Sukanya Samriddhi Yojana Benefits 2022

Sukanya Samriddhi Yojana Benefits 2022 | Income Tax

Information about Sukanya Samriddhi Yojana

  • interest rate , 7.60%
  • Investment Amount : the minimum Rupee. 250 and max Rs 1.50 lakh per annum
  • Maturity Amount : Depends on the amount invested
  • maturity period : 21 Years

Sukanya Samriddhi Yojana Benefits 2022 | Income Tax, The scheme was launched by Prime Minister Narendra Modi under the Beti Bachao Beti Padhao campaign, the main objective of which was to secure the future of a girl child. The main benefits of SSY scheme are mentioned below:

  • Interest rate reduced from 8.4% to 7.6%
  • Tax benefits up to Rs 1.5 lakh
  • Account can be transferred

Sukanya Samriddhi Yojana The investment made can be used for marriage and education of daughters. SSY account can be opened in banks and post offices. Under Section 80C of the Income Tax Act, 1961, tax benefit of up to Rs 1.5 lakh is provided for the contribution made towards the scheme.

Sukanya Samriddhi Yojana Eligibility

Sukanya Samriddhi Yojana account eligibility is mentioned below:

Parents or legal guardians can open SSY account on behalf of the girl child up to the age of 10 years.
The girl child should be a resident Indian.
A maximum of two accounts can be opened for two girl children in a family.
Third SSY account can be opened in case of twin girls

Sukanya Samriddhi Yojana (SSY) Interest Rate

in present, Sukanya Samriddhi Yojana The interest rate of the scheme has been reduced from 8.4% to 7.6% and is compounded annually. Interest is not payable after the completion of the term of the scheme or if the girl child becomes Non-Resident Indian (NRI) or Non-citizen. The interest rate is decided by the government and determined on a quarterly basis.

What if less or more amount is paid for Sukanya Samriddhi Yojana?

Less Amount: If the minimum payment of Rs 500 is not made in a financial year, the account will be considered in default. However, the account can be brought back to active status by paying a fine of Rs.50.
Excess Amount: No interest is generated for any deposit amount above Rs 1.5 lakh. The depositor can withdraw the excess amount at any time.

Sukanya Samriddhi Yojana Withdrawal Rules

The rules for withdrawal from Sukanya Samriddhi Yojana account are given below:

Once the tenure of the account is over, the entire amount along with the interest available in the account can be withdrawn by the girl child. However, the following documents must be submitted:
Application form for withdrawal of amount.
1.ID proof
2. Proof of Address
3. Citizenship Documents

Withdrawal for purposes of higher education is permitted if the girl child has attained the age of 18 years and has completed 10th standard. However, the money should be utilized towards the fee or any other charges that may be levied at the time of admission.
Documents like admission in university or college as well as fee receipt have to be submitted while applying for withdrawal. The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. The amount can be withdrawn in 5 installments or in lump sum.

Premature withdrawal rules from Sukanya Samriddhi Yojana account

The rules allowing premature closure of the account are given below:

Once the girl turns 18 and gets married, Sukanya Samriddhi Yojana premature withdrawal is allowed. However, to get the benefit, the application has to be submitted at least one month before the marriage and 3 months after the marriage. Documents which determine the age of the girl should also be provided.

If the account has been opened for 5 years or more, and the bank or post office feels that the continuation of the account is causing hardship to the girl child, the guardian or the girl child can opt for premature closure.
The closure of the account will also be allowed for other reasons, but the interest earned on the contribution will be the same as the interest rates offered by the post offices.

Features of Sukanya Samriddhi Yojana

Properties information
how to operate the account * Guardian or parent can operate the account till the girl child reaches the age of 10 years.
* The account has to be operated after the girl child attains the age of 18 years.
amount credited to the account The minimum and maximum deposits in an account in a financial year are Rs 500 and Rs 1.5 lakh respectively. Deposits can be made in multiples of 100.
duration of the plan The deposit for the scheme should be made for a period of 15 years. However, this scheme matures after 21 years.
Transfer of account An SSY account can be transferred anywhere in India from post offices to banks and vice versa. No charges will be levied for transfer of account. However, a proof must be submitted for change of residence. If no proof is produced, a fee of Rs 100 will be levied.
deposit method Deposits into the account can be made in the form of online transfer, demand draft, check or cash.

Sukanya Samriddhi Yojana Tax benefits

The Sukanya Samriddhi Yojana tax benefits are given below:

Under Section 80C of the Income Tax Act, 1961, tax benefit of up to Rs 1.5 lakh is provided for the contribution made towards the scheme.
The interest amount that is generated is also free from tax.
Tax benefits are also provided for the maturity amount or withdrawal amount.

Sukanya Samriddhi Yojana Documents Required

The documents required for Sukanya Samriddhi Yojana account opening are given below:

Sukanya Samriddhi Yojana Account opening form.
The birth certificate of the girl child has to be submitted at the time of account opening.
ID proof and address proof of the depositor have to be submitted at the time of account opening.
In case of multiple births under one order of birth, a medical certificate has to be submitted.
Any other document that is requested by the bank or post office.

Banks that offer Sukanya Samriddhi Yojana Account

Below mentioned banks provide SSY scheme:

  • State Bank of India
  • United Bank of India
  • UCO Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Bank of Baroda
  • Andhra Bank

What details are recorded in the passbook?

Once the SSY account is opened, the depositor will receive a passbook. The date of account opening, date of birth of the girl child, account number, name and address of the account holder and the amount deposited will be mentioned on the passbook.

The passbook has to be submitted to the bank or post office at the time of deposit of money in the account, receipt of interest payment and at the time of closure of the account.

For how many years the payment will have to be made for Sukanya Samriddhi Yojana?

The repayment tenure for SSY accounts is 15 years, while the maturity period of the account is a minimum of 21 years.

What is Sukanya Samriddhi Yojana Eligibility?

Eligibility for Sukanya Samriddhi Account includes: Only girl children are eligible to have Sukanya Samriddhi Account. The maximum age of the girl child should not exceed 10 years. Proof of age of the girl child must be attached

What is the minimum age for Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana account can be opened in the name of the girl child, by her parents or legal guardians, any time before the girl child attains the age of 10 years.

Can I open Sukanya Samriddhi Yojana account online?

You can open Sukanya Samriddhi Yojana account in any authorized bank branch or post office branch. You can also set it up online with the help of your net banking facility.

What is the best time to deposit in Sukanya Samriddhi Yojana?

If you want your invested money to earn interest from the same month, you need to deposit it in Sukanya Samriddhi account within 10th of every month.

Leave a Reply

Your email address will not be published. Required fields are marked *

close button