Sukanya Samriddhi Yojana 2020

Sukanya Samriddhi Yojana 2020 : Sukanya Samriddhi Yojana (SSY): Eligibility, Interest Rate, Benefit

Sukanya Samriddhi Yojana 2020 Full Detail

The government has taken up various measures in terms of education and financial freedom for the girl child. Sukanya Samriddhi Yojana is one such government back scheme to help parents save for the education and marriage of the girl child from the start itself.

Sukanya Samriddhi Yojana is a small saving scheme, which can be opened in post offices and designated private and public banks in the form of a savings account in the name of the baby girl. The interest rate is declared quarterly just like other post office schemes. The interest rate for Jan-Mar’19 (Q4, FY 2018-19) was 8.5%.

It is regarded as one of the most high-paying investment options in the fixed income segment. The following are the historic interest rates of this government scheme for the girl child:

Features of  Sukanya Samriddhi Yojana 2020

• Attractive interest rate of 8.4%, that is fully exempt from tax under section 80C.
• Minimum Rs. 1,000 can be invested in one financial year
• Maximum investment of Rs. 1,50,000 can be made in one financial year
• If the minimum amount of Rs 1000/- is not deposited in any financial year , a penalty of Rs 50/- will be charged
• Deposits in an account can be made till completion of 14 years, from the date of opening of the account
• The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
• Passbook will be issued to customers.
• Withdrawal Facility
  • To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
  • If the beneficiary is married before maturity of account, account has to be closed.

Eligibility Criteria for Sukanya Samriddhi Yojana 2020

• The account can be opened by the natural or legal guardian for a girl child of age below 10 years.
• A depositor can open and operate only one account in the name of a girl child under the scheme rules.
• Natural or legal guardian of a girl child are allowed to open the account for two girl children only.

Time PeriodInterest Rate (%) Sukanya Samriddhi Yojana 2020

• April to June 2019 (Q1 FY 2019-20) 8.5
• Jan to March 2019 (Q4 FY 2018-19) 8.5
• Oct to Dec 2018 (Q3 FY 2018-19) 8.5
• Jul to Sep 2018 (Q2 FY 2018-19) 8.1
• Apr to Jun 2018 (Q1 FY 2018-19) 8.1
• Jan to March 2018 (Q4 FY 2017-18) 8.1
• Oct to Dec 2017 (Q3 FY 2017-18) 8.3
• Jul to Sep 2017 (Q2 FY 2017-18) 8.3
• Apr to Jun 2017 (Q1 FY 2017-18) 8.4

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5 ways to benefit from the Sukanya Samriddhi Yojana 2020

1. Interest: This scheme currently offers an interest rate of 8.4 per cent per annum, which is the second-highest interest rate among all small savings schemes offered under the post office schemes. The interest rate is declared by the Government every year for the current Financial Year, which is compounded and credited yearly.

Between the 5th and last day of the month basis on the lowest balance, the interest is accrued on a monthly.

2. Withdrawal: From the date of opening of the account, the scheme matures after 21 years. However, withdrawal can be made on certain occasions such as during the marriage of the girl child, the amount can be withdrawn.

Also, if funds are required for higher education, premature withdrawal can be made on attaining the age of 18 years by the girl child. Premature withdrawal is limited to 50 per cent of the balance that was at the end of the preceding financial year.

Deposits can be made to this account till the account holder completes 14 years from the date of opening of the account, even though maturity is 21 years from the date of opening of the account.

3. Maturity proceeds: The maturity proceeds are paid to the girl child holding the account, once the account matures. Both the account balance along with accrued interest is paid directly to the account holder. Moreover, the interest is paid even after maturity, unlike other financial schemes. This makes this feature so popular among investors.

Hence, under this SSY scheme, after maturity, if the investor does not close the account, interest will be paid to the account till the final closure of the account.

4. Tax-efficient: Income tax is exempted from the contribution made to this account under Section 80 C of the Income Tax Act. This scheme offers tax exemption on the interest and also at the time of withdrawal.

This scheme falls under EEE (exempt, exempt, exempt), wherein exemption is available on the contribution made, the interest income, and at the time of withdrawal.

5. Flexibility: SSY account offers a lot of flexibility to the investors to operate the account. For starters, the account can be opened with a minimum deposit of just Rs 1000, which can be continued with any amount in multiples of Rs 100.

Documents Required for Sukanya Samriddhi Yojana 2020

• Form of the Sukanya Enrichment Scheme
• 2 passport photographs of daughter and mother and father
• Daughter’s birth certificate
• Copy of Aadhaar card or other identification card of the mother or father
• Proof of residence (electricity bill, ration card, driving license, election card, any one)

How to Download Form for Pradhan Mantri Gramin Awas Yojana 2020

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