Sukanya Samriddhi Account (SSA) along with ‘Beti Bachao-Beti Padhao’ (BBB) will be officially launched on 22nd January, 2015. These schemes will be introduced by our honorable Prime Minister Narendra Modi.
Sukanya Samriddhi Account/Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.
Finance Minister Arun Jaitley had announced this scheme in his budget speech in July. The gazette on this scheme was released on 2nd December, 2014. On 21st January, 2015 the finance ministry released a notification with respect to the applicable interest rate on Sukanya Samriddhi Account.
Let us understand the features and benefits of Sukanya Samriddhi Account Special Savings deposit scheme.
Features of Sukanya Samriddhi Account (SSA):
- Who can open the account? – Sukanya Samriddhi a/c (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.
- What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of ten years. (Girl child who is born on or after 02-12-2003 can open SSA/SSY account).
- How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.
- How to open a SSA account (Sukanya Savings Account opening procedure)? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules. As of now, the list is not drawn and many government owned banks are still in the process of completing formalities to open the Sukanya Samriddhi Yojana (SSY) Account, you may visit any of the government banks for the purpose of opening the account. (Some of these banks include – State Bank of India (SBI), SBH, Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, Andhra Bank, UCO Bank, Allahabad Bank, Corporation Bank etc.,)
- What is the minimum deposit to open the account? –
The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.- SSA Account may be opened with a minimum initial deposit of two hundred and fifty rupees and thereafter any amount in multiples of two hundred and fifty rupees may be deposited in an Account subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one Account. (Latest update : 15-July-2018)
- What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.
- Deposits/contributions in an account may be made for fourteen years from the date of opening of the account.
- Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.
- What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank.The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.
- What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme. (Latest News (18-March-2016): The Govt has cut rate of interest of Sukanya Samriddhi Scheme. The interest rate on Sukanya Samriddhi Account (SSA) for 1st Quarter of Financial Year (FY) 2016-17 would be 8.6%. For complete details on revised interest rates, click here..)
- Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.
- The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.
- Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.
- Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.
- Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
- The scheme would mature on completion of 21 years from the date of opening of the account, with an option of keeping the account till marriage. So, the maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years (whichever is earlier).
- Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.
- What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.
- Download Sukanya Samriddhi Account/Yojana (SSA/SSY) Application form. (This SSA applicaiton form that can be submitted at Post office. Download the file by clicking on the below image and go to ‘Form 1’ Post office Savings Bank page and you can take print out of the same)
- On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.
Income Tax Benefits on Sukanya Samriddhi Account Scheme – Section 80c
The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
(Issue of making interest income exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)
Latest News : As per Budget 2015, all the payments under Sukanya Samriddhi Account / Yojana Deposit Scheme are exempted from Income Tax. So, Deposits made under SSA Khata / account are exempted under Section 80C. The interest amount and maturity amount (withdrawals) are also exempted from Income Tax. So, investments in SSA falls under Exempt – Exempt – Exempt (EEE) tax category.
PPF Account (Public Provident Fund) Vs Sukanya Samriddhi Account
PPF (Public Provident Fund) has E-E-E tax rule. As per this rule – contributions, accumulation (interest amount) and withdrawal are all exempted from income tax. There is a high chance that Sukanya Samruddhi Account may be brought under E-E-E catergory(As of now there is no official confirmation on this. Let us wait for more information).
For the fiscal year 2014-2015 the rate of interest on PPF account is 8.70% (upto March 2015). On Sukanya Samruddhi Account this is 9.10%. So, comparatively SSA has higher rate of interest. The interest on SSA will be calculated just like the way it is done on PPF a/c.
Sukanya Samridhi Account – Interest Amount & Maturity Amount Calculation:
You may have few questions like : How is the interest amount calculated on Sukanya Samridhi Savings scheme? – What could be the total maturity amount on SSA Savings account? What is the total interest amount that I can earn on SSA?
Before proceeding with the calculations, below are the main points/assumptions with respect to interest and maturity amount calculations:
- The contributions are allowed upto 14 years from SSA account opening date.
- The SSA savings account can be operated till the completion of 21 years from the account opening date.
- The current applicable interest rate on SSA scheme is 9.1% (this rate of interest will vary in future, as per the Central Government’s future notifications.)
- The interest on SSA will be calculated just like the way it is done on PPF a/c. (PPF interest is calculated monthly on the lowest balance between the end of the 5th day and last day of month, however the total interest in the year is added back to PPF only at the year-end.)
- I have assumed the investments are done at the beginning of every month/year and calender year as April-March.
Sukanya Samriddhi Account/Yojna – Interest & Maturity amount calculation – Scenario 1-Monthly Deposit
Example 1 – Mr Aravind Swamy wants to open the Sukanya Samridhi Savings account in the name of his girl’s child (5 years old) in April 2015. He wants to contribute Rs 10,000 every month for 14 years. He also wants to keep this account active till 21 years from the account opening date (or till Child’s age of 25 years). He wants to know, what could be the total approximate interest amount and total maturity amount that he would accumulate under SSA?
As per above calculations, Mr Aravind Swamy can accumulate total interest amount to the tune of Rs 45.73 Lakh. The total maturity amount on his SSA savings account can be Rs 62.53 Lakh. He also has the option to withdraw 50% of Rs29.89 Lakh when his child turns 18 years. (If he withdraws, the total maturity amount will not be as shown above.)
The present value (PV) of Rs 62.53 Lakh (maturity amount ) is Rs 8.45 Lakh, assuming 10% as Education inflation (the rate at which education/marriage expenses may increase). Kindly think from this angle too.
Sukanya Samriddhi Account/Yojna – Interest & Maturity amount calculation – Scenario 2 – Yearly Deposit
Example 2 – Mr Madhavan wants to open the Sukanya Samridhi Savings account in the name of his girl’s child (5 years old) in April 2015. He wants to contribute Rs 1,20,000 every year for 14 years. He also wants to keep this account active till 21 years from the account opening date (or till Child’s age of 25 years). He wants to know, what could be the total approximate interest amount and total maturity amount that he would accumulate under SSA?
As per the above calculations, Mr Madhavan can accumulate total interest amount to the tune of Rs 46.32 Lakh. The total maturity amount on his SSA savings account can be Rs 63.12 Lakh. He also has the option to withdraw 50% of Rs 30.24 Lakh when his child turns 18 years. (If he withdraws, the total maturity amount will not be as shown above.)
Kindly note the difference in the maturity amounts between the ‘monthly contribution account’ and ‘yearly contribution account.’
My opinion on Sukanya Samriddhi Account Savings Scheme:
I can confidently say that the average rate of education inflation in India is somewhere around 10% to 15%. The rate at which marriage expenses are increasing is also very high.
Given this scenario, the 9.10% rate of interest may not beat the inflation. Unlike Bank fixed deposits, this rate of interest is not fixed.
The better way to create sufficient corpus for a Child’s education is to allocate major portion of savings to equity related instruments (if you have more than 10 years time frame). You can then consider investing small portion of your savings towards this scheme. This scheme can be considered as the DEBT component of your investment portfolio.
Another drawback of SSA is the number of accounts that can be operated. The number of accounts that are allowed to open under this scheme is limited to two accounts only. Parents of more than two girls can not open multiple Sukanya Samriddhi Accounts.
(Download Government’s Gazette & notification on Sukanya Samriddhi Account/yojna savings deposit scheme. Gazette is in HINDI and english versions) (Image courtesy of chubphong at FreeDigitalPhotos.net )
Latest News – Reserve Banks of India (RBI) has issued a notification, authorizing 28 banks to open Sukanya Samriddhi Accounts. These banks include SBI, ICICI Bank, Bank of Baroda, Punjab National Bank (PNB), Allahabad Bank, Canara Bank, Corporation Bank, Andhra Bank etc., For complete list, kindly read my article – “Sukanya Samriddhi Deposit Account – Authorized Banks list for Account opening – Download Sukanya Samriddhi A.c Opening form.”)
Continue reading..
Can we closed in middle this shecme ssa.
Dear Ashwin,
You may kindly go through this article @ Sukanya Samriddhi Account Deposit Scheme – New Amendments 2016
This scheme can also be viewed as an initiative on part of the Government, to increase the domestic savings percentage which had reduced from 38% of the GDP in 2008 to 30% in 2013. This scheme is expected to encourage parents/guardians to save for their girl child’s education and future
My Self chetan i have one daughter and i need to pay quarterly or yearly how much amount has to pay.
i want to know how much amt l had to pay and what is the interest rate
Dear Chetananand,
You can deposit monthly, quarterly or yearly as per your choice. The minimum amount you have to deposit is Rs 250 pa and the maximum amount is Rs 1.5 lakh p.a.
Dear sir,If,The parent or guardian unexpected death.any insurance is applicable
Dear CHELLADURAI ..Insurance is provided under this scheme.
Hi
Who can withdraw the money any time if both the account holder and the guardian is not available
Dear Lavanya.. A legal heir can withdraw the funds.
Related article : Nominee Vs Legal Heir : Who will inherit (or) own your Assets? | Importance of WILL
if i withdraw after 14 years would i get maturity amount benefit.? please suggest…
My 1st daughter was born on 15.03.2013 and i want to open SSA in P&N Bank which was operated by my wife she was a house wife,if i attached my name as a 2nd account holder will i be able for Tax benefit u/s 80C.
My second part was if in same bank after some time again,I open SSA for my next child than also can i get tax benefit collectively for both of my daughter collective amounts.
waiting for your reply pls.
Dear Syed ..If your wife is contributing to SSA, only she can claim the tax benefit of up to Rs 1.5 Lakh u/s 80c.
Hi,
The information provided is very useful. Thanks.
I have two questions.
1) If I invest monthly or Annually, how will I be benefited compared to Interest amount calculated ?
2) If I pay 2,500 inr/ monthly as a Standing Instruction in SBI, annually it would be around 30,000. Say, by year end I had some surplus amount 20,000. Can i deposit this amount in SSA as well and avail the benifits ?
Dear Sharath,
If you invest say lump sum amount in the beginning of the year, the interest is payable for the entire year.
This is not the case with monthly deposits. It is calculated monthly on the lowest balance between the end of the 5th day and last day of month,
2 – Yes, you may do so.
Thanks a lot for the info.
I already opened SSA account in my daughter name and i am investing 1.5 Lakh per financial year .Now i would like to knwow who can claim this ( Father or Mother )while filing income tax. How do Income Tax Department verify these.
I am an NRI and i want to include this investment in my income tax filing to avoid tax against the income earn from India.
My wife is housewife and she doesnt have to file income tax.
Baby
Dear Manoj,
The depositor (mentioned in the passbook) has to claim the tax benefit.
Kindly read: SSA scheme & new amendments.
Dear Sir, My daughter’s D.O.B. was 07/04/2003. I was ppf account on her name from 14/02/2005. i want to open SSA account on her name. Is that possible? And one more thing , Is it possible to migrate PPF account in SSA account. I am waiting for your kind reply.
Dear Shyam,
Transfer of funds from PPF A/c to SSA is not possible.
If you girl child is aged more than 10 years, you can not open SSA account in her name.
Read:
Kid’s education goal planning.
List of best investment options.
Dear Sir,
My daughter’s DOB is 07/04/2003. I have PPF account in state bank of india from last 5 years. and i want to migrate my ppf account in SSA. Is that possible? I want to open SSA account for my daughter how and if any other investment government scheme are available? Please guide me for investment.
Dear Sir,
My daughter is born on th April 2006 Pune, confirm if the SSA scheme applicable for her, if yes confirm the last date to submitt the scheme form in the bank.
If not, kindly help any other government scheme feasible me to apply the same for future prospective.
Thanks
Dear Rajesh ..Age limit is 10 years, so it’s not possible to open SSA.
Kindly read:
List of best investment options!
Kid’s education goal planning & Calculations.
Dear Sir,
if i deposite 1000 every year then how much i will earn after 21 years, kindly send calculation in excel format
Thanking you
Reply
Sir my child was born on 23/08/2007, if I will be able to open this ssa a/c. I will deposit 1000 rs per month,then kindly send how much I will get after 21 yrs.
Thanking you.
Dear Roopa & Srinivas..Kindly download the SSA calculator…
Dear Sir,
I have opened Sukanya Samridhi Account for my girl child on 11/01/2017. I am planning to deposit INR 1,50,000 annually.
I have made 1st deposit of INR 1,50,000 on 11/01/2017.
Now my question is ….
When should I deposit my 2nd installment ?
case – 1 : at the start of financial year 2017-18 i.e on 01/04/2017
case – 2 : at the opening date of next year i.e 11/01/2018
case – 3 : anywhere in the middle of financial year 2017-18 i.e, say 01/08/2017
which of the above case would be idle and will benefit me maximum….
Thanks in advance
Dinesh Ramakrishna
9730490933
Dear Dinesh,
Investing every month before 10th (or) in case of lump sum investment before 10th of April every year, you can get slightly better returns to a certain extent.
Dear Sreekanth,
I wish to open next week for my daughter, kindly clarify the following
1. Is possible to open Post office and SBI (two account for one name)?
2. I wish to deposit lump sump now, is there is possible to change the mode of payment either lump sump/monthly?
3. what is the maximum and minimum amount per year deposit?
Dear shanmugam,
1 – No.
2 – Yes.
3 – Rs 1000 & Rs 1.5 Lakh.
Hi Sir,
My daughter 2 years old. If i start deposit 1000 per month, how much child will be getting while reaching 18th years. Calculator link which you mentioned below doesn’t work. Please provide alternate link or can you calculate and let me know.
Thank you.
Dear Ameen / Sam,
Kindly use the calculator available in this article….click here.
if i deposite 1000 every year then how much i will earn
I am 66 year old homemaker drawing family pension and earning rental income and interest on deposits. Can I open SSA account for my grand daughter and take income tax benefit upto 1.5 Lacs as a legal guardian ? My son is also working and paying income tax and taking exemption under section 80C on other investments like insurance.
Dear Sarojani Ji,
I believe that if parent is alive, a grand mother may not be eligible to open SSA account in the name of her grand child.
Hi Concerned
While I have read all details provided by you I am still little confused & would request you to please help answer my query as below:
If I have opened SSA for my daughter in year 2015 who was 10 years old at the time of opening account; her account will get mature when she is 21 years old (i.e 11 years from 2015) or her account is matured after 21 years from the date of opening of account
Regards
Dear Lalit,
The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years (whichever is earlier).
Sir my daughter born on 2/12/2005 she is eligible for SSA
Dear Shyamala ..As your kid’s age is more than 10 years, SSA can not be opened in her name.
if i contribute rs.1000 per month for my child how much i get on maturity?
sir if girl entered in 10 years on oct2016, will she eligible for this scheme? Kindly give clear details on that attain age. I read SSA scheme but i want to know above mentioned age(Now entered in 10 years not completed).
Dear Mohd Taher..As she has attained 10 years of age, I believe you may not be able to open SSA account.
Ya kitna age se suru Karna ha or kab take bharna ha 1000 rs ..or kab widrol Karna ha
Dear parveen ..SA can be opened in the name of a girl child from the birth of the girl child till she attains the age of ten years. The scheme would mature on completion of 21 years from the date of opening of the account, with an option of keeping the account till marriage. So, the maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years (whichever is earlier).
Plan is good
I have 2 daughter s of 11 yrs 9yrs of age.i have taken sukanya plan from post office now I want to know tht can I get my money backwhen my daughter will
iattain 21 yrs of age
Yes dear Ajay ..Kindly read – latest amendments to SSA Scheme.
Is only girl child allow to withdraw the scheme amount ?? in case parents wants to withdraw at pre-maturity/maturity Will parents allowed to withdraw amt?
Dear Mansuri .. Only in case of any unfortunate event, parents are allowed to withdraw the accrued balance.
hello,
I want to invest in this scheme for my brother’s daughter. can i show this as my investment? will it benefit me as tax saving under section 80c?
Dear Uday..No, not eligible. Only the parents or the legal guardian of the girl child can open SSA account.
Respected sreekanth reddy garu
My name is P.Nanaji I have two girl child 1st girl P.Surekha Dob 09/07/2004(12yrs)
2nd girl P.Amrutha varshini Dob 03/01/2008(9yrs) this girl(2nd) already open SSA But 1st girl child not open SSA because her age 12yers sir is there any opportunity to open SSA for 1sd girl child plzzz reply to me sir thank you
Dear Nanaji .. 10 years is the cut off limit..
You may opt for other investment alternatives.
Read:
List of best investment options.
Kid’s education goal planning & calculator.
I want to know that can we invest all the amount once in a year like not by every month
You may do so dear Alekhya ..
hi sir,
we want to join in this scheme, but my child birth date is 22.01.2007. how we can follow this and please explain me .
how much we can deposit and till how many years. we are in UAE .
Dear Rajeshwari ..In case if you are NRIs then you may not be eligible to invest in this scheme.
Girl’s age should be below 10 years and the contribution of minimum Rs 1,000 can be made every year for 14 years (from the date of account opening).
Dear Sir,
This is kishore from Guntur dist. My Elder sister having two sisters. One girl born on 2003 & another girl born on 2005. For this girls having chance on this scheme. Please give me the clarity sir.
sorry two daughters not sisters.
Dear Kishore..Kindly note that the age limit is 10 years.
SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of ten years
Sir,
Can I transfer the SSA scheme amount directly from on line by my saving account( same Post Office) to SSA shceme of my daughter in post office.
please suggest me the process what I have to do ?
Dear Pooja ..I am unable to understand your query..
sir my daughter is born in village at that time have not birth certificate. present 9 years old studied 3rd class.so how to open ssa?
Dear Srinu,
In absence of the Birth Certificate the following documents can be submitted :
Certificate of Date of Birth from the School Headmaster; or,
Certificate of Date of Birth from the Hospital where the Girl Child was born.
Sir, Iwant to depisit 1 lakh per year in ssy. But in irregular intervals. One time 1000,another time 60,00; And payment maynot be every month. But in total 1lakh.How does is effect in getting interest and penalty ckass?
Dear Rajeshwari,
Under SSA, the interest is compounded on yearly basis. The interest amount is calculated for the calendar month on the lowest balance in an Account on the deposits made between the close of the tenth day and the end of the month. So, it is now clear that no interest is paid on deposits made after 10th of the month for that specific month.
No penalty is charged if you invest atleast Rs 1000 per financial year.
Read:
SSA new rules 2016.
Latest interest rates – Small savings schemes.
Sir,
above information very helpful though I want to know whether TDS on interest would be deducted or not on maturity of SSA?
Dear Surendra ..It is tax free income. No TDS is chargeable.
SSA falls under E-E-E tax category.
Hi Sreekanth, thanks for great information! Our daughter was born in the US and is therefore US citizen. We are however now in India and are Indian citizens. Is our daughter eligible for this scheme since we would be the one to invest for her?
Dear PM..I believe that SSA can not be opened in this scenario.
Kindly read: Latest SSA 2016 amendments.
hi sir, i had opened sukanya samriddhi account in post office on 20-03-2015 and i had invested 1,50,000, but i had not received interest for the year 2014-15. please help me sir,
kishore
I have One Message from My Friend is a – State Bank of India have a Sukanya Yojana f0r 01 to 10 years Girls, Every year we put the 1000/- up to continues 14 years means 14×1000=14000.00 after girl age of 21, we will receive 6,00,000.00??
Kindly seggest the same
My niece age is 9 years. We want to open SSA. If we open an account under this scheme, is it necessary to deposit full 14 yeras. Then her age will be 23 yers. Can i withdraw the amount at 21 years or shall have to wait for more?
Dear Subhransu,
The minimum deposit of Rs 1,000 has to be deposited till the time the account is active (for 14 years). The account can be operated till 21 years from the date of opening of account.
Partial withdrawal of 50% can be made when girl child attains 18 years of age for pursuing higher education.
Kindly read: Latest amendments to SSA scheme.
I have One Message from My Friend is a – State Bank of India have a Sukanya Yojana f0r 01 to 10 years Girls, Every year we put the 1000/- up to continues 14 years means 14×1000=14000.00 after girl age of 21, we will receive 6,00,000.00??
Kindly seggest the same
Dear SIIDDU..Kindly use this calculator, click here..
D/Sir , I wants to open ssa for my two girl childs (09 yrs and 12 yrs.) with one time payment of 1 lack each.is it possible?if yes then what will be the rate of interest and can i get income tax exemption under 80 c for fy 2016-17
Dear Alok,
The applicable interest rate for 1st Quarter of 2016-17 is 8.6%.
One can deposit maximum Rs 1.5 Lakh per one SSA account. So, you can deposit Rs 3 Lakh but you can claim up to Rs 1.5 Lakh as tax deduction under section 80c.
Please tell me that if the investment is made for two Girl child. will the income tax rebate be available under income tax Act u/s 80C for two girl child.
Dear PIYUSH..Yes, to the extent of Rs 1.5 Lakh (aggregate limit).
Hello Mr Sreekanth Reddy,
I have a 1 yr 5 months old daughter. I would like to go for some investments like SSA, kindly suggest me how soon can I open this account? And where do I get this done?
Dear Ranjini..You may visit any nearest bank branch or visit post office branch to open SSA.
Dear Concern,
Last year i opened an sukanya account & at that time they told me the interest rate around 9.1% anually. But i got around 3.3% of interest.I went to post office to know the reason they didn’t replied any satisfactory answer. So, My concern is that is the interest rate i got is right or there is some issue in it. And if yes than whom should i contact for it???
Dear Raj,
The interest rates for FY 2014-15 & FY 2015-16 were 9.1% & 9.2% respectively.
I am agree with your points but my concern is that why I got only 3% as an interest for the fy 2014-2015. To whom should I contact to know that why I got so less interedt rate.
Dear sir,
how much amount initially required to open a SSA in BANK………..
kindly share the information as early as possible
Dear SHAIK..It is Rs 1,000.
I am staying outside of india, I have opened SSY account of my daugher, can i transfer money through exchange office to SSY account?
Dear Anand..Kindly check with your banker.
Dear Sir
My girl child DOB is 16 Feb 2016, Can i open ssa a/c. & can we open this account
plz iform sir
Dear manoj ..Yes you can..
Initially if account opened with 5000 per month & later can it be increased year on year basis?
Dear Sunilkumar..Yes, you may do so.
Hi,
i read read in couple of articles that, we have to do either cash/dd/cheque for sukanya samruddi account.
Can we transfer amount online to SSY account from any bank?
Dear nagendra..I believe that online contribution facility is not available yet. However you may kindly check with your banker too.
My daughter’s age 1 years right now. If I’m investing 6000 per year on monthly basis what is maturity amount.
Please send me detail.
Dear Vinay / Vijitha..Download SSA calculator ..click here..
My daughter age is 9 years old I am invest 10oo p.m. How many years can I pay and how much I get money maturity of time Pl.send details.
My daughter age 9 years old I am investing amount of one lack per year but i confused,if she’s complete 18years can we withdraw mony
Dear vijaykumar..Kindly read the latest rules related to SSA, can be useful to you.
Read : Sukanya Samriddhi new rules..
Plesae give me brief details for “SSA”
My Daughter age 03 year Old:
i am ready to SSA plan for monthly: 1000/-
Yearly:12,000
after (3+17):20 years how much of amount we are received form SSA
Dear Praveen…Read: Download SSA calculator.
Plesae give me brief details for “SSA”
My Daughter age 06 year Old:
i am ready to SSA plan for monthly: 1000/-
Yesrly:12,000
after (6+14):20 years how much of amount we are received form SSA
Dear Vahab..Click here & Download the SSA calculator.
SSA monthly cash deposit which date I should pay before every month 5th tel me
Hi , Gud Morning , i blessed with a baby girl in the month of Oct 2015 , can we start deposit in this Scheme plz clarify me and if a deposit Rs 1 Lack per year wat is the maturity amount at the age of 21 plz guide me.,
Dear Sai..Yes you can open SSA in your child’s name. Visit this link and download the SSA calculator.
Dear Mr. Sreekanth Reddy,
I have two daughter fast daughter age is 3 years and 2nd daughter age is 2 years, SSA it is eligible to open or no.?
How i can open SSA in Telangana. kindly proved me details
Thank you
Dear Suresh..Yes you can open two SSA a/cs in your kids’ names. You may visit the nearest post office branch or any bank to open SSA.
hi
go for bank u can tfr online ( i m doing the same) and save your time
regards
gaurav
Yearly 1000 i can pay ok . ? total how nay years i will pay tell me details.
Nice blog. Thanks for your explanation.
Out of love Grandmother (who gets pension, saves 2000 INR per year) woud like to open a SSA for her granddaughter who is 8 years old (A foreign citizen-foreign passport holder with PIO–person of indian origin card). Is it possible or correct to do so?
Dear Pavan..I believe that opening SSA a/c may not be allowed.
Dear Sir
Plz sir guide me i credit every month rs1000. so how much amount i recive at the time of maturity of sukanya plan.
Dear Tushar..Kindly Download the SSA calculator..
Hello Shrikant,
I have opened a SSA account for my daughter in June 2015 but since last 3-4 months I have not deposited money as I have lost the pass book due to shifting to another house.
Shreekant let me know what to do now?
Dear Shaheen,
It is ok even if you do not deposit every month, it is not mandatory. The minimum deposit is Rs 1,000 per year.
Suggest you to kindly approach your post office / bank branch and apply for a new passbook.
Dear Sreekanth,
in case there is a death of a person who is responsible for the installments to be paid of an account holder under the SSS yojana and there’s a very little expectation from anybody to pay for same
then will the scheme end incomplete in that situation
can the account holder withdraw the balance
there’s no any undertaking on governments side
Dear Shailesh..Yes the girl child can withdraw the accumulated balance.
Dear Sir/ Mam
I herein would like to state that I had opened an saving account date 18/3/15 (A/c no- 331000*** Bhawna Tomar) of my daughter in post office in Mullanpur, Garibdas, Punjab. Now as I have been transfered to Bhandoli, Palwal, Haryana,I applied to transfer the same account to Bhandoli Palwal from Mullanpur on 4/8/2015 but till date it has not been done. I have taken up the matter with all officials who are in cc of this email (Trailing mails are attached), but unfortunately nothing has been done, I herein in request you to please look into the matter and sought out at earliest. Also please take strict action against all culprit officials who are involved in the act.
Thanks & Regards
Arun Kumar
99911515**
Dear Arun,
Kindly do not share your bank account details in public forums. Do note that this blog is for information purposes only and we cannot help you in resolving your query. You may transfer the account to bank. That would be a better option.
dear sir my daughter birth on 01.01.2006 so please confirm this birthdate eligible sukanya yojna.i m openable my daughter account.reply me fast i m in bank.
Dear mitesh..If she has attained 10 years then you can not open SSA.
HI
srikanth
my name is sudhakar and this blog gives very useful info on SSA completely , i like the way u explains ,if u dont mind could u pls explain me about mutual fund investments
Dear sudhakar,
Suggest you to go through below articles, if you need more information, kindly revert to me;
What are Large cap/Mid-cap/Small cap mutual funds?
My MF portfolio.
Best Equity Mutual funds for 2016.
Best Debt mutual funds for 2016.
What are direct plans of MF schemes?
lzz call me i want to know abt ssd my mobile no is 9870712212 n my name is bhavy shah,
thank u…
Dear Sir,
What is the lowest amount of deposit in every year in this Scheme
Dear Abhishek..It is Rs 1,000 per year (the minimum amount per year).
Hi,
My husband has opened a SSA for our daughter (3 years old). Can I also open an account for her ??
Dear Vandana ..Only one account per girl child’s name is allowed.
Hello Sreekanth,
i have a child 5 year. when i invest 1000 rs. once in a year. after the maturity period then how amount will be received.
hopes you got it my question.
Dear Manoj..Kindly download the SSA calculator and you may check it by yourself.
i have a child 5 year. when i invest 1000 rs. once in a year. after the maturity period then how amount will be received.
Good day sir .
My name is Naresh Arora , i have a quick question , my daughter she is 10 years ,& we had open an SSA a/ c on 10/04/2015 & we are planning to deposit 10000 rs every month now she is 10.can you pls help me when she will be 24 how much she will get because we have to pay till 14 years according to SSA.can you pls send me the chart so i can see.
It would be kindly request if you do this needful.
Thanks & best regards
Naresh arora.
Dear NARESH..Kindly download the SSA calculator…
My daughter age 12 years now. Can you please suggest any better government Investment scheme like sukanya samriddhi Yojana?
Dear Sushma,
If you are planning for your Kid’s higher education goal, you have roughly around 5 years in hand. Have you already made any investments? Do you (parents) have adequate life insurance cover?
Kindly read:
Top Balanced funds
Top MF MIPs
Kid’s Education goal planning calculator.
sir, madam
maine dt 24 march 2015 ko 1000 Rs bharke sukanya aacount kulvaya
par passbook pe entry 31 march 2015 ki hai aur mujhe passbook 7 aprail 2015 ko mila hai
lekin abhi mai har sal 3000 rs bharna chahta hu. to iskeliye muze kya karna hoga iski jankari jald aap muze email pe de.
thank u !
Dear abhijeet..You can deposit Rs 3,000 as one time or in 3 installments.
sir
kya har sal ki amount fix rakhani hai
is sal agar 3000 rs aur agle sal 5000 rs is tarike bhar sakte hai
Dear abhijeet..You can deposit different amounts, it is allowed.
I have one daughter age 7 year. I am opening account in SBI Rs. 1000/- per month after terms how much Rs. receive.
Dear Ajay..Kindly download the calculator.
sir my nice is one yr old will I open a SSA or any other please tell me sir on my email
Dear sir, i want to know about suknya smridhi yojna for girls child.
Hi Sreekanth Reddy,
I have 2 questions regarding the SSA.
1. We are currently in USA, but my kids(2 daughters) were born in India. Am I eligible to open the SSA account without physically present in India? If yes, please let us know the procedure.
2. As the SSA matures after 21 years, will we be able to get the amount IF WE BECOME USA CITIZENS BY THEN?
Thanks
Vijay
Dear Vijay,
The govt gazette is silent regarding NRI’s eligibility to open SSA. I believe that NRIs can not invest in Small Savings Schemes like SSA.
Dear Sir,
My daughter’s age 1.5 years right now. If I’m investing 6000 per year on monthly basis what is maturity amount.
Please send me detail.
Thanks Regard
Moreshwar Patil
98909887**
Dear Moreshwar..May I know what detail do you require?
its better to go with LIC endowment 830 it has insurance too
Kindly read my review on LIC Endowment policy.. It is advisable to avoid endowment plans.
Dear Sree. My daughter DOB on 4th march 2005. But when i approached postoffice, they declined for account opening. please suggest. Is the age limit crossed? or still Im eligible for SSY account?
Thanks, Prabu
Dear Prabu,
SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of ten years only.
Hi sreekanthji,
I have enrolled my 5-year-old daughter for Sukanya samrudhi a/c as D/O…..with my wife name&given my wife PAN# in parent details and I am paying 1,000/month. Can i show this as my investment to incometax, because my wife is housewife and I am the one doing job.
Dear Ramdev..I believe that only the depositor can claim the tax benefits. kindly check with your banker/postoffice if you can change the depositor’s name?
Hi Sreekanth sir,
For SSA, if i invest 10,000/month i.e., 1,20,000/- for an year(Apr 2015 to Mar 2016), Does this total 1,20,000/- can be shown as investment proof for tax exemption?
Yes dear Ramesh.
This info. Is very useful.
I have two daughters
Can u suggest me best sip who gives me more returns
I have invest maximum 5000 thousand per month
Dear Sunil,
Kindly read:
Best Equity funds.
Best ELSS funds.
DEAR SIR
MAINE APNE DAUGHTER KA SSA OPEN KIYA HAI OP. DATE : 07/11/2015. MAIN MONTHELY Rs. 4000/- SSA ME DEPOSIT KARTU HU.
SO PLEASE AAP MUJE MONTHELY INTEREST CALCULATE KAR KE DE SKTE HAI ?
OR MATURITY VALU KITNE HO SAKTE HAI?
Dear Mital..Click here to download SSA Calculator.
Sir mujhe a bataye ki me apni beti ka ssukanya yojana post office me khole ya bank me …please sir
I have 2 daughters, the scheme in ssa is 14 year, I can complete in 8 year s can is possible, if possible means that same interest we get in 21 year pls tell me sir
Dear Shafiuddin,
You can deposit as much as you want. But you need to deposit minium Rs 1000 per year after say 8 years also, to keep the account in active status.
Dear Sir sukhanya samruddi scheme is 14 years, can I pay total amount in 5 r 6 years, it is possible , I pay fast , I Pay double it is possible , I have already 2 account in SSA post office
Hi
My daughter was born in usa and now staying in india . She is a PIO holder.Is my daughter eligible for Sukanya Samriddhi?
Dear Tim…The Govt gazetter is not very clear on this topic. I believe that NRIs or PIOs are not eligible to invest in small savings scheme like SSA.
Sir, I want to know that if I deposit 1 thousands rupees per year for my girl up to when she become 20 yers old.how much ammount I will get?
Dear Ramprasad.. suggest you download the calculator from this article.
sir i have 2 daughters one 1
1 years old amd 8 years old plz tell me the scheme in details if i invest mont hly one thouasnd to each daughters
Dear kanti..kindly read the above article to know about scheme details.
You may also download calculator from this article..
HI Dear,
I have invested 12000 per year incase i dont have if money next year that time what can i do please suggest me
thnks RAO
Dear Mr Rao..you can then make minimum contribution ie Rs 1000 pa.
My daughter D O B IS 05/06/2014 i can opened sukanya samridhi yojana AC for my child
Dear chidambaram..yes you can open SSA.
Dear Sreekanth,
Nice article. In fact I was looking for the interest calculation of this scheme. I believed that investing on monthly basis (between 1st and 5th day of each month) would give best returns and so I am operating my PPF and SSA in that way.
But seeing this article, it seems Yearly contribution yields better returns. So, 2 questions:
1. On which DD/MM of each year should I invest on an Yearly basis?
2. Does this benefit stand true for PPF also? If Yes, I will switch to Yearly investment.
Thanks in advance
Ganesh
Dear Ganesh,
1 – You may contribute in the first week of April.
2 – Yes
Thanks again!
Hi, I have new born baby about 15 days old, I want to create a Marriage courses of Rs.35,00,000/- in 15 Years, can you suggest me which is the best method to opt for corpus creation.
Dear Manoj,
Kindly buy a Term insurance cover (if not bought) and have an adequate life insurance cover.
Read : Best Term insurance plans.
Best Personal accident plan.
Consider starting SIPs in equity mutual funds towards kid’s education goal. Kindly read below articles;
Kid’s education planning goal.
Best Equity funds.
My MF picks.
Dear srekanth appreciating your work …. my daughter is 4 yrs old , i want to open a SSA on her name but unfortunately there is printer problem in the branch of SBI … so they are unable to provide me a SSA form …. the forms i found online looked like for post office use only as all terms related to post offices were written on those forms …. i request you to kindly provide me a valid form which can be used in SBI
Dear Narendra,
Kindly visit govt website sukanyaaccountmumbai.in , wherein you can find and download SSA Application form.
Mr.Srikanth reddy,
I do appreciate the way you have explained.It helped me a lot.
hello,
Is insurance covered in this Sukanya yojana ??
No, dear srinivas ..
I have already opened SSA account for my daughter last year march in post office.
Can i shift SSA account to SBI bank ? if yes what is the procedure and documents required ?
Can i deposit amount online for SSA ?
Dear Ritesh,
Kindly contact nearest SBI branch and you may get this done. But investing online mode is not yet available.
Dear Sir,
My daugter D.O.B is 1809-2004, Can i opened sukanya Samridhi A/c. for my
girl child
Yes dear Swarup.
Sir can u suggest me about other companies insurance plans if I ask.
Like I want to know about tata aig plans.
Dear Yogita,
Kindly go through below articles;
Best online term insurance plans
Traditional life insurance plans Vs Term insurance plans.
Sir,
My doubt is after 21 years what ever lump sum amount i will be getting do i need to pay tax for that ? Please reply to this
regards
Dear Sowmya..the maturity amount is tax exempted.
Good morning sir
mera name muskan he me agar aap mujhe iski jankari de sake to please bata dejiyega
meri didi ki beti he 13 june 2015 ko hui he uske liye koi or suvidha mil sakti he kam bajat ki uske papa nahi he agar he to mujhe please bata dijiyega
Thank you
Dear Muskan..I did not get your query. Kindly make it clear to me, will surely try to guide you.
My daughter born on June 2015, can I open the account with 15000 /annum…..????
Dear vinay ..Yes you can..
Meri bhatiji 9years and5month ki hai agar main 36000/-per year jama kare to hamko kab tak jama karna hoga aur hamko matiurii kab aur kitana milaga jara vistaar se bata dijiye
Aap ko 14 Year jama karwane honge aur 21 Saal k bade mein lump-sum amount hoga 1893783
Byaz ki dar har saal sarkar decide kargi to exact calculation karna impossible hoga .
abhi yeh calculation 9.1 % k hisab se kari gai hai waise iss saal 9.2 % byaz taye hai
Dear Anil..You can contribute for next 14 years. For SSA calculator , click here.
Sir I’m single parent, didn’t get married for certain reasons. My daughter is born on October 9th 2015. Can I open the account for her ? I’m not sure how to get dob without father name. Plz guide
October 9th 2015 ? are you serious ? today is 25 sept 2015
and even for single parent their must a biological father you can mention her name
and third blog is to discuses financial planing and related topic not to tell peoples how to get DOB for single parent
Thanks
sir mari batiji 6 sal ki ha kiya 18 ki age ma deposit ko witrowal kar sakhta ha kiya
ha ji Sir Beti k 18 saal ki umer hone par aap kul jama ka 50 taka nikalwa sakte hai
Sir humare paas bachchon ki date of birth certificates nahi hai meri badi bachchi 10 year ki aur chhoti 9 years ki hai to abhi khata khulwane hetu kya karna hoga
With Regards
Chandrashekhar Baghel
Khata khulwane k liye DOB ka certificate chhiye hoga , aap certificate local authorities se banwa sakte hai
ya age proof k liye koi aur certificate hai to aap nizdiki post office se sampark kar lijiye
So much thank you Sir
Hi
We live in Canada.My daughter is a Indian citizen now.She is on permanent residence status.but she will become a Canadian citizen After 3years.she is now 8years old now.Is my daughter eligible for Sukanya Samriddhi?
Hello sir is the investment per month is fixed or variable?
Its not fixed you may deposit as much you want according to your convenience
The upper limit is 1.5 Lakh Per year.
Dear Sir,
Our daughter DOB 11.09.2003 egible open the account.
please confirm me as soon as possible
thanks
suresh
Dear Sir,
Account can be opened for any girl child in India who has not yet attained an age of 10 years. Since the plan has been recently launched, there is certainly a relaxation of one year for girls who have attained an age of ten year by 01st December 2014 ie girls born on or after 02.12.2003, only in case if their account is opened by 01st December 2015.
Amit
[email protected]
No sir you can not get this account open for your daughter
thanks
Amit
Hi Srikanth,
My daughter is 6 months old and we would like to open this account in this year.
Can both parents operate this account .. meaning… can both parents who are working contribute to this account.
If yes then can both of us claim 1.5L 80C tax benifit. If no can one contribute to the account opened by other spouse and claim tax benefit.
What documents are required to to claim tax exemption.
thanks in advance
sir meri 2 beti hai kay dono ka account khol sakta hai
yes you can open two accounts
My daughter’s date of birth is 4-3-2005 if I deposit rs. 10000 per month for 14 years then what amount I will got
Dear Ajay..kindly use the calculator available in this article.
Hlooo Srikant can u giv calculator fr calculat SSA, fr 5 mnth child giv 1000 or 2000 pr mnth up2 14yrs n mature aftr 21st yr.
Dear Bipu..You can download the calculator available in this article..
my daughter was born on 28.05.2013 so is she eligible for the sukanya samrudhi scheme..so please reply
Dear Surendra..yes she is eligible.
My daugther is 2months i want open post office account plz kindly guide me that is benafact of girl child savings in fucture
Dear Abdul..Do you have life insurance cover?
Hi Sreekanth,
I am thinking to open sukanya samriddi account during this Dec. Will be able to deposit 1,20,000 on yearly basis, will this totral amount be tax exempted for the year 2015-2016 else only a portion of it will be eligible for tax exemption as per pro rata basis as I am depositing in the month of Dec 2015.Kindly guide me.
Dear Rekha, If you deposit Rs 1.2 L as a lump sum, you can claim tax benefit. Are you planning to deposit at one go?
Hi Sreekanth,
Yes 1.2 l at one go, will be able to deposit during Dec 2015. Will i get the tax benefit for 1.2 l for the year 2015-2016?
Dear Rekha..yes you can claim the tax benefits on Rs 1.2 L deposit.
my daughter is know 9 yera 5 month can u provide me the table for this. if i pay monthly 1000
Dear Rajeev..You may download the calculator which is available here..
my daughter is 9 years and 7 months old is it good enough to take SSA at this point.
Dear kshirsagar,
Do you have sufficient life insurance cover?
Dear Sreekanth Reddy
bank can do the transfer procedure, as post office people deny for transfer the AC
hi
i have open SSA account in Post Office, now i want to transfer this account to bank, i visit post office they told me right now there is no provision to transfer this account. please help me out…
Dear Amit.. as per govt’s gazette is it transferable.
Dear Sreekanth Reddy
can you provide me any document, or a link so i can show them, for transfer of my daughter account…
Hi Sreekanth,
My question is ,
Can already opened SSA in post office be transformed to ICICI bank .
This is to keep all the transactions in one account.
thanks / regards
Mahesh prasad
Dear Mahesh..yes it can be transferred. Contact your banker.
Sir , if i deposit 1000/- when opening the account and pay 100/- every month till 15 year how much amount i can get while her age will be 21 year ,
kindly let me know …
Regards,
kawsor
Dear Kawsor..use this calculator..
My grand daughter born in Dubai (UAE). Weather I can open a/c in Sukanya Samridhi Yogna in her name? Am I her legal guardian? What is the definition of Legal Guardian? My son is working in Dubai since last 10 Years. Her birth certificate is issued by Indian Consulate Office in Dubai. Please give me guidance in this regard.
Som Datt Yadav
Dear Som,
I believe that SSA scheme is not available for NRIs.
sir meri beti 1 month ki hai agar mai 1000rs pa
r month kare 14 year me 168000 jama hoge 21 year baad total kitne rs. milegi..
Dear Wahid,
Suggest you to kindly use the calculator available here..
total maturity amount is taxable or without taxable?
Dear Hiren…The maturity amount is exempted from income tax.
Can NRI parents open this account???
Dear Jesin,
Generally these type of Small savings schemes are not applicable for NRIs. However the govt gazette on SSA is not very clear on this. Kindly contact your banker on this.
List of banks for opening SSA.
I have lossed my pass book, i enquired in post office for duplicate pass book. they informed to give police complaint for this. this is mandatory to give police complaint?
I am not sure about this Anantha. Do share the update here.
Yes it is
Meri bati 01-08-2005 brith hai. Kya say mai uska account khul Sakta hai.
Yes, she is eligible.
Sir,
On maturity who will get the money – i.e. Parents / Gurdian or Girl child? Can the money be withdrawn only by signature of Girl child ?
Dear Chatterjee,
Girl child has to withdraw the monies from the account.
sir mari beti ka birth nakhatrana gujarat me huva hai,meri beti ko ye yoojana ke liye mere pass gujarat ka gujarati lengvaveg me birth certificat hai.busness ke liye khammam telangana me sift huva hu,to khammam postal department department wale birth certificat reject kiya.to pls give me reply.meri beti bithdate21-11-2005 hai
Dear Sanjay,
I believe that they should have accepted that certificate. Suggest you to visit nearest SBI branch instead..
Last week opened SSA in SBI.
Received new passbook in my baby name. good to see.
We can add beneficiry in our account and transfer money.
Please approach now to open SSA in SBI.
Thank you jjjjeeve for sharing the update.
MERI BETI KI AGE 6YEAR6MONTH HAI TO MUJHE KITNA YEAR TAK PAISA DEPOSIT KARNA PADEGA
Dear DEBENDRA,
You can deposit for 14 years from the date of account opening.
i want to deposit 150000 per year for 14 years. what should be my maturity value.
pl tell me
Dear Sushanta,
Click here for SSA Calculator.
Sir,
Meri Beti 6 Yrs ki hai or muje kitne dino tak paisa jama karna hoga, or agar 14 yrs se pahle agar meri death ho jati hai to jo paisa milega wo kise milega or kese milega ,
Please reply me
Dear Suresh,
You can contribute to SSA account for 14 years from the date of account opening.
In case of any unfortunate event happening, the account holder (child) can continue the SSA account and withdraw money for her education or marriage.
Under the SSA/SSY contribution/deposit amount can be allowed to increase in any time/year by the parents/guardian if so desire. Pl.clarify, since it is beneficial to the poor.
Dear Eshwar,
Yes, it is allowed.
sar mere ko ek baat puchana tha ki jaise ki jiske naam par a.c girls ko kuch ho gaya to uspe kya proc
ess rahega
Dear Ankit,
The depositor (parent/guardian) will receive the fund amount.
Very nice plan
Mere girl 10year ki he to muge kitne years tak pessa jma krna pdga 1000monthly per or kitna ru.milege
Dear Rakesh,
You can deposit for 14 years from the date of account opening.
Dear sir
In case of a girl child who is of nine years and nine months old, if her father wants to open SSA but if he dies before 14years of keeping that account operative, will the account be kept operative by government by way of depositing monthly deposit as made earlier and all benefits given to that girl child as if her father is alive?
My second question is will the maturity amount be given only to the hand of girl child in whose name the account exists or to the father who opened SSA on girl child’s name?
Dear Reena,
Yes, the girl child can operate the account and continue it.
I believe that the maturity amount would be given to the girl/lady.
mari beti ki umar do saal hai agar hum 1000/. monthly bharte hai to beti 25 sal ki hone per kitna benefit milenga.
Dear Shahnaz,
After 21 years, you may get maturity amount of Rs 6.1 Lakh
Dear sir,
Our child was born outside India and holds non-Indian passport. We are living in India now. Can we open SSA for our child?
Thank you.
Dear Man,
I believe that you can open SSA (but not very sure..). Try checking in nearest postoffice or bank (SBI)..and do update us. Thank you!
Hi,
I visited SBI today and they told me that I would not be able to open SS account since i have PPF account on my daughters name. Is there such a rule?
Dear Pradnyesh,
As far as i am aware, there is no such rule. Kindly visit the nearest post office..
Hi sir,
My brother daughter is 4 years old. i want to one time deposit Rs. 20000/ -, which scheme best?
pl tell me.
thank you
Saritha
Dear Saritha,
If you are gifting that money for kid’s future, its worth considering equity mutual funds.
Read my articles : Top Equity funds & Top Balanced Funds.
Sbi says ssa & ppf both can not be oPen in the same name. Can I convert ppf account to ssa account
Dear Manish,
Visit nearest post office then..
Is you comments are legally authorized?
Dear Bhawani,
I did not get you..
My daughter is 20 months old. Before one year I opened her ppf account in sbi. Now I want to open ssa account but sbi refused.&said noone can open more than one ppf account how can l open ssa account
Because ppf can’t be closed. Can I convert it to ssa account.
Dear Manish,
Yes, you can’t open two PPF accounts on your Kid’s name. But, can open SSA account in SBI, that shouldn’t be an issue.
what is the maturity value if monthly deposit is 100/- for 14 years?
after 21 years how much amount I will get?
Dear Umakant, use SSA calculator which is available in this artilce – Click here ..(for approx amounts)
Sir please send excel calculator.
Sent dear Satish..
Sir, My daughter D O B 13/12/2013 my question is in case me the earning person not for other than after 2 or 5 year me death no any body pay the amount to deposit this condition what is rule of govt. to pay the money or refund of my amount which type kindly suggest
Sir, I don’t know about the calculation in the flow chart. kindly define the calculation and refund policy
Dear Vinod,
The accumulated money will be refunded. Regarding calculation thing..suggest you to go through my article – Download SSA Calculator.
SIR, DOB OF MY DAUGHTER IS 17/06/2008. I HAVE ALREADY OPENED A SSA IN HER NAME. PLEASE SEND ME A EXL CALCULATOR FOR CALCULATING MATURITY VALUE AT 21 YEARS AFTER DEPOSITING RS. 12500 MONTHLY , UPTO HER 14 YEARS OF AGE.
Dear Shyama,
I have sent the SSA calculator to your email id.
In furtherence to my posting on May 16, 2015, I would like to know further details. If I invest every month Rs.5000/- then amount I am going to invest for 14 years is Rs. 8,40,000/- . As earlier said my daughter age is 9 years. After investing 14 years (my daughter age will be around 23 after 14 years), can I withdraw full amount at the age of my daughter attaining the age of 23 years? and how much I will get?
Dear Raghavendra,
Your daughter can withdraw the full amount. For maturity amount calculations, download the SSA calculator that is available in my other post – Click here
My daughters birth date is 18/07/2010. if I opened A/c and deposited monthly amount Rs 400
please guide me.
please do the needful
Dear Sanjay,
Kindly download the SSA calculator available in this article..Click here
My daughter is 9 years old. If I invest every month Rs. 5000/-. How many years I need to invest? Can you please tell the maturity amount?
Dear Raghavendra,
You can deposit for the next 14 years and the account can be kept active for the next 21 years (from the date of account opening).
Kindly download the calculator from this link – Click here.
Can anyone please send the excel calculator on my email id.
Thanks in advance
Dear Juzer,
You can download the calculator available in this article – Click here.
i want to invest in SSA. Can u send me the calculator in excel format
Dear Vikas,
Kindly read my article – “SSA Website & SSA Calculator“
Meri beti ki d o b 8/04/2009hai kya me a/c khol sakta hu jese mene pahli sal 12000 jma kiye dusri sal es rkam ko bda skte kya
Dear Neeraj,
Yes, you can increase the contribution amount.
Kindly read my article – SSA calculator (You can download the calculator).
Sar me apni beti ka a/c kholna chahta hu 12000 year ka 18 year me kitna milega or fir 21 year me kitna milega agr 18 me nikal liya to 21 me nhi milega kya
Dear Sir,
My daughter birth date is 15.7.2006. ( Now she is at the age of 8 yrs & 9 months). If I open a SSA account for her, can I withdraw ALL THE AMOUNT from the account before the marriage, if I plan to conduct marriage at the age of 24 yrs
Dear Manokaran,
You can withdraw 50% of the fund after she attains 18 years and remaining amount after her marriage.
Sir,
I want to start invest in SSA, i have opened with 2000/-. will i have to pay monthly? or can be deposit flexible amount in every financial year?
Dear Jiten,
It is not compulsory for you to deposit every month. Yes, you can deposit different amounts.
Sir,
My daughter is 2 years old. i have opened SSA. i will deposit 6000 rs. per year, then what is the maturity ammount at the age of 21. Please do reply. Thank you.
Dear Spruha,
The maturity amount can be around Rs 3.15 Lakh.
sir meri bachchi ka janm 2/12/2003 ko huwa to SSYA khulega ya nhi ?
khulega to 1000 monthly jam karne par 21 sal bad kitna banega
Dear Netra,
A Girl child who is born on or after 02-12-2003 can open SSA 🙂
The maturity amount can be around Rs 6.1 Lakh.
Dear Mr.Readdy,
We are opening a SSA account in name of our daughter who was born on 25/10/2010.the amount would be 1000 per month.can you plz assist me wht will be the amount i will get after she is 18 year or 21 year.and can we withdraw money in between if required.
Dear Gaurav,
Use the calculator which is available in my article – SSA calculator – It gives you approx amounts.
Please provide the excel calculator
Dear Safdar,
One good news, a new website on SSA has been launched by the Mumbai Post office HO. You can get all the required details along with the SSA calculator.
Visit www. sukanyaaccountmumbai. in
Thank you so much Sai
Sorry i meant Sreekanth
Hi Sir,
If I deposit 5000 a year then when will be the total amount after 18 and 21 year.
If you don’t mind please send me the SSA calculator in exl format. Your help would be highly appreciated.
Thanks
Vijay pandit
Dear Vijay,
The maturity amount can be around Rs 2.6 Lakh. The account balance after 18 years can be around Rs 2 Lakh.
I Have to open SSA account for my daughter. Please can you send me a SSA calculator
Dear Mohammed..I have emailed the calculator. Cheers!
I read in your post that the SSA account even if it is opened in a post office later on it can be transfered to our preferred bank. Please clarify what shall I do to transfer it from post office to my bank. I have already opened it in a PO
Dear Archana,
I believe not all banks’ branches are accepting SSA applications, so suggest you to wait for few more days to transfer the SSA account.
I deposit rs 120000 at a time Apr 2015 for my daughter (d.o.b
.) 20-03-2007 in SSA please send calculator of interest in SSA
Dear Kesharam..sent, kindly check your inbox.
i want deposit some fund in ssa monthly basis kindly provide me calculation format in exl, with intrest rate of 9.2% kindly help so i can deposit with help of chart.
Dear Sir,
If I deposite rs.36000.00 in a year . what will be the maturity amount.
Dear LAMBODAR,
The maturity amount can be around Rs 19 Lakh.
Hi,
Can you send me the calculator in excel format.
can HUF make deposit in sukanya scheme of their minor daughter age 6yrs
Very nicely explained! Very nice examples!
I am just adding Pros and Cons of schemes below:
Benefits of Sukanya Samriddhi Yojana
1. You get Tax exemption under 80C section upto 1.5 lacs
2. Better interest rate than FDs/ PF
3. Transferable Anywhere in India.
4. Even Girl Child can operate after she attains the Age of 10 Year.
5. Payment on maturity to girl child.
6. Flexible deposits.
7. Complete your life goal of kid’s education.
Cons of Sukanya Samriddhi Yojana
1. High Lock in Period
2. Limitation on number of Account
3. Scheme do not provide for online transfer of Amount in this account. It allows only payment by Cash, Cheque and Demand Draft.
4. No Clarity on Future Interest Rate for this account.
Dear Moneyfrog,
Thank you for sharing your views.
I disagree with point no 7. Can you please share your thoughts on point no 7 ??
pl share full scheme
Pl share full detail of sukanya samridhi yogana scheme 2015
My baby’s birth on 21.08.2005
I interested in deposit rs. 2000 per month
So pl. Give information of mutual amount after 21 year and partly withdraw amount after 18 year
Dear Sunil,
The approx maturity amount can be Rs 12 Lakh (21 years from a/c opening date). The fund balance can be around Rs 2.7 Lakh (when your child attains 18 years, 8 years from now).
i want deposit some fund in ssa monthly basis kindly provide me calculation format in exl, with intrest rate of 9.2% kindly help so i can deposit with help of chart
Dear Sorab…sent..plz check your email a/c.
I Have to open SSA account for my baby. PLZ sen me a SSA calculator
Hello Sir,
i want deposit some fund in SSA monthly(4k) basis kindly provide me calculation format in excl, with interest rate of 9.2% kindly help so i can deposit with help of chart. How many years i need to pay ? and how much amount i will get it After 18 years?
Dear Rayudu, I have emailed you the SSA calculator.
Sir,
i want deposit some fund in ssa monthly basis kindly provide me calculation format in exl, with intrest rate of 9.2% kindly help so i can deposit with help of chart
Done. Kindly check your email a/c.
Dear sir, iam plan to deposit SSA scheme but my child age is 9 years. I plan to deposit Rs.1000/- per month. When is maturity period (When child turns 21 years age (or) 21 years from the date of opening). In case 21 years from the date of opening (my child turns 30 years). I planed to marriage for my child at 2o years age. Account will be close at the time of marriage. Kindly guide me
Dear Ravi,
The account can be continued till 21 years (from the date of account opening). If your child gets married after attaining 20 years, SSA has to be closed immediately.
Presently I am depositing some amount in the Canara champ account of canara bank, please suggest whetehr to continue in the same mode or to start savings in sukanya scheme, if yes in sukanya scheme please provide me the calculator
Dear Penta Babu,
Do you have any existing investments that are ear-marked for you kid(s) education goal(s)?
sir,
i have twin daughters(dob-05/03/2004),i know, we can open accounts, now their age is 11,can i close the a/c after 11 years for their marriage.
Dear Merline,
You have the option to withdraw 50% of the fund value once your kids attain 18 years of age. After their marriages, can close the accounts and withdraw the monies.
Sir
I have two daughter, can I open two accounts in SSA my daughters?
Dear Vikas,
Yes you can open two SSA accounts..
Iwent to post office for 10 times but the post office staff says that form is not available.
sir,
My daughter DOB Feb 2010 and I deposited 1000/pm for 14 yrs. What’s maturity amount. Including (5 yrs born 14 yrs plan). I want to open SSA a/c in Apr 2015. Suggest me sir.
Dear Sandip,
The maturity amount can be around Rs 6 Lakh (after 21 years from now).
hai sir
i have a small dought please tell me sir e amount
monthly one time or yealy one time kattala please tell me sir
Dear Prveena,
Kindly note that there is no rule that you need to deposit atleast once in a month/year..
Only thing is, you need to deposit atleast Rs 1000 in a financial year.
i have a daughter of age 1 year 6 month if i will deposit 60000 every year in every month of april
how much i will get at 21 years.
is it beneficial to deposit amount 60000 in one installment or there is no benefit
it is same as deposit amount 5000 per month
Dear Pushkar,
If you invest lump sum investment, you get higher interest amount.
The approx maturity amount (after 21 years from now) can be around Rs 31.5 Lakh.
Good noon sir,
I am glad to read most of the queiries and your reply. You have replied most of the queries. my query has solved from the others queries n reply. i think you cn give the option only to calculate the interest so everybody can count it there own. Thank you.
Thank you for your appreciation.
Dear sir,
My daughter dob is 22/7/2013 ,sir I. Am fonfuced I have to deposit monthly or yearly if monthly thn how much the amount and if yearly thn how much the amt and at the time of maturity how much we can get pls send me the chart and can I open the a/c in SBH bank pls reply me sir
Thanking you
You can deposit any amount in a year from Rs 1000 – 1.5 lakh in any month. Banks are yet to provide facility to open Sukanya account. You have to wait for further updates.
Dear sir i have one baby she’s brith date is 10/07/2014 i have opening account this mounth & deposing monthle 1000rps ples send ofter 18 years balence
Dear Shankar,
The account balance can be around Rs 4.6 Lakh (18 years from now).
i want invest in ssa if govt changed is there changes in ssa scheme plz send calculationformat in excel format
Dear Vijendra…anything can happen in India..but terms & conditions may remain same for the existing investors..
Dear sir
I have a Daughter.
Birth day 07.02.2014
I CAN START THIS ACCOUNT THIS MONTH.
I Can Deposit 1000/- Per Month.
How Much Met Me After 19 Years?
Please Give Me the details in excel format.
Thanks for your cooperation and valuable replay
Regards
Saleesh
Dear Saleesh,
The 19th year end balance would be approx Rs 5 Lakh.
What should be the maximum age of girl at this year 2015 to be eligible for this yojna ?
Dear Mr Negi,
Girls who are born on or after 02-Dec-2003 are eligible to open SSA.
Dear sir
I have a Daughter.
Birth day 02.02.2012.
I CAN START THIS ACCOUNT THIS MONTH.
I Can Deposit 1000-1500/- Per Month.
i can deposit starting time 1500.
How Much Met Me After 19 Years?
Please Give Me Chart Of Year By Year,
Regards
M.Lokesh Reddy.
Dear Lokesh,
I have emailed you the calculator. Kindly use it to know the maturity value and also annual balances.
sir Plz send me calculator (exl Sheet) i want deposit some fund in ssa monthly basis kindly provide me calculation format in exl, with intrest rate of 9.2% kindly help so i can deposit with help of chart
Dear Trupti,
I have emailed you the calculator.
my doughter date of birth is 18-12-2003 now can i open a sukanya sambrudhi account please guide me, thank you
Dear Madhu,
You can open SSA. A girl child born after 02-12-2003 can open SSA account.
Dear Sir,
My daughter’s DOB is 26.07.2005 , if suppose I start SSA this month by investing Rs. 5,000 per month. In which year I can withdraw 50% for my daughter higher education and the full maturity will also come in which year or it is related to the marriage only. The day my daughter get’s married she can claim the maturity.
Dear Shiv Kumar,
Your daughter can withdraw 50% of accumulated fund value after attaining 18 years of age. The full maturity amount can be withdrawn after the completion of 21 years (from account opening date) or after your daughter’s marriage.
my daughter dob is 14 apr 11 i want to deposit amount for her higher education pls send me calculator w id education inflation as i want to depost the amount present rate 1000000.00,
Dear Kunal,
Suggest you to read my article – “Calculate how much to save for your kid’s education.”
Dear Mr. Reddy-
My daughter is just 3 month old, please advise about choosing this SSA scheme is best for me in compare to LIC and other life/children plan? part of this is interest after maturity also tax free under this scheme? is this scheme available in corporation bank as my corporation bank manager denied for this scheme.
looking forward to hear your reply.
Thanks
Kumar Gaurav
082872214**
Dear Kumar,
Do you have any existing life insurance policies?
Suggest you to read these articles – “Top 7 best online term insurance plans” & “Calculate how much to save for your kid’s future“.
SSA scheme is available at Corporation Bank. When did you contact them?
sir,
i have 2 questions My daughter is 3 years old, if i invest [Rs12000] perYEAR , how much will i get after 21 years, THEN IF I INVEST 1000 Rs per year how will i get after 21 years
Dear Resmi,
You may receive around Rs 6.25 Lakh & Rs50,000 respectively.
Hello Sir,
Could you please email me excel sheet for calculation.
Sir,
I have a daughter
DOB is 15-08-2014
and i deposit per month Rs. 3000/-
How Much Met Me After 21 Years?
Thank You Sir.
i want to invest in SSA. Can u send me the calculator in excel format
Dear Veeraprasad,
I have emailed you the calculator.
Dear Amarjeet,
You may receive around Rs 18 Lakhs.
Hello Sir,
i wanted to invest for my daughter, but know people are saying it is not good to invest in this scheme, better off to invest in RD or FD or LIC new policy, i am little confused can you please help me on this and also if you can mail me the calculator it would be great.
thanks in Advance.
Dear Lakshmi,
Suggest you to first calculate the required amount of savings that you need to do for securing your Kids’ future. Read my article “Calculate how much you need to save for your kid’s future“.
Out of SSA / RD / FD / LIC plan – I would prefer to invest in SSA.
But, do not invest your entire savings in this scheme alone.
(I have emailed you the calculator)
i am not planning th entire amount, just instead of PPF of FD a small amount around say 2 to 3 k per month.
Dear Lakshmi,
Did you go through the suggested article?
Sir if i want desposit 20000 rs per year In ssa. Then what profit after 21years.
Dear Santosh,
The maturity amount can be around Rs 10.5 Lakh.
Dear Sir,
I have twin daugters, dob is 11/12/2013. I am planning to apply for SSA scheme. Plz clarify below queries.
1) Is it good time to open an account before 10th of april 2015? if yes, what is the advantage. if No, what is the disadvantage.
2) Can me and my wife be a depositor for each child respectively? Will it be tax benificiery for us?
3) What is the benifit/advantage if i pay 1.2lakhs annally viz-a-viz paying 12,000 every month.
4) Can you plz share excel format for calculation which helps me better to plan how much to deposit on each kid?
Appreciate your suggestion/help for everyone.
Thanks in advance
Jayavardhan
Dear Jayavardhan,
1 – If you open at the beginning of the month/financial year, you get full year interest rate.
2 – Yes, you can open. Both of you can avail the tax benefits.
3 – If you deposit the amount in the beginning of the year, you will get higher interest amount when compared to monthly deposits.
4 – Emailed the calculator.
Hi,
I’m visiting india for short term trip, would like to open SSA for my daughter.
Is the worth plan for saving money?
Becos interest rate is fixed for all 21 years right?
then its like another PPF like product..no use i think..based on Inflation rate in India now…
Please reply.
Dear Srinvass,
If your investment objective is to get higher returns (over and above the inflation rate) then you may ignore this scheme.
Interest rate is not fixed, it may vary, but i believe it can be in the range of 8% to 9.5%.
thanks for the info.
is it open for NRIs also?
Dear Srinvass,
Small savings schemes like SSA / PPF are not available for NRIs.
Dear Sir,
I take a Child Plan of Union Dai Chi (a joint venture of Union bank of India & Bank of India) of 5.00 Lacs Sum assured amount. please guide me about this child plan is better or not, please suggest me another child plan for my children. I have to children, one daughter of 7 years old and one son 2 years old. please guide me about the plan which protech their life, educaiton and marriage purpose. I shall be highly obliged to you
Gautam Monga
Dear Gautam,
Suggest you to read the below articles;
LIC’s New Children’s Money back plan – Why you should avoid it?
Top 7 Best Online Term Insurance Plans
Calculate how much to save for your Kid’s education..
Retirement Planning in 3 simple steps.
Kindly revert to me after reading the above articles, i will surely guide you.
Hi sir,
I have a 3 months baby, so i want to open a SSY account, so what is the age limit need for baby, 3 months is enough or she need 1 year.
Dear Amsa,
You can open SSA on your kid’s name.
Dear sir,
my daughter age is 1 years.
if i pay 12000/anu till 14 years.
how much i will get after 21 years
Dear Sachin,
You may receive around Rs 6.25 Lakh.
Is shceme ke last date kab h matlab kab tak khata khulega
Dear Mahesh,
As of now, there is no deadline.
Please confirm mi that my son’s daughter birth place is Germany 2014 but she get Indian Passport. My son’s nationality Indian. Can she open sukanya samriddhi account.
Dear Prachi,
What is the residential status?
Meri ladki ka age 3sal hai is yojna ka labh hame milega kya
Dear Navneet,
Yes, you can open SSA.
sir my daughter;s D.O.B IS 4 SEP 2013 IF I DEPOSIT RS 1000/- MONTH then maturity will be what…….?
Dear Manish,
You may receive around Rs 6 Lakh.
my child birth in march i want to deposit 1000.00 amt. so how much i got after 14 year
please give help
Dear Vinod,
Is Rs 1000 per month or per year?
Dear sir
My daughter age is 5 months old.
1 yr 10k
2 yr 12k
3 yr 14k
4 yr 16k
5 yr 18k
6 yr 20k
7 yr 22k
8 yr 24k
9 yr 26k
10yr 28k
11yr 30k
12yr 32k
13yr 34k
14yr 36k
I invest 2000 extra for every year.I will finished 14 years end I will paid totally
RS.322000.
How much I will get at 21 year?
How to calculate the formula?
Sir can you send the excel calculator for SSA to my E-mail id.
Sir you are doing wonderful job.great peoples are doing great works like you.
Thank you.
Dear Raji,
I have emailed the calculator.
Hi can u send me the calculator for SSA please
Dear Sir,
Sir i open account with 1000 rupees and next month deposite 6000, 9000, 8000, 1500 etc please clear our confusion this is allow or not in ssa account.
Dear Manoj,
Yes, you can deposit different amounts, but the maximum total deposit can not be more than Rs 1.5 Lakh in a Financial Year.
Dear Sir,
Sir If suppose i open ssa 2015-16 with 1000 rupees in month april then next month i deposite 5000 rupees in may then next month 2000 rupees deposite june then next month 1500 deposite in july then i deposite different amount to march 2016, suppose i deposite 25000 in total in financial year. Then please clarify, that how much ruppes on interests will be allow and how much gross rupees give me on financial year 2015-16.
Dear Mukesh,
I did not understand your query.
D O B of my grand dtr is 5/02/2005. can she join the scheme
Dear Vanan,
Yes, she is eligible.
Dear sir
This SSA scheme is having any last date for applying account. Because I am in maternity leave so I am able to work on sep 2015 onwards.
Thank you sir.
Dear Radha,
As of now, there is no deadline for this scheme. You may open the account in FY 2015-2016.
I have a Daughter.
Birth day 04.12.2014.
I have to plan to start this account from April Month onwards.
I Can Deposit 2000-3000- Per month.
so After 21 years
how match amount will come.
plesae sir help me
Monthaly 2000dene ke bad aafter 14year kitna mile
Dear Ajit,
After 14 years, the fund value can be around Rs 6.5 Lakh.
Dear Surendra,
If you deposit Rs 2000 pm , maturity amount can be Rs 12.1 Lakh
For Rs 3000 pm, maturity value can be Rs 18.1 Lakh
Dear Sir
My Daughter’s DOB is 29/03/2009 & If I will deposited Rs.1000/p.m. than what will be duration to be profitable for me. & what amount I will received at maturity.
Dear Plz Suggest…ASAP.
Thanks & Waiting for your reply..
my daughter dob is 23 10 2010 i am willing to save 1000 pm pl tell the maturity value
Dear Viji,
You may receive around Rs 6 Lakh.
Dear Suresh,
You may receive around Rs 6 Lakh.
Dear Sree,
Two daughters: 8 years old and other one 1.5 yrs. I can deposit Rs.500×2 per month
please calculate after 14 years and completion amout. .. please.
Dear Santhosh,
The maturity amounts can be around Rs 3 Lakh per account.
Sir my child d.o.b. is 22 12 2012 if I submit amount 24000 PA from march 2105 . what would I got after 21 years. Suggest me
Dear Lucky,
You may receive around Rs 12.5 Lakh.
Hi Reddy
My daughter DOB is 01 June 2009
If I open a SSY account with an yearly deposit of 1.5 Lakhs in a single payment for continuous 14 years
What would be the maturity amount .as per my understanding maturity year would be 2036
How much amount can I withdraw on my daughters 18 year i e 2027
If daughters marriage is say in year 2032 what would be my maturity amount
Is it financial year or calendar year wrt deposits
Kindly send me my daughters illustration to my email id
Dear Manohar,
Financial year (April to March) is considered.
You may receive around Rs 78 Lakhs after 21 years from now.
The year end balance after 12 years from now can be around Rs 30 Lakh. You may withdraw 50% of this fund.
Thank you Sreekanth Reddy for your reply
Also i have below 2 queries
1. “Lets say i open an account in post office now and later if i want to go ahead with the bank is it possible. The reason is currently banks are not offering this account”
2. As per the latest union budget is SSY eligible to be a EEE product . Please clarify
Thanks in advance
Dear Manohar,
1 – As per Govt’s Gazette, you can transfer the account from a Post Office branch to a bank branch.
2 – Yes, SSA falls under EEE tax category.
I have cute daughters and their DOBs are 02.09.2012,05.10.2014 planning to open SSA
Can you give me maturity amount details if I open 5000 per month for each of them
BR
Dear Rabbani,
If you operate the account for 21 years from the accounts opening date, you may receive around Rs 30 Lakh as maturity value.
is it possible to pay the amount thorugh SBT after open a Sukanya Samriddhi Account in post office?
Dear Ullas,
For this, you may have to transfer the account from post office branch to your bank (SBT).
sir
in ssy acount depositing money 12,000 monthly 1st of every month gains more interest or 1.50 lac on april 1st of every year gains more interest.
Dear Amar,
You can get higher interest amount if you deposit 1st of April every year.
Hi Sreekanth,
Could you please explain why there is difference in Scenario1 and Scenario2 interest amt though the contribution is same ?
How actually it is calculated? For yearly i am clear. Explain more on monthly contribution.
Dear Aruna,
If you deposit the amounts every month, the interest is calculated on previous month end balance.
Whereas if you deposit in the beginning of a year (yearly mode), interest rate is applicable for the entire year right.
Thanks for information.
my daughter is 10 years old . if i deposited 12000 yearly. how much money i recieve when i need money for my daughter marriege purpose. suppoose my daughter got married on 2025. my accound will mature as my daughter got married.
Dear Sir,
Can you send me total calculated amount for each amount means if i paid yearly 12000 or 24000 or 36000 or 48000 or 60000. pls send different calculated sheet for each one.
Reply
Dear Rajesh,
You may receive around Rs 3.7 Lakh in 15 years from now.
Hi Sreekanth,
Could you please explain why there is difference in Interest calculation for “Scenario 1-Monthly Deposit and Scenario 2-Yearly Deposit”, though the total contribution is same? Thanks in advance!!
And i would say this is great scheme with proper explaination.
dear Sir, My Daughter is 5 year old. if i will open account with 2000/per month for 14 years how much i will get back at completion 0f 18 years of my daughter (it will returned with 50% of deposited + interest?) and also at 21 years? if i withdrawal at 18 years for marriage purpose is account will closed?
Please Give your Best Feedback
Regards with THANKS
Solanki Ullash
Dear Solanki,
When your kid attains 18 years of age, you can withdraw 50% of Rs 5.5 Lakh (yes, interest is included).
When you kid attains 21 years (16 years from now) the balance in the account can be around Rs 7.5 Lakh. The account can not be operated after the marriage.
If you close the account after 21 years from account opening date, you may receive around Rs 12 Lakh.
Dear SIr,
meri beti ki DOB 02/01/2015 h. me rs. 1000/- per year deposit karata hu to mujhe kitna milega or kab milega.
Dear Mukesh,
You may receive around Rs 52,000 after 21 years from the account opening date.
Hello Sir,
My doubt is ,how many payments can be paid in a month ,is there is a way to pay the amount of Rs .100 in 10 dues in a month is it is possible to pay in this way or monthly once could be payment is allowed .please reply in my mail because i cannot pay Rs 1000 in single payment but i want save 12,000 per anum for my child future due to my family poor condition.
Regards DEEPA SENTHILKUMAR
Dear Deepa,
The initial deposit amount (while opening the a/c) is Rs 1000. After that, the minimum amount can be in multiples of hundred. Yes, you can deposit 10 times (10 * Rs 100) in a month.
Great work Sir. No need to find anything else, anyone visit your blog. He will get the complete information about Sukanya Samriddhi Account definitely. Thank you so much for this great work.
Dear Nisha,
Thank you for your appreciation.
any insurance is there..in this schem
Dear Kantilal,
There is no insurance cover under this Scheme.
sir,
the dob of my daughter is 12/02/2009.
1.till which date ,i have to deposit?
2. on which date will be the matured?
3. if 1000/- per month will be deposited ,then what will be the approximately mature value ?
4. on attaining age of 18(eighteen), what amount can be withdrawn ?
Dear Nirakar,
1 – deposits can be made for 14 years from ac opening date (2015 +14 = 2019)
2 – You can operate the account for 21 years from ac opening date (2015+21 = 2036)
3 – Rs 6 Lakh (approx)
4 – Around Rs 2.5 Lakh
daughters dob is 28 03 2003 can i deposit in this
Dear Pankaj,
Girl child who is born on or after 2-12-2003 can open SSA.
MY CHILD IS 6 YEARS OLD.IF I DEPOSIT 12000 IN EVERY YEAR .WHAT IS MY MATURITY AMOUNT AT THE AGE OF MY DAUGHTER 21 YEAR ie in 2030.shall i can close my account and get the full maturity amount for my childs marriage purpose??OR IS MY ACCOUNT CAN BE CLOSED ONLY AFTER MY CHILDS MARRIAGE??
Dear Baiju,
The account balance can be around Rs 3.7 Lakh (in 15 years from now).
The account has to be closed after the kid’s marriage.
You may withdraw 50% of account balance when your kid attains 18 years.
1)I have opened SSYA for my daughter in mar-2015 and paid maximum amount (1.50L). So i can pay for next financial year apr-2015 to mar-2016 financial year from Apr-2015 (1.50L =Rs.12500*12months).
2)One more clarification : We have to pay for 14 years ie mar2015+14 years = mar 2029 (maximum amt 1.50L for the financial year)or i can also pay upto dec- 2029(1.50L for the financial year)
3)After the child got married , she can close her account after end of financial year so she can get interest or account should be closed immediately.
Kindly clarify me
Dear Subha,
1 – Yes, you can contribute deposits of Rs 12500 * 12
2 – I believe that you can contribute to SSA, till completion of fourteen years from the date of opening of the account. So, it will be upto Mar 2029.
3 – The account has to be closed after she gets married. The operation of the account shall not be permitted beyond the date of her marriage
Sir, Can Husband and wife open the Sukanya Samriddhi account separately in single female child name?
Dear Geetha,
You are eligible to open only one account.
hello sir i want to know the amout which i will recived on maturity will be income tax free or taxble??
Dear Ankit,
The maturity amount is tax free.
hello sir i want to know is that possible if i deposite 1.5 lac in one yesr and some less amount in next yesr i.e 1000-10000). veriation in deposite is allowed or not??
Dear Ankit,
Yes, it is allowed.
Dear sir i have female child her date of birth 26.04.2008,
but i don’t have her birth certificate, can i open sukanya samriddhi account
Dear Sukharam,
As per Govt’s gazette, birth certificate is mandatory, kindly check with postal office staff.
Dear shrikantha,
My wife wants to open account and acts as a depositor for the child with DOB 07-12-12 with a year contribution of 12000/-.what will be the approx calculation if i consider this year rate of interest ? to claim 8oc tax benefit i should produce my daughter name OR my wife name ?
Dear Jagdish,
You may receive around Rs 6.25 Lakh.
You wife is eligible to get tax benefits.
Dear Sreekanth,
I think the total calculation is on some assumption but it is not sure that we will definitely get the amount as indicated in the table. It’s not like fixed deposit it’s like mutual fund. The interest rate may increase or decrease depending upon the economic growth. I am not satisfied with the scheme as it is not at all giving confirmation exactly what amount we will get?
any way thanks for providing the information.
Dear Shaik,
I agree with your views. Interest rates of SSA & PPF a/c may vary every year.
Whereas if you book (say) a fixed deposit or Recurring deposit, the rate of interest is fixed for the entire term.
that’s what in fixed deposit it is clear that you will get fixed amount but in these no guarentee. can you send the xl calculator for ssa to my e mail id
Dear sir,
my doter age is 8th year ranning i will pay monthly Rs 3000/- to sukanya samridhi account ,
please give me interest & maturity amount calculation chat
Dear Ramesh,
You may receive around Rs 18 Lakh.
hi
I have a Daughter.
Birth day 24-05*2014
I CAN START THIS ACCOUNT THIS MONTH.
How Much i have to pay monthly. i cannot understand
and how much earn after 21 yrs
Please Give Me Chart Of Year By Year,
plesae sir help me
thank you
Dear Shaik,
It is not mandatory to deposit every month. Actually, the minimum deposit amount is Rs 1000 per year.
dear sir mw 14 year me har saal 12000 jama kara ta hu to mera total amount 168000 hota he to muje 21 sal bhad how much interst amount or meri beti ka dob he 06/02/2015
Hi Jai,
You can download the SSA calculator and check how much your maturity amount will be. But don’t go by that way as these are not actual returns. Interest rate will be changed yearly, so it is not possible to know about the maturity amount. If you have a girl child and you want a decent return without taking any risk, I think you can go ahead.
What you say Shree?
Dear Santanu,
Thank you for your inputs.
Yes, all the calculations (interest & maturity amounts) are all based on certain assumptions. I request all the readers to understand these assumptions (mentioned in the article).
Dear Jaikishan,
You will receive around Rs 6.25 Lakh
YOu will get 6 lak 7 thousand something in 21 year.
My daughter age is 8 year. I want to deposit 2000/- per month in sukanya yojna. Pl tell me what is the maturity after 14 years.
Dear Ajay,
You may receive around Rs 12 Lakh after 21 years of opening the account.
Can you send me total calculated amount for each amount means if i paid yearly 12000 or 24000 or 36000 or 48000 or 60000. pls send different calculated sheet for each one.
Please send me the calculation Excel Sheet.
Dear Sir,
MY DAUGHTER DOB is 19 OCT.2013. I WANT TO DEPOSIT Rs.1000 OR 1500 OR 2000 PER MONTH. HOW MUCH I WILL GET ON MATURITY ? PLEASE SEND ME ON THE EXCEL FORMAT ON MY E MAIL ID.
THANKS & REGARDS
BIRENDER SINGH
Dear Sir,
MY DAUGHTER DOB is 19 OCT.2013. I WANT TO DEPOSIT Rs.1000 OR 1500 OR 2000 HOW MUCH I WILL GET ON MATURITY. PLEASE SEND ME ON THE EXCEL FORMAT ON MY E MAIL ID.
THANKS & REGARDS
BIRENDER SINGH
Good afternoon sir.
I have two daughter. 1st is DOB 31/01/2011. And 2nd is DOB 12/12/2014. I have open two account or one account ? I can pay 50,000 Rs per year each. So after 21 years how much I will get ? Thanks Alok.
Dear Alok,
You can open two accounts. You may receive around Rs 26 Lakh (per account) on maturity.
2015 may 10000
2016 may 12000 or
2017 may 8000 rs pay karuga to chalega.?
Dear Ashvin,
Yes, you can deposit like that.. 🙂
Respected Sir
My daughter’s date of birth is 15th October 2005, if I pay Rs 6000/per year , how much amount she can get at her 18 years for her higher studies?
Dear Srishti,
The accumulated balance can be around Rs 72,000 in 8 years from now.
Sir, My Daughter DOB is 6/7/2008 I want to open SSA i m paying 1000 per month how much will get in the maturity amount.
Pls. Send me datailed calculation in my email.
Thanks & Regards,
Sujata.
Dear Sujata,
The maturity amount can be around Rs 6 Lakh.
I have 1 kid her age is 1 year.i have to pay monthly 6000.how much money i get at maturity time pls forward excel format to my mail ID
and another kid now 8 years old. i have to pay monthly 3000.how much money i get at maturity time pls forward excel format to my mail ID
Dear Swapna,
The maturity amounts can be around Rs 36 Lakh & 18 Lakh.
Hello Sreekanth,
Which is better place to open this account Post office or any bank (say SBI).
If it is opened in SBI , 1) can we link this scheme to online banking and can we see the details over online .
2) can we pay the premium through online with out going to Bank ?
Regards
Noyal
Dear Noyal,
It depends on your convenience and comfort level.
As of now, no online depositing facility is available.
Kindly note that it is not an insurance scheme.
SIR MERI TWO BETI HAIJINKA D.O.B.15.01.2008 &16.07.2009 HAI ME INKA 1000 -1000 RS PER MONTH JAMA KARTA HU TO KITNA WAPSH MILEGA
Dear Kuldeep,
You may receive around Rs 6 Lakh per account.
thanks Sreekanth ..
Hi Sreekanth,
For the financial year 2014-15 the rate of interest is 9.1% and central govt will notify the rate for the forthcoming years on yearly basis.
My question is that whether there is a chance to come down the rate of interest in the forthcomming years.
If the rate comes to 8% then this sceme will not be an attractive one.So is there any risk due to the fluctuating rate.
Is there any sum assured as mentioned in the calculation chart.
Kindly advise.
Dear Allen,
Yes, interest rate may vary from year to year.
I believe that may be the case with all the fixed income securities like Bank Fixed Deposits, PPF, RDs etc.,
Kindly note that this is not an insurance scheme, no sum assured is available.
Hi Sreenath,
Its really very good article. keep it up.
I have question
1) First can i open account to my elder brother daughter has a guardian?
2) Second within this month i will deposit 120000 lakh, then they will calculate/give the yearly interest (above said 10000 rupees)
3) I’m physically challenged so any other facilities is available?
Please advise me on this regard.
Thanks & Regards
B.Rajesh
Dear Rajesh,
1 – What about the kid’s parents?
2 – The interest is calculated on monthly balance. You will receive one month interest.
3 – Kindly note that no other facilities available.
My daughter is 5 yrs old.
Dear Sir,
Can you send me total calculated amount for each amount means if i paid yearly 12000 or 24000 or 36000 or 48000 or 60000. pls send different calculated sheet for each one.
Dear Vishal,
I have emailed you the calculator which is in MS excel.
also send me on my mail please in MS excel.
Hi
My Child is 7 years old. I want to Invest 1000/- Rs per month. So pls advice me to” how much amount i will get in after 18 years completion of my child”. and (how much amount get after 21 years of completion of policy).
Dear Vishal,
The account balance can be around Rs 4.6 Lakh (after 18 years) and Rs 6 Lakh in 21 years.
This is really a good savings for a girl child. so that parents can get relief (up to some extent) from the financial worries for the higher education and of course marriage also.
I have a 6 years old girl child and wants open this SSA account I can deposite 25,000pa. so will you please tell me what is the maturity amount?
Dear Prakash,
“Up to some extent” is the key here. One should not put his/her entire savings in this scheme. A portion of the savings can be invested in this scheme towards girl child’s education. I strongly believe one needs to opt for other investments too (like mutual funds) to accumulate sufficient corpus for kid’s higher education or to meet marriage expenses.
My daughter DOB 9year’s
I can start this account
This month
Account maturity date,amount and periodperiod.
Plz Rely me
Sir,
If unknowingly wife and huabend open this account saperately in different states 2acconts on single child then what are consequences please let me know repl needed
Dear Sandhya,
I too have this doubt. As of now, I do not have the answer.
I don’t think post offices or banks have infrastructure in place to track multiple accounts (as of now). We need to wait for few more days/months to get clarity on this topic.
By the by, did you open two accounts?
Dear Manish,
Account can be operated for 21 years from the account opening date.
dear sir,
my daughter dob is( 08-08- 2010) i want to open SSA i m paying 1000 per year how much will get in the maturity amount
Regards,
rajni patel
Dear Sir,
Can you please send SSY calculator in excel format .
Regards
Rajni Patel
Dear Rajni,
I have emailed the calculator.
Hi,
can u please share the Excel calculator for SSY on mail.
Also I wanted to understand that there are many options to invest in market for this big tenure… so what are other better options than SSY ?
Like Recurring deposit with some bank ?
Dear Anurg,
Small Savings Schemes like SSA & PPF (public Provident Fund), post office deposits, bank deposits, NSC (national savings certificates), KVP (Kisan vikas patra certificates) etc., are fixed income (safe) debt-oriented securities.
For long-term goals like Kid’s higher education, I suggest you to consider investing a major portion of your savings in equity mutual funds and a small portion of your savings can be invested in either PPF or SSA (if you have a girl child).
Hi Sreekanth
Your explanation regarding the scheme and your opinion shows your expertise.
I would like to request you to send me a copy of Excel calculator of SSA to my mail.
Thank you.
Dear Dinesh,
Thank you for your appreciation.
I have emailed the calculator.
Dear Rajni,
You may receive around Rs 52,000.
sir per year i have pay 1500.
ssa
my daughter age 8year i have pay 1500year in S S A CAN YOU TELL ME HOW MUCH I GOT
sir,
Can you please send SSY calculator in excel format .
dear sir,
my daughter dob is( 4-10- 2014) i want to open SSA i m paying 6000 per year how much will get in the maturity amount
Regards,
Janardhan
You will get an approx. Rs. 315,000
Dear Janardhan,
You may receive around Rs 3.1 Lakh.
HI,
I am planning to open the account, Can you please confirm me the amount which we are paying is TAX benifit. Only Parent and guardian can open the account in the name of child, what about the next installment any one can go and pay the amount on behalf of parent/guardian?
Dear Sowmya,
Deposits in SSA are eligible for tax deductions.
I believe that the deposits can be accepted (but govt circular clearly states that child’s parent or guardian has to deposit the monies)
my daughter age is 6 now, if i pay 100 per month. how much will she get at her age of 21
Dear Ashik, Send me your mail ID I can send you the SSY Calculation in Excel Format.
Dear Ashik,
The initial deposit should be of Rs 1000.
The maturity amount can be Rs 60,000 (21 years from a/c opening date)
Dear Srikanth, appreciate your work. My daughter’s dob is 2007. I would like to invest 12000 per year. How much would I get on maturity?
Dear Girish,
You may receive around Rs 6.3 Lakh.
Dear, I am an NRE (Non Resident Expatriate) residing in Saudi Arabia. I would like to know some details about SSY.
What I need to know is, can my wife’s parents open this account for my daughter with all the documents of my daughter and of me or my wife?
As they mentioned Rs1.50 lakhs is the maximum which can be deposited in a year, is it a calendar year or a financial year which is ending in March?
Is it is okay that I can deposit whatever I like during the year in the multiples of Rs1000 or above up to the allowed limit of Rs1.50 lakhs?
Even though it is mentioned that this Scheme can be opened in Nationalised Banks, none of the Banks in Kerala (where I have enquired) are ready for this. Is there is any Bank in your knowledge in Kerala (Kollam District) where this is possible? Or only in Post Offices as of now? Actually, if possible, I would like to deposit before the end of the Financial Year.
Dear Girish,
I believe that the depositor (parent) signature is mandatory. (So, I do not have right answer to your question).
Rs1.5 Lakh per Financial Year.
Yes, the initial deposit is Rs 1000/-, after that you can deposit in multiples of hundred, upto Rs 1.5 Lakh (max).
Most of the banks are not yet ready with necessary infrastructure (software) to open SS Accounts. Kindly enquire in nearest Post office branch or State Bank of India (Main branch in your locality).
Thanks Mr.Sreekanth Reddy, Just one quick point, is it possible that I can sign the document and send it across to my in-laws for opening the account or I have to be physically present?
Dear Girish,
I believe that should be ok, anyways it is better to check with post office staff.
dear sir,
my daughter date of birth is 27-05-2012 if i paid monthly 1000/for 14 years are you sure in get the amount of 6,07,128/ for 21 years
Dear Srilakshmi,
Yes, you will receive around Rs 6 Lakh.
I think scheme is better than Insurance schemes like endowment / money back or even child education schemes were the rate of return is 6-8%. This scheme can give a better corpus and avenue for investment.
Dear Yogesh,
Agree with you.
But, one should not put their entire savings in this scheme, if kid’s education is their primary goal. A portion of the savings amount can be invested in this scheme.
Sir monthly can I submit 500 rupees or monthly 1000 rupees only is the submitting amount
Dear Ramya,
The initial deposit is Rs 1000/-. After that the deposit can be in the multiples of hundred. You can deposit Rs 500/-.
plz mujhe table btaye per year intrest add krke
sir, where i can open this account . can open account online ??
Dear Vinod,
You can open this account in a post office branch or authorized banks (like SBI, PNB etc.,)
Dear Sunil,
PPF is Public Provident Fund.
Kindly read my article on “SSA Vs PPF.”
Hello sir mai yearly 12000 deposit kar raha hu to mujhe 21 years me Kitna milega my girl d.o.b 12/3/2011
Dear Pradeep,
You may receive around Rs 6.25 Lakh.
dear sir,
my daughter dob is( 7-11- 2013) i want to open SSA i m paying 1000 per year how much will get in the maturity amount
Regards,
paul jose
Dear Paul,
The maturity amount will be around Rs 50,000.
My daughter age 3years, i want to open SSA and iam paying 6000/- per year how much I will get in maturity amount
Dear Sivakumar,
The approximate maturity amount can be Rs 3.1 Lakh
res. sir
my ques. is about interest rate, now it is 9.1 but it can decrease or increase as per govt. rules as above saying.
so how can we calculate the net ammount of saving after 21 years. please clarify my daubt.
thanks
Dear Jaipreet,
The above figures are indicative only. Yes, the interest rate may vary.
I have mentioned few assumptions in the article itself, kindly go though them.
PPF interest is calculated monthly on the lowest balance between the end of the 5th day and last day of month, however the total interest in the year is added back to PPF only at the year-end.)
But same interest rule in Sukanya Samriddhi account.
Thanks & Regards
Naveen Sharma
dear sir,
my daughter dob is( 5-4- 2013) i want to open SSA i m paying 1000 per year how much will get in the maturity amount
Regards,
remya
Dear Remyarenjith,
The maturity amount will be around Rs 50,000.
Hi all
My child age now 3 years , shall i open this account this scheme. monthly rs.500 i deposit this scheme how much my daughter get maturity date
u can open but minimum amt is RS 1000/-
Dear Arumugam,
The maturity amount can be around Rs 3 Lakh.
YEAR A/C YEAR AGE OF GIRL CHILD OPENING BALANCE MONTHLY CONTRIBUTION YEARLY CONTRIBUTION ITEREST AMT YEAR END CLOSING BALANCE
2015 1 5 0 3000 36000 3276 39276
2016 2 6 39276 3000 36000 75276 6850.116 82126.116
2017 3 7 82126.116 3000 36000 118126.116 10749.47656 128875.5926
2018 4 8 128875.5926 3000 36000 164875.5926 15003.67892 179879.2715
2019 5 9 179879.2715 3000 36000 215879.2715 19645.0137 235524.2852
2020 6 10 235524.2852 3000 36000 271524.2852 24708.70995 296232.9951
2021 7 11 296232.9951 3000 36000 332232.9951 30233.20256 362466.1977
2022 8 12 362466.1977 3000 36000 398466.1977 36260.42399 434726.6217
2023 9 13 434726.6217 3000 36000 470726.6217 42836.12257 513562.7443
2024 10 14 513562.7443 3000 36000 549562.7443 50010.20973 599572.954
2025 11 15 599572.954 3000 36000 635572.954 57837.13881 693410.0928
2026 12 16 693410.0928 3000 36000 729410.0928 66376.31844 795786.4112
2027 13 17 795786.4112 3000 36000 831786.4112 75692.56342 907478.9747
2028 14 18 907478.9747 3000 36000 943478.9747 85856.58669 1029335.561
2029 15 19 1029335.561 93669.53608 1123005.097
2030 16 20 1123005.097 102193.4639 1225198.561
2031 17 21 1225198.561 111493.0691 1336691.63
2032 18 22 1336691.63 121638.9384 1458330.569
2033 19 23 1458330.569 132708.0818 1591038.651
2034 20 24 1591038.651 144784.5172 1735823.168
2035 21 25 1735823.168 157959.9083 1893783.076
TOTAL 504000 1389783.076
NO SUMNTA 5000 KA 19 YEARS KO 1800000/- HOTA HAI MATURITY AMT 2.6 LAC VO TO ONLY INTEREST HAI…….
i need malayalam detail
if Open the Account in near by Post office , will give the pass book or its a bound,
Dear Hanumantharayappa,
Yes, you will get a passbook.
Sir, if I want to deposit 3000 per month in this scheme how much money can be achieve by me at the time of maturity and also clarify that after 21 year can the parents claim for above or the child only? Please send a month wise deposit plan chart on my I emlil id. Thank a lot for this sir
i have a doubt in Interest Amount calculation.
10000 (monthly contribution)
120000(yearly contribution)
9.1% interest
then interest amount would be 10920 (=120000*9.1%)
BUT per the sheet it is 6083 .. what is that calculation? sorry if i am wrong…
I feel that interest amount of Rs 6083 is correct since amount of Rs 10,000 is deposited every month and interest is being calculated on the amount added.
If amount of Rs 1,20000 is deposited at once at the start of financial year ie 1 April, then interest would have been calculated on this and it would be Rs 10,920
Dear Rajesh,
You are correct. Thank you for sharing your inputs. Keep visiting!
Dear Rashtrapathy,
In monthly contribution, you deposit 10000 * 12 months, interest is calculated on the previous month end balance.
In yearly contribution, you deposit today, and interest rate is applicable for the entire 12 months.
Dear Sreekanth,
I appreciate you….for giving the reply to everyone.
Well done.
Thanks.
Kareem.
Dear Kareem,
Thank you. Keep visiting!
sir,
my daughter is 4 yr old if i deposit 100000 per year what is the meturity amount
Dear Usha,
You may receive around Rs 52 Lakh.
R/sir
Sukanaya Samriddhi Yozna is very helpful scheme for us. M having two daughters one is 7 yrs and 2nd is 4 years are old. I want to know if I deposit 1000 Rs.each for my both girls then how much amount i will get after maturity. one more thing that it should be fixed amount I have to deposited or i can deposit as per my convenience means initially I opened the account with 1000 Rs. after two month can i deposit 2000 again in next month i deposit 1000. Please clear it. waiting in your reply. can u send me illustration to calculate the maturity amount depends on deposited amount
Dear Gagan,
Yes, you can deposit (amounts) as per your convenience. The minimum contribution should be Rs 1000 per year.
Dear
My daughter age is one year, i want to deposit 5000 Rs/Month in sukanya scheme. Can u tell me what amount we will get after maturity.?
Vishal oberoi
Dear Vishal,
The maturity amount can be around Rs 30 Lakh.
I have a Daughter.
Birth day 04.10.2013.
I CAN START THIS ACCOUNT THIS MONTH.
I Can Deposit 3000-5000/- Per Year.
i can deposit starting time 1500.
How Much Met Me After 19 Years?
Please Give Me Chart Of Year By Year,
plesae sir help me
Thank You Sir.
sumanta sarkar
sumantat***@ yahoo.com
sumanta_*** @ outlook.com
Dear Sumanta,
The maturity amount can be around Rs 2.6 Lakh (deposits of Rs 5k pa)
Sir i need any Goverment plans for who is having two girl babies
Dear Velumurugan,
Yes you can open two accounts on your kids’ names.
The minimum deposit is Rs 1000 per year and the maximum is Rs 1.5 Lakh. You can contribute to two accounts but the maximum tax deduction that you can claim under
section 80c is Rs 1.5 Lakh only.
Hi sir,
I have two daughters,Elder one DOB is 27-jun-2005,2nd one is 3-Oct-2012.I need two open two accounts ,How much money is the minimum to maxmum is i can deposit.Please reply me.
Thanks & regards
Velumurugan
dear sir my Daughter Birth Date 05/05/2012 my monthly saving is 1000 what is the maturity amount please tell me sir
thanking you sir
Dear Venkat,
You will receive around Rs 6 Lakh.
my daughter born on 5-11-2014 when i contribute montly 1000 means what is maturity amount and yaer
Dear Surendar,
You may receive around Rs 6 Lakh by 2035.
Hi Sreekanth,
Thanks for posting this valuable information.
I have a baby girl with DOB 22nd August 2011. My question, is it possible to
deposit 10K per one month and 20K per next month in same financial year?
Please clarify as soon as possible.
Regards,
Madhuri.
Dear Madhuri,
Yes, you can deposit varying amounts (but maximum contribution can be Rs 1.5 Lakh in a financial year).
Dear sir
My daughter is 7 years old. Im planning to deposit per month 1000 rupees in that account. I need to know minimum how many years i have to deposit and how much amount i will be getting back at the end and in which year.
Dear Rubesh,
You can make deposits upto 14 years from the account opening date. The maturity amount (after 21 years from a/c opening date) can be around Rs 6 Lakh.
Dear Sir,
I Want To Know That My Daughter Birth Date 28/6/2005,
I Can Open This Account?
If Yes,
I Can Deposit 2000/- Per Year.
How Much Met Me After 14 Years?
Please Give Me Chart Of Year By Year,
Thank You Sir.
Dear Santosh,
Yes you can open the account.
I have sent you the calculator by email. Kindly check your email a/c.
god forbid, as death is uncertain if a girl child dies then what is the procedure.
In that case the account should be closed immediately and respective bank or post office will return back the accumulated money till the month end.
Dear Nazlin,
The depositor (parent/guardian) can claim back the funds.
Actually i want to know that my daughter born on 30th July 2015 and now we can open an account called sukanya samriddhi, if we open an account for her , iam ready to pay 12k yearly how much amount shall we get after 21 years .
Dear Mr Khan,
You can open SSA. You may receive approx Rs 6.25 Lakh.
Dear Sir,
I Want To Know That My Daughter Birth Date 28/02/2004,
I Can Open This Account?
If Yes,
I Can Deposit 1000/- Per month
How Much Met Me After 15 Years?
Please Give Me Chart Of Year By Year,
Thank You Sir.
Dear Aakash,
You can open SSA. The fund balance can be around Rs 3.5 Lakh after 15 years.
Sir,
i want deposit some fund in ssa monthly basis kindly provide me calculation format in exl, with intrest rate of 9.2% kindly help so i can deposit with help of chart
Dear Vijay,
I have emailed you the calculator.
Hi Srikanth,
Thanks for posting this information.
Just wanted to know how beneficial this plan is as compared to PPF ? Other than the locking period
Can this be trusted like PPF ?
what does this mean, can you elaborate more on this point which you mentioned ?
The present value (PV) of Rs 62.53 Lakh (maturity amount ) is Rs 8.45 Lakh, assuming 10% as Education inflation.
Should I understand this in a such a way that, the value of 62.53Lakhs after 15-18yrs would be just 8.45laks due to inflation ? Correct me if im wrong.
I would really appreciate if you could answer these questions.
Regards
Guru
Dear Guru,
My personal opinion is, PPF is still a better choice. You have loan option & partial withdrawal facility after 6 years is also available.
Also, the interest rate differential between PPF & SSA, which is there now, may not be the same in future.
Regarding Present value calculation – If current education cost is Rs 8.45 Lakh (higher education), the same may cost you Rs 62.53 Lakh after 15 years (due to rise in prices / inflation)
You are right Shree, PPF is far better as we can operate the account online, make recurring payment regularly. But I think we can’t compare SSA and PPF on these factors, as SSA will mainly target those people who are under-privileged. From their need point of view I think SSA has an edge.
What do you think?
Dear Santanu,
Both are decent investment options and are made available to retail investors (even in small villages / towns) through post office branches. I prefer PPF to SSA.
my daughter is 7 years old. i invest 12000 yearly in sukanya-samriddhi scheme. how much i get after 21 years old age?
Dear Punit,
You may receive around Rs 6.25 Lakh after 21 years from the account opening date.
My daughter is six month old,,I want deposit 70,000 thousand per year, can u tell me after 21 year how much money I will recev.
Dear Shailender,
The maturity amount can be approx Rs 36.50 Lakh
MY Daughter age is 7 year. after 14 year (Rs 12000 one year) which amount received me ?
Dear Balaji,
Kindly note that you wont receive monies after 14 years.
My child date of birth is 09-04-2014.
I can deposit Rs.24000/- per year.What is the maturity amount?
Dear Manoj,
You may receive around Rs 12.50 Lakh as maturity amount.
My child date of birth is 15-06-2005. It is elligible for this SSA.?
I can deposit Rs.6000 per year.What is the maturity amount?
Dear Richi,
Yes, you can open the account.
The maturity amount can be around Rs 3.1 Lakh
have a question on tax benefit.
I and my wife both are working, can we both claim the tax benefit on sharing basis (50% each)
Dear Guruprasad,
Very good question.
No where in Govt gazette it is mentioned Depositor(s). I believe joint contribution may not be allowed.
Kindly check with your bank or nearest post office staff. Do leave your comment here (if you get answer from them).
I checked in post office, only one can claim the tax benefit.
Thank you Reddy for sharing useful information.
Dear Guruprasad,
Thank you for leaving your comment. So nice of you. Keep visiting!
Reddy Sir one more question. .. meri daughter ke birth certificate pe uska name nahi hai to kya wo certificate chalega…es account ke liye …plzz reply. .?
Dear Rahul,
Kindly check with the nearest post office staff about the ‘birth certificate’ issue.
Reddy sir . I have one question. .. plzz tell me agar mai first month sukanya samridhi yojana acc. Me pehle mahine 1000rs aur dusre mahine 2000rs aur 3rd month fir 1000 jama karvau to total year me jo rupees bane jese maine total year me 22thousand rueee deposit karwaya to uske hisaab se benefits milange…kya..?
Dear Rahul,
Yes, you can deposit varying amounts but max allowed is Rs 1.5 Lakh per year.
sir
sukanya samridhi yojana es ka last date kab tak ha plz sir infum me.
Dear Charan,
As of now there is no deadline as such..
sir my daughter is 1 yr if I have invested 1000 per year how much I can receive at the end of her 21 year
Dear sir
my daughter dob is 2012 i want to open SSA i m paying 2000 per month how much will get in the maturity amount
Very nice ……….
Dear Sir,
My girl child is 5 months old, can i open an SSA, and if opened what will be her maturity amount after attaining 18yrs age to 21 yrs, if Rs. 1000/- amt paid yrly.
Dear Biswajit,
You can open the account. The maturity amount is around Rs 52k.
1) My daughter is 1.4 year old. if i start investing in SSA, at what age will this account be mature…i mean at her age of 23(21+2=23) or at her age of 21(2+19=21).
2) I would like to open account and deposit 20,000 every year. can you please let me know how much is the maturity amount.
Dear Naveen,
You can keep the account till 21 years from the date of account opening (so, its 23 years of age, if you open the account now).
You may receive around Rs 10.5 Lakh as the maturity amount.
Dear Sir,
I have a single girl child born in April 2000. Is she elligible for the said scheme. If not than what are the other similar options
Dear SKC,
You can not open SSA account. Let me know more about your Financial Goals. Your child is 15 years old now, do you want to invest for her marriage expenses? How about your retirement plan?
Is there any tax benifits on interest generated under this SSA scheme.
Dear Pradeep,
Budget 2015 made it very clear about the tax benefits that are applicable to investments made in SSA.
The contributions (deposits) are eligible for tax deductions (upto Rs 1.5 Lakh) under Section 80C.
All the payments (interest amount and maturity amount) are also tax free.
Kindly read my article – “Sukanya Samriddhi Scheme – Budget 2015 – Tax Benefits.”
Please send sukanya samriddhi application
pl send my SSA application
hi sreekanth,
i have a daughter, 7 years old.
DOB:09.09.2007.
I have an idea to invest in SSA.
i have a doubt whether the deposit has to be made compulsarily for 14 years from date of opening or deposit can be made till my daughter is 14 years old.
i have a plan to invest only for nearly 5 years.
Dear Anu,
The contributions have to be made for 14 years, from the date of account opening.
If you are unable to make high value deposits, suggest you to contribute just Rs1000 per year (minimum contribution amount), after the initial 5 years.
sreekanth,
maturity is 21 years from date of opening or when child attains 21 years
Dear Anu,
It is 21 years from date of account opening.
Hi Sreekanth
I have two daughters first is 7 year old and second is 6 months old.
I want to spend 1 lack for her education and marriage.
Can you tell me which is the best option for me (which include inflation rate etc.)?
Dear Vikram,
Kindly read my article “Calculate how much do you need to invest for your Kid’s education?”
Based on the calculations, you may have an idea about how much to save pm or pa.
Do you have term insurance? What is your total life insurance coverage ?
Yes Sreekanth….I have LIC term insurance 25 Lacks…
Dear Vikram,
Good to know that you have bought a term insurance plan. Suggest you to analyze if you are under-insured? Calculate the required insurance amount based on your expenses, financial liabilities, financial obligations etc.,
Sir, Thanks for all these informations
Dear Anupama,
Thank you and keep visiting!
My daughter dob is 24 sep 2004. I want to invest 5000 p/m. Up to what age I have to invest and what amount will I get at what age. Pls don’t tell 14 years and 21 years. Pls tell as per age of my child.
Dear Pradeep,
14 years and 21 years thing is dependent on the account opening date.
If you open account in April 2015, you can make contributions for 14 years from account opening date ie till 2019.
You can operate the account till 2036. (If your child gets married before this date, account has to be closed).
The approx maturity amount will be Rs 30 Lakhs. When you child attains 18 (in 2022) the balance will be around Rs 21 Lakh.
Very nice article.
I am sneha, my question is;
I am a house wife and planning to open ssa or ppf account on my daughter name,who is 3 yrs old now. My husband works overseas,and he is the source of income,who is sending money for ssa or ppf..
So after maturity of the account what form i have to submit for tax savings? As i am not earning money.
Tnx in advance.
Dear Sneha,
I believe NRIs can not open PPF and SSA accounts. (Assuming your husband is NRI)
hello sir , sir hum agar different amount pay karte hai jaise one or second year 10000, or uske baad hum 20000 jama karana chahte hai tho is condition main kya hoga hum kar sakte hai ya nahi n sir plz tell me ki form kaise fill hoga
Dear Bharat,
You can deposit varying amounts. Kindly visit nearest post office.
sir my sister have 1 girl she is 7 years old so she wants invest in ssa. she is paid yearly 10,000/- in post office how much will get in the maturity amount
pls reply….
Dear Kavita,
She may get around Rs 5.2 Lakh as maturity amount.
sir,
I am having two daughters and as their dob is one is 2005 and 2008 so ow can I open their accounts.
Please guide me.
Dear Shashikala,
You can open the accounts by visiting a post office branch or banks like SBI. You have to submit a copy of Kid(s) birth certificate, your ID & residence proofs and filled SSA application form.
i have investment per month 1000 rs monthly for suknya yojana …
what is amount of after 21 years with calculate .. and plz provide details of payment facility…
Dear Santosh,
You will get around Rs 6 Lakhs.
hi sreekanth
my self vinayak …
i have investment per month 2000 rs monthly for suknya yojana …
what is amount of after 21 years with calculate .. and plz provide details of payment facility…
for exmple .. net banking , credit card . ya or more option …
plz revert …
regards
vinayak k choudhary
Dear Vinayak,
You may get maturity amount which is around Rs 12 Lakh.
I do not have answer regarding the payment facility. (I believe they may issue cheque / DD)
Helloo sir I want to know if I deposit 3000 yearly in SSA. Account…then what will be total amount after 21 years ???
Dear Manish,
You may get maturity amount of around Rs 1.55 Lakh.
Helloo sir I want to know if I deposit 3000 yearly in SSA. Account…then what will be total amount after 21 years ???
Dear Santosh,
You may get around Rs 1.5 Lakh as maturity amount.
Dear Shreekanth,
thanks for the nice post, i have 02 questions, my daughter is now 10 months old, i can invest 50k /year, what you suggest ,this yojna is better or else any other plan you can suggest me.
2) if i invest 50k/year what will be the maturity amount, considering the current rate of interest.
Dear Ajay,
If you are planning to invest for your Kid’s Higher Education goal, suggest you to first consider investing in Equity Mutual Funds. You have around 16 years from now for your child to go to college. A small portion of your savings can be invested in either PPF or this scheme.
Read my article on “How much you need to save for your Kid’s Education.”
i have investment per month 1000 rs monthly for suknya yojana …
what is amount of after 21 years with calculate .. and plz provide details of payment facility…
i m paying 1000 per month how much will get in the maturity amount
Dear Savitha,
You may get around Rs 6 Lakh after 21 years. (Kindly note that rate of interest will not remain the same)
Dear Sir,
Mera ek question hai sir kya hum 1st year 36000 deposite karte hai or second year 25000, means every can we deposite different, different amounts ??? Or we have to deposite fix amount, which we decided on account opening time.
Dear Vipul,
You can deposit different amounts. Minimum contribution is Rs 1000 and maximum is Rs 1.5 Lakh pa.
Dear Sir,
Sukanya Samriddhi Yojna me minimum per month kitna deposit hai or maximum kitna ?? Kya account opening form internet per bhi uplabdh hai ya nahi agar hai to kon si site se down load kiya ja sakta hai ??
Dear Chander,
The minimum deposit is Rs 1000 and maximum allowed is Rs 1.5 Lakh per annum.
As of now, online deposit facility is not available.
Hi, I’ve visited various nationalised banks ie N SBI,Axis bank, Idbi bank etc about this account but none of the banks are aware of this yojna. . Is this only on papers? Where can I open the account?
Dear Varsha,
As opined by other investors, some banks do not have any details/information about this scheme. But, this scheme is open for subscription.
You may visit nearest post office .
Hi Sir,
Could you please send SSA calculator to my emaild..it would a great help..thanks in advance…..
Dear Jaya Priya,
I have emailed you the calculator.
Hi,
Recently I have visited in State bank branch in Delhi, They dint have any qlue about the Yojan.
even the branch manager say..whats this yojan we dnt know…
Dear Deepshikha,
That’s very bad. You may check at nearest Post office branch.
Hi
I have a doubt, this scheme says The contributions are allowed upto 14 years from SSA account opening date. But if marriage of a girl child occurs before 14 years (let’s say anyone starts this scheme at the age of 9 yrs of girl child and after 13 years at the age of 22 years she will be married) then in this case anyone will pay till 13 years only. So is it allowed??
Dear Rajat,
Yes it is allowed, 14 is the maximum no of years considered for contributions. The account has to closed after marriage.
Hi Sreekanth ,
Nice and very informative post, I have got a question , I am planning to invest in my daughters name and my wife will be claiming exemption for the same. In future if my wife does not claim , can I deposit and claim exemption.
Dear Mohan,
If you are the contributor, how can your wife claim the tax exemption?
I am not very sure regarding your second query. I believe, new guardian/depositor is allowed only if there unfortunate event happens.
Dear Sreekanth,
On maturity is the amount is taxable?
Best Regards,
Srinivas
Dear Srinivas,
The maturity amount is tax exempted. Let’s wait for confirmation and clarity till the budget session.
sir kya hum is policy ko online balance dekh skte ha.
agar me 10000/- march me jmma krata hu to interest kaise milega
Dear Narendra,
I believe, as of now, online deposit facility is not available.
Is Rs10,000 per month or per year?
By when you are expected to get clarity on tax (E-E-E)? Unless this scheme is not E-E-E, it is not advisable since PPF gives better yield.
Secondly, which banks have got mandate for this scheme? There is no public listing of designated bank branch available on net.
Thirdly, what treatment will be given on maturity? Since the corpus will be made available in child’s name while the investment will be in parent’s books of account? Does this mean that at the time of maturity, parent need to show as gift? if yes, it will attract gift tax.
Lastly, is the interest calculation on monthly closing balance or daily balance?
Thanks for sharing knowledge. And information is articulated very well.
Dear Mitul,
Very good questions.
As of now, PPF with Exempt-Exempt-Exempt tax rule, is the best savings option. We may get clarity on SSA tax rule in this coming budget.
Yes, there is no information available about the authorised list of bank branches. As attached in the article, post office branches have received official circular to accept the deposits under this scheme.
If E-E-E tax rule is followed, then no issue with taxation part.
If interest is taxed, then I believe the same rules of Recurring Deposit/FD deposit taxes are applicable. Kindly read my article on “FD & RD taxes.”
Interest calculation is on monthly balance basis.
Keep visiting and do share your views regularly. Cheers! 🙂
my daughter’s DOB 20-04-2005 (10 yrs)
my query is, if I need 25 lakhs for her marriage at her 21 st age how much money I should invest yearly in SSA
Dear Daly,
You can invest around Rs 50,000 per year. You may get around Rs 26 Lakh as maturity amount. (Assuming 9.1% rate of interest for 21 years, remember the rate of interest will not be the same)
Thank you very much
Hi,
But how, she is already 10 yrs and we have only 11 yrs left to invest. How can we calculate 21 years interest and get 26 lakhs? Pls clarify
Hi Sreekanth,
But how? She is already almost 10 yrs now and we have only 11 yrs left to invest. Then how could we calculate 9.1 % interest for 21 yrs and maturity amount as 26 lakhs. Please clarify. I think we need only 11 yrs calculation.
Waiting for your reply.
Dear Daly,
I agree with you that there is still some confusion out there, regarding the term of SSA a/c.
The govt gazette says, the account can be operated till 21 years from account opening date (it does not say, the term is linked to child’s age). You can make deposits for 14 years from account opening date.
If you get a chance to visit any bank branch or post office branch, do share your experience here. It will help all of us. Cheers!
good yojna cg.
which govt bank has started SSA scheme in Gwalior(M.P.)
Dear Pawan,
Suggest you to contact any SBI branches or visit nearest Post office branch.
I Need a Clarification:
1)If i open SSA account in feb 2015, either in Feb or mar 2015 if i deposit 1.5L .It will come under maximum deposit limit of SSA a/c for the 2014-2015 financial year or consider as 2015-2016 maximum limit.If it is consider for 2014-2015, then i can deposit maximum limit for 2015-2016 in SSA a/c.
2)If my daughter got married before completion of 21 years of SSA ,whether she should close the account or can wait for maturity of SSA a/c (21 years).
Please clarify my doubt.
Dear Subha,
1 – Yes, you can deposit max contribution of Rs 1.5 Lakh in Feb / Mar 2015. This is considered for tax exemption for the financial year 2014-2015. You can also deposit Rs 1.5 Lakh for the coming FY 2015-16.
2 – The account has to be closed by her after the marriage.
Dear shreekanth,
U r suggestions r really valuable.. Appreciable
I wants to know abt one thing is there facility of direct deduction of contribution amunt from salary.. Pay roll attach.
As I m govt emploee my salary bank is Union bank of India…
Pls reply
Dear Rajesh,
Though it is a Govt’s scheme, I do not think the scheme can be linked to your pay structure. It is voluntary and is not linked to employment.
My baby’s birth on 03/02/2009
I interested in deposit rs. 10000 per month
So pl. Give information of mutual amount after 21 year and partly withdraw amount after 18 year
My native Amreli district, Gujarat state
Dear Mukesh,
Kindly go through my article, i have provided calculation with an example (monthly contribution of Rs 10k).
Hi, my niece’s birthday is 18.04.2004 can I open an account under SSA.
Dear Naveed,
Account can be opened (based on DOB).
Are you her guardian?
Dear Sir I Have to Contribute 3000 per year so how much maturity benefit.
Dear Tejendra,
You may get around Rs 1.57 Lakh as maturity amount (assuming 9.1% rate of interest throughout the 21 years time period).
Hi,
how to calculate this amt
1500/- amt jama kar sakti hu. so how much maturity benefit.
Dear Megha,
If you deposit Rs 1500 pm, maturity amount will be around Rs 9 Lakh. If it is per annum, maturity amount will be around Rs 78k.
my daughter’s birth date is 23 January 2005. Can she is eligible for this scheme.
Dear Sunil,
Yes, you can open the account on your daughter’s name.
Hi
I am having one doubt. If parent/guardian may death immediately after the 1st year premium. Does the child get what benefit under the scheme?
If some or other reason the premium not paid subsequent 3 months due to illness what happen to the policy?
Can you clarify this.
Dear Senthil,
Please go through some of my previous replies regarding to your first query.
It is not mandatory to contribute every month. (Kindly note that it is not a premium). The minimum contribution per year is Rs 1,000.
Hi Sreekanth,
Thanks for your advice. Additional clarification,
1. The point what i am asking is , pre-mature closure of the account is permitted. But what was the amount the child may get?Is there any penalty or some percentage only given back to A/c holder like that.
2. Is online A/c opening and transaction is available?
Dear Senthil,
1 : On Premature closure – The balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the
account. No penalty is applicable.
2 : As of now, online deposit facility is not available
Sreekanth,
Thank you so much.
when can we expect this scheme available in banks.
Dear Senthil,
I believe this scheme is available at Post office branches now.
Based on few comments posted here, I think the scheme is not yet available in most of the reputed banks. Do check with your bank and let us know.
Is premature closure possible by the girl child herself? ???
Dear Jyoti,
Premature closure is allowed;
1 – on the occurrence of an extreme event (in case of untimely demise of the a/c holder, girl child) (OR)
2 – Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account (only in cases of extreme compassionate grounds).
Can the girl child herself do the premature closure??
If yes, when is this possible???
Mrs. Reshma Jedhe wants to open the Sukanya Samridhi Savings account in the name of her girl’s child (1.10 years old) in April 2015. He wants to contribute Rs 1,000 every month for 14 years. He also wants to keep this account active till 21 years from the account opening date (or till Child’s age of 25 years). He wants to know, what could be the total approximate interest amount and total maturity amount that he would accumulate under SSA?
Dear Reshma,
In this scenario, your total contribution will be Rs 1.68 Lakh (over a period of 14 years).
The approximate interest amount can be around Rs 4.3 Lakh and the total approx maturity value can be Rs 6 Lakh.
I wanted to ask whether the amount is for is monthly or yearly e.g 1000 . do we have to pay it once in a year or every month.
Dear Arvind,
The minimum contribution per year is Rs 1000 and the maximum is Rs1.5 Lakh pa.
You can deposit the amounts as per your convenience (there is no restriction that they should be monthly once). You can deposit in multiple of 100s after depositing Rs 1k.
My daughter is 4 yrs old & 1 yrs means I can deposit for next years ….and get get the principal and interest at her 21 years of age…interest not given now and then?
Dear Atmaram,
I did not get your question.
Principal and interest is payable only when girl child attains 18 years (50 % of fund value can be withdrawn) and the remaining after the completion of 21 years from a/c opening date.
If suppose in sukanya samurridhi scheme, parents or guardian expire in road accident incase after 5 years , how will be account carried on? who will pay the money or how the child will get the money, what will be assurance ? as that time child might be school going.
Dear Sneha,
There is a clause in the Govt’s Gazette, which says, if continuation of a/c is causing undue hardship to the a/c holder (girl child), the premature-closure of SSA account is possible. The account can be discontinued.
Hi…..my child born in Australia and she got overseas citizen of India card…. is she eligible for this scheme
Dear Ganesh,
This scheme is governed by Post office Small Savings Scheme rules and I believe NRIs are not eligible to invest in these kind of SSS. (But in the official gazette, there is no clause about NRI’s eligibility)
Hi, what is the actual amount benefit from government to us??? or only the benefit of interest on our deposited amount is there???
Dear Sunny,
The deposits raised from these kind of long-term schemes can be used for funding infrastructure projects etc., by the Govt.
After completing 21 yrs of child, Parent will have the rights to withdraw the amount, Or acct. holder can manage the account.. Because after 21 yrs who knows the daughter will think of her parents.
Hi Sir This is Kavithamcr,
I am depositing in SSA on behalf my sister’s daughter aged 2yrs Rs. 1000/- per month
Can i Mention my name as a Guardian?
Dear Kavitha,
What about child’s parents?
Sir if parent or guardian dead what is account position. Please give me reply as early as possible
Dear Kishore,
Very good question.
There is a clause in the official gazette, which says – “Where the Central Government is satisfied that operation or continuation of the account is causing undue
hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds..”
If the depositor (parent / guardian) is no more, a girl child may or may not contribute towards the scheme. It may cause undue hardship to her. The account can be closed prematurely.
sir,i have 2 girl child 1 of 10 years and a 7 years old i want to know that total 1.5 lacks is tax exemted or for second
Dear Pramod,
Yes, the maximum contribution you can make (as a depositor) is Rs 1.5 Lakh pa. The tax exemption limit is also Rs 1.5 Lakh only.
where open the account.
in post office or in bank
Dear Rajaram,
It’s your choice (based on convenience and comfort level).
Hi Sir,
my daughter is 1 years old which account will be good ssa or ppf.
Thanks,
Dear Gomathi,
As of now the rate of interest offered on SSA is 9.1% (higher than that of PPF’s 8.7% for 2014-15), but there is no guarantee this will be maintained in future.
Also, looks like the interest income is taxable, whereas PPF a/c interest income is tax exempted. (SSA interest income tax exemption point may be clarified during this budget session).
Suggest you to wait till March. (If you want to open right now then you can consider PPF a/c)
Hi Swamy,
I have a negative question. What happen of this scheme, incase girl child is no any more before the age of 18 or before 14 yrs completion of deposited money?
Thanks,
Anil
Dear Anil,
In the event of untimely death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
HI,
What wil happen if depositor dies.
Dear Kavtha,
Guardian can continue to deposit the amounts. If the account holder (girl child) is unable to continue the account, under extreme circumstances (like the one you have mentioned), may discontinue the account and can get back the accumulated funds.
In this scheme id good but the maturity amount is taxable or Not taxable pl reply.
Dear Chandrashekhar,
The maturity (withdrawals) amount is not taxable. (but i can confidently say this after this month end only, budget session.)
Hi,
I want to know that if we open this account of Rs. 5000 this financial year and later can we increase the deposit from 5000/ year to 10000/year or decrease to 2000/year?
Regards,
Venkatesh
Dear Venkatesh,
Yes, you may do so. The minimum contribution is Rs 1000 pa and the maximum deposit can be Rs 1.5 Lakh pa.
my daughter is 3 years old which account will be good ssa or ppf
Dear Amar,
On SSA a/c – As of now, rate of interst is higher than PPF. But, looks like Interest income is taxable. (We may get clarity by this month end, hope so). Else it depends on what income tax slab are you in?
PPF – It is a tax free investment.
Suggest you to wait for few more days and then take a call.
Thanks for information.
My question is Is we get tax exemption on balance amount of our account.( If we deposit Rs. 1000/- every month).
Dear Nalini,
If you deposit Rs 1k per month, you can claim tax deduction of upto Rs 12k under Section 80c (in a given Financial Year).
1 girl child. Can mother and father open separate accounts for the same girl?
Dear Nitin,
Very good question. Legally, the guardian/parent can open only one account in the name of a girl child, under SSA Scheme. As of now, I do not think there is any infrastructure (common database) is in place to track down multiple accounts 🙂
May be in future Govt may come up the ways to track multiple a/c (remember these are long term saving a/cs, so lot of time left for them to implement these things) (May be based on depositor’s PAN no etc.,). Let see..
Whether we will get benifit for PPF & sukanya Scheme i.e 1.5 +1.5 lacs under 80C? or only 1.5L both put together.
Dear Ujwal,
As of now, only 1.5Lakh is exempted under Section 80c (both put together).
Do you have the details of the banks which come under the scheme..
Dear Pruthvi,
As of now, i do not have the list. As soon as i get any info on this, will definitely share it here.
Dear Friend,
I understand that NRI can not invest as per rules,
Any of my relation in India can invest for My NRI daughter?
Please inform.
Thanks & Regards,
Guna
Dear Guna,
As mentioned by you, your child is an NRI right. So, I do not think it is possible.
sir I have ppf account is there I tied up with this scheme which one best this or ppf
Dear Devasenapathy,
As of now the rate of interest on SSA deposits is 9.1% and on PPF it is 8.7%. From interest rate point of view, Sukanya scheme is better. But remember that these interest rates will vary in future.
Regarding income tax benefits – As of now PPF is better than SSA. The deposits made under Samridhi scheme are exempted from income tax under section 80c. The maturity amount withdrawal is also exempted from taxes. The only grey area is about ‘taxation of interest income.’ If this is also made as ‘tax free income’ then SSA can be better than PPF.
is there any commission eligible for that scheme
Dear Muraleedharan,
I believe and am not sure that any intermediaries are allowed/involved in this scheme.
How oftenly can v credit the amount.can v have it on monthly basis as v have for RD scheme
Dear Varsha,
Yes, you can deposit the contributions on a monthly basis. The minimum initial deposit is Rs 1000. After that deposits can be in multiple of one hundred rupees. The maximum allowed deposit(s) is Rs 1.5 Lakh in a single financial year. This limit is applicable for single deposit or multiple deposits.
Can anyone update the authorized bank names to open SSA?
Dear Ravi,
It is practically impossible to list all the banks (with authorized branches details) here. As per scheme guidelines, the depositor can invest in this scheme in all the authorized branches of commercial banks. The best way to find out about ‘which bank branches are authorized,’ is to check with your bank at your location.
My daughter is 9 yrs old…means I can deposit for next 5 years ….and get get the principal and interest at her 21 years of age…interest not given now and then?
I have already 1.5 l for 80 c….so this scheme will not be useful for me….unless the interest income is tax free…am I right?
Dear Mathi,
As per my understanding, the contributions (deposits) can be made till the girl child attains 21 years (or) 14 years from the date of opening of the account, whichever is earlier. If you open an account now, you can make 12 deposits. The interest rate may not remain the same every year.
As of now there is no clarity on taxation part with respect to ‘interest income.’
Dear Mathi,
A small correction in the above reply…The contributions are allowed for 14 years from the date of a/c opening. You can deposit for 14 years (till your kid reaches 23 years). The account can be operated till the completion of 21 years from the date of a/c opening. But, you can’t continue operating the a/c after your kid’s marriage.
Ideally I should use the money @ 21 years…should not wait for 14 more years, if the child is 9 year or 10 years, they have to wait for till 23 or 24 years…And after 23 year or 24 years, is that amount can be withdrwan fully? Can you please clarify this?
Dear Swami,
If you are depositing the monies on behalf of a 10 year old girl, you can withdraw 50% of the accumulated money once she turns 18, for education expenses. I believe it is not mandatory to contribute for all 14 years from a/c opening date. Also, she can withdraw the remaining fund as soon as she gets married.
I talked to postoffice folks on this…they clearly told that 14 years is the kids age (mean parents can deposit money till the child get the 14 years age, after that we cann’t deposit)…and @ 18 years, 50% can be withdrwan (its optional) and @ 21 year full can be withdrwan.
Dear Swami,
Thank you for sharing your experience here.
As of now, i can neither agree nor disagree with you.
As per the Govt’s official Gazatte (attached at the end of the post), page no 4 under the ‘Deposits’ section, it is mentioned as ‘Deposits in an account may be made till completion of fourteen years, from the date of opening of the account.‘
Regarding, Maturity of account – Visit page no 5, under closure on maturity it is given as, ‘The account shall mature on completion of twenty-one years from the date of opening of the account.’
Since this scheme is new, there is still lot of confusion among the investors and also the bank/postoffice staff.
If the point opined by the post office staff is right, we can look at it from another point of view – A parent of a 10 year old girl child can then get a chance to deposit only 4 installments. The main intention of the scheme is to generate good corpus for Girl’s education/marriage expenses, which may not be possible with such limited no of contributions. This is my personal opinion.
I will update the post as soon as I find any official/formula communication on this.
I have four daughters one is 11 year old, 8,4,1 respectively so in which daughters name I should open the account? Please advise.
Dear Zahid,
Please allow me to ask you one thing, do you have sufficient insurance coverage? (Please consider having a term plan if you do not have one).
I think govt only thought about those people who don’t have internet, other way the rural people. How this plan will accumulate money for Marriage? The way our society spend in marriage this account will not be able to accumulate that amount. Parent can use this account as another option only.
Dear Santanu,
I agree with you. These kind of plans will surely turn out to be chart-busters. Many Investors in rural India do not have easy access to various investment options (like equity,mutual funds etc). The intention behind this plan is good.
There is no doubt that investments in these type of schemes will not give decent returns (inflation adjusted). But, some long term savings (investment) is better than nothing (atleast from rural investors point of view). What are your views?
if any minimum period is there to transfer to any were ?
Dear Ganesh,
I did not understand your query.
Thanks for kind information. Plz share if any other information you have. Thanks again.
Dear Sunder,
I will definitely update the article as soon as I receive any new details, especially regarding income tax exemptions/interest calculation..:)
Thanks for all the information. Will shortly visit SBI for account opening, will share my experience and additional information if any.
Dear Reema,
Wonderful! Kindly reconfirm with the bank staff about the income tax benefits that are available under this scheme. Do share your experience with us. Thank you and cheers!
Thanks Sreekannt,
Very useful information.
But would like to know that there is nothing mentioned in the document given by government that invested amount would be covered under 80c for tax exemption. Can you please provide me any other source for the confirmation of this thing?
Dear Dharmesh,
Post office Saving Bank General Rules are applicable to this scheme too. The deposits to the tune of Rs 1.5 Lakh can be exempted from Section 80c.
But there is no clarity regarding the taxation of interest income and maturity income.
I checked with one of my friends who is a Chartered Accountant, he is also of the same opinion. Let us wait for few more days to get more details.
Thank you for this information your article is really helpful.
Dear Dr Prabhakar,
Thank you and keep visiting!
Dear sreekanth,