Sukanya Samriddhi Yojana Post Office (2023) – Interest Rates

Sukanya Samriddhi Yojana Post Office (2023)- The Central Government runs a type of investment savings scheme called Sukanya Samriddhi scheme! It encourages parents of young girls (below 10yrs age) to invest in order to protect their girl child’s future! In this arrangement, the parents open the girl child’s investment account. which is run up until her marriage, whether she marries at age 21 or 18! Also, it is mandatory to invest in this account for 15 years.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana

Sukanya Samridhi Yojana account is a savings account. For taking benefit of this scheme, parents must create a bank account in their daughter’s name at any bank or post office, where they will be required to make a monthly deposit of a specific amount. The minimum and maximum amounts for creating an account under this plan are Rs 250 and Rs 1 lakh 50 Thousand respectively.

Sukanya Samriddhi Yojana Interest Rates

The current SSY plan interest rate has increased from 7.6% to 8.0% p.a. and is compounded annually. Once the scheme’s duration is up or if the girl gets non-resident Indian (NRI) or non-citizen status, interest is not payable. The government sets the interest rate, which is determined every quarter.

The table below includes information about the interest rate that the plan has offered:

Duration Rate of Interest
April 2023 – June 2023 8.0%
April 2020 onwards 7.6%
1 January 2019 – 31 March 2019 8.5%
1 October 2018 – 31 December 2018 8.5%
1 July 2018 – 30 September 2018 8.1%
1 April 2018 – 30 June 2018 8.1%
1 January 2018 – 31 March 2018 8.1%

Sukanya Samriddhi Yojana Eligibility

Sukanya Yojana eligibility requirements are listed below:

  1. A Sukanya Samriddhi account can only be opened by the daughter’s parents or legal guardians.
  2. The daughter shouldn’t be older than 10 when the account is opened.
  3. There can only be one SSY account opened for one daughter.
  4. Under the Sukanya Samriddhi Yojana Scheme, a family is only permitted to open two accounts.
  5. Only if a girl child is born after twins or triplets or triplets are born before that girl child, then only the third account can be opened.
  6. If the second girl is born as a twin or triplet, this account cannot be opened for more than two girls.
  7. It is not allowed for grandparents or other relatives to open a Sukanya Samriddhi account for the girl child. However, if a parent passes away, a relative who now has custody of the child may open a Sukanya account on his behalf after following the proper legal procedures.

Documents Required for Sukanya Samriddhi Yojana

The list of documents that must be submitted with the application form is provided below:

  1. Aadhar Card.
  2. The girl child’s and parent’s photo.
  3. The birth certificate of the girl child.
  4. Proof of address.
  5. ID proof of the parent or legal guardian- PAN card, driving license, Aadhar card, ration card.

You may also like: Sambal Card Download MP

SSY Account Opening at a Post Office

Opening an SSY account in PO is similar to the bank. The following steps should be followed:

  1. Request an application for an SSY account at the nearby post office.
  2. Mention your account number if you have a savings account with the post office.
  3. Mention the post office branch details and postal address under ‘To The Postmaster’.
  4. Paste the applicant’s photo.
  5. Mention the applicant’s name and mention the “Sukanya Samriddhi Yojana” option.
  6. Fill in the appropriate details under “Account Type” and “Account Holder Type.”
  7. Mention the sum you intend to deposit once the account has been opened.
  8. Include any more relevant details, such as your gender, Aadhaar number, PAN, address, etc.
  9. Authorize the information provided by signing page 1.
  10. In-Page 2 section (5), provide details if you wish to set standing instructions for the amount to be deposited to your account.
  11. Cheque the square box next to SSA stating that no other SSY account has been created.
  12. Include the signature and date.
  13. Give the nomination’s details.
  14. If the applicant is illiterate, obtain two witnesses to sign the application.
  15. At the end of the nomination section, include the location, date, and signature.

Banks opening SSY Accounts

The below-mentioned banks offer the Sukanya Samriddhi Yojana scheme :

  1. Bank of India
  2. state Bank of India
  3. Bank of Maharashtra
  4. Allahabad Bank
  5. Punjab And Sind Bank
  6. Oriental Bank of Commerce
  7. State Bank Of Hyderabad
  8. Bank of Maharashtra
  9. Canara Bank
  10. Dena Bank
  11. State Bank of Patiala
  12. State Bank Of Mysore
  13. IDBI Bank
  14. ICICI Bank
  15. Union Bank of India
  16. UCO Bank
  17. United Bank of India
  18. Vijay Bank
  19. State Bank Of Bikaner And Jaipur
  20. State Bank Of Travancore
  21. Punjab National Bank
  22. Bank of Baroda
  23. axis Bank
  24. Andhra Bank

Conclusion

Sukanya Samriddhi Yojana, also known as SSY, is a government-backed tax-exempt savings program. It is also an essential part of the Beti Bachao, Beti Padhao Yojana push for a girl child’s financial security.

The account will mature after 21 years or after 18 years, whichever comes first if the girl child gets married. To take advantage of the Sukanya Samriddhi Yojana, documentation such as birth certificates, account opening forms, parent photos, KYC paperwork, etc. must be provided.

 

 

 

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