Sukanya Samrudhdhi Yojana 2021-2022 (SSY) Full Details

What is Sukanya Samriddhi Yojana?: In the form of the ‘Beti Bachao, Beti Padhao’ campaign run by the government, a new scheme Sukanya Samriddhi Yojana or SSY scheme, was started for the welfare of the girl child. By investing in this insurance plan, the parents or the legal guardian of the girl child can get financial security in the future for the girl child of ten years or even less. 

Sukanya Samrudhdhi Yojana 2021-2022 (SSY) Full Details

Under Sukanya Samriddhi Yojana, the girl’s parents can open an account in the name of the girl child in any private and public sector bank for a period of 21 years. The investment limit in SSY is for a period of 21 years from the date of account opening.                  

What is Sukanya Samriddhi Yojana? 2022 Know Full Details: 

Sukanya Samriddhi Yojana is a savings scheme run by the Government of India; its main objective is to make all the girls in the country prosperous. Sukanya Samridhi Yojana has started to provide a bright future to all the girls in the country. This scheme helps the parents of the girl child to create a fund for her education and marriage expenses.

Sukanya Samriddhi Yojana, also known as SSY, is a deposit scheme for the future of the girl child. This scheme has been started to secure the future of the girl child financially.

In this scheme, you can take help by saving regularly for your girl child. You accumulate a substantial amount by making regular deposits throughout the year. This amount can help with expenses like education or the marriage of the girl child.

This scheme can be considered among the many schemes that Prime Minister Narendra Modi started the Beti Bachao Beti Padhao scheme in the year 2015. Some such schemes like – ‘Dhanlakshmi Yojana’ and ‘Ladli Yojana’ were also started.

If you want to open an account to take advantage of Sukanya Samriddhi Yojana, then you can take the help of the following methods.   

1. Post offices
2. Banks

Sukanya Samriddhi Yojana Interest Rates:

In Sukanya Samriddhi Yojana, the interest rate of your account has been implemented from 1st April 2020, at present 7.6% per annum, whereas initially, interest was given at the rate of 8.4%. At present, the interest rate is given low.

If you have started depositing from 12th December 2019 to 31st March 2020, then, in this case, you will earn 8.4% per annum. 

Interest will be given to you annually.

No interest is payable if the girl becomes an NRI in the future. 

This interest is deposited only at the end of each financial year.

The government fixes the interest rate, and also changes are made every quarter. 

Here below, we have given the interest rates offered from the beginning of the SSY scheme.   

YEAR                                  RATE
April 2020 to Present                –   7.6% p.a.
1 January 2019 to 31 March 2019      –   8.5% p.a.
1 April 2018 to 30 June 2018         –   8.1% p.a.
1 January 2018 to 31 March 2018      –   8.1% p.a.
1 October 2018 to 31 December 2018   –  8.5% p.a.
1 July 2018 to 30 September 2018     –  8.1% p.a.
1 July 2017 to 31 December 2018      –  8.3% p.a.

Know About Sukanya Samriddhi Yojana Calculator:

Sukanya Samriddhi Yojana helps you create a corpus for the future of your girl child by regularly depositing it in your account. If seen, this investment is also very safe due to being backed by the government because, in this, you get guaranteed returns.

Since this plan is safe, you can calculate the estimated amount in it, which is received after completing this plan. To check this, you can take the help of an online Sukanya Samriddhi Yojana calculator.

You need to enter the amount you want to invest every year and the interest rate currently applicable in the calculator.

The maturity period of the plan is 21 years which is pre-determined.

You will get the details of your required amount as soon as you enter the details here. For example, if you deposit Rs 12,000 every year, then after 15 years, the amount will increase to Rs 5,27,000.

Sukanya Samriddhi Yojana Scheme – Calculate Interest Formula: 

You can easily calculate your interest in Sukanya Samriddhi Yojana with the help of the formula given below.  

I = P(1+R/100) ^N
I = Interest
P = Principle Invested
R = Rate of return
N = Number of Years

In this scheme, compound interest is calculated every year. If you do not want to calculate it manually, in this case, you can take the help of the Sukanya Samriddhi Yojana calculator online.

Some Eligibility Criteria for Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana has been made accessible to all by the Government of India. For the benefit of this scheme, an account can be opened in any post office. Some of the eligibility criteria to open this account are mentioned below.    

This account can be opened only by the parents or legal guardian of the girl child.
Multiple Sukanya Samriddhi accounts cannot be opened in the name of one girl child.

Keep in mind that the age of the girl child should be 10 years or less while opening this account. And this account can be continued till the age of 21 years of the girl child.

The initial investment in this can be started from ₹ 250. And there can be a deposit limit of ₹ 1,50,000 per annum.

If seen, only two Sukanya Samriddhi Yojana accounts can be opened in each family. 

Some Sukanya Samriddhi Yojana Benefits:

1. High Interest:

One of the highlights of this account is that the Sukanya Samriddhi account offers the benefit of a higher rate of interest than all other savings schemes, thereby providing financial security to the girl child on completion of the account. 

In every financial year, the government announces the interest rate to be given in that year; if seen here, interest is charged annually on your investment. Due to the power of compounding, the wealth increases manifold till the maturity of the Sukanya Samriddhi Yojana account.

2. Guaranteed Maturity Benefits:

On maturity of Sukanya Samriddhi Yojana, the accumulated interest and the account balance are paid directly to the girl child. With the help of this scheme, your daughter becomes financially independent and empowered. 

Another advantage of investing in Sukanya Samriddhi Yojana is that your accumulated savings keep earning compound interest even when the account is not closed by the account holder.

3. Significant Tax Savings:

If your contribution is in Sukanya Samriddhi Yojana, then you are eligible for tax deduction under Section 80C of the Income Tax Act 1961. In this way, you can easily claim a tax deduction of up to Rs 1.5 lakh on the investment made in this scheme. 

Apart from this, one can also avail of tax-saving benefits on the amount received on maturity and the interest earned. The scheme is under the authority of the Department of Revenue (DOR), which is one of the many popular investment schemes that come along with Extra.

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