Sukanya Samriddhi Yojana 2020: Sukanya Samriddhi Yojana, PM Kanya Yojana

Sukanya Prosperity Plan is launched to save daughter on 22 January 2015 by the country’s Prime Minister Narendra Modi daughter was under Padhao | under the scheme opened a savings account for the country’s daughters | scheme Sukanya prosperity Account is also known as | the scheme under 10 years of age of Knyao account Post Office, National Bank, could be opened to other agency | dear friends, today we have this article through  Sukanya Samriddhi Yojana 2020 as all information related Application process, documents, eligibility etc. are going to be shared with you.

Sukanya Samriddhi Yojana 2020

People of our country who want to open an account to deposit money for their daughter’s studies and marriage, can open a savings account in post office, other agency for minimum Rs 250 and maximum 1. 5 rupees can be deposited. You can secure your daughter’s future. In  the initial phase of this Sukanya Samriddhi Yojana , a 9.1% differential annual rate was offered but now offers daughters an 8.6% interest rate on the savings amount. Sukanya Samriddhi Yojana 2020 is a good scheme for those people of the country whose income is very less.

Sukanya Samriddhi Scheme New Update

The economic activity of the Indian economy has been significantly impacted due to the corona virus in the country. After the repo rate was reduced towards RBI, the government announced a cut in interest rates for small savings schemes including SSY last month. Interest rates on office recurring deposits (RD) and time deposits were reduced by 1.4 per cent for 1-3 years, PPF and SSY were cut by 0.8 per cent. This will reduce the maturity amount for your daughter. After reducing the interest rate under this Sukanya Samriddhi Scheme , the annual rate of interest in the beneficiary’s accounts is 7.6 percent as compared to the earlier 8.4 percent.

sukanya samridhi yojana

How many daughters can get benefit under Sukanya Samriddhi Yojana?

Under Sukanya Samriddhi Yojana only two daughters of one family can get benefit. If there are more than 2 daughters in a family, then only two daughters of that family can avail of this scheme. But if there are twin daughters in a family, then they will get the benefit of this scheme separately, that is, then three daughters of that family will be able to benefit. The twin daughters will be counted the same but their benefits will be given separately.

How much money will have to be paid annually and by when?

Under Sukanya Samriddhi Yojana, there was earlier a provision of giving ₹ 1000 per month. Which has now been worked out to ₹ 250 per month. Investments from ₹ 250 to ₹ 150000 can be made under this scheme. Under this scheme, it will be mandatory to invest for 14 years after opening a bank account.

Changes made in Sukanya Samriddhi Yojana

Five changes have been made by the government under this scheme. Which you need to know about. We have given below about these five changes. You should read this information carefully.

High interest rate on default account

Under Sukanya Samridhi Yojana , if a person does not deposit minimum amount of Rs 250 in a year in Sukanya Samriddhi account, then it is considered as a default account. As per the new rule notified by the government on December 12, 2019, now the interest rate will be given on the amount deposited in such default account as fixed under this scheme. Also 8.7% post office savings on Sukanya Samriddhi Yojana account An interest rate of 4% will be available on the account.

Change in rules for closing premature account

According to this new rule, the account can be closed before maturity on the basis of death or sympathy of the girl under this scheme. Sympathy refers to the situation where the account holder has to undergo treatment for a fatal illness or death of the guardian. In such a situation, the bank can close the account before the maturity period.

Account of operations

Under this scheme, according to the new rules of the government, the girl in whose name the account is, she cannot take control of her account till she turns 18, whereas earlier it was 10 years of age. When the child turns 18, the guardian will have to submit documents related to the child to the post office.

Two girls with more of the account open

According to the new rule under this scheme, if a person has to submit additional documents to open an account of more than two daughters, now you are also required to submit an affidavit along with the daughter’s birth certificate.

Other changes

In addition to the above changes in the rules of Sukanya Samridhi Yojana , some new provisions have been added, while some have been removed. It has not been clarified about them yet. As soon as we get some information about it, we will let you know through our article.

PM Kanya Yojana Account Transfer

Under Sukanya Samriddhi Yojana, accounts can be transferred from one place to another. This transfer can be done without any fees. For this, the account holder has to provide proof of transfer to the post office or bank. If the account holder is unable to provide proof of transfer, then he has to transfer the transfer by paying a fee of ₹ 100.

Objective of Sukanya Samriddhi Yojana 2020

The aim of Sukanya Samriddhi Yojana 2020 is to advance girls in the field of education and to not let the lack of money when they are married. And you can open your daughter’s account in the bank for a minimum of Rs 250. With this SSY 2020 , the girls of the country will get encouragement and will be able to move forward. Preventing feticide of girls through this scheme.

Interest Rate in SSY 2020

Financial Year Interest  rate
From April 1, 2014 9.1%
From April 1, 2015 9.2%
From April 1, 2016 -June 30, 2016 8.6%
From July 1, 2016-September 30, 2016 8.6%
From October 1, 2016-December 31, 2016 8.5%
From January 1, 2018 – March 31, 2018 8.3%
From April 1, 2018 -June 30, 2018 8.1%
From July 1, 2018 -September 30, 2018 8.1%
From October 1, 2018 – December 31, 2018 8.5%
From July 1, 2016 8.4%

SSY Scheme 2020                                                       

After opening an account under this scheme, this account can be run till the girl turns 18 or after the marriage of 21 years. Under SSY 2020 , a person can withdraw 50% of the total deposits for his or her studies after the girl turns 18 years of age and can withdraw the entire deposit for the marriage after the daughter turns 21, in which the beneficiary deposits The amount paid and the interest paid by the agency will also be included. This account will mature only when the daughter is 21 years old.

 How to deposit funds in Sukanya Samriddhi Yojana Account

You can deposit Sukanya Samriddhi Yojana 2020 account by cash, demand draft or in electronic transfer mode in the post office or bank where the core banking system is available, to open the account, the name and the name of the account holder will have to be mentioned. | In all these easy ways, any person can deposit money in his daughter’s account.

Account can be opened till the age of Sukanya Samriddhi Yojana

Under Sukanya Samriddhi Yojana, the daughter’s bank account can be opened from 0 to 10 years of age. Bank account cannot be opened under this scheme if the daughter’s age is more than 10 years. The account will be operated by the daughter’s parents or guardian.

SSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal

Some people think that the Kisukanya Samriddhi account matures with the age of 21 but it is completely wrong. The age of the girl has no relation with the maturity of the account. However, the account holder can withdraw the amount only when he attains the age of 18 years and the amount is being used for higher studies and marriage. The account will be closed later. Premature closure of account is allowed in the event of death of the account holder on production of death certificate issued by the competent authority. The balance is then credited to the parent and the account is closed.

Under what conditions can Sukanya Samriddhi account be closed before maturity?

If the account holder dies, Sukanya Samriddhi Yojana account can be closed. In this case, it will be mandatory to show the death certificate of the account holder. After which the amount deposited in this account will be returned to the daughter’s guardian along with interest. Apart from this, Sukanya Samriddhi Yojana can be closed due to any reason even after 5 years of opening the account. In this situation, the interest rate will be available according to the savings bank account. 50% of the funds can also be withdrawn from the account for the daughter’s education. This withdrawal can be done only after the daughter turns 18.

What will happen if Sukanya Samriddhi is not deposited under the scheme?

If for some reason the account holder is unable to deposit the amount under Sukanya Samriddhi Yojana, then he will have to pay a penalty of ₹ 50 per annum. And with this, the minimum amount to be paid every year. If the penalty is not paid, the Sukanya Samriddhi Yojana account will get an interest rate equal to the savings account which is four per cent.

PM Kanya Yojana Tax Benefit

Under Section 80C of the Income Tax Act 1961, the amount deposited in Sukanya Samriddhi Yojana, the amount of interest and maturity amount is tax free. A rebate has been provided by the government on contributions made under this scheme, which is up to ₹ 150000 per year.

Sukanya Samriddhi Scheme tax benefits

  • As per the Income Tax Act, all investments made under this scheme are eligible for tax deduction benefits. A maximum tax deduction of 1.5 lakh is allowed towards SSY.
  • Under this, interest is credited, which is credited to the account on an annual basis. There is no tax levied on this earned / accumulated interest. This allows the funds under the scheme to be maximized.
  • The tax exemption can be claimed by either the girl’s parents or legal guardian. Only a depositor is eligible for tax exemption under Section 80C of the Income Tax Act.

Key facts of Sukanya Samriddhi Yojana 2020

  • Under this scheme, any person of the country can open the account of their daughter below 10 years of age.
  • Sukanya Samriddhi Yojana 2020 provides tax exemption under Section 80 of Income Tax Act 1961. Remaining amount will be received after maturity of SSY.
  • Under this scheme any girl’s account can be opened for a minimum of Rs. 250.
  • Under this scheme, the amount deposited in the account after the age of 18 years can withdraw only 50% of the total deposit for studies and after the age of 21, the entire amount can be withdrawn for the daughter’s marriage.
  • Sukanya Samriddhi Yojana 2020  is a small saving scheme of the Central Government for daughters.
  • Under this scheme, beneficiaries can open accounts for their daughter in all these banks, Nationalized Bank, Post Office, SBI, ICICI, PNB, Axis Bank, HDFC, etc.

Authorized bank for Sukanya Samriddhi Yojana

There are a total of 28 banks authorized by the Reserve Bank of India (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open SSY account in any of the following banks and avail this scheme.

  • Allahabad Bank
  • State Bank of India (SBI)
  • axis Bank
  • Andhra Bank
  • Bank of Maharashtra (BOM)
  • Bank of India (BOI)
  • Corporation Bank
  • Central Bank of India (CBI)
  • Canara Bank
  • Dena Bank
  • Bank of Baroda (BOB)
  • State Bank of Patiala (SBP)
  • State Bank of Mysore (SBM)
  • Indian Overseas Bank (IOB)
  • Indian Bank
  • Punjab National Bank (PNB)
  • IDBI Bank
  • ICICI Bank
  • Syndicate bank
  • State Bank of Bikaner and Jaipur (SBBJ)
  • State Bank of Travancore (SBT)
  • Oriental Bank of Commerce (OBC)
  • State Bank of Hyderabad (SBH)
  • Punjab and Sindh Bank (PSB)
  • Union Bank of India
  • Uco bank
  • United Bank of India
  • Vijay Bank

Benefits of PM Kanya Yojana 2020

  • The benefit of this scheme will be provided to girls below 10 years of age.
  • Under Sukanya Samriddhi Yojana , guardians of girls can open a savings account for them. Until that girl turns 10.
  • Under this scheme, a maximum of Rs 1.5 lakh can be deposited during the current financial year.
  • Under PM Kanya Yojana 2020 , you can easily secure the future of your daughters.
  • This will help in your girl’s education or marriage.
  • You can easily start this scheme at any bank or post office.
  • This scheme is beneficial for both the girl and their parents / guardians as it helps both.
  • A parent or natural parent is allowed to open an account under this scheme for only two girls.
  • The depositor can deposit money in the account from the girl till the completion of fourteen years from the date of opening of the account.

SSY 2020 Documents (Eligibility)

  • To open an account under this scheme, the girl’s age should be less than 10 years.
  • Aadhar Card
  • Baby and parents photo
  • Girl Birth Certificate
  • proof of residence
  • Depositor (parent or legal guardian) ie PAN card, ration card, driving license

Rules for opening accounts under Sukanya Samriddhi Yojana

Under Sukanya Samriddhi Yojana, the account can be opened or opened by the parents or legal guardians of the daughter. This account can be opened from the birth of a daughter till she is 10 years old. Under Sukanya Samriddhi Yojana only one account can be opened for a daughter and at the time of opening the account, daughter’s birth certificate has to be submitted to the post office or bank. Along with this, other important documents such as identity card and proof of address will also have to be submitted.

Sukanya Samriddhi Yojana 2020 Account Opening Application Form

  • Interested beneficiaries who want to apply for opening a savings account under this scheme, they must first download the Sukanya Samriddhi Yojana Account Opening Form.
  • After this, the application form will have to be filled with all the necessary information. After filling all the information, all the necessary documents will have to be attached to the form.
  • Then the application form and documents have to be submitted along with the amount to the desired bank and post office

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