The Sukanya Samriddhi Yojana Account (SSA) is designed to provide a bright future for your girl child and to promote welfare of Girl Child. Interest rate on Sukanya Samridhi Yojana (SSY) is revised every quarter by the government.
What is the SSA interest rate for latest quarter?
The interest rate of Sukanya Samriddhi Yojana scheme has been kept unchanged from previous quarter April-June 2024 quarter. The interest rate for for the April-June quarter stands at 8.2%.
Also read: Penalty for not depositing money in PPF, Sukanya Samriddhi Yojana by March 31 every FY
Who can open Sukanya Samriddhi Account
A natural or legal guardian can open an account for a girl child under the age of ten. Natural or legal guardian of a girl child are allowed to open the account for two girl children only. Note that only one SSY account can be opened in the name of the girl child either by natural or legal guardian.Sukanya Samriddhi Yojana Scheme Account Opening Form
- Passport size photograph
- Copy of ID proof
- Birth Certificate copy of girl child
- Residence proof – as per RBI KYC policy
- Sukanya Samriddhi Yojana Scheme Account Opening Form
- Passport size photograph
- Copy of ID proof
- Birth Certificate copy of girl child
Can Sukanya Samridhi Yojna (SSY) account be closed before maturity?
- The account can be closed
- In the event of death of the account holder.
- In case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder.
Provided that no premature closure of an account under this sub-paragraph shall be made before completion of five years from the date of opening of the account.Also read: How to get Rs 70 lakh from Sukanya Samriddhi Yojana by investing Rs 12,500 every month, save tax
SSY details
The minimum annual deposit is Rs. 250, with a maximum of Rs. 1,50,000. If a customer fails to deposit the minimum deposit amount of Rs. 250 in a fiscal year, a penalty of Rs. 50 would be imposed every year of default. The SSY account matures after 21 years from the date of inception. Loan facilities cannot be obtained using an SSY account. Withdrawal is permitted after the account holder reaches the age of eighteen or has completed the tenth grade, whichever occurs first. Deposits in an account can be made until the completion of 14 years from the date the account was opened.
Tax benefits
Section 80C of the Income Tax Act allows exemptions of up to Rs. 1.5 lakh for the Sukanya Samriddhi Yojana. The interest earned on the maturity of the deposit is tax-free. SSY investors can enjoy triple tax benefit – Principal invested, the interest earned as well as the maturity amount is tax free.
Note that if you opt for the new regime, you will not be eligible for 80C deductions.
