Post Office Sukanya Samriddhi Yojana (SSY)

Post Office Sukanya Samriddhi Yojana (SSY) is a Govt. backed scheme for the girl child in India. It is targeted to empower and secure the future expenses like education and marriage. This post office small savings scheme was first launched in 2015 under Beti Bachao Beti Padao campaign. Since then, Post Office SSY scheme has become very popular among the parents of girls throughout the country.
Every parent of a girl child in India can open this account and build a significant fund for the prosperity of the child. The current post office Sukanya Yojana interest rate 2018 is 8.1% per year, which is quite higher compared to any other post office savings scheme.
Post Office SSY Interest Rate
Where Can You Open an Account
How to Open SSY in Post Office
Important Features
Online Payment Rules
Minimum and Maximum Deposit Limit
SSY account in post office will give you an interest rate of 8.1% per annum.
First of all, remember that the Govt. fix the interest rates periodically. Therefore, make sure to check the current interest rate of post office Sukanya Samriddhi Yojana, before opening an account.
Where Can You Open an Account?
You can open the account in any of your nearest/ preferred post office.
The needed documents for opening an account are:
Birth Certificate of the girl child
Identity proof of the parent/ legal guardian: driving license, passport, Aadhar card, voter ID card, etc.
Address proof of the parent/ legal guardian: passport, driving license, ration card, electricity/telephone bill, etc.
First of all, collect all the documents mentioned above and visit your nearest post office. Also, don’t forget to carry the original identity proof for verification purpose. The girl child needs not to visit during the account opening procedure.
A parent or legal guardian can open an account in the name of the girl child. And, the minimum amount required at the time of account opening is Rs. 1000.
A parent or a legal guardian can open an account in the name of a girl child
The age of the child needs to be of 10 years or less
One can open a single account in the name of one girl child. And, in case you have two daughters, you can open at most 2 accounts in the name of two different girls
One year grace has been given for initial operations of Scheme. A Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015
Minimum deposit amount is Rs. 1000 and Maximum is Rs. 1,50,000 in a financial year
There is no limit on number of deposits either in a month or in a Financial year
You can make the following deposits in multiples of Rs. 100
Furthermore, one can make the deposits in lump-sum too
After completion of 21 years, you can close the account
Premature closure is possible after completion of 18 years (provided that the girl is married)
Sukanya Yojana in post office is EEE. Investments under SSY scheme already gives tax benefit under section 80C of Income Tax Act, 1961. In addition to that, the Govt. has declared the interest income and withdrawal amount as tax-free.
Minimum and Maximum Deposit in Post Office Sukanya Yojna
The minimum investment amount is Rs. 1,500/- and the maximum limit is Rs. 1,50,000/- You can make deposits in multiples of Rs. 100/- Also, there is  no limit on number of deposits whether in a month or in a Financial year. Another thing is, you can invest in lump sum too.
This facility is currently available for RD in Post Office through Electronic Clearing Service (ECS). Also, if you have an agent, he or she can use the post office agent portal and do the online payment for you. Information on post office SSY online payment is not yet clear. However, you can ask your post office branch or your agent for the availability and exact details of online payment mode.
Furthermore, you can automate this scheme very easily. For that you need to open a saving bank account and give a request for automatic transfer of Sukanya Samriddhi interest to recurring deposit account through your savings account.
You can download post office Sukanya account opening form from here.
Sukanya Samriddhi Yojana Drawbacks
Though it is a very beneficial scheme for securing the future of the girl child, yet it has some drawbacks too. Here are some of the disadvantages:
SSY scheme has a very high lock in period of 21 years
As the Govt. periodically decides the rate of interest therefore there is no fixed rate
Premature withdrawal is not allowed before 18 years
We don’t have the online facility for this scheme in Post Office
One can open an account only until the girl child reaches the age of 10 years
Can I open post office Sukanya Samriddhi Account online?
No, this facility is not yet available. Therefore, you need to open an account in the post office itself. However, after opening the account you may opt for the ebanking facility of India Post.
What is the age limit for Sukanya Samriddhi Yojana?
Minimum Age for opening account – 0 years (including new born or infants)
Maximum Age for opening account – 10 years
What is the maximum period up to which deposits can be made?
The investment duration is 14 years from the date of opening of the account.
What will happen in case of irregular payment?
In such a case, the account will get discontinued. Yet, you can revive the account by paying the penalty amount of Rs.50 per year along with the minimum specified amount per year.
What is the mode of deposit for Sukanya Samriddhi Yojana post office?
You can deposit the amount through Cash/ Cheque or Demand Draft.
What is the maturity value of post office Sukanya Samriddhi Scheme?
It may not be possible to calculate the accurate maturity value as it depends on many variables. However, you can use the post office Sukanya Samriddhi Yojana calculator to calculate maturity amount. Also, the interest rate is compounded annually. Take this point into account as this affects the maturity amount in case of monthly deposits.
Is post office Sukanya Yojna premature withdrawal possible?
You can withdraw up to 50% of the total savings for marriage or higher education of the girl child. Also, the girl needs to attain the age of 18 years, as this is when she becomes eligible for marriage or higher education.
What is the tenure of post office Sukanya Samriddhi Yojana premature closure?
One can prematurely close the account only after the girl reaches the age of 18 and provided she is married.
What is the maturity period of Sukanya Samriddhi Yojana post office?
Previously it was 6 years, but now it is reduced to 5 years.
Can NRI open Sukanya Samriddhi Yojana?
No, as per the new changes in SSA amendments people without any Indian citizenship can’t open this account for the girl child. This includes NRI, OCI & PIO.
Can grandfather/ grandmother open Sukanya Samriddhi Account?
Yes, only when the parents are not alive and grandparents are the legal guardian of the girl child.
Hope you will find the article useful. Please feel free to share your queries and experiences, if any. Also, don’t forget to share this article with your friends who might want to open an account under Post Office Sukanya Samriddhi Yojana.

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