Post Office Saving Schemes : Sukanya Samriddhi Scheme PPF

Published on Mar 04, 2023

Post Office Saving Schemes : Sukanya Samriddhi Scheme PPF

Post Office Saving Schemes : Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.

Sukanya Samriddhi Yojana (SSY) was introduced from FY 2014-15, Under the scheme interest is applied on minimum closing balance between 10th and last day of the month and interest is compounded annually. Click Here for Scheme features

SSY Calculator Table and Chart

SSY Year Wise Balance and Interest Calculator - You can calculate SSY account interest and balance at the end of each Financial Year from FY 2015-16. Interest calculations of future periods are based on current interest rates.

Monthly Contribution Rs. 12,500

Monthly Contribution Rs. 1,000

The following calculators commpiled in view of various options of investment available in the scheme which are based on the presumption that the monthly investment is made on or before 10th of every month and the calculations of Interest and maturity value after 21 years are based on current interest rates.

Interest Rates Revisions

Tax Benefits

At the time of launch, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act, which is Rs 150,000 in 2015-16. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund. These changes were applied retrospectively from 1 April 2015. These benefits will be reassessed annually

SSY Closure on Maturity Rules 2016

(1) The Account shall mature on completion of a period of twenty-one years from the date of its opening: Provided that the final closure in the Account may be permitted before completion of such period of twenty one years, if the account holder, on an application, makes a request for such premature closure for reasons of intended marriage of the Account holder and on furnishing of age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage:

Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.

(2) On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.

(3) No interest shall be payable once the Account completes twenty-one years from the date of its opening

Premature Closure Allowed only in these Scenarios

• If parent or guardian intentionally arrange a marriage after the girl child attains the age of 18 years, then need to file an application before 1 months of marriage or after 3 months of marriage along with her age proof documents.

• Girl child pass away on production of death certificate and balance in the SSA will be paid to the guardian.

• If girl child becomes non-resident or non-citizen of India, then this status shall be communicated by the girl child or guardian within 1 months.

• After completion of 5 years, if Post office or bank satisfied that operation or continuation of SSA is causing an undue hardship to the girl child (such as death of guardian or medical emergency etc.) may arrange for early closure.

• For any other reasons, if SSA to be closed any time after the opening of SSA, then it will be allowed, but the Whole deposit could make interest rate applicable to post office savings bank

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