Sukanya Samriddhi Yojana Calculator 8.5% 2019-20

 

Sukanya Samriddhi Yojana (Calculator, Age Limit, Apply, SBI)  [Maturity Amount After 21 Years]

Sukanya Samriddhi Yojana (SSY) – is a small savings deposit scheme launched by the BJP government at center for girl children has stirred up the whole nation. As a part of Beti Bachao Beti Padhao campaign, the Sukanya Samriddhi Yojana is gaining popularity like wild fire. However, there are several aspects of this scheme which still remain hazy for many people who are looking forward to open an account under this Yojana.

In this article we will first calculate the maturity amount on yearly and monthly investment and then will give you in depth details about this scheme.

Sukanya Samriddhi Yojana Calculator (Yearly and Monthly Installments)

Yearly
Installment Amount (Yearly) Investment Amount (14 Years) Maturity Amount (21 Years)
1 1000 14000 46,821
2 2000 28000 93,643
3 5000 70000 2,34,107
4 10000 140000 4,68,215
5 20000 280000 9,36,429
6 50000 700000 23,41,073
7 100000 1400000 46,82,146
8 125000 1750000 58,52,683
9 150000 2100000 70,23,219

 

Monthly Investment
Installment Amount (Monthly) Investment Amount (14 Years) Maturity Amount (21 Years)
1000 168000 5,42,122
2000 336000 10,84,243
3000 504000 16,26,365
4000 672000 21,68,486
5000 840000 27,10,608
6000 1008000 32,52,730
7000 1176000 37,94,851
8000 1344000 43,36,973
9000 1512000 48,79,095
10000 1680000 54,21,216
12500 2100000 67,76,520

Now Sukanya Samriddhi Yojana in detail

Without further ado, let us start with the Sukanya Samriddhi Yojana FAQ. We will try to keep things as simple as possible and explain everything in layman terms.

Sukanya Samriddhi Yojana

Target Audience 

The SSY is designed only and only for girl children of India. The target audience is the deprived female children who are usually forced to quit studies or are forced to marry at an early age. Male children are kept out of the scope of this scheme because they are usually not the deprived ones in Indian culture.

Age Limit 

Yes, there are age Limit. The table below sums up the age related criteria associated with this scheme.

Parameter Age
Minimum Age for opening account 0 years – new born or infants can be included in this scheme.
Maximum Age for opening account 10 years – the girl child should not be more than 10 years of age at the time of opening the account.

How many accounts can be opened under the scheme

This is a very tricky question. The answer to this question is given in a tabular format to make things simple and clear:

Condition Number of accounts
If parents/guardians have just one daughter 1 account
If parents/guardians have two daughters Maximum 2 accounts – one for each daughter
If parents/guardians have triplets at first birth or twin daughters at second birth** Maximum 3 accounts – one for each daughter

** Please note: In third case, the following conditions can happen:

  • During first birth, 3 daughters are born (triplets) and in second birth 1 or more daughters are born – parents or guardians can open only and only 3 accounts for the triplet sisters from first birth. Daughter(s) from the second birth are to be left out.
  • During the first birth, only 1 daughter is born and during the second birth twins or triplets are born – parents or guardians can open one account for the daughter from first birth and 2 accounts (one each) for maximum of two daughters from second birth. If triplets are born in second birth, one daughter has to be left out.

Thus essentially, the maximum number of accounts can never exceed 3, irrespective of the number of girl children in the family.

Who can open and operate an account under the scheme

Under this scheme, an account can be opened only and only by biological parents of the girl child or by a legally assigned guardian of the child in case the parents are not alive. A girl child herself cannot open an account.

Account operation can be handled by parents or legal guardians on behalf of the girl child as long as they want. However, when the female child turns 18 years old, she gets the right to operate the account on her own and no intervention will be required from her parents or legal guardian unless she wants them to intervene.

What is the minimum amount that has to be deposited 

Answer: Once again, the answer to this question is answered in a tabular format for clear understanding:

Number of Accounts Minimum yearly deposit Time of deposit Minimum deposit allowed Maximum number of deposits allowed Minimum number of deposits allowed
1 INR 1000 Anytime during a financial year INR 100 10 1
2 INR 2000 INR 100 per account 10 per account 1 per account
3 INR 3000

Please note that the minimum yearly deposit cannot fall below INR 1000 per account. This amount can be deposited in installments with minimum deposit per installment being INR 100, which means a maximum of 10 installments are allowed per account.

Is there any maximum limit for the amount that can be deposited 

Answer: Yes, there is! The maximum amount that can be deposited in an account in any given financial year is INR 150,000. As with the minimum yearly deposit allowed, the maximum yearly deposit can also be deposited anytime during the year in installments with installment amounts best suiting the financial health of the depositor. The minimum installment limit still remains at INR 100.

Interest on deposits made

Yes, it is possible to earn interest. It is not about possibility. Any deposit in Sukanya Samriddhi Account is eligible for interest earnings. The yearly interest that will be paid is flexible or floating. This means that the interest rate may change every quarter. When the scheme started, the interest rate for fiscal year 2014-2015 was 9.10%. For the fiscal year 2015-2016, interest rate of 9.20% was announced, Current SSY interest rate is 8.1%. (FY 2017-18) This will change again or remain fixed in next fiscal year depending on the market conditions. The interest rate is announced by the government at the beginning of each fiscal year.

Tax benefits  

there are tax benefits! Let us take a tabular look into the tax benefits that can be expected from investing in this scheme.

Tax benefits on amounts deposited Any amount deposited in this scheme gets tax exemptions under section 80C subject to maximum exemption limit*
Tax benefits on interest earned No taxes are applicable. Interest earnings are totally tax-free in the hands of the parents or guardians.
Tax benefit on maturity amount This too is totally tax free and is applicable also for premature withdrawal of 50% when the girl attains the age of 18.

* Please note that there are many other investments which have tax exemptions under section 80C and the maximum investment till which taxes are exempted is INR 150,000 (for all investments taken together). This means that 80C exemptions will be applicable for investments in Sukanya Samriddhi scheme till the maximum limit assigned for 80C. If the investments in this scheme exceed the total allowed exemption limit, the excess amount will be taxed.

Example: You have an FD of INR 80,000 and you invest INR 100,000 in Sukanya Samriddhi Scheme, the total investment amount becomes INR 180,000. This is greater than the maximum exemption limit of INR 150,000 defined by 80C. Thus, the additional amount (180,000 – 150,000 = 30,000) will be taxed. Since FD was made first, it will continue to enjoy full exemption but the investments in Sukanya Samriddhi Scheme will fall under taxation. Since, 30,000 will be taxed, the amount of investment in this scheme that will not be taxed is (100,000 – 30,000 = 70,000).

Maturity period

An account under this scheme will mature after 21 years from the date on which the account was initially opened.

For how long do you need to keep investing ?

This account will remain active for 21 years from the date on which the account has been opened. This means that if the girl participated at the age of 0 (i.e. as an infant), the account will stay active till she attains the age of 21 years. Similarly, if the age of the girl was 10 years on the date of participation, the account will stay active until the girl reaches the age of 31 years. However, one can has to keep investing for 14 years at least. After investing for 14 years, no further investments are allowed for the remaining 6 years but you will keep earning interests at a compounding rate.

Is it possible to withdraw money before the account matures?

Yes, it is possible. The scheme has provisions for premature withdrawal. However, there are some strict restrictions applied. Here are the options:

  • 50% of the total deposited amount can be prematurely withdrawn.
  • This withdrawal is not possible until the girl attains the age of 18 years.
  • The only purpose for which the withdrawal is allowed in education. Withdrawal for any other purpose is not allowed.

Please remember that premature withdrawals are also tax free. Once 50% is prematurely withdrawn, you need to keep investing till the account attains the age of 14 years, after which no further investments are required. However, if account was already 14 years old before the girl attained the age of 18, no future investments are required after premature withdrawal but interest earning will keep coming at compounded rate.

What if you simply forget to deposit the minimum yearly amount for a certain year? Are their penalties?

If in a year you forget to deposit INR 1,000, the account will become dormant. It will not to closed completely. You can simply restart the account by paying a fine of INR 50. The account will restart from exactly where it stopped.

Who gets the maturity amount?

The girl child for whom the account was opened will be the person who gets the maturity amount. The parents or the legal guardians will not get the money. The maturity amount can be withdrawn only under following circumstances:

  • The account has run its course of 21 years and girl wishes to withdraw the money.
  • If the girl gets married before the account matures.
  • Whenever the girl wishes to terminate the account after the account has matured. This means that the girl can keep the account active even after the account has remained active for 21 years. Interest earnings will continue until the girl actually decides to terminate the account and withdraw the funds.

What if the girl dies before the account matures?

That’s really sad but if that happens, the account will be closed and the accumulated amount (deposits plus interest) will be paid to the parents or the legal guardian.

What if the depositor dies before the girl grows up and becomes an adult?

This too is a very sad situation but is a possibility. In such a case, there may not be anyone else to deposit further money. In such a situation there are two possible scenarios that can be selected from:

  • The family members of the girl can ask for account closure. The accumulated amount (interest earnings and actual deposits) will be handed over to the family of the girl.
  • The family may wish to keep the account as is without investing any further until the account reaches its maturity age. Interest earnings will keep flowing as usual and the account will keep growing at a compounded rate. Once the account matures, the girl can withdraw the money as usual.

What if the girl moves to a different city in India?

That’s a possibility. In such a scenario, the account can be easily transferred to the other state. This transfer is allowed between bank and between post offices. This means that the account cannot be transferred from a bank to a post office or from a post office to a bank. It has to be bank to bank or post office to post office.

Are NRIs allowed to participate ?

No! NRIs cannot avail this scheme. It is an RBI mandate which says that NRIs cannot invest in small savings schemes in India. Since Sukanya Samriddhi Scheme is a small savings scheme, NRIs are totally excluded. But if you have already have this account and become NRI then you will avail all the benefits.

Are there online provisions for opening Sukanya Samriddhi Account?

As of now, Yes you can do this now but only in banks.

documents required 

Government has listed three documents that are to be submitted in order to open an account under the Sukanya Samriddhi Scheme. However, participating banks may ask for additional documents in order to apply taxation rules properly. The three basic documents that must be submitted are:

  • Birth certificate of the female child for age verification. The name of the child has to be clearly mentioned on the certificate.
  • Identity proof of the depositor – this can be a legal guardian or one of the two parents.
  • Address proof of the depositor – this can be a legal guardian or one of the two parents.

What if the birth certificate of the female child is not available?

It is possible that the birth certificate of the girl is not available. There may be multiple reasons for that. However, if the certificate cannot be furnished, there are two alternatives that can be used:

  • A certificate issued by School Headmaster stating the date of birth of the girl child.
  • A certificate issued by the hospital where the girl was born clearly stating the date of birth of the girl.

In both cases, it is mandatory to have the name of the girl child clearly mentioned on the certificate.

Which banks allow opening of Sukanya Samriddhi Account?

There are 28 authorized banks in total that are allowed to open an account under this scheme. Here is the complete list of all banks that can be approached:

Alphabetical order Bank Name
A Andhra Bank
Axis Bank
Allahabad Bank
B Bank of India
Bank of Maharashtra
Bank of Baroda
C Corporation Bank
Central Bank of India
Canara Bank
D Dena Bank
I ICICI Bank
Indian Bank
Indian Overseas Bank
IDBI Bank
O Oriental Bank of Commerce
P Punjab National Bank
Punjab & Sind Bank
S State Bank of India
State Bank of Mysore
State Bank of Hyderabad
State Bank of Travancore
State Bank of Bikaner & Jaipur
State Bank of Patiala
Syndicate Bank
U UCO Bank
United Bank of India
Union Bank of India
V Vijaya Bank

Well, that’s pretty much everything about Sukanya Samriddhi Yojana. In case you have other questions, feel free to drop your comments.

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  7 Responses to “Sukanya Samriddhi Yojana Calculator 8.5% 2019-20”

  1. Sir , My Daughter Born 22/10/2009 .
    I am open SSY a/c Bank of Baroda, on Dated 25/07/2015.
    I am paid regularly per year 1.5 lacks on April month of every F year.

    i am paid 4 time 1,50,000 of every years, 2015,2016,2017,2018
    and paid 2019 April.

    Please inform me sir what time i will get maturity and amount.

    which year i get total maturity SSY A/C.

  2. I have Sukanya-Samruddhi-Yojana account in Pune- Kothrud PO. Due to the huge rush in POs and very slow supportive staff, it is not possible for me to maintain that account. I am not sure, how much I have missed depositing into that account.
    Hence, I request PO officials to assist me in transferring my account to one of the Nationalized banks (banks are serving way better) near me. They simply denied request stating they have no idea of such facility of transfer account from PO to the bank.

    Please assist.

  3. sir i already have opened the account for my girl and soon we get the citizenship in abroad. But i will keep continue to deposit money in SSY account till 14 years
    will i get the same banefits when policy will mature and should we continue to deposit?
    looking forward to reply soon.

    regards
    RAJ GHAI.

  4. BANK MAIN A/C NAHI KHULTE HAI (ASSAM,HOJAI) BANK WALE KEHTE HAI KI YE SIRF POST OFFICE MAIN HOTE HAI

  5. Is it required to have a saving/current account from earlier to open A SSY account in that particular bank? Or it is independent from any account?

  6. CAN WE CHANGE THE DEPOSIT AMOUNT MONTHLY/YEARLY AFTER 2 OR 3 YEARS ?

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