Sukanya Samriddhi Yojana |
|
| Eligibility | below 10 years age girl |
| Interest rate | 8.5 |
| How to open | bank or post office |
| Investment Limit Per Year | 1000 to 1.5 lakhs year |
| Installments | 15 / 15 years (once or monthly) |
| Partial withdrawal | for higher education after 18 year |
| Premature closing | for marriage after 18 years |
| Maturity / Lock-in Period | 21 years |
| Tax Benefits | Withdrawal full tax-free EEE
invested amount up to 1.5 lakh |
How to It works?
Your Investment amount Monthly 500 or Yearly from 1000 to 1.5lakh for the year. government adds 8.5% Intrest rate yearly. pay for 15 years, matures 21 years.. you can withdraw after 18 years for girls marriage or 50% for higher education.
ex: you have invested 1.5 lakh every year or 12.500 months for 15 years. then there is a waiting time 6-year total amount will be 72 lakhs based on prevailing interest rates (adjusted quarterly).
Eligibility:
- The Child Age should be below 10 years at the time account Opening.
- Account Holder should be The Girl
- Only a single Account for one girl,
- Parents can open up to 2 accounts for family (3rd 4th not allowed) in case of twins there will be 3rd account.
Features:
- Minimum Investment Amount of 250 per month -or 1000 INR per year to 1.5 lakhs.
- Invest up to 15 years
- your SSY Account earns interest after 15 years to up to 21 years from the date of deposit.
- 6 Years of interest earned compounded annually at 8.5% (72/8=9 years, nearly get double the amount*check calculation below)
Tax Benefits
EEE: Exempt exempt exempt
- Investment up to 1.5 lakhs under section 80C.
- No TDS / tax on Interest Earned
- Returns or total withdrawal are exempted from tax like PPF and EPF* (new rule applied)
Withdrawal Rules & process of Sukanya Samriddi Yojana SSY Account
Maturity Period 21 Years
Partial withdrawal Available after 18 Years for studies (up to 50%)
Premature closing SSY
- In case of death of the Account holder
- In the case of the financial crisis
- After years for girl marriage
Interest rates
| Period | Interest |
| January to March 2019 (Q4 FY 2018-19) | 8.5 |
| October to December 2018 (Q3 FY 2018-19) | 8.5 |
| July to September 2018 (Q2 FY 2018-19) | 8.1 |
| April to June 2018 (Q1 FY 2018-19) | 8.1 |
| January to March 2018 (Q4 FY 2017-18) | 8.1 |
| October to December 2017 (Q3 FY 2017-18) | 8.3 |
| July to September 2017 (Q2 FY 2017-18) | 8.3 |
| April to June 2017 (Q1 FY 2017-18) | 8.4 |
How To Open Sukanya Samriddhi Yojana SSY Account?
Any Notified Banks (SBI or Post office. Download Application from RBI’s SSY form or Government website fill the details.
(Girl name, parents name and Address proof )
Documents required:
Birth certificate & Photograph Of child
Proof Of Address & Proof Of Id(ration card, Voter Id, pan, passport etc).
How to calculate SukanyaSamriddhi yojana Maturity & returns?
The Amount Limit 1000 INR to 1.5 lakh.
Let’s say You have opened Account on a 1st birthday if your daughter, then your maximum invested years will be 13 years. here we have taken full 14 years.
Maturity: 21 Years of Age.
| Annual Amount | Years Paid | Invested amount | interest rate * | Maturity at 14 year | Maturity amount at 21 years |
| 12500 per month | 15 | 21 lakhs | 8.5 | 44,27,389.61 | 72,43,419.92 |
| 1 lakh | 15 | 14 lakh | 8.5* | 27,23,226.92 | 48,20,499.02 |
| 50,000 | 15 | 7 lakh | 8.5* | 13,61,613 | 24,10,248.70 |
| 25,000 | 15 | 3.5 Lakhs | 8.5* | 6,80,806 | 12,05,123.46 |
| 10,000 | 15 | 1.4 Lakh | 8.5* | 2,72,322 | 4,82,048.68 |
| 1000 | 15 | 14,000 | 8.5* | 27,232 | 48,204.51 |
| Year | Year Deposits | Year Interest | Total Deposits | Total Interest | Balance |
| 1 | ₹150,000.00 | ₹6,820.18 | ₹150,000.00 | ₹6,820.18 | ₹156,820.18 |
| 2 | ₹150,000.00 | ₹20,149.90 | ₹300,000.00 | ₹26,970.08 | ₹326,970.08 |
| 3 | ₹150,000.00 | ₹34,612.64 | ₹450,000.00 | ₹61,582.72 | ₹511,582.72 |
| 4 | ₹150,000.00 | ₹50,304.71 | ₹600,000.00 | ₹111,887.43 | ₹711,887.43 |
| 5 | ₹150,000.00 | ₹67,330.61 | ₹750,000.00 | ₹179,218.05 | ₹929,218.05 |
| 6 | ₹150,000.00 | ₹85,803.72 | ₹900,000.00 | ₹265,021.77 | ₹1,165,021.77 |
| 7 | ₹150,000.00 | ₹105,847.03 | ₹1,050,000.00 | ₹370,868.80 | ₹1,420,868.80 |
| 8 | ₹150,000.00 | ₹127,594.03 | ₹1,200,000.00 | ₹498,462.83 | ₹1,698,462.83 |
| 9 | ₹150,000.00 | ₹151,189.52 | ₹1,350,000.00 | ₹649,652.35 | ₹1,999,652.35 |
| 10 | ₹150,000.00 | ₹176,790.63 | ₹1,500,000.00 | ₹826,442.99 | ₹2,326,442.99 |
| 11 | ₹150,000.00 | ₹204,567.84 | ₹1,650,000.00 | ₹1,031,010.82 | ₹2,681,010.82 |
| 12 | ₹150,000.00 | ₹234,706.10 | ₹1,800,000.00 | ₹1,265,716.93 | ₹3,065,716.93 |
| 13 | ₹150,000.00 | ₹267,406.12 | ₹1,950,000.00 | ₹1,533,123.05 | ₹3,483,123.05 |
| 14 | ₹150,000.00 | ₹302,885.64 | ₹2,100,000.00 | ₹1,836,008.69 | ₹3,936,008.69 |
| 15 | ₹150,000.00 | ₹341,380.92 | ₹2,250,000.00 | ₹2,177,389.61 | ₹4,427,389.61 |
| Year | Year Interest | Total Interest | Balance |
| after 15 years 4,427,389.61 | |||
| 1 | ₹376,328.12 | ₹376,328.12 | ₹4,803,717.73 |
| 2 | ₹408,316.01 | ₹784,644.12 | ₹5,212,033.73 |
| 3 | ₹443,022.87 | ₹1,227,666.99 | ₹5,655,056.60 |
| 4 | ₹480,679.81 | ₹1,708,346.80 | ₹6,135,736.41 |
| 5 | ₹521,537.60 | ₹2,229,884.40 | ₹6,657,274.01 |
| 6 | ₹565,868.29 | ₹2,795,752.69 | ₹72, 23,142.30 |
Note: Interest rate changes every 3 months.
Calculated through yearly SIP and
https://sipcalculator.site/yearly-sip.html and annual compound interest rate (CAGR) for 7 years (https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php)
SSY Intrest rates
| Year | Intrest rate |
| 2018-19 q4,q3 | 8.5 |
| 2018 q1,q2 | 8.1 |
| 2017-18 (q4) | 8.1 |
| 2017-18 (q3) | 8.3 |
| 2017-18 (q2) | 8.3 |
| 2017-18 (q1) | 8.4 |
| 2016-17 (q4) | 8.5 |
| 2016-17 (q3) | 8.6 |
| 2016-17 (q2) | 8.6 |
| 2016-17 (q1) | 8.6 |
| 2015-16 | 9.2 |
How to reopen Sukanya Samriddhi Yojana Account?
There is Penalty Fee 50 INR for discontinuing 1 year like PPF.
Other Points
You can transfer SSY one post office to another location.
There is no loan against SSY Account
Premature closing possible for marriage after 18 years.
partial withdrawal for child higher education.
when the child moves to abroad (NRI) you have to close the SSY account