Sukanya Samriddhi Yojana (PMSSY) Sukanya Samriddhi Yojana (SYY) is a saving scheme launched by the Government of India in the year 2014. Ministry of Women and Child Welfare, Govt. of India has launched the scheme as a part of the “Beti Bachao, Beti Padhao” campaign. This commendable scheme not only aims to provide a safe and fruitful investment avenue but also strives to promote the importance of education and empowerment for girls. As of 2023, SSY continues to be a popular and impactful scheme, attracting parents and guardians keen on securing their daughters’ futures.
One of the key aspects that make Sukanya Samriddhi Yojana an attractive choice for investors is its competitive interest rate. In 2023, the scheme offers an impressive interest rate of [insert current interest rate]% per annum. This rate is subject to change annually, based on the market conditions and the government’s decisions. The compounded interest not only ensures that your investments grow substantially over time but also bolsters the long-term financial stability of your child.
Sukanya Samriddhi Yojana (PMSSY) PMSSY Status Check
|Name of the scheme||Sukanya Samriddhi Yojna (SYY)|
|Ministry||Ministry of Women and Child Welfare, Government of India|
|RBI Notification No.||G.S.R.863(E)|
|Current interest rate||7.6%|
|Scheme type||Saving scheme|
|Official Portal||Official Portal Link|
Sukanaya Samriddhi Yojana Interest
Calculating the interest and maturity amount for a Sukanya Samriddhi Yojana (SSY) account involves a few steps due to the compounded interest. Here’s a simplified example of how you can calculate these amounts:
Formula for Calculating Interest: Interest = Principal Amount × (1 + Annual Interest Rate / Compounding Frequency) ^ (Compounding Frequency × Number of Years) – Principal Amount
The formula for Calculating Maturity Amount: Maturity Amount = Principal Amount + Interest
Let’s consider an example to understand the calculations:
- Initial deposit (Principal Amount) = Rs. 50,000
- Annual Interest Rate = 7.6% (as of 2023)
- Compounding Frequency = Yearly
- Investment period = 15 years
Step 1: Calculate Interest Interest = 50000 × (1 + 0.076 / 1) ^ (1 × 15) – 50000 Interest ≈ 50000 × (1.076) ^ 15 – 50000 Interest ≈ 50000 × 3.172077758 – 50000 Interest ≈ 158603.8879 – 50000 Interest ≈ 108603.8879
Step 2: Calculate Maturity Amount Maturity Amount = Principal Amount + Interest Maturity Amount ≈ 50000 + 108603.8879 Maturity Amount ≈ 158603.8879
- In this example, after 15 years of investing Rs. 50,000 at an annual interest rate of 7.6% compounded yearly, the maturity amount would be approximately Rs. 1,58,603.89.
Please note that this is a simplified example for illustrative purposes. In reality, the interest rates might change over the years, and you need to consider any annual variations in the interest rate, as well as factors like partial withdrawals, if applicable.
PMSSY Interest Rate Revision Chart
|Financial Year||Date Range||Minimum investment||Maximum investment||Interest rate|
|2014-15||1st April 2014-31st March 2015||1000||150000||9.1%|
|2015-16||1st April 2015- 31st March 2016||1000||150000||9.2%|
|2016-17||1st April 2016- 30th Sep 2017||1000||150000||8.6%|
|2016-17||1st Oct 2016-31st March 2017||1000||150000||8.5%|
|2017-18||1st April 2017-30th June 2018||1000||150000||8.4%|
|2017-18||1st July 2017- 31st Dec 2018||1000||150000||8.3%|
|2018-19||1st Jan 2018-30th Sep 2018||250||150000||8.1%|
|2018-19||1st Oct 2018- 31st Dec 2018||250||150000||8.5%|
|2018-19||1st Jan 2019-31st March 2019||250||150000||8.5%|
|2019-2020||1st April 2020-1st June 2020||250||150000||7.6%|
|2020-21||1st July 2020- 31st December 2020||250||150000||7.6%|
|2021- till now||1st January 2021- till now…||250||150000||7.6%|
How to Check PM SSY Status
To check the Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY) status, visit the bank or post office where the account is held. Some banks offer online portals for status updates. Regularly update your passbook for transaction and balance details. SMS alerts and customer service helplines might provide information. The process may vary by institution, so contact them for specific instructions.
PMSSY Scheme Eligibility Benefits & PMSSY Online Application Form
Sukanya Samriddhi Yojana comes with a host of benefits that contribute to the holistic development of the girl child:
- Financial Security: SSY encourages parents and guardians to save for their daughters’ education and wedding expenses. By investing regularly, they can amass a significant corpus to meet these financial milestones.
- Tax Benefits: Contributions made to SSY are eligible for tax deductions under Section 80C of the Income Tax Act, offering dual benefits of savings and tax efficiency.
- Higher Interest Rate: The scheme’s interest rate is relatively high compared to other fixed-income options, making it an attractive choice for those looking for long-term wealth creation.
- Flexibility: While the minimum investment amount is low, the maximum deposit is capped. This offers investors flexibility in aligning their contributions with their financial capabilities.
- Partial Withdrawal: SSY allows partial withdrawals after the girl child reaches the age of 18 and is pursuing higher education or marriage. This feature ensures that the invested amount can be utilized for its intended purposes.
- Account Tenure: The account matures after 21 years from its opening date. However, the accumulated amount can be withdrawn prematurely in case of the girl’s marriage after attaining the age of 18.
- Government Backing: Being a government-backed scheme, SSY offers a sense of security to investors, as it is not influenced by market fluctuations.
To be eligible for Sukanya Samriddhi Yojana, certain criteria need to be fulfilled:
- PMSSY Age Limit: The girl child should be below 10 years of age at the time of the account’s opening.
- Residency: The girl child should be a resident of India to avail the benefits of the scheme.
- Number of Accounts: A family is allowed to open only one SSY account for each girl child. However, in case of twins/triplets, a maximum of two/three accounts can be opened.
- Guardian: The account can be opened by the biological parents or legal guardians of the girl child.
PM SSY Scheme Required Documents
To open a Sukanya Samriddhi Yojana account, certain documents are essential:
- Birth Certificate: A copy of the girl child’s birth certificate as proof of age and identity.
- Address Proof: Documents such as an Aadhar card, passport, or ration card that establish the child’s residential address.
- Parent/Guardian Identity Proof: The PAN card or Aadhar card of the parent or legal guardian opening the account.
- Passport-sized Photographs: Recent passport-sized photographs of both the girl child and the parent/guardian.
- Account Opening Form: The SSY account opening form is available at designated banks or post offices.
- Initial Deposit: The initial deposit amount, which varies and is subject to change based on government regulations.
PMSSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal
The Pradhan Mantri Sukanya Samriddhi Yojana (SSY) is a savings scheme designed to ensure the financial security of the girl child and encourage parents to save for their daughters’ education and marriage expenses. The scheme comes with certain rules and provisions regarding maturity and partial withdrawals. As of my last update in September 2021, here’s what you need to know about SSY maturity and partial withdrawal:
Maturity of SSY Account: The Sukanya Samriddhi Yojana account matures after 21 years from the date of its opening. This means that the account reaches its maturity when the girl child turns 21 years old. At maturity, the account holder (the girl child) becomes eligible to withdraw the entire accumulated amount along with the interest.
Partial Withdrawal: One of the notable features of SSY is the provision for partial withdrawal. However, this option is subject to certain conditions. Partial withdrawal is allowed for the following purposes:
- Higher Education: After the girl child attains the age of 18 and has completed at least the 10th standard or its equivalent, partial withdrawals can be made to cover higher education expenses.
- Marriage: Partial withdrawals are also permitted for the girl child’s marriage after she attains the age of 18.
The maximum withdrawal amount is capped at 50% of the balance at the credit of the account at the end of the preceding financial year. It’s important to note that the withdrawal should be made by the account holder (the girl child) herself, and the application for withdrawal should be submitted along with supporting documents.
Sukanaya Samriddhi Yojana (PMSSY)Pass Book
The Sukanya Samriddhi Yojana (SSY) Passbook is a crucial document that serves as a record of transactions and details related to the SSY account. The passbook is provided to the account holder (usually the parents or guardians of the girl child) when they open an SSY account for the girl child. It plays a vital role in tracking deposits, interest earned, withdrawals, and the overall account balance. Here’s what you need to know about the Sukanya Samriddhi Yojana passbook:
Features and Functions of the SSY Passbook
- Account Information: The passbook contains essential information about the SSY account, including the account holder’s name, account number, date of birth, and other relevant details.
- Deposits: The passbook records the deposits made into the SSY account. This includes the initial deposit made at the time of opening the account, as well as subsequent deposits made over time.
- Interest Accrual: Every year, the passbook is updated to reflect the interest earned on the account balance. The compounded interest is credited to the account annually.
- Withdrawals: If partial withdrawals are made for higher education or marriage, the passbook will indicate the details of these transactions, including the amount withdrawn and the purpose.
- Account Balance: The passbook provides an up-to-date record of the account balance, taking into account all deposits, interest earned, and withdrawals.
- Documentation: The passbook serves as an official document that can be used as proof of ownership and account activity. It’s often required when making withdrawals or updating account-related information.
How to Use the PM SSY Passbook
- Account Opening: When you open an SSY account, the authorized bank or post office will provide you with a passbook for the account. This passbook will be in the name of the girl child for whom the account is being opened.
- Updating the Passbook: Regularly visit the bank or post office where the account is held to update the passbook. During these visits, the bank/post office staff will record the deposits you make, calculate and credit the interest earned, and update the account balance.
- Record Keeping: Keep the passbook in a safe place, as it serves as an important record of all transactions related to the SSY account. It will help you track the growth of the account and the progress toward your financial goals for the girl child.
- Withdrawals: If you plan to make partial withdrawals for higher education or marriage, you’ll need to submit the passbook along with the withdrawal application. The passbook will be updated to reflect the withdrawal amount and purpose.
Sukanaya Samriddhi Yojana (PMSSY)Scheme Tax Benefits
The Sukanya Samriddhi Yojana (SSY) not only provides financial security and growth potential for the girl child’s future but also offers attractive tax benefits for investors. The tax benefits associated with SSY are designed to encourage more parents and guardians to invest in their daughters’ futures. Here’s a breakdown of the tax benefits offered by the scheme:
1. Tax Deduction under Section 80C: Contributions made towards the Sukanya Samriddhi Yojana are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. As of the last update in September 2021, the maximum deduction available under Section 80C is up to Rs. 1.5 lakh in a financial year. This deduction can be claimed by the parent or legal guardian who contributes to the SSY account. The deduction helps in reducing the taxable income, thereby resulting in lower tax liability.
2. Tax-Free Interest Earnings: The interest earned on the deposits made in the SSY account is tax-free. The interest is compounded annually and credited to the account. Since the interest is exempt from taxation, it contributes to the growth of the investment without being subject to tax deductions.
3. Tax-Free Maturity Amount: When the SSY account matures, and the girl child reaches the age of 21, the accumulated amount along with the interest is paid out to the account holder. This maturity amount is entirely tax-free. This means that the entire corpus can be withdrawn without attracting any tax liability, making it a highly advantageous investment for long-term financial planning.
4. No TDS (Tax Deduction at Source): The government has exempted SSY accounts from the Tax Deduction at Source (TDS) provisions. This means that the interest accrued and the maturity amount can be withdrawn without any TDS being deducted from the amount. This ensures that the full benefits of the scheme are enjoyed by the account holder without any tax deductions at the time of withdrawal.
Authorized Banks for PM Sukanya Samriddhi Yojana
The Pradhan Mantri Sukanya Samriddhi Yojana (PMSSY) is a government-backed savings scheme aimed at promoting the financial security and welfare of the girl child in India. The scheme is available through authorized banks and post offices. As of my last update in September 2021, here is a list of authorized banks where you can open a Sukanya Samriddhi Yojana account:
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- HDFC Bank
- ICICI Bank
- Canara Bank
- Bank of Baroda (BoB)
- Axis Bank
- Union Bank of India
- IDBI Bank
- Central Bank of India
- Indian Bank
- UCO Bank
- Bank of India (BoI)
- Andhra Bank
- Corporation Bank
- Oriental Bank of Commerce (OBC)
- Vijaya Bank
- Allahabad Bank
- Syndicate Bank
- Punjab & Sind Bank
- Dena Bank (Merged with BoB)
- United Bank of India (Merged with PNB)
- Indian Overseas Bank
- State Bank of Hyderabad (Merged with SBI)
- State Bank of Mysore (Merged with SBI)
- State Bank of Patiala (Merged with SBI)
- State Bank of Travancore (Merged with SBI)
Please note that this list is not exhaustive and may have changed since my last update. The availability of the scheme and authorized banks may vary, so it’s recommended to visit the official website of the Ministry of Finance, Government of India, or contact your local bank branch to get the most up-to-date and accurate information regarding authorized banks for opening a Sukanya Samriddhi Yojana account.
Conclusion: Sukanya Samriddhi Yojana stands as a beacon of financial hope for parents and guardians who aspire to secure a brighter future for their girl child. By offering an attractive interest rate, tax benefits, and a range of features that cater to various financial needs, SSY is a powerful instrument for long-term wealth creation and the realization of essential life goals. Eligible individuals are encouraged to embrace this opportunity and invest in their daughters’ futures through SSY, a scheme that embodies empowerment, growth, and prosperity.
PM SSY Scheme FAQs
Q1: What is Sukanya Samriddhi Yojana (SSY)?
- Sukanya Samriddhi Yojana is a government-backed savings scheme aimed at securing the financial future of the girl child in India. It encourages parents and guardians to invest in their daughters’ education and marriage expenses.
Q2: Who is eligible to open an SSY account?
- Parents or legal guardians of a girl child aged 10 years or below are eligible to open an SSY account for the child.
Q3: How is the interest calculated in SSY?
- The interest is calculated on a yearly compounded basis. The formula is: Interest = Principal Amount × (1 + Annual Interest Rate / Compounding Frequency) ^ (Compounding Frequency × Number of Years) – Principal Amount.
Q4: What is the maximum investment limit in SSY?
- As of my last update in September 2021, the maximum investment limit is Rs. 1.5 lakh per financial year. This limit is subject to change based on government regulations.
Q5: Is there any tax benefit associated with SSY?
- Yes, contributions to SSY are eligible for tax deduction under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free.
Q6: Can I withdraw money from an SSY account before maturity?
- Partial withdrawals are allowed for higher education or marriage of the girl child after she turns 18, subject to certain conditions.
Q7: What is the maturity period for an SSY account?
- The SSY account matures after 21 years from the date of opening or when the girl child gets married after attaining 18 years of age.
Q8: What documents are required to open an SSY account?
- Documents typically required include the girl child’s birth certificate, parent/guardian’s identity and address proof, and passport-sized photographs.
Q9: Can I open multiple SSY accounts for different daughters?
- No, a family is allowed to open only one SSY account for each girl child. However, in case of twins/triplets, a maximum of two/three accounts can be opened.
Q10: What happens if the account is not operated as required?
- If the minimum annual deposit is not made, the account may be discontinued. It can be revived with a penalty fee.
Q11: Can multiple accounts be opened in the name of a girl?
- No, a girl can have only one account under this scheme.
Q12: Is Sukanya Samridhi Account Transferable?
- Yes, the SYY account can be transferred to any of the authorized banks. The account can be transferred from bank to bank, post office to post office or from the post office to bank and vice-versa free of cost.