Sukanya Samriddhi Yojana 2023: SSY 2023: Eligibility, Interest Rate, Benefits and Other Information

Sukanya Samriddhi Yojana 2023: Interest Rate, Eligibility, Benefits, and Other Information lets know everything in detail if you wish to save large money with little efforts for the future of your daughter.

Sukanya Samriddhi Yojana 2023:

The Central Government launched Sukanya Samriddhi Yojana to enhance the future of daughters. The Central Government’s Sukanya Samriddhi Yojana is a little savings program. which will assist in covering the daughters’ future bills. Under the Beti Bachao Beti Padhao program, this programme has been launched. Parents of females younger than 10 years old can open the girl child’s account under the Sukanya Samriddhi Yojana. Investments under this program might range from Rs 250 to Rs 1.5 lakh.

Sukanya Samriddhi Yojana will be a great option for you if you also wish to invest money for the future of your daughter. Through this article, we will give you all the details about the Sukanya Samriddhi Yojana 2023 . So, you must read this article thoroughly.

Sukanya Samriddhi Scheme 2023

The Central Government’s Sukanya Samriddhi Yojana has as its goal safeguarding the future of the nation’s daughters. Parents or any other guardian of a girl under the age of 10 may register an account in the daughter’s name under the Sukanya Samriddhi Yojana. Additionally, the government is currently providing the benefit of 7.6 percent interest under this plan. Under this plan, only the accounts of a family’s two oldest daughters may be opened. A minimum of Rs 250/- and a maximum of Rs 1,50,000/- can be invested annually under this program.

Under Section 80C of the Income Tax Act, tax exemption is also possible for investments made in this scheme. Money can be deposited using cash, checks, drafts, or online banking. Sukanya Samriddhi Yojana requires only a 15-year deposit; following that, you won’t be required to make any payments for the following six years, but the interest rate will continue to rise. After 21 years, the full amount of money, plus interest, is returned to the girl in whose name the account was opened.

Sukanya Samriddhi Yojana 2023 an Overview

Name of the SchemeSukanya Samriddhi Yojana (SSY)
Operator Central Government
BeneficiaryGirls of 0 to 10 years of Age
Investment AmountMinimum Rs.250 and Maximum Rs.1.5 Lakh
Total Duration15 years
CategoryCentral Government Scheme
Application ProcessOffline

Some Important Changes Made in Sukanya Samriddhi Yojana 2023

Sukanya Samriddhi Yojana, launched under the Beti Bachao Beti Padhao scheme, offers a number of benefits. Some significant changes have been made under this scheme, which are as follows:

  • Under Sukanya Samriddhi Yojana, the applicant was required to deposit a minimum of Rs 250 annually. However, now according to the changes made in this scheme, if you are not able to deposit the minimum amount of Rs 250 due to any reason, there will be no change in the interest rate of the maturity amount you will receive. Which means you will not be declared default.
  • Even though there was a mechanism for opening an account for a third daughter under this plan, its benefits were not provided under Income Tax Section 80c, hence only two daughters can have Sukanya Samriddhi Yojana accounts. However, in light of the recent change, the third daughter will now also be eligible for a section 80c tax benefit.
  • Sukanya Samriddhi accounts may formerly be closed early for only two reasons, If a child dies abruptly or if the daughter getting married abroad was the second justification. In accordance with the new criteria the Sukanya Samriddhi account may now be closed for additional reasons, such as if the daughter is afflicted with a serious illness or if the parents pass away.
  • The account could previously be used by any female after finishing 10 years. But now, according to the recent modification in the rules, after turning 18, any female will be entitled to manage her Sukanya Samriddhi account herself, . That implies that after reaching adulthood, a female can manage her own account.

How to Deposit Money in Sukanya Samriddhi Yojana 2023

Sukanya Samriddhi Yojana receives investments for a period of 15 years. In accordance with this scheme, you can deposit money into the account using cash, checks, drafts, or any other type of instrument that the bank is willing to accept. You must fill out this form by writing the account holder’s and depositor’s names.

You can also deposit money into a Sukanya Samriddhi account electronically, but the post office or bank must have a core banking system in order to do so. When a draft or check is deposited into a Sukanya Samriddhi account and when it clears, then interest will be paid on that amount. However, if funds are placed using an electronic transfer, the calculation will begin on the day of the deposit.

Benefits of Investing in Sukanya Samriddhi Yojana 2023

High Interest Rate

Comparing Sukanya Samriddhi Yojana to other government-sponsored tax-saving programs, it is a better one. This offers an improved interest rate. The benefit of interest at the rate of 7.6% can be obtained under this plan in the first quarter of the fiscal year 2023–24.

Tax Exemption

By investing in the Sukanya Samriddhi Yojana, one is eligible for a tax exemption under Section 80C of the Income Tax Act. This means that by making an annual investment of Rs. 1.5 lakh, you can get a tax break.

Investment Flexibility

A Sukanya Samriddhi Yojana participant may deposit as little as Rs. 250 over the course of a year. Additionally, the annual deposit limit is Rs. 1.5 lakh. In this program, you can make investments based on your financial situation.

Compound Interest Rate

Sukanya Samriddhi Yojana is a long-term investing strategy, which has the advantage of compounding. Because the beneficiary of this scheme receives the advantage of annual compounding, you will receive the benefit of good profits over a lengthy period of time.

Simple Transfer

The parent or guardian managing the Sukanya Samriddhi Account may move the account without restriction from one region of the nation to another.

Guaranteed Returns

Sukanya Samriddhi Yojana is a government-run program; as a result, the benefit of guaranteed returns is offered under this program.

Eligibility for Sukanya Samriddhi Yojana 2023

  1. Sukanya Samriddhi Yojana benefits can be availed by Indian citizens only.
  2. Only parents or legal guardians may open a Sukanya Samriddhi Yojana account in the girl child’s name.
  3. The girl child must be younger than 10 years old when the account is opened.
  4. A girl child cannot open more than one account.
  5. There are only two daughters of a family whose names may be used to create accounts.
  6. Sukanya Samriddhi accounts may also be formed in the adoptive daughter’s name under this plan.

Documents Required for Sukanya Samriddhi Yojana 2023

  1. Aadhar Card of parents
  2. PAN card
  3. Identity card
  4. Daughter’s Aadhar card
  5. Birth certificate
  6. Address proof
  7. Passport size photo
  8. Mobile number

Where Can I Open a Account for Sukanya Samriddhi Yojana 2023

Accounts under the Sukanya Samriddhi Yojana can primarily be opened through post offices. In addition, you can invest by creating an account through a Government Bank under this program. The names of some renowned financial institutions where you can open a Sukanya Samriddhi Yojana account is given below.

  • State Bank of India
  • Bank of Baroda
  • Punjab National Bank
  • Bank of India
  • Indian Bank
  • Post Office

How to open an account for Sukanya Samriddhi Yojana 2023

  • Go to the closest post office or bank branch to open an account under the Sukanya Samriddhi Yojana.
  • Get the application form for the Sukanya Samriddhi Yojana.
  • You must carefully fill all the information requested on the application form.
  • After filling out the form completely, you must attach the required documents.
  • Submit this application to the post office.
  • A premium payment of Rs 250 has to be submitted to create an account.
  • Thus you can open an account for the Sukanya Samriddhi Yojana.


How many years needed to pay for Sukanya Samriddhi Yojana?

One has to deposit the money for 15 years in Sukanya Samriddhi Yojana.

What is the interest rate of Sukanya Samriddhi Yojana 2023-24?

Currently 8% per annum for Q2 FY (2023-24) has been proposed by the government.

Can I deposit 10 lakhs in Sukanya Samriddhi yojana?

No, The maximum amount of money that can be deposited under the Sukanya Samriddhi yojana is Rs.150000 per annum. 

What is the maturity year of Sukanya?

The maturity period is 21 years from the date of opening the account.

Can parents withdraw Sukanya samriddhi?

Yes Parents can withdraw the money but they can withdraw only 50% of total money in Sukanya Samriddhi Yojana.

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