Sukanya Samriddhi Yojana Post Office Interest Rate Details 2024 Calculator Age Limit application Online SSY

 Sukanya Samriddhi Yojana 2024: A Comprehensive Guide

Sukanya Samriddhi Yojana (SSY) is a notable initiative by the Government of India aimed at securing the future of girl children. Here's a detailed breakdown of the scheme, including eligibility criteria, interest rates, account opening procedures, and more.

Scheme Overview:

Scheme Name: Pradhanmantri Sukanya Samriddhi Yojana
Beneficiary: Girl Child
Age Limit: 0-10 years
Minimum Monthly Deposit: ₹250
Maximum Annual Deposit: ₹150,000
Installment Period: 15 years

Eligibility Criteria:

To avail the benefits of Sukanya Samriddhi Yojana, certain qualifications must be met:

  1. Age Limit: The girl child must be below 10 years of age at the time of account opening.
  2. Account Holder: The account can only be opened in the name of the girl child. Opening it in the name of parents disqualifies from receiving benefits.
  3. Number of Accounts: Only two accounts can be opened in a family for two girl children. However, if there are twin girls, three accounts can be opened.

Interest Rate:

As of 2024, the interest rate for Sukanya Samriddhi Yojana stands at 8.2%. This interest is compounded annually and credited to the account.

Deposit and Returns Calculation:

For a clearer understanding, let's consider an example:

  • If you deposit ₹1,000 monthly, you would accumulate ₹12,000 annually.
  • Over 15 years, with an 8.2% interest rate, the total accumulated amount would be approximately ₹3,29,000.
  • Upon maturity, when the girl child reaches 21 years of age, she would receive around ₹5,00,000, with an approximate benefit of ₹3,29,000.

Account Opening:

Opening a Sukanya Samriddhi Yojana account is a straightforward process:

  1. Offline Procedure: Forms can be downloaded online, filled with requisite details, and submitted along with necessary documents like the birth certificate of the girl child, parent's identification proof, and photographs.
  2. Online Availability: While some banks and post offices offer online account opening, many require offline submission of forms.
  3. Submission: After completing the form and attaching relevant documents, it must be submitted to the nearest bank branch or post office for verification.
  4. Approval: Once verified, the account is opened, and monthly deposits can be made according to the chosen budget.

Frequently Asked Questions:

  1. Interest Rate: The interest rate for Sukanya Samriddhi Yojana in 2024 is 8.2%.
  2. Duration: Installments need to be paid for 15 years. Upon maturity, the accumulated amount along with interest is received when the girl child turns 21.

Sukanya Samriddhi Yojana stands as a beacon of financial security for the future of girl children in India. By taking advantage of this scheme, parents can ensure a bright and secure future for their daughters.

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