e due to death of girl child and in case of change in residency status of girl child.

3. Operation of SSY account
According to the newly notified rules of SSY Scheme, the account cannot be operated by the girl child till she attains the age of 18 years as against 10 years as per old rules. As per the new rules, the account will be operated by the guardian till the account holder (i.e., the girl child) attains the age of 18 years. On attaining the age of 18 years, then necessary documents are required to be submitted to the bank/post office where the account is being held.

4. Opening of accounts for more than two girl children
There has been change in the additional documentation required for opening of account in case of more than two girl children. According to the newly notified rules, if accounts are to be opened in case of more than two girl children, then along with the birth certificates, an individual is required to submit an affidavit. The old rules required the guardian to submit medical certificate.

5. Other changes
Along with these changes, in the new rules of Sukanya Samriddhi Yojana, certain provisions have been removed and others have been clarified.The new rules have removed the provision of reversing wrongly credited interest in the account considering that as per the new rules the scheme interest now applies in case of all default accounts (and not the Post Office account saving interest rate). Also, under the new rules interest will be credited to the account at the end of the financial year.

Sukanya Samriddhi Yojana Interest Rate Calculator Chart

Here is the complete chart for calculating interest rate of Sukanya Samriddhi Yojana:-

Salient Features of Sukanya Samriddhi Yojana Account

The Sukanya Samriddhi Account offers an appealing interest rate of 8.20% (applicable from October 1, 2023, to December 31, 2023), regulated by the Ministry of Finance on a quarterly basis.

Parents or legal guardians can open an account in the name of a girl child until she reaches the age of 10. Only one account is permitted for each girl child. Accounts can be initiated at Post Offices or designated branches of commercial banks such as HDFC Bank, ICICI Bank, PNB Bank, SBI Bank, or any other bank nationwide.

To open the account, a birth certificate of the girl child must be presented. The initial deposit is a minimum of Rs. 250, with subsequent deposits allowed in multiples of Rs. 50. Contributions can be made until the account holder turns 14, starting from the account's opening date.

A minimum deposit of Rs. 250 per financial year is required, and the interest, as notified by the government, is calculated annually on a compounded basis and credited to the account. The maximum annual deposit is Rs. 1,50,000.

Upon turning 18, the account holder is eligible for one withdrawal, up to 50% of the balance from the preceding financial year, for education or marriage expenses. The account is transferable anywhere in India to any post office or bank.

The account matures after 21 years from its opening date.

More information about Sukanya Samriddhi Yojana Account

A penalty of Rs. 50 will be levied if the account fails to meet the minimum deposit requirement.

Guardians are obligated to contribute for 14 years, and no further deposits are necessary thereafter until maturity.

A premature withdrawal, equivalent to 50% of the accumulated amount from the previous financial year, is permissible once the girl child reaches 18.

The account can be closed after 21 years, allowing for a complete withdrawal. If the funds remain untouched, they will continue to accrue interest.

Under Section 80C of the Income Tax Act, an investment of Rs. 1.5 lakh per year, inclusive of earned interest, is entirely exempt from income tax.

Investments in the Sukanya Samriddhi Yojana scheme are exempt from Income Tax under Section 80C. The scheme provides Tax Benefits under the Triple E regimen, meaning Principal, interest, and outflow are all tax-exempt.

Documents Required for Opening an Account?

1. Birth certificate of the girl child.
2. Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian.

Sukanya Samriddhi Yojana primarily focuses on the girl child and is flagship scheme of the Indian Post Office and of the Modi Govt.

Moreover, this interest earned is better than than the other Post Office Savings Scheme like Public Provident Fund, Kisan Vikas Patra, National Savings Certificate Scheme etc.

Summary of Sukanya Samriddhi Yojana Account

Here is the summary of the Sukanya Samriddhi Yojana Account as follows:-

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

(i) Account can be opened with minimum initial deposit Rs. 250.
(ii) 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.
(iii) Deposit can be made maximum up to completion of 15 years from the date of opening.
(iv) If minimum deposit Rs. 250 is not deposited in a account in a FY , the account shall be treated at defaulted account.
(v) 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.
(vi) Deposits qualify for deduction under section 80C of Income Tax Act.

Interest

(i) The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.
(ii) 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.
(iii) 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)
(iv) 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

(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.
(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.
(iii) 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

(i) The premature closure of an account is permissible after 5 years from the date of opening under the following conditions:

In the event of the death of the account holder, the account may be closed. The interest rate applicable will be as per the Post Office Savings Account from the date of death until the payment date.

On extreme compassionate grounds, including:

(a) Life-threatening disease of the account holder.

(b) Death of the guardian who operated the account.

(c) Complete documentation and application are required for such closure.

(d) To initiate the premature closure, the account holder must submit the prescribed application form along with the passbook at the respective Post Office.

Closure on maturity

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

Sukanya Samriddhi Yojana Account Rules – Click Here

Sukanya Samriddhi Account Forms – Click Here

Sukanya Samriddhi Yojana Account – Highlights at a Glance

The important features and highlights of Sukanya Samriddhi Accounts are as follows:-

Sukanya Samriddhi Yojana Interest Rate & Calculator	Minimum SSY Account Balance & Maintaining Balance
As the sukanya samriddhi yojana chart from 1 October 2023, SSY rate of interest is 8.20% calculated on yearly basis and compounded annually	Minimum amount is Rs. 250 and maximum ssy account is Rs. 1.5 lakh per year. Accordingly candidates can make investment in multiples of Rs. 50 in Lump Sump amount or in installments. Moreover, there is no limit on the number of deposits either in month or in FY.
Salient Features & SSY Tax Benefits
Any parent or guardian can open this sukanya samriddhi account in the name of girl child. One account is applicable for one girl child and maximum two accounts for 2 girl children of a single family. People can open this SSY account up to 10 years from the Date of Birth of Girl Child. Subscribers must have to deposit Rs. 250 in a financial year otherwise their account is discontinued and also a penalty of Rs. 50. At the age of 18 years of girl, subscribers are allowed to make partial withdrawal. However, full sukanya samriddhi yojana withdrawal is applicable only after 21 years. Furthermore in case the girl is married, premature closure / full ssy withdrawal is permissible.

Regional Offices for more information about Sukanya Samriddhi Account