Sukanya Samriddhi Yojana: Investing in Sukanya Samriddhi Yojana (SSY) is one of the ways to secure a girl child’s future, without getting involved in financial risks. This initiative was launched by the government in 2015 to protect the future of the girl child, and for them to use the funds for their education and marriage.
Using this savings scheme, parents or legal guardian of the child can open an SSY account. Once the girl turns 18 years old, she can take control of the account by submitting a few documents
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is one of the most popular small savings investment schemes for securing the future of a girl child, especially because it has tax benefits and is backed by the government.
The minimum investment in this scheme is ₹250 per year, while the maximum ceiling is ₹1.5 lakh per year. It can be opened by any girl of up to 10 years of age. The maturity period is 21 years.
How to transfer SSY account from one bank to another?
Sometimes a situation may arise when you want to transfer your SSY account from one bank to another. To do that, follow these steps —
Step 1: Submit your SSY transfer request to the bank where you currently have your account. Fill the request form at your bank and write a transfer request letter to raise your issue.
Step 2: In the transfer request form, provide thedetails of the new bank where you’d like to get the account transferred. Write down the contact details and address of the new bank branch.
Step 3: Once the transfer request is submitted, the bank will send the original documents of your account to the new bank branch. If you have already made your investment in the old account, the bank is liable to send the cheque or DD of the amount to the new bank branch.
Step 4: Once the new branch receives your detail, you will have to submit a new SSY account opening form along with the KYC documents.
Step 5: After the submission of the documents, a new SSY account will be opened at the new bank with all the funds.
What are the benefits of Sukanya Samriddhi Yojana?
Below are the benefits of SSY:
- Being a government-backed scheme, the Sukanya Samridhi Yojana offers guaranteed returns.
- Sukanya Samriddhi Yojana (SSY) offers a competitive interest rate of 8.1%, the highest among small savings schemes.
- An investor can claim income tax benefits on up to ₹1.50 lakh invested in an SSY account in the single financial year under Section 80C of the Income Tax Act. The interest generated through the Sukanya Samriddhi Account (SSA) is tax-free.
- The minimum annual contribution to the Sukanya Samriddhi Account is ₹250 and the maximum contribution is ₹1.5 Lak in a financial year, making it flexible for all.
SSY latest interest rates
Sukanya Samriddhi Yojana is a savings scheme designed to improve the lives of girls in the nation.
SSY latest interest rate has been kept unchanged at 8.2% by the government for the April to June 2026 quarter. This interest rate is calculated on an annual basis and is compounded annually. The available balance in the account between the fifth day and the end of the month will be used to determine interest for the month, and interest will be issued to the account after each fiscal year.
