Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

The Government of India has introduced a savings scheme to benefit girl children under the campaign of “Beti Bachao – Beti Padhao” through Sukanya Samriddhi Yojana. In this scheme, the parent or the guardian of the girl child aged 10 years and less can open a Sukanya Samriddhi Yojana account. Sukanya Samriddhi Yojana offers a higher interest rate along with some tax benefits. Read this page below to know the benefits Sukanya Samriddhi Yojana offers to you and your daughter.

Sukanya Samriddhi Yojana Interest Rates

You can earn a fixed interest rate on your Sukanya Samriddhi Yojana deposit by the government which is reviewed every quarter. The Sukanya Samriddhi Yojana interest rate is currently 8.40%. And there are some authorized banks in India where you can open the Sukanya Samriddhi Yojana account. Check out the table below to know the banks where you can open the Sukanya Samriddhi Yojana account.

BankInitial Deposit (In INR)Maximum Deposit per year (In INR)Maximum Period of DepositPenalty (In INR)
SBI2501,50,00015 years50
Vijaya Bank1,000 and thereafter in
multiples of 100
1,50,00014 years50
Axis Bank1,0001,50,000Deposit allowed till the girl child attains the age of 14 years50
Union Bank of India1,0001,50,00015 years50
ICICI Bank2501,50,00015 years50
Canara Bank1,0001,50,00014 years50
Punjab national bank2501,50,00015 years50
HDFC Bank1,0001,50,00014 years50
IDBI Bank1,0001,50,00014 years50
UCO Bank1,0001,50,00015 years50
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Eligibility Criteria for Sukanya Samriddhi Account

The table below shows the minimum & maximum age criteria, deposits allowed, etc. Check out now.

Minimum Entry AgeFrom Birth
Maximum Entry Age10 years
Minimum Deposit (per year)INR 1,000
Maximum Deposit (per year)INR 1,50,000
Maturity Period21 years

Sukanya Samriddhi Yojana account can be opened by the parent or legal guardian of the girl child. Only one account is allowed to open for one girl child. In a family, a maximum of 2 Sukanya Samriddhi Yojana scheme accounts can be opened if there is more than one girl child. And three girl children in case of twin girls as second birth or if the first birth itself results in three girl children.

How Does Sukanya Samriddhi Yojana Calculator Work?

Parents always look for investments for their child, and with Sukanya Samriddhi Yojana, the girl child can be financially secured. Using a tool such as Sukanya Samriddhi Yojana Calculator, you can calculate the total amount of maturity that you would receive. The maturity amount is calculated based on your net contribution plus the interest earned. Sukanya Samriddhi Yojana Calculator uses the following formula to generate the maturity amount.

A = P (1 + r/n) ^ nt

Where A is the compound interest, P is the principal amount invested, r is the rate of interest, n is the number of times interest compounds in a year and t is the number of years you have invested in it.

How to Use Sukanya Samriddhi Yojana Calculator?

You can use the Sukanya Samriddhi Yojana Calculator by just entering the investment amount per year, age of the girl child, and the investment year. The calculator will display the maturity year and the amount you will receive upon maturity within a few seconds.

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How Do You Invest in Sukanya Samriddhi Yojana?

To apply for Sukanya Samriddhi Scheme, you need to submit a few documents as listed below:

  • Birth certificate of the girl child
  • Photo ID of the parent or legal guardian
  • Address proof such as utility bills like electricity or telephone bill
  • KYC proofs such as PAN card, Voter ID card, Passport, Driving Licence, etc.

Application Process for Sukanya Samriddhi Yojana

  • Download the application form from either the website of the RBI or the bank’s official website
  • Fill up the form with details of the girl child and parent or legal guardian such as:-
    • Primary Account Holder Name
    • Joint Holder Name
    • Initial deposit amount
    • Cheque, Demand Draft Number, and Date of the initial deposit
    • Date of Birth of the girl child with Birth Certificate details
    • Attached identity proof of Parent or legal guardian
    • Present and Permanent Address address documents
  • Submit the duly filled form and the documents required to the bank or Post Office branch.

Sukanya Samriddhi Yojana Tax Benefits

The principal amount deposited, and the interest earned during the maturity period will benefit you with a tax-exempt. The principal amount is deductible under Section 80C of the Income Tax Act for up to INR 1.5 lakh.

Key Pointers to Remember While Subscribing to Sukanya Samriddhi Yojana Scheme

If you want to enjoy the benefits of this scheme, you should know the maturity of the account, rules concerning premature withdrawal, etc. To know these and more, you can look at the following pointers.

  • The account matures after 21 years of opening the account or till the marriage of the girl after she becomes 18 years old
  • A premature withdrawal of up to 50% of investment is allowed for higher education expenses when the girl child attains the age of 18 years
  • Minimum investment amount INR 1,000 per annum
  • Maximum investment amount INR 1.5 lakh per annum
  • On the maturity of the account, you need to submit an application form along with proof of citizenship, residency and identity.
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Personal Loan Interest Rates September 2022
Fullerton India12.00% - 24.00%
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ICICI Bank10.50% - 18.00%
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