New Scheme: Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY)

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Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY)

Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY) is a government-backed savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. This A/c can be opened by the parents of a girl child below the age of 10. A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. From April 2020, this scheme offers an interest rate of 7.6% compounded annually.

Parents can now open up to two SSY accounts for girls and a third account can be opened in case of the birth of twins/triplets. Here you can get a complete insight into the scheme, how it works and what are the benefits- 

Sukanya Samriddhi Yojana Interest Rates 2020

The Sukanya Samriddhi Yojana ( सुकन्या समृद्धि योजना ) interest rate FY 2020 is 7.6%, compounded annually. The interest rate is fixed by the government and revised quarterly. The following data are the historic interest rates of this government scheme for the girl child:

Time Period	Interest Rate (%)
April to June 2020	7.6
January to March 2020	8.4
July to Sep 2019	8.4
Apr to June 2019	8.5
Jan to March 2019	8.5
Oct to Dec 2018	8.5
July to Sep 2018	8.1
Apr to June 2018	8.1
Jan to March 2018	8.1
Oct to Dec 2017	8.3
July to Sep 2017	8.3
Apr to June 2017	8.4

Key Features of Sukanya Samriddhi Yojana

• If an SSY account holder is unable to make even the minimum deposit of Rs.250 in a financial year, his/her account will be termed as a ‘Default Account’. Till the maturity date, this default account will earn the interest rate as applicable in the scheme.
• Premature closure of SSY accounts can only be processed in case of death of the girl child or in some particular cases-
  • Medical treatment of the girl child against some life-threatening disease
  • Death of the guardian
• A girl child can operate her own account after the age of 18 years. Once she is 18 years old, she is eligible for operating the SSY after submitting all the necessary documents to the post office/bank where the account is being held.

Eligibility for SSY Account

The following are the key eligibility criteria for opening an SSY Account as part of the Beti Bachao, Beti Padhao Yojana:

• Sukanya Samriddhi Yojana account can be opened only in the name of the girl child by her parents or legal guardians
• The girl child has to be below the age of 10 at the time of an account opening
• Multiple Sukanya Samridhhi Yojana accounts cannot be opened for a single girl child
• Only two PMSSY accounts are allowed for a family i.e. one for each girl child

Minimum and Maximum Amount

The minimum annual contribution to the Sukanya Samriddhi Account is Rs.250 and the maximum of Rs.1.50 lakh in a financial year. You have to invest at least the minimum amount every year for up to 15 years from the date of the PMSSY account opening. Thereafter the account will continue to earn interest till maturity.

How to invest in the Sukanya Samriddhi Yojana

You can invest in this scheme through your nearby post office or designated branches of participating public and private banks. You will need to submit KYC documents like Passport, Aadhaar Card, etc. along with the required form and initial deposit by cheque/draft. This wide reach is designed to help ensure the success of the Beti Bachao, Beti Padhao Yojana.

Sukanya Samriddhi Yojana (SSY) Application Form

The Sukanya Samriddhi Yojana (SSY) Application Form for a new account can be obtained by visiting a nearby post office or participating in public/private sector banks for opening an account. Alternatively, you can also download the SSY New Account Application Form from the RBI website.

How to Download SSY Application Form Online

Sukanya Samriddhi Yojana Account Application form can be downloaded from various sources such as:

• The Reserve Bank of India Website
• The India Post Website
• Individual websites of public sector banks (SBI, PNB, BoB, etc.)
• The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank, and HDFC Bank)

While there are multiple sources for downloading the SSY application form, the fields in the form will be the same regardless of source.

How to fill SSY Application Form

The Sukanya Samriddhi Yojana Application Form requires applicants to provide some key data regarding the girl child in whose name the investment will be made under the Beti Bachao, Beti Padhao Yojana. and Details of the parent/guardian who will be opening the account/making deposits on her child's behalf are also required. The following are the key fields that are featured in the SSY Application Form:

• Name of Girl Child (Primary Account Holder)
• Name of Parent/Guardian opening the account (Joint Holder)
• Initial deposit amount
• Cheque/DD Number and Date (used for an initial deposit)
• Date of Birth of girl child
• Birth Certificate details of primary account holder (Certificate number, date of issue, etc.)
• ID Details of Parent/Guardian (Driving License, Aadhaar, etc.)
• Present and Permanent Address of parent/guardian (as per ID document of parent/guardian)
• Details of any other KYC Documents (PAN, Voter ID card, etc.)

Once the above details have been filled out, the form needs to be signed and submitted with the account opening authority (Post office/Bank Branch) along with copies of all applicable documents.

Tenure

Sukanya Samriddhi Yojana has a tenure equal to the time the girl child is 21 years of age or upon her marriage attaining the age of majority (18 years). However, contributions only need to be made for 15 years. Thereafter the account continues to earn interest until maturity even if no deposits are made into it.

Benefits of Investing in Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana( सुकन्या समृद्धि योजना ) introduced as part of the Beti Bachao, Beti Padhao Yojana initiative, provides investors with a range of benefits. Some of the key benefits of this scheme for the benefit of the girl child are as follows:

• Sukanya Samriddhi Account can be opened for more than two girls in some special cases which are-
  1. If a girl child is born after the birth of twin or triplet girls, third SSY account cannot be opened
  2. If a girl child is born before the birth of twin or triplet girls, or triplets are born at first then a third account can be opened
• Provides tax deduction benefits under Section 80C up to Rs. 1.5 lakh annually
• Flexible investment option with a minimum deposit of Rs. 250 in a year (max. Rs. 1.5 lakh per annum)
• Guaranteed returns instrument backed by the Indian Government (sovereign guarantee)
• A higher fixed rate of return (currently 7.6% per annum for Q1 FY 2020-21) as compared to other  government-backed tax saving schemes such as PPF
• Long term investment hence provides the benefit of compounding
• Can be freely transferred from one part of the country to another (bank/post office) in case of transfer of parent/guardian operating the Sukanya Samriddhi Account.

How to Check Your SSY Account Balance

If your account is maintained with a participating bank branch, the account balance can be checked easily through internet banking or mobile banking. You do however need to ensure that this account is linked to your existing net banking account for easy access to account records. This option of online balance check for SSY accounts held with participating banks is in addition to the passbook update option by physically visiting the bank branch.

If you have opened your SSY account at an India Post Office, there is currently no way to check the balance in the account online. You will have to visit the post office branch to get your passbook updated in order to perform a balance check. 

Calculation Example of SSY Account Deposits

The benefit of any investment can only be determined based on how much the investment grows over time. The following is a sample calculation showing the high returns you can get by making contributions to the Sukanya Samriddhi Yojana.

Let’s assume the following:

• Annual investments = Rs. 1 lakh
• Investment Period = 15 years
• The total amount is invested at the end of 15 years = Rs. 15 lakh
• Interest rate for 1 year= Rs. 7, 600
• Interest rate for 15 years= Rs. 1,14,000

Value of Sukanya Samriddhi Investments at the end of 15 years assuming 7.6% per annum rate of interest = Rs. 1,614,000. Thus you can almost double your money by investing in this guaranteed return investment in the long term.

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