Sukanya Samriddhi Yojana (Girl Child Prosperity Scheme)

Every child is equal and unique. There is no reason to discriminate between a girl and a boy, as they both have equal capabilities to rise and shine. The Government of India has come up with different schemes to ensure that no child is discriminated and is given equal opportunity.

Sukanya Samridhi Yojana (Girl Child Prosperity Scheme) image

Throughout the Indian history, female infanticide has been very common. With modernization and proper education, people have started to realize the importance of letting a girl live in this world and give her access towards a bright future.

Sukanya Samriddhi Yojana In Hindi : Beti Bachao Beti PadhaoClick Here

Every child is equal and unique. There is no reason to discriminate between a girl and a boy, as they both have equal capabilities to rise and shine. The Government of India has come up with different schemes to ensure that no child is discriminated and is given equal opportunity.

Throughout the Indian history, female infanticide has been very common. With modernization and proper education, people have started to realise the importance of letting a girl live in this world and give her access towards a bright future.

Along with it, Indian Government has come up with a campaign, named “Beti Bachao Beti Padhao”, to ensure that a girl child is given a secure life and proper education.

sukanya samriddhi yojana 2017 Pic

The “Beti Bachao Beti Padhao” program was an initiative to address the declining rate of a girl child in India. The pre-birth discrimination was one of the biggest reason for the decline of Child Sex Ration (CSR). Under this program, a scheme was launched by the Government as Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana is a small deposit scheme exclusively for girl child under the age of 10 years. It is meant to meet the girl child’s education expense and marriage expense in the future. This scheme is currently (2016-17) fetching an interest rate of 9.8% and provides income tax benefit.

Sukanya Samriddhi Yojana Account Rules

1.Under this scheme, an account can be opened by the natural parent or the legal guardian, anytime after the birth of a girl child, till she turns 10 years of age.

2.The account must be opened in the name of the girl child.

3.The minimum deposit in the account should be 1000INR, and the maximum can be 1.5 lakh in one fiscal year.

4.The account can be opened at any Post Office or in any authorized branches of commercial banks.

5.The birth certificate of the girl child and related documents like the guardians’ address proof must be provided while opening an account.

6.The account will remain operative till 21 years from the time of opening the account or till the girl doesn’t get married after 18 years of age.

7.To meet the requirements of higher educational expenses, a partial withdrawal of 50% is allowed after the girl turns 18 years of age.

8.One cannot open 2 accounts under the name of 1 girl child.

9.The account can be transferred in case the account holder shifts to another city. The transfer is free of cost, upon providing the shifted address proof by the parent or guardian.

  1. If no address proof is provided for the transfer of account, then a fee of 100INR has to be paid to the Post Office or the authorized bank. The transfer can also happen electrically is the bank or Post Office has to access to CBS.

sukanya samriddhi yojana 2017

Deposits In The Account

1.An initial amount of 1000INR must be deposited while opening the account, and thereafter, any number of deposits can be made till 1.5 lakh INR in one fiscal year.

2.The deposit can be made in the form of cash, cheque or demand draft or through electric means, like e-banking (wherever it is available to the depositor).

3.Deposits can be made in the account until 15 years since the account has been opened. For example – For a 9 years old girl child, deposits can be done till the time the girl turns 24 years of age.

4.After the deposit time of 15 years is over, the account turns into a matured account and till the age of 30, the deposited amount keeps earning interest on the balance.

5.An irregular account, where the minimum amount of 1000INR has not been deposited, a penalty of 50INR would be deducted from the account.

6.If the penalty is not paid, then an interest of 4% would be incurred.

sukanya samriddhi yojana pics

Interest Rate Of The Deposits-

1.The Government fixes interest rates on a quarterly basis based on the G-sec yields. The interest rate spread that the account enjoys over the G-sec rate of comparable maturity is 75 basis points.

2.Interest at the rate, to be notified by the government, compounded yearly will be credited to the account till it completes 15 years.

Closing Of Account–   

1.In the case of sudden death of the account holder, the SSY account will be closed immediately, after producing a death certificate by the parents or guardians. The balance in the account will be paid along with the interest till the month preceding the month of the premature closure.

2.In other cases, an application of closure can be requested after the completing of 5 years, since the opening of the bank.

3.The above-mentioned condition can be allowed, in the case of any life-threatening accident or diseases of the account holder.

Rules For Partial Withdrawal

1.The partial withdrawal will be allowed only after the account holder turns 18 years of age.

2.To meet the financial requirements of higher education or marriage, only 50% can be withdrawn from the account by parents or guardians.

sukanya samriddhi yojana pictures

3.Proper proof and documents, like admission form of the college, payment slip, etc, must be provided to the Post Office or the bank while requesting for partial withdrawal.

Maturity Of The Account

1.The account matures after the completion of 21 years from the time of opening or whenever the girl child gets married after the age of 18.

2.The bank or Post Office must be notified when and where the marriage is taking place, in a case before the completion of 21 years of the account, as the operation of the account won’t be allowed beyond the date of marriage.

3.If the account is closed on account of marriage, before the time of maturity, then the account holder has to submit proof that she is not below 18 years of age on the day of the account closing.

4.On maturity, the whole amount, including the interest will be payable to the account holder on proving the passbook and withdrawal slip.

The “Beti Bachao Beti Padhao” program was an initiative to address the declining rate of a girl child in India. The pre-birth discrimination was one of the biggest reason for the decline of Child Sex Ration (CSR). Under this program, a scheme was launched by the Government as Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana is a small deposit scheme exclusively for girl child under the age of 10 years. It is meant to meet the girl child’s education expense and marriage expense in the future. This scheme is currently (2016-17) fetching an interest rate of 9.8% and provides income tax benefit.

Sukanya Samriddhi Yojana Account Rules

1.Under this scheme, an account can be opened by the natural parent or the legal guardian, anytime after the birth of a girl child, till she turns 10 years of age.

2.The account must be opened in the name of the girl child.

3.The minimum deposit in the account should be 1000INR, and the maximum can be 1.5 lakh in one fiscal year.

4.The account can be opened at any Post Office or in any authorized branches of commercial banks.

5.The birth certificate of the girl child and related documents like the guardians’ address proof must be provided while opening an account.

6.The account will remain operative till 21 years from the time of opening the account or till the girl doesn’t get married after 18 years of age.

7.To meet the requirements of higher educational expenses, a partial withdrawal of 50% is allowed after the girl turns 18 years of age.

8.One cannot open 2 accounts under the name of 1 girl child.

9.The account can be transferred in case the account holder shifts to another city. The transfer is free of cost, upon providing the shifted address proof by the parent or guardian.

  1. If no address proof is provided for the transfer of account, then a fee of 100INR has to be paid to the Post Office or the authorized bank. The transfer can also happen electrically is the bank or Post Office has to access to CBS.

Deposits In The Account

1.An initial amount of 1000INR must be deposited while opening the account, and thereafter, any number of deposits can be made till 1.5 lakh INR in one fiscal year.

2.The deposit can be made in the form of cash, cheque or demand draft or through electric means, like e-banking (wherever it is available to the depositor).

3.Deposits can be made in the account until 15 years since the account has been opened. For example – For a 9 years old girl child, deposits can be done till the time the girl turns 24 years of age.

4.After the deposit time of 15 years is over, the account turns into a matured account and till the age of 30, the deposited amount keeps earning interest on the balance.

5.An irregular account, where the minimum amount of 1000INR has not been deposited, a penalty of 50INR would be deducted from the account.

6.If the penalty is not paid, then an interest of 4% would be incurred.

Interest Rate Of The Deposits-

1.The Government fixes interest rates on a quarterly basis based on the G-sec yields. The interest rate spread that the account enjoys over the G-sec rate of comparable maturity is 75 basis points.

Sukanya Samridhi Yojana (Girl Child Prosperity Scheme) photo

2.Interest at the rate, to be notified by the government, compounded yearly will be credited to the account till it completes 15 years.

Closing Of Account–   

1.In the case of sudden death of the account holder, the SSY account will be closed immediately, after producing a death certificate by the parents or guardians. The balance in the account will be paid along with the interest till the month preceding the month of the premature closure.

2.In other cases, an application of closure can be requested after the completing of 5 years, since the opening of the bank.

3.The above-mentioned condition can be allowed, in the case of any life-threatening accident or diseases of the account holder.

Rules For Partial Withdrawal

1.The partial withdrawal will be allowed only after the account holder turns 18 years of age.

2.To meet the financial requirements of higher education or marriage, only 50% can be withdrawn from the account by parents or guardians.

3.Proper proof and documents, like admission form of the college, payment slip, etc, must be provided to the Post Office or the bank while requesting for partial withdrawal.

Maturity Of The Account

1.The account matures after the completion of 21 years from the time of opening or whenever the girl child gets married after the age of 18.

2.The bank or Post Office must be notified when and where the marriage is taking place, in the case before the completion of 21 years of the account, as the operation of the account won’t be allowed beyond the date of marriage.

3.If the account is closed on account of marriage, before the time of maturity, then the account holder has to submit proof that she is not below 18 years of age on the day of the account closing.

4.On maturity, the whole amount, including the interest will be payable to the account holder on proving the passbook and withdrawal slip. You can read some brief details at http://www.apradhanmantriyojana.in/sukanya-samriddhi-yojana/

Sukanya samriddhi yojana form Download Pdf Format

IF you want to download sukanya samriddhi yojana form in pdf format then click here Here .

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