What is the maximum that can be deposited under sukanya samriddhi accounts in a financial year?

2 / 11 When can the account be opened? A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year. The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18. To meet the requirement of the child's higher education expenses, partial withdrawal of 50 per cent of the balance is allowed after she turns 18. 3 / 11 Rules for opening Sukanya Samriddhi Account You can only open and operate one account in the name of the girl child. You can't open two accounts for one girl. The parents or legal guardians of a girl child (up to 10 years old) can open this account with a notified bank or post office in the name of the girl. The birth certificate of the girl in whose name the account is opened should be submitted by the guardian at the time of the opening of the account in the post office or bank, along with other documents relating to identity and residence proof of the depositor. 4 / 11 How much can be deposited? To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account. 5 / 11 Wh...

As part of the Beti Bachao Beti Padhao campaign, Prime Minister Narendra Modi launched a scheme called ‘Sukanya Samriddhi Yojana (SSY)’, the campaign literally translates to ‘Girl Child Prosperity Scheme’ in line with the above objectives. It was launched on 22 January 2015 in Panipat, Haryana. Investment value Minimum value – Rs.250 and Maximum value – Rs.1.5 lakh per annum Current yearly interest rate 8% per annum Maturity value Would vary depending on the value invested Maturity duration 21 years from the date of investment What is the Sukanya Samriddhi Yojana (SSY)? In order to majorly address the issue of the declining child sex ratio in our country, the Government of India launched a social campaign on January 22, 2015. The Beti Bachao Beti Padhao (BBBP) campaign sends the message ‘Save girls, educate the girl child’. This is a national initiative jointly run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development. BBBP aims at achieving the following: • To stop gender discrimination against children and abolish the practice of sex determination. • To ensure the survival and protection of girls. • To ensure higher participation of girls in education and other areas. SSY aims at tackling a major problem associated with the girl child – education and marriage. It is focused on securing a bright future for the girl child in India by facilitating the parents of a girl child in building a fu...

The Sukanya Samriddhi Yojana (SSY) is a scheme launched by the government in 2015 as part of the Beti Bachao Beti Padhao campaign to encourage saving for the girl child’s future. It is a fixed income investment through which you can make regular deposits and earn interest on it. You can also claim tax deductions up to ₹1.5 lakh in a financial year under Key Features of Sukanya Samriddhi Yojana (SSY) Interest Rate 8% p.a. (compounded annually) Minimum Investment Rs. 250 in a financial year Maximum Investment Rs. 1.5 lakh in a financial year Maturity Period When girl child is 21 years old or on marriage after 18 years of age Eligibility to age limit Girl child must be 10 years old or younger at the time of account opening 2. Features of Sukanya Samriddhi Yojana Account When it comes to money matters, it is imperative to analyse how a particular decision will pan out in the long run. Hence, it is essential to know the features of an investment before you decide to deploy money in it. • Interest rate: The government fixes the For the quarter ending June 2023, the rate of interest is 8% per annum, compounded annually. The interest is payable only on maturity or in the event of a change in your daughter’s residency or citizenship status. • Lock-in period: The lock-in period of the Sukanya Samriddhi Yojana (SSY) is 21 years. For example, if the account is opened when the girl is 5 years old, it will mature when she reaches the age of 26. • Deposits: A minimum deposit of ₹250 is n...

Saving scheme by the Government of India Sukanya Samriddhi Account Country India Launched 22January 2015 ;8 years ago ( 2015-01-22) Status Active Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a The scheme was launched by Prime Minister The Sukanya Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new Sukanya Samriddhi Account Scheme, 2019 was introduced. Summary [ ] The scheme was launched by Prime Minister The account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the parent/guardian. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred to anywhere in India. A minimum of The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity after time period of 21 years from date of opening it. Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. After this period the account will earn only applicable rate of interest. If the account is closed, then it will not earn interest at the prevailing rate. No of subscribers [ ] Year No of Accounts Deposit Amount(cr) 2015 4,20,420 123 2016 69,98,870 6,773 2017 1,00,84,152 17,156 2018 1,24,28,910 31,958 2019 1,55,34,417 50,224 2020 1,92,49,624 72,880 20...

1) Who can open Sukanya Samriddhi account Only one account can be opened in the name of one girl child. Also, one guardian can open a maximum of two accounts. A Sukanya Samriddhi account can be opened up to age of 10 years from the date of birth of the girl child. 2) Interest rate offered in Sukanya Samriddhi account The interest is notified from time to time by the Finance Ministry and is currently reset in every quarter. The current rate of interest applicable for the September-December quarter is 8.3 per cent. calculated on a yearly basis. 3) Minimum deposit in Sukanya Samriddhi account A minimum deposit of Rs 1,000 is required every year. 4) Maximum Deposit in Sukanya Samriddhi account The maximum amount that can be deposited in a year is Rs 1.5 lakh per Sukanya Samriddhi account. There is no limit to the number of deposits either in a month or in a financial year. 5) Sukanya Samriddhi account reactivation The Sukanya Samriddhi account will turn inactive in case the requirement of the minimum annual deposit of Rs 1,000 is not met. However, such an account can be reactivated against payment of a penalty. The account can be reactivated by paying a penalty of Rs 50 per year along with the minimum amount required for deposit for that year. 6) Loan facility No loan facility is available against the Sukanya Samriddhi account. 7) Sukanya Samriddhi account maturity The Sukanya Samriddhi account will be valid for 21 years from the date of opening. Once the Sukanya Samriddhi acc...

Sukanya Samriddhi Yojana ( सुकन्या समृद्धि योजना ) is a government-backed small savings scheme for the benefit of girl child. It is a part of the The SSY scheme comes with a higher interest rate along with several tax benefits. Read the complete article to know more Sukanya Samriddhi Yojana details. Sukanya Samriddhi Yojana Highlights Interest Rates 8% per annum (Q1 FY 2023-24) Maturity Period (Sukanya Samriddhi Yojana Age Limit) 21 years or until the girl child marries after the age of 18 Minimum Deposit Amount Rs. 250 Maximum Deposit Amount Rs. 1.5 Lakh in a financial year Eligibility Parents or legal guardian of a girl child below the age of 10 are eligible to open the SSY in the name of the girl child Income Tax Rebate Eligible for rebate under section 80C of the Income Tax Act, 1961 (Maximum cap of Rs. 1.5 Lakh in a year) Table of Contents: • • • • • • • • • • • • • Sukanya Samriddhi Yojana Interest Rates 2023 SSY Interest Rates are declared by the government quarterly. For Q1 (April – June) FY 2023-24, the interest rates have been set at 8% p.a. Click historical Sukanya Samriddhi Yojana (SSY) interest rates. Sukanya Samriddhi Yojana Eligibility • Only parents or legal guardians of a girl child can open an SSY account • The girl child has to be below the age of 10 at the time of account opening • Only one account can be opened in the name of a girl child • Only two SSY accounts are allowed for a family i.e. one for each girl child Note: Sukanya Samriddhi Account can b...

Account under SSY can be opened in the name of a girl before she completes her 10 years of age by her parents or guardian. There is a restriction of two accounts that can be opened under this scheme per family. In the exceptional circumstances of birth of twins or triplets opening of more than two accounts per family is permitted. While opening an account under this scheme certain documents of daughter and parent are required to be submitted. For daughter the birth certificate as proof of age and for the guardian who is opening the account the basic KYC documents like PAN, Aadhaar number etc. with proof of address etc. are required to be attached. The minimum and maximum amount which one can deposit in this account. The account can be opened with a minimum initial deposit of Rs 250. You can deposit a minimum of Rs 50 and multiple of it. However, a minimum of Rs 250 are required to be deposited every year in each of the account failing which the account gets categorised as a default account. A default account can be regularised, any time during 15 years from the opening of the account, by depositing Rs 250 for each year of default along with a penalty of Rs 50 for each year of default. Even if the default account is not regularised it continues to earn interest. Presently the balance under SSAS earns interest @ 7.60% p.a. The interest is calculated monthly based on the lowest balance lying in the account between the 5th and end of the month and is credited at the end of the...

Sukanya Samriddhi Scheme or Sukanya Samriddhi Yojana (SSY) was notified in December 2014. The scheme is part of the Beti Bachao, Beti Padhao Scheme The scheme offers attractive guaranteed interest rates. The Government sweetened the deal by making Sukanya Samriddhi Account part of Exempt-Exempt-Exempt (EEE) tax regime. The motive of the scheme is to encourage the savings in the name of the girl child. Since its inception, there has been quite a bit of confusion about maturity rules for Sukanya Samriddhi accounts. Many aspects were left to interpretation. In March 2016, the Government notified amendments to rules for Sukanya Samriddhi Yojana accounts. With those rules, many aspects of the scheme are quite clear. Though I have discussed Sukanya Samriddhi Scheme and aforementioned amendments in some of earlier posts, I think it is better to consolidate the latest information about the scheme in a single post. Here we go. Can I open SSY account for my daughter? Sukanya Samriddhi Account Eligibility Rules The account can be opened only in name of a girl child less than 10 years of age. The account can also be opened in the name of the adopted girl child. The account can only be opened in the name of a girl child (beneficiary or account holder), who is a resident Indian citizen. The Scheme is not available to Non-resident Indians (NRIs). Do note parents can be non-residents. The account cannot be opened in the name of an NRI girl child. The scheme is NOT available to Foreign Cit...