Sukanya Samriddhi Yojana details: Interest rate, Calculator, eligibility, deposit limit; how and where to open account

Sukanya Samriddhi Yojana is a government-backed saving scheme to secure the future of the girl child. The 'Sukanya Samriddhi Account' programme was launched in January 2015 for the welfare of the girl child under the "Beti Bachao Beti Padhao" programme. The Sukanya Samriddhi Yojana allows parents, or legal guardians, to make deposits as low as Rs 250/per annum in the name of the girl children. The Sukanya Samriddhi Account offers one of the highest interest rates among all saving schemes of banks. 

The government had said in February this year that the scheme has been a great success. "Under 'Beti Bachao Beti Padhao' , Sukanya Samriddhi Account Scheme launched in January 2015 has been a great success. Until November, 2017 more than 1.26 crore accounts have been opened across the country in the name of girl-child securing an amount of Rs.19,183 crore," Finance Minister Arun Jaitley had said while presenting the Union Budget. 

Sukanya Samriddhi Yojana Interest rate

For the quarter ending December, the interest rate on Sukanya Samriddhi Accounts is 8.5 per cent per annum. The government revises the interest rate every year and announces it at the time of the Union Budget.   

Sukanya Samriddhi Yojana Calculator: 

A minimum investment of Rs 1000 per year can give around Rs 46,821 at maturity after the completion of 21 years. Similarly, the deposit of Rs 2000 per annum can fetch around Rs 93,642 after 21 years. 
Deposits of Rs 5000, Rs 10,000, Rs 20,000, Rs 50,000, Rs 1,00,000, Rs 1,25,000 and Rs 1,50,000 can return Rs 2,34,107, Rs.4,68,215, Rs.9,36,429,  Rs.23,41,073, Rs.46,82,146, Rs.58,52,683, Rs.70,23,219 respectively after the completion of 21 years.

Sukanya Samriddhi Yojana Eligibility

A natural or legal guardian can open the Sukanya Samriddhi Account on behalf of a girl child below 10 years of age.

Sukanya Samriddhi Yojana Maximum number of account - Up to two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children. The account gets automatically closed if the girl child gets married before the completion of 21 

Sukanya Samriddhi Yojana Deposit limit: The minimum deposit one can make per annum is Rs 250. the maximum limit is Rs 1,50,000. 

Sukanya Samriddhi Yojana Tenure of Deposit: 21 years from the date of opening of the account. The deposits can be made for a maximum period of 15 years from the date of opening of the account.

Sukanya Samriddhi Yojana Withdrawal: "50% of the balance lying in the account as at the end of the previous financial year for the purpose of higher education, marriage after attaining the age of 18 years", according to SBI. 

Sukanya Samriddhi Yojana Premature closure is allowed in the event of the death of the depositor or in cases of extreme compassionate grounds such as medical support in life-threatening diseases to be authorized by an order by the Central Government. 

Sukanya Samriddhi Yojana Tax Benefit: Sukanya Samriddhi account comes with triple tax benefits - There is no tax on the amount invested, amount earned as interest and amount withdrawn. 

Sukanya Samriddhi Yojana - How and where to open account:

You can open Sukanya Samriddhi Account by approaching one of these public and private sector banks: State Bank of India, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner & Jaipur, State Bank of Patiala, Vijaya Bank, United Bank of India, Union Bank of India, UCO Bank, Syndicate Bank, Punjab National Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Indian Overseas Bank, Indian Bank.
IDBI Bank, ICICI Bank, Dena Bank, Corporation Bank Central Bank of India, Canara Bank, Bank of Maharashtra, Bank of India, Bank of Baroda, Axis Bank, Andhra Bank and Allahabad Bank.