• Blog
  • Calculators
  • Quiz
  • Sample Financial Plan
MoneyChai
  • Blog
  • Forum
  • Android App
  • Blog
  • Calculators
  • Quiz
  • Sample Financial Plan

Sukanya Samriddhi Yojana -Scheme Details, Interest Rate and Calculator

By:MoneyChai Investment Last Updated: 12 Feb, 2019

This article cover scheme rules, details, interest rate, eligibility, age limit, maturity and withdrawal rules of Sukanya Samriddhi Yojana in FAQ format. You can also download the calculator in excel format.

What is Sukanya Samriddhi scheme?

Sukanya Samriddhi Scheme is a small savings scheme launched by the Government of India under ‘Beti Bachao Beti Padhao’ inititiave. The scheme was launched in 2015 for girl child. Since then the scheme has been gaining huge popularity. This is a long term debt scheme which can help the girl child for her higher education and marriage related expenses.

Deposits in Sukanya Samriddhi account may be made till the completion of fourteen years, from the date of opening the account.

Sukanya Samriddhi Yojana Details

Sukanya Samriddhi Yojana -Scheme Details, Interest Rates and Calculator

Who is eligible for Sukanya Samriddhi Yojana?

A girl child (Indian Resident) between the age of 0-10 years is eligible for Sukanya Samriddhi Yojana.

What is the minimum amount of Sukanya scheme?

An account can be opened by depositing Rs 250 with the required documents (Note: earlier, the minimum amount  was Rs. 1000). The minimum amount that can be deposited in a Sukanya Samriddi Scheme is Rs. 250 per annum. The maximum limit is Rs. 1.5 Lakhs per annum for an account.

What is the age limit for Sukanya Samriddhi Yojana?

The age limit for Sukanya Samriddhi Yojana is 0-10 years.

What is the maturity period of Sukanya Samriddhi Yojana?

The maturity period of Sukanya Samriddhi Yojana is 21 years. For example: If you open an account when the girl child is 8 years old, the account will mature when she will turn 29.

What is the interest rate of Sukanya Samriddhi Yojana?

The interest rate of Sukanya Samriddhi account changes quarterly. Government of India decides the interest rates. Currently, the interest rate is at 8.5% for the period between 1st January 2019 till 31st March 2019.

Can we withdraw money from Sukanya Samriddhi account?

Yes, you can withdraw money from your Sukanya Samriddhi account.

Also Read:  PPF Account Withdrawal Rules

When can we withdraw money from Sukanya Samriddhi account?

 You can withdraw money from Sukanya Samriddhi account when the girl child turns 18 years old. There are 2 rules for withdrawal:

  • Partial Withdrawal – Maximum 50% of the balance (of the preceding year) can be withdrawn for the higher education of girl child. However, you will need to produce actual fee receipts to claim the same.
  • Complete Withdrawal – After the completion of 21 years from date of opening the account or on marriage of the girl child, whichever is earlier. However, the account holder needs to provide an affidavit stating that she is not below the age of 18 at the time of closing the account.

How can we close Sukanya Samriddhi account?

 In the unfortunate event of death of the account holder, the scheme can be closed immediately by producing the death certificate.

Yes, the Sukanya Samriddhi account can be closed after 5 years. The pre-closure request can be made after 5 years of opening the account. This request is only considered under extreme compassionate grounds like life threatening disease.

Is Sukanya Samriddhi part of 80C?

Yes, Sukanya Samriddhi Yojana is part of 80C. However, the maximum limit for exemption is 1.5 Lakhs under Section 80C.

Is interest on Sukanya Samriddhi account taxable?

No, the interest on Sukanya Samriddhi account is not taxable. The scheme comes under EEE category

  • Exempt at the time of investment
  • Also Exempt at the time of accumulation
  • Exempt at the time of withdrawal.

Can NRIs invest in Sukanya Samriddhi Yojana?

No, NRIs cannot invest in Sukanya Samriddhi Yojana. However, if the girl child is an Indian Resident, parents can open Sukanya Samriddhi Account for her.

How many accounts can be opened?

Maximum 2 accounts be opened for two girl children. You cannot open 2 accounts for one girl child.

You can open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from competent medical authorities where the birth of such twin or triplets occurred.

Can we increase the amount in Sukanya Samriddhi Yojana?

 If the annual deposit is less than 1.5 Lakhs per annum per account, then you can increase the limit up to 1.5 Lakhs.

Can I deposit more than 1.5 lakh in Sukanya samriddhi Yojana?

No, the maximum limit is 1.5 Lakhs per account. You cannot deposit more than 1.5 Lakhs in a single account. But if you have 2 account, you can deposit 1.5 Lakhs in each account, however, the tax benefits would be available only for a maximum amount of 1.5 Lakhs under section 80C.

How can I open account in Sukanya samriddhi Yojana?

You can open Sukanya Samriddhi Account  either through post office or from the list of 28 authorized banks.

Which banks offer Sukanya samriddhi account?

You can check the list of authorized banks here:

Also Read: List of Authorized Banks for Sukanya Samriddhi

What are the documents required for Sukanya samriddhi account?

The following document are required to open the scheme

  • Account Opening Form
  • Birth Certificate of Girl Child
  • Address Proof of Parents/Gurdian
  • ID proof of guardian/parents

How can I check my Sukanya Samriddhi account?

You can check Sukanya Samriddhi Account online if your bank/post office has core banking facility. Otherwise, you can update your passbook by visiting nearest branch of your bank/post office.

Can we open Sukanya Samriddhi Yojana account online?

No, you cannot open Sukanya Samriddhi account online. Currently, authorized banks and post offices are not allowed to open the account online.

Can I transfer money online to Sukanya Samriddhi account?

Yes, you can pay your future installments online by giving standing instructions to the bank.

Can I open Sukanya Samriddhi account online in ICICI Bank?/HDFC Bank?

No, you can not open Sukanya Samriddhi account online in ICICI Bank/HDFC Bank.

Which bank is best for Sukanya Samriddhi Yojana?

Since, the Government of India decides the interest rates of the scheme , it makes no difference in which bank you would want to open an account. Choose a bank that you are comfortable with.

Sukanya Samriddhi Yojana Penalty

An irregular account where a minimum amount of Rs. 250 has not been deposited may be regularised on payment of a penalty of fifty rupees per year.

Can Sukanya Samriddhi account be transferred from post office to bank?

Yes, you can transfer the account anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands.

Also, You can transfer Sukanya Samriddhi Account from post office to bank. You can go through the process by clicking on the link

Also Read: Process to transfer from Post Office to Bank

What is the benefit of Sukanya Samriddhi scheme?

Following are the benefits of Sukanya Samriddhi scheme –

  • Interest rates are high than most of the debt-oriented schemes like bank deposit and FDs. Also, interest rates will always be .5% higher than the PPF.
  • Since it’s a debt scheme by Govt. of India, chances of defaults are Nil.
  • Tax benefits under Section 80C
  • Scheme comes under EEE as explained above

Drawback of Sunkaya Samriddhi Account

Let’s see, what are the drawbacks of Sukanya Samriddhi Account –

  • Lock in period is high in this scheme. You can not withdraw money till the girl child is 18 years old.
  • You can withdraw only 50% at the time of higher education.
  • After completion of 21 years, no interest is payable in this scheme.
  • Interest rates may higher today but may not be in the same range for long periods.
  • Maturity proceeds would be in the hands of Girl Child. Also, Girl Child can operate the account after the age of 10 years.

Sukanya Samriddhi Calculator 2019

You can download Sukanya Samriddhi Calculator 2019 by clicking on the below link

Sukanya Samriddhi Scheme Calculator

Is it good to invest in Sukanya Samriddhi Yojana?

Yes, it is good to invest in Sukanya Samriddhi Yojana. If you are more inclined towards debt instruments for your daughter`s education and marriage, it seems to be the best instrument. The scheme offers better returns than any other debt investments like insurance, bank deposits and even debt mutual funds.

But, is it advisable to create the entire corpus for your daughter needs by investing in this scheme? Because you can get better returns in equity mutual funds.

Also Read: Best Multicap Mutual Funds to invest in 2019

Suppose your daughter`s education goal is 15 years away. You can have a 60:40 equity/debt allocation. For equity, you can consider SIP in equity mutual funds and for debt part Sukanya Samriddhi Yojana is the best option.

Also Read: Sukanya Samriddhi Scheme RBI Notification

What do you think- Is Sukanya Samriddhi a good option for the girl child? Please share your views?

Also, share the article with your friend and family.

32 Shares
Share32
Tweet
Share
WhatsApp

Filed Under: Investment

MoneyChai

Hi, I am Ajay Pruthi, an alumnus of NIT Jalandhar and K.J. Somaiya Institute of Management Studies. I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country. I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners. If you liked my blog and want to discuss further on comprehensive fee only financial planning, feel free to get in touch by visiting Finvin Financial Planners.

You May Also Like

  • Simple Example of Power of Compounding For Youngsters

    Simple Example of Power of Compounding For Youngsters

  • Creating Equity Portfolio for Your Investments

    Creating Equity Portfolio for Your Investments

  • Creating Debt Portfolio For Your Investments

    Creating Debt Portfolio For Your Investments

  • Those 1%-2% Extra Returns In NCD (Non-Convertible Debentures)

    Those 1%-2% Extra Returns In NCD (Non-Convertible Debentures)

Reader Interactions

Comments

  1. MoneyManch says

    February 19, 2019 at 9:53 am

    Very good scheme. Sukanya Samriddhi Yojana has picked up well in the country as it is great step towards providing financial security and financial dependence to girls.

    Reply

Leave a Reply Cancel reply

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

Primary Sidebar

  • Retirement
  • Retirement
  • PF Accumulation at Retirement
  • NPER
  • Child`s Goals
  • Higher Education
  • Marriage
  • Investments
  • HRA
  • PPF Accumulation
  • PMVVY
  • SIP
  • Lumpsum Investment
  • Fixed Deposit
  • Recurring Deposit
  • Present Value of Money
  • Future Value of Money
  • Increasing SIP calculator
  • Compound Annual Growth Rate
  • Monthly SIP Required for Any Goal
  • SCSS
  • Term Insurance
  • Life Insurance Need

Newsletter

Popular posts

  • House Rent Allowance Rules and Regulations – HRA 2020-21

  • Gratuity Formula – Rules, Limit, Eligibility & Calculation 2020

  • Gift Tax Rate in India – Limits, Exemptions and Rules 2020-21

  • NRI PPF Rules – Account and Notification 2019

  • GST Rate on Real Estate – Under Construction & Completed Property

  • Should I Surrender My Jeevan Anand Policy from LIC?

  • Cost Inflation Index Calculation for FY 2020-21 & AY 2021-22

  • Early Retirement in India -How to Retire Early like Suresh ?

  • Bank Locker Rules and Regulations – Charges & RBI Guidelines

  • Financial Advisor Fees Structure, Cost & Charges in India

Recent Posts

  • Is It Wise to Mix Insurance and Investment – Never

  • Types of Risk in Debt Mutual Funds –Interest Rate, Credit and Liquidity

  • Tax on PF Interest – New PF Rules 2021 with Example

  • Calculating Returns And Lazy You

  • Deductions under Section 80C for FY 2020-21 – Tax Benefits

  • ICICI Pru Guaranteed Income for Tomorrow Review – 4%-5%Returns

  • Deduction under Section 80D – Tax Benefits for 2020-21

  • LIC Bima Jyoti Review, Returns and Tax – New LIC Plan 860 Details

  • Should You Purchase Capital Gain Bonds from NHAI & REC to Save Tax?

  • Chemist Vs Biased Doctor Vs Unbiased Doctor

Footer

About Us

Hi,
I am Ajay Pruthi, an alumnus of NIT Jalandhar and K.J. Somaiya Institute of Management Studies. I have over 10 years of experience in the field of insurance and have worked with top two private insurance players in the country.

I am a Certified Financial Planner and currently working as a Paraplanner with Mr. Melvin Joseph, founder of Finvin Financial Planners.

If you liked my blog and want to discuss further on comprehensive fee only financial planning, feel free to get in touch by visiting Finvin Financial Planners.

 

Newsletter

Help Links

  • Contact Us
  • Write for moneychai
  • Sitemap
  • Disclaimer
  • Advertise
  • Archive

Categories

  • Banking
  • Financial Planning
  • Insurance
  • Investment
  • Mutual Funds
  • Retirement
  • Tax
  • Chai Pe Charcha
  • Blog
  • Forum
  • Android App
Copyright ©2017 MoneyChai. Designed by Mount Moriah Infotechs