Sukanya Samriddhi Yojana Interest Rate 2019


SSY: Bitiya's Better Future For Sukanya Prosperity Scheme

In SSY, the account can be opened only from 250 rupees. From this, small amount of savings can be deposited in the SSY for the child's marriage or higher education.

on 14 May 2019, 10:30 AM
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The Sukanya Samrudhi Yojana (SSY) of the Central Government is a good investment scheme in order to save for higher education and marriage for a child under 10 years of age. Those who want to stay away from the risk of the stock market and get annoyed at falling interest rate in fixed deposit (FD), SSY can prove to be the best step for them.

What is SSY?

  • There is a small savings scheme of the Central Government for the daughters of Sukanya Samrudhi Yojana (SSY or SSY) which has been launched under the Beti Bachao-Beti Teacha Scheme.
  • In the year 2016-17, the SSY was being paid at a rate of 9.1 per cent, with the income tax exemption. Earlier, it has 9.2 percent interest.
  • The SSY account that opens with a lot of money has been started by keeping in mind the families who have little or no access to the child's marriage or higher education.
  • Certified Financial Planner Deepali Sen said, "SSY is a very good scheme for those who have less income and who do not believe in putting money in the stock market. The security of the capital with fixed income is the specialty of this scheme.

  • Under Sukanya Samrudhi Yojana (SSY), the account can be opened with the deposit of at least Rs. 250 at the age of 10 years after the birth of a girl child. Up to 1.5 lakh rupees can be deposited under SSY in the current financial year.

  • Under the Sukanya Samrudhi Yojana (SSY) the account can be opened in the authorized branch of any post office or commercial branch.

  • After opening SSY account, this girl can be run until she is 21 years of age or after her marriage to 18 years of age

  • After the age of 18 after the SSY account, 50% of the amount can be withdrawn for the child's higher education expenditure.

  • SSY Account can be opened by the child's parent or legal guardian by the name of girl child before 10 years of age. According to this rule a single account can be opened for a child and money can be deposited in it. Two accounts can not be opened for a child.
  • Essential documents for SSY are required to be given in the Child's Birth Certificate Post Office or Bank when opening SSY Account. It is also necessary to provide proof of identification and address of the child and guardian.

  • 250 rupees are enough to open SSY account, but later the money can be deposited in multiples of 100 rupees. At least 250 rupees must be deposited in one financial year. In one financial year, SSY can not be deposited more than Rs 1.5 lakhs at a time or multiple times.
  • Money can be deposited in SSY account for 15 years from the day of account opening. In case of a 9-year-old girl, when she is 24, money can be deposited. Upon the age of 24 to 30 years of the child's maturity, when the SSY account becomes maturized, interest will be available on deposits.
  • Once the money was not deposited in SSY? In an irregular SSY account where the minimum amount has not been deposited, it can be regularized by paying a penalty of 50 rupees annually. At the same time, the minimum amount deposited for each year will also be added to the SSY account.
  • If the penalty is not paid then the deposit amount in the SSY account will be equal to the post office savings account, which is about four per cent now. If interest has been paid over the SSY account, then it can be revised.

  • The amount can be deposited in cash, check, demand draft or any instrument which the bank accepts in the SSY account. For this, it is important to mention the name of the depositor and the name of the account holder.
  • Sukanya-Samriddhi-Yojana-(SSY)-interest-calculate
  • The amount can also be made in the SSY account by electronic transfer mode, if there is a core banking system in that post office or bank.
  • If the amount in the SSY account is paid by check or draft then the interest will be paid on the account after clearing it, whereas in the case of e-transfer it will be calculated from the day of deposit.
  • The government has fixed the interest rate on SSY in every quarter according to the G-Sec Yield. The interest rate on the SSY account is higher than 75 basis points as compared to the comparable maturity of the G-Sec rate. Interest paid till now in this scheme
  • April 1, 2014: 9.1%
  • April 1, 2015: 9.2%
  • April 1, 2016 - June 30, 2016: 8.6%
  • July 1, 2016 - September 30, 2016: 8.6%
  • October 1, 2016-Dec 31, 2016: 8.5%
  • July 1, 2017-December 31, 2017 8.3%
  • January 1, 2018 -Chart 31, 2018: 8.1%
  • April 1, 2018 - June 30, 2018: 8.1%
  • July 1, 2018 -September 30, 2018: 8.1%
  • October 1, 2018 - December 31, 2018: 8.5%
  • January 1, 2019 - March 31, 2019: 8.5%

  • If the SSY account holder dies, the account can be closed by showing death certificates. After this, the deposit in SSY account can be returned to the child's guardian with interest.
  • In other cases, the SSY account can be closed after 5 years of opening. This can also be done in many situations, like in the case of life-threatening diseases.
  • Even after this, if the SSY account is being closed for any other reason, it can be allowed, but the interest will be available according to the account.

  • SSY Account can be transferred anywhere in the country, if the account holder has shifted from the original location of the SSY account. SSY account transfer is free of cost, although it will have to show proof of the shift of account holder or his / her parent / guardian.
  • If there is no such evidence, then for the SSY account transfer, the post office or bank will have to pay 100 rupees where SSY account is opened.
  • The bank or post office facility where core banking facility is available, SSY account transfer can be done electronically.

  • The financial needs of account holders are likely to be partial withdrawal from SSY account to complete, including higher education and wedding work. In this, 50 percent of the deposit amount can be withdrawn by SSY at the end of last financial year. This withdrawal from SSY is possible only if the account holder has passed the age of 18 years.
  • A written application for withdrawing money from an SSY account and an admission offer or fee slip is required in any educational institution. In these cases however, the amount withdrawal from the SSY can be equal to the fee and the other charge, not more than that.
  • When will the SSY account match? The account will be matched after the completion of 21 years from the day of opening SSY account or after the marriage of the girl child.
  • There are some conditions in the SSY, however, if the account holder's marriage occurs before 21 years of the opening of the account, the amount can not be credited to the account. If the account is closed before completion of 21 years, then the account holder will have to give this affidavit that his age is not less than 18 years at the time of closing the account. At the time of maturity, the passbook and withdrawal slip will be returned to the account holder with the interest amount.
  • Under the SSY, the account can be opened only to the Indian citizen, who is staying here and also living here during the maturity period. Non-resident Indian can not open account in SSY. If the girl goes to any other country after opening the account and takes citizenship there, then the interest will be stopped in the SSY account from the date of taking citizenship.
  • For complete information, you can talk to an authority making SSY scheme. The information of SSY is in accordance with the rules, we do not have any responsibility for any change in it.