Post Office Sukanya Samriddhi Yojana

Post Office Sukanya Samriddhi Yojana (SSY) is designed for girl children’s financial assistance which is aided by the Government of India. This scheme is part of ‘Beti Bachao Beti Padhao’. Moreover, the purpose of this financial assistance is to provide the girl children education and financial stability during their marriage. It has the high interest rates comparing other schemes. The tenure period is 15 years. Further, this account can be opened for the child above the age of 10 years.

Below are the details regarding this scheme:

Post Office Sukanya Samriddhi Yojana Details:

1. Objectives

• Sukkanya Samriddhi Yojana scheme is to provide financial security for the girl children’s education and marriage.
• Also, this is for their future financial stability.

2. Eligibility

• Guardians or parents can open the scheme in the name of the girl child below the age of 10 years.
• Only two girl children in a family can have an SSY account. In this case, secondly, are twins then there is an exemption.
• An individual can have only an account either in the Post Office or bank.

3. Minimum and Maximum Investment

• Minimum Investment: Rs. 250 annually.
• Maximum Investment: Rs. 1,50,000 annually.
• Thus, the deposit amount should be paid annually.
• Also, the tenure period is 15 years

4. Interest Rate

• This scheme has a high interest rate comparing other post office schemes.
• Also, the government may change the interest rate every quarter.
• Thus, the present interest rate is 8.2%.

5. Maturity Period

• After attaining 21 years from the date of account opening.
• During the time of marriage, when the girl child is above the age of 18.
• The account cannot be closed before 1 month or after 3 months of the marriage.
• No need to make any payment after the 15-year tenure payment, but you will get the interest.

6. Withdraw the amount

• When the girl child attains the age of 18 years or passed the 10th standard.
• There is a Permission to withdraw 50% of the deposit amount for their educational or marriage expenses.
• Finally, Will get the full deposit and interest amount only after 21 years from account opening or at the time of girl child’s marriage.

7. Tax benefits

• Under section 80C, deposit and interest amounts have tax-exemption.
• However, Investment amount, added interest amount and maturity amount all these gets tax exemption.

8. Transfer of account and Nominee

• Accounts can be transferred from one to another Post office if needed.
• Assign the nominees to get the amount in case of any emergency.

9. Premature Closure

There are certain terms and conditions for the premature closure of the account. Following are the rules for premature closure

1. Account Closure Reason

• Death of account holder:
  • The account is closed on the death of the girl child.
  • However, the nominee will get the invested amount and interest amount.
• Medical treatment or Illness:
  • Admitting the girl child to the hospital and for the medical expenses.
  • Evidently, Submit medical or doctor certificates to prove that there is a medical emergency.

2. Closure after 5 Years

• The account can be closed after 5 years from the account opening, only for educational or emergency purposes.
• In case of closure, proof needs to be submitted.

3. Penalty in interest rate

• The penalty for closing the account is reducing the interest rate.

4. After Marriage

• After the marriage of the girl child, only after attaining 18 years.
• Moreover, Marriage certificates should prove that marriage happened only after 18 years.

10. Disadvantages

• Amount cannot be withdrawn for the 5 years, even in case of any emergency.
• Organizations cannot invest in this scheme. Mainly, this scheme benefits the girl children.

Documents Required

• Birth Certificate of Child
• Identity proof of Parents or Guardians such as Aadhar Card , Voter Card, Passport, Driving License
• Address Proof such as Bank passbook, Aadhar card, Voter card, and Electricity Bill.
• 2 Passport size Photograph of child

Benefits of scheme

• This scheme has a high interest rate comparing other schemes.
• Also, this has tax exemption
• Secures the future of the girl children.

Application Process

1. Post Office Sukanya Samriddhi Yojana Offline:

• Firstly, Visit the nearest Post Office to open the Sukanya Samriddhi Yojana scheme.
• Get the form from the postmaster.
• Then, Fill out the form with the child’s name, birth date and parents/guardians details.
• Attach the required document along with the filled form.
• Make the payment with a minimum of Rs.250 or a maximum of Rs. 1.5 Lakhs for a financial year.
• Finally, submit the form and documents to the postmaster.
• Will receive the acknowledgment of the scheme opening.

2. Post Office Sukanya SamriddhiYojana Online:

• Firstly, Visit the Post Office e-Banking portal.
• Then, Log in using your User ID and Password.
• Select the Sukanya Samriddhi Yojana scheme.
• Enter the details of the girl child and the investment amount.
• Also, Make the payment Online
• Finally, Submit the form, you will receive the acknowledgment via mobile number and Email.

Post Office Sukanya Samriddhi Yojana is the scheme protecting the girl child for their future financial guidance. This is a risk-free, tax-exempt scheme provided by the Government of India for girl children’s future needs.

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