The Sukanya Samriddhi Account (SSA) Schemei is a small deposit scheme of the Government of India meant exclusively for a girl child. It was launched by Prime Minister Narendra Modi on 22nd January 2015 as a part of Beti Bachao Beti Padhao campaign. The scheme is meant to meet the education and marriage expenses of a girl child.
Sukanya Samriddhi Account is a government-backed savings scheme specially designed for the parents of girl children. The plan encourages parents to invest to build a fund for the future education of their female child. Guardians can open SSA accounts on behalf of their girl child under the age of ten.
What makes it a good investment tool is that it is free of risk and earns an interest rate set by the government. The rate is revised on a quarterly basis. It may be noted that only one account can be opened in India under a girl’s name for up to two daughters in a family.
Who is eligible and deposit rules
A parent or guardian of a girl child (less than 10 years old) is eligible to open an account in her name. They may open an account at their local post office or bank. Guardians and parents must remember that only one account can be opened in the name of a girl child, with the exception of twins or triplets.
An account can be started by making a minimum deposit of Rs 250 up to a limit of Rs 1.50 lakh in a financial year. The deposits may be made for a maximum of 15 years after the account is opened. If the required minimum deposit is not deposited in an account during a fiscal year, the account will be closed.
What to do if an account gets closed?
In case of defaulted accounts, they can be reactivated prior to the expiration of 15 years from the date of account opening by paying the penalty amount of Rs 50 along with the minimum deposit of Rs 250 for that financial year.
An added benefit of this scheme is that deposits made under Sukanya Samriddhi Accounts are income tax-deductible up to Rs 1.5 lakh under section 80C of the Income Tax Act.
Withdrawal and Maturity
Up to 50 per cent of the balance can be withdrawn after the girl attains the age of 18 or has completed the 10th standard, in a financial year. According to the regulations set by the Department of Posts under the Ministry of Communication, withdrawals can be accomplished in a single transaction or in installments, with a maximum of one withdrawal per year with up to a limit of 5 years.
Till the girl turns 18, the account will be handled by the guardian, after which she will be allowed to handle it herself and make deposits and withdrawals.
The account will mature after 21 years from the account opening date or at the time of the marriage of the girl child after she turns 18.
Premature Closure
Sukanya Samriddhi Accounts can be prematurely withdrawn after five years from the date of account opening. However, premature withdrawals are subject to certain situations like the death of the account holder or the demise of the guardian and incase of the extremely poor health condition of the account holder.
This can be done by submitting an application form along with the required documents/passbook at the concerned bank or post office. In the event of an early or premature withdrawal when an account holder passes away, the Department of Posts will apply the interest rate of Post Office Savings Accounts from the date of death until the date of payment of the withdrawal amount.
Sukanya Samriddhi Yojana Interest Rates
The Ministry of Finance recently announced that the interest rates for the July-September quarter in FY 2022-23 will remain unchanged for the small savings schemes. So, Sukanya Samriddhi accounts will continue to yield an interest rate of 7.6 per cent per year for the quarter ending September 30, 2022.
This interest rate is calculated on an annual basis and is compounded annually.
19,535 villages declared as Sampoorna Sukanya Gram
Sampoorna Sukanya Gram Campaign – To ensure the reach of SSA till last mile, a “Sampoorna Sukanya Gram Campaign” was launched during June 2019. In this campaign atleast 5 villages to be enmarking Sampoorna Sukanya Village (Gram). It covers opening of Sukanya Samriddhi Account for all eligible girl child in that village. Till 31.03.2021, a total of 19,535 villages declared as “Sampoorna Sukanya Gram”.
The Government has taken many effective steps taken for successful implementation of ‘Sukanya Samriddhi Yojana’ to ensure maximum benefits to girls. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha on December 20, 2021.
The Minister further stated that the Sukanya Samriddhi Account (SSA) Scheme is being given due audio, video electronic and print media publicity. Campaigns to open accounts are also launched from time to time for information of the public by Department of Posts (DoP), the Minster added.
Giving more details, the Minister stated that the campaign run by DoP is given below:
| Sr. No. | Details of Campaign | Duration |
| 1 | Balika Shakti Campaign | 09.12.2019 to 18.01.2020 |
| 2 | Mahila Divas Campaign | 24.02.2020 to 07.03.2020 |
| 3 | National Girl Child Day Campaign | January, 2021 |
Notified by the Government of India on 14 December 2014, this scheme encourages parents to build a fund for the future education and marriage expenses of their female child. It is operated through the all Post Offices, branches of Public Sector Banks and three Private Sector Banks viz. HDFC Bank, Axis Bank and ICICI Bank.
At present, the SSA Scheme has the highest rate of interest among all the Small Savings Schemes i.e. 7.6 per cent.
Since inception of the scheme, around 2.73 crore number of accounts have been opened under the scheme, having nearly Rs.1.19 lakh crore deposit.
Salient Features of Sukanya Samriddhi Account
Account can be opened in the name of a girl child till she attains the age of 10 years.
Only one account can be opened in the name of a girl child.
Account can be opened in Post Offices and notified branches of Commercial Banks.
Birth certificate of a girl child in whose name the account is opened shall be submitted.
The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account.
The total amount deposited in an account shall not exceed Rs 1,50,000 in a financial year: (Provided that the deposit in excess of one lakh fifty thousand rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor)
Interest on balance [at rate notified by the government from time to time] will be calculated on yearly compounded basis and credited to the account.
On an application in Form-3, withdrawal of up to a maximum of fifty per cent. of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder (Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier).
The account can be transferred anywhere in India from one post office/Bank to another.
The account shall mature after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier.
Benefits of Sukanya Samriddhi Account Scheme
Higher Interest Rate.
Tax Benefit under Section 80C.
Payment on maturity to girl child.
Interest payment even after maturity if account is not closed.
Transferable anywhere in India.
Even girl child can operate the account after she attains the age of 10 years.
Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account.
Eligibility
The guardian can open the account immediately after the birth of the girl child till she attains the age of 10 years.
Only one account is allowed per child.
An account under this Scheme may be opened for a maximum of two girl children in one family (Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family; Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children).
Documents required for opening an account
Sukanya Samriddhi Account Opening Form
Birth certificate of girl child
Identity proof (as per RBI KYC guidelines)
Residence proof (as per RBI KYC guidelines)
Sampoorna Sukanya Gram Campaign
The Government has taken many effective steps for the successful implementation of the ‘Sukanya Samriddhi Yojana’ to ensure maximum benefits to girls.
To ensure that the benefits of the Scheme reach far and wide, the “Sampoorna Sukanya Gram Campaign” was launched in June 2019. In this campaign at least five villages to be enmarked Sampoorna Sukanya Village (Gram). It covers opening of Sukanya Samriddhi Account for all eligible girl children in that village.
Till 31.03.2021, a total of 19,535 villages have been declared as “Sampoorna Sukanya Gram.”
