Sukanya Samriddhi Account Scheme: A Secure Investment for Your
Daughter's Future
The Sukanya Samriddhi
Account Scheme (SSAS) is a government-backed small savings scheme launched
under the 'Beti Bachao, Beti Padhao' initiative. It is specifically
designed to promote savings for the education and marriage expenses of a girl
child. The scheme offers attractive interest rates, tax benefits, and
guaranteed returns, making it one of the best long-term investment options for
parents or legal guardians of girl children.
Eligibility
and Account Opening
- The account can be opened in the name
of a girl child by her natural or legal guardian.
- It must be opened before the girl
attains the age of 10 years.
- A guardian can open only one
account per girl child and up to two accounts for two girl children.
In case of twins or triplets, more than two accounts can be opened.
- The application for account
opening is submitted in Form-1 along with the birth certificate
of the girl child and identity & address proof of the
guardian.
Deposit
Rules
- Minimum deposit:
₹250 at the time of account opening.
- Annual minimum deposit:
₹1,000
- Maximum deposit in a financial year:
₹1,50,000
- Deposits can be made in multiples
of ₹100 via cash, cheque, or demand draft.
- Contributions can be made for a maximum
of 15 years from the date of opening the account.
- If excess amount is deposited, no
interest will be paid on the extra amount, and it can be withdrawn
anytime.
Operation
of the Account
- The account is operated by the guardian
until the girl attains 10 years of age.
- After 10 years, the girl child can
operate the account herself or continue under the guardian’s control until
she reaches majority.
Maturity
and Premature Closure
- The account matures after 21 years
from the date of opening.
- If the girl gets married before 21,
the account is deemed to mature, provided she is at least 18 years old,
and a declaration is furnished.
- Premature closure is allowed in the
following cases:
- Death
of the account holder (Form No. 2)
- Life-threatening illness
or undue hardship (as approved by the government)
- The closure application is submitted
in Form No. 4 and must be made no earlier than 1 month before
and no later than 3 months after marriage.
Withdrawals
- Up to 50%
of the account balance can be withdrawn after the girl turns 18 or passes
10th standard, whichever is earlier.
- Withdrawal is allowed for purposes
such as higher education or marriage of the girl child.
- Full withdrawal is allowed only after
21 years or on marriage (if she is 18 or older).
Transfer of
Account
- The account can be transferred
free of cost between post offices and banks if proof of change in
residence is provided.
- A transfer fee of ₹100 is
charged if no proof is submitted.
- Non-CBS (Core Banking Solution)
accounts cannot be transferred to CBS accounts.
Interest
Rate on Sukanya Samriddhi Account
The interest rate is notified
quarterly by the Ministry of Finance and is compounded annually.
Below are the recent rates:
|
Period
|
Rate
of Interest
|
|
01.01.2024
– 31.03.2025
|
8.2%
|
|
01.04.2023
– 31.12.2023
|
8.0%
|
|
01.04.2020
– 31.03.2023
|
7.6%
|
|
01.07.2019
– 31.03.2020
|
8.4%
|
Income Tax
Benefits under Sukanya Samriddhi Account Scheme
The Sukanya Samriddhi
Account enjoys following exemptions:
1. Investment
Deduction under Section 80C:
o Investments
up to ₹1.5 lakh in a financial year are eligible for deduction under Section
80C of the Income Tax Act.
o Deduction
is allowed only if the amount is actually paid in the financial year.
o Example:
If ₹60,000 was due on 25.03.2023 but paid on 02.04.2023, deduction will be
allowed in FY 2023-24, not 2022-23.
2. Interest
Income Exempt:
o Interest
earned on deposits is exempt from tax under Section 10(11A).
3. Tax-Free
Withdrawal:
o Amount
withdrawn upon maturity or for permitted purposes (education/marriage) is completely
tax-free.
Conclusion
The Sukanya Samriddhi
Account is a secure, long-term savings option for the girl child’s
future financial needs. With guaranteed returns, tax exemptions,
and strict regulations, it encourages disciplined savings for important
life events like higher education and marriage. For parents and guardians
seeking a risk-free and tax-saving investment, this scheme is one of the
most reliable options offered by the Government of India.
Disclaimer: All the Information is based on the notification, circular advisory and order issued by the Govt. authority and information is strictly for educational purposes and on the basis of our best understanding of laws & not binding on anyone.
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