Sukanya Samriddhi Yojana 2024: Apply Online, Interest Rate & Calculator

Sukanya Samriddhi Yojana Apply Online & Application Form Download Pdf | SSY Interest Rate Calculator | Sukanya Samriddhi Yojana Tax Benefit | SSY All Details |

Sukanya Samriddhi Yojana has been launched under the Government of India. This scheme will provide saving bank accounts to the parents for their daughters so that they can save some sort of money for their marriage as well as further education. Parents can open the account before their daughter attains the age of 10 years.

Through this article you will get all the information regarding the  Sukanya Samriddhi Scheme 2024 such as Objectives, Eligibility criteria, benefits, features, important documents, etc. besides that, we will bring up to date you with the step-by-step application procedures for applying online under this scheme.

Sukanya Samriddhi Yojana 2024

For providing social security provisions to the daughters, the Government of India has launched Sukanya Samriddhi Scheme with a savings plan in which the parents can open an account for saving money for their daughters. Parents can invest an amount of Rs. 250/- per annum for daughter’s higher education or marriage.

Sukanya Samriddhi Yojana has been launched by our Hon’ble Prime Minister Shri Narendra Modi Ji to provide a savings plan to the girl child in every family. On the behalf of the girl child, parents can open a bank account in the post office. Each year they have to deposit the amount of Rs. 250/- and this account will mature at the age of 21 years.

Highlights of SSY Scheme

Highlights of this scheme are per follows:-

Name of the Scheme  Sukanya Samriddhi Yojana
Known asSSY
Launched byPrime Minister Shri. Narendra Modi Ji
Launched underCentral Government or Government of India
Subsidiary ofBeti Bachao Beti Padhao
Applicable to  Citizens of India
Article CategorySavings Scheme
 BeneficiaryDaughters of the family
ObjectiveTo provide social security to daughters
BenefitParents will be able to invest some money for their daughter’s education & marriage
Form of BenefitSavings plan
Minimum InvestmentRs. 250/-
Maximum InvestmentRs. 1.5 lakhs
Interest Rate7.6%
Penalty on non-paying the amountRs. 50/- per year
Age of account opening10 years of age
Maturity of account21 years of age
No. of account holders out of the family2
Banking SystemCore banking system
Mode of operationGuardian or parents  
Premature closureOn the death of the daughter
Period of investmentUp to 15 years
Rate of Interest on the excess amountNo interest
Mode of money transmissionDigitally
Age for withdrawal18 years
Withdrawal status50% of the available balance
Mode of withdrawalOne go or Installments
Mobile ApplicationIPBB
Maturity amount calculatorSukanya Samriddhi Calculator
Empanelled Banks28 Banks
Act and regulationSection 80C , Income Tax Act 1961
Mode of applicationOnline/offline
AddressNational Savings Institute
Ministry of Finance (DEA) Govt. of India
1st Floor, Indian Council For Child Welfare.
4,Deen Dayal Upadhayaya Marg,New Delhi-110002.
Email Id [email protected]

Objectives of Sukanya Samriddhi Scheme

One of the foremost objective of launching Sukanya Samriddhi Yojana is to provide financial assistance to every daughter at the time of her marriage or for higher studies so that they will not have to face financial difficulties at the time of money need.  This scheme will cover all the poor citizens of the nation. This scheme is launched under the Beti Bachao Beti Padhao.

 Another objective of launching the Sukanya Samriddhi Scheme is to provide savings accounts to each daughter of the family so that their parents can invest a lump sum amount of money for their education as well marriage. Parents can open their daughter’s account before attaining the age of 10 years by visiting the Post office.

Facilitation Of Digital Account

This scheme has been facilitated under the Indian Post Office.  Parents can deposit their funds through the mode of a digital account which have been launched by the Post Office. So the depositor will not need to visit the Post office for depositing his amount. They can also make their transactions by using mobile phones.

IPPB Mobile Application Launched

In order to facilitate the transactions digitally post office has launched a mobile application with the name of IPPB through which the accountholders can make their transactions just by simply using their mobile phones. Even parents can also open accounts through this app. Applicant must attain the age of 18 years for opening this bank account.

2 Daughters Out Of The Family Will Get Benefit   

The benefit of this savings plan will only be provided only to 2 daughters out of the family. If there are more than 2 daughters in the family then the other daughters will be restricted from applying under SSY. In case the daughters are twin, then the government will provide the benefit to both of them separately.

Minimum & Maximum Deposit Limit

The applicant will need to transfer an amount of Rs. 250/- per annum on the basis of minimum deposit regulated by the government. And they can do the maximum deposit of Rs. 1.5 lakhs per year. They can make their payments by carrying out any mode such as demand draft, online net banking and through cheque.

Interest Rate On Depositing Amount

The post office will give you a 7.6% rate of interest on the amount of deposit money. Earlier the rate of interest was 8.4% but now it has come down to 7.6%. Accountholder will need to deposit Rs. 250/- per annum while carrying out this scheme. On a quarterly basis, this interest rate has been fixed by the Government.

Withdrawal Status

Guardian or parents can withdraw the deposit amount from the account if their girl child has attained the age of 18 years. But the Guardian will be able to withdraw 50% of the available balance. Afterwards, parents can use this money for their daughter’s education or marriage.  This will be done for the betterment of the girl child future.

Premature Closure Of Account

Sukanya Samriddhi Account can be closed after the 5 years of account opening. An account holder can close his account before the maturity period only if the account holder (girl) has died or the account holder is suffering from a life-threatening disease and the parent or guardian have been died who operates the account of his daughter.

Account Transfer Within Post Office

Accountholders can also transfer their accounts from one post office to another. For this the applicants will need to follow mentioned below steps: –

  • At first the Guardian will require to visit the post office.
  • Make sure to take your updated passbook as well as your KYC documents.
  • Then submit these documents to the post office and inform them that you want to transfer your account to other post office.
  • On the submission of you documents, the manager will close your account and will give you the transfer request.
  • After that you have to visit the new post office where you want to open your account and then submitting your documents there.
  • Concerned official will given you’re a new passbook in which you new balance will be appeared.
  • In this way you can manage account in the new post office.

Sukanya Samriddhi Account Passbook

The applicant will also receive a passbook after opening his account. Various details will be displayed on it such as the opening of the account, DOB of the girl child, account number, name of the account holder, address and amount deposited. You will need to deposit your passbook at the time of depositing money. Accountholder can also use this passbook for closing his account. 

Account Reopening Process

As per the provisions of the Government, it has been made compulsory to deposit the amount of Rs. 250/- per annum, in case the applicant has not yet deposited this amount then his account will be closed.  For reopening the closed account, an applicant will need to visit the post office and have to fill and submit the account revival form & have to pay the outstanding amount.

Penalty On Non-Paying

You will need to pay an extra amount of Rs. 50- per year on the amount of 250/- which will be Rs. 300/- but if you have not deposited the amount for 2 years then you will have to pay an amount of Rs. 100 which will worth at cost of Rs. 600. In this way, you have to pay the penalty for 2 years. Then your bank account will again get opened. 

Sukanya Samriddhi Yojana Calculator

You can also download the Samriddhi Yojana Calculator for calculating the amount of maturity. This app will provide you with all the detail regarding our maturity amounts such as investment made per annum and interest rate on the deposit money. In case the depositor has deposited the excess amount then no interest will be paid on the excess amount.

Sukanya Samridhi Yojana Interest Rate Calculator

Empanelled Banks Under SSY

The government has authorized a total of 28 banks for opening the accounts under this scheme as per follows: –

  • Allahabad Bank
  • Andhra Bank
  • axis Bank
  • Bank Of Baroda (BOB)
  • Bank Of India (BOI)
  • Canara Bank
  • Bank Of Maharashtra (BOM)
  • Central Bank Of India (CBI)
  • Corporation Bank
  • Dena Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank (IOB)
  • Oriental Bank Of Commerce (OBC)
  • Punjab And Sind Bank (PSB)
  • State Bank Of Bikaner And Jaipur (SBBJ)
  • State Bank Of Hyderabad (SBH)
  • Punjab National Bank (PNB)
  • State Bank of India (SBI)
  • |SBM| State Bank Of Mysore
  • State Bank Of Patiala (SBP)
  • State Bank Of Travancore (SBT)
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank Of India
  • Vijay Bank

Benefits Of Samriddhi Sukanya Yojana 2024

The benefits of this scheme are as follows: –

  • Samriddhi Sukanya Scheme has been specially launched for serving the interests of daughter’s future.
  • This will be a social security provisions provided to the daughters of family.
  • Guardian can invest their some sort of money for their daughter’s future.
  • Account will be facilitated by Post Office.
  • Guardians can open their daughter’s account under the age of 10 years.
  • Applicant will need to deposit Rs. 250/- each year.
  • Rate of interest will only be paid by the post office as per the mentioned minimum amount that is Rs. 250.
  • Applicants can also access digital accounts for transferring the money by their mobile phones.
  • There will be no need to visit post office every time for transacting funds.
  • Account holders can use the mobile application for depositing the amount of funds.
  • You can open your account in any one of the empanelled banks which has been registered under SSY.
  • Only 2 daughters out of the family will be able to avail this facility.
  • Guardian can withdraw the money at the age of 18 years of his daughter.
  • Maturity period of this account will be 21 years.
  • Applicants can also reopen their accounts, if their accounts have been closed.
  • Account holders can also transfer their accounts from one post office to other.
  • For accessing the details of maturity amount by downloading Sukanya Samriddhi Calculator

Features Of Samriddhi Sukanya Scheme 2024

The features of this scheme are as follows: –

Step- 1st
  • Samriddhi Sukanya Yojana has been launched under the Government of India or Central Government.
  • Prime Minister Shri. Narendra Modi Ji has started this initiative.
  • This scheme is the subsidiary of Beti Bachao Beti Padhao.
  • It is based upon the savings plan.
  • This comes under the supervision of Section 80C of the Income Tax Act 1961.
  • Post office has been allocated with the task of opening accounts for the applicants.
  • Parents can open accounts at post office if the girl child attains the age of 10 years.
  • Whenever the Girl reaches the age of 18 years, she will operate her bank independently.
  • Minimum amount of 250/- per annum have to be deposit by the accountholder.
  • Post office will give 7.6% of interest rate on the amount of deposited money.
  •  IPPB mobile application has been launched by the Indian Post Office for the convenience of easy transactions of the applicants.
  • Depositor can invest an amount of Rs. 1.5 lakhs for the year which is the maximum amount mentioned under this scheme.
Step- 2nd
  • Account will be get matures after 21 years of age by the girl.
  • If there are more than 2 daughters in the family, then only 2 daughters will be given the benefit of this Sukanya Samriddhi Scheme.
  • Penalty of Rs. 50/- will be charged by the banks if the applicant have not deposited the annual amount.
  • Only 50% of the available balance can be withdrawn for the higher education and marriage reasons. 
  • Passbook will also issue to the applicant on the bank opening.
  • RBI has authorized around 28 banks for opening accounts under this scheme. Some of them are given below:-
    • Stand Bank of India (SBI)
    • Central Bank of India (CBI)
    • ICICI Bank
    • IDBI Bank
    • Union Bank of India
  • Applicants can use the Samriddhi Calculator app for calculating the amount of maturity amount.
  • Accountholders can also close their bank accounts before the arrival of maturing account. For this they have to satisfy some conditions as per follows:-
    • If the girl child passes away.
    • If the girl child suffering from a life-threatening disease.
    • On the death of the parents or guardian.

Eligibility Criteria

The applicants must possess the following mentioned criteria for applying online under this scheme: –

  • For opening the account under SSY, the age of the girl child must be less than 10 years.
  • The girl child must be a permanent citizen of India.
  • Only 2 daughters out of the family will be able to avail the benefit of this scheme.
  • Parents can open 3rd account under SSY in case of twin girls.

Important Documents

Some of the important documents required to apply under SSY are as follows: –

  • Application letter
  • Aadhar card of the girl child
  • Photograph of baby as well as their parents
  • Residence certificate
  • Depositor documents
    • PAN card
    • Ration card
    • Driving license
  • Medical certificate
  • Other documents demanded by the bank or post office

 Process To Open Samriddhi Yojana Account 2024

The applicants are required to follow mentioned below steps for opening an account under this scheme: –

  • Applicants can open their bank accounts under this scheme on any one out of the empanelled banks.
  • At first the applicant will need to download the Sukanya Samriddhi Yojana Account Opening Form. Then the applicant will need to fill each information carefully on it.
  • After filling out the form, attach all the relevant documents with it.
  • Then you have to submit this form alongwith the documents on the desired bank and post office.
  • In this way you will be able to open your bank account under this scheme.

Checking Account Balance

The applicants are required to follow mentioned below steps for checking the account balance under this scheme: –

  • At first you will need to request you bank for providing you the login credentials.
  • Then login on the portal of Internet Banking by entering your credentials.
  • After opening portal you will land on the homepage.
  • On homepage, click on the option of Confirm Balance.
  • Then the account summary will be displayed on your screen where you can check your account balance easily.
  • In this way you will be able to check the available balance in your account.

Procedure For Reviving Default Account

The applicants are required to follow mentioned below steps for reviving the default account under this scheme: –

  • Beneficiary can revive the bank account after it has been considered default.
  • It can be done for 15 years from the date of account opening.
  • All you need is to deposit the penalty Rs 50/- for per year which you have not submitted.
  • For example:- you have opened your bank account for 3 years then the amount will be Rs. 250+250+250 = 750. And amount of penalty will be Rs. 50+50+50 = 150. You have to deposit total amount of Rs. 900/-
  • After making the payments, your account will be revived.

Contact Information

If you have any queries and questions regarding Sukanya Samriddhi Yojana, then you can contact the mentioned below email Id and address:-

  • Email ID:- [email protected]
  • Office address:-
    • National Savings Institute
    • Ministry of Finance (DEA) Govt. of India
    • 1st Floor, Indian Council For Child Welfare.
    • 4, Deen Dayal Upadhayaya Marg, New Delhi-110002.

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