Post Office Sukanya Samriddhi Yojana

The Post Office Sukanya Samriddhi Yojana is a Government of India-backed savings scheme designed for the girl child in a family. It is a part of “Beti Bachao – Beti Padhao Yojana” and was initiated to inculcate the habit of savings in parents/guardians of the girl child to build a corpus for her future education and marriage expenses. It can be opened by the parent or legal guardian of a girl child until she reaches ten years of age.

The government’s effort to encourage a girl child’s education and saving for them has received an immensely positive response through the Sukanya Samriddhi and is highly commendable.

Key Features of Post Office Sukanya Samriddhi Account

  • No. of Accounts - A maximum of two Post Office Sukanya Yojana accounts is allowed per family. Opening of three accounts can be allowed in the case of the birth of twins/triplets. The account can be opened by parents or a legal guardian for a girl child until she attains the age of 10 years.
  • Deposit - A Sukanya Samriddhi Yojana in the Post Office can be opened with a minimum deposit of Rs. 250 per year, and the maximum deposit can go up to Rs.1.5 lakh in a year. Deposits can be made through cash and/or cheques.
  • Tenure - The tenure for an SSY account is 21 years or until the girl child marries after the age of 18. The account can be kept active for 21 years from the date of opening the account opening date. Once this period is over, the Post Office Sukanya Samriddhi account doesn’t earn any interest on it.
  • Eligibility - This scheme is only valid for a girl child who is an Indian resident. A girl child with non-resident Indian status is not allowed to have an SSY account under her name.
  • Withdrawal - A Sukanya Samriddhi Yojana in Post Office allows the partial withdrawal facility once the girl child attains the age of 18 years. Post that, 50% of the funds can be withdrawn from the Post Office Sukanya Samriddhi account for the purpose of higher education/marriage
  • Activation - As mentioned earlier, a minimum deposit of Rs. 250 is required per year till at least 14 years to keep the account in an active state. If this requirement is not met in a year, the account will be deactivated and can be reactivated by paying a fee of Rs.50, along with the minimum deposit amount.

Calculate your Returns here with Groww SSY Calculator

Interest Rate on Post Office Sukanya Samriddhi Yojana

The current Post Office Sukanya Samriddhi Yojana interest rate is 8.2% p.a. for the current quarter of 2023-24.

Eligibility Criteria to Apply for Post Office Sukanya Samriddhi Yojana

The eligibility criteria applicable are as follows-

  • The Sukanya Samriddhi Yojana account holder must be a girl child under the age of 10
  • Only biological parents/legal guardians have the right to open the account
  • The girl child must be an Indian citizen and resident in India until the maturity of the account
  • Only 1 account can be opened in the name of 1 girl child
  • 2 girl children per family can avail of the benefit offered under the Scheme
  • A family can open a maximum of 3 Sukanya Samriddhi Yojana Post Office Accounts in the case of twins/triplets

How to Open a Sukanya Samriddhi Yojana Account in Post Office

Post Office provides an easy and hassle-free way of opening of SSY account. Individuals who don’t have an SSY account with the Post Office can open with the below-mentioned steps-

Step 1: You can download the application form from the official Indian Post Office portal or get one from the nearest Post Office branch.

Step 2: Fill in the required details in the form and attach the required documents with the application form.

Step 3: Submit the application form and the documents to the Post Office and pay the required deposit amount.

Documents Required to Apply for Post Office SSY

Here are the documents required to open a Post Office Sukanya Samriddhi Yojana account-

  • SSY Post Office Form
  • Birth Certificate/Age Proof of the Girl Child
  • Passport-Size Photographs
  • Identity and Residential Proof (e.g. Aadhaar Card, Voter ID, Passport, etc.)
  • Proof of Relationship of the Sukanya Samriddhi Yojana Account Holder with the Girl Child (Birth Certificate/Court Order/Adoption Certificate)
  • Address Proof of Account holder (Bank Statement/Rent Agreement/Utility Bill, etc.)

Benefits of Sukanya Samriddhi Account with Post Office

  • A Post Office Sukanya Samriddhi Yojana account offers a plethora of benefits which is why it has become one of the most popular savings schemes
  • The Sukanya Samriddhi Yojana Post Office interest rate of 8.2% per annum is compounded as of 2023-2024 and credited into the account every year.
  • If the amount is not withdrawn after the maturity period of 21 years, it will still keep compounding the interest as per the rates.
  • The Post Office SSY Account is transferable In case the depositor decides to relocate. The account can be transferred to any other authorized post office in the new location and further actions.
  • The funds deposited into this account are eligible for a tax deduction as per Section 80C of the Income Tax Act.
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