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Can I Get Loan against Sukanya Samriddhi Yojana? Know Rules

Updated on: 10 Aug 2022 // 18 min read // Home Loans
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Loan against Sukanya Samriddhi Yojana

In the times of crisis one often looks for less expensive loan options such as low cost secured loans against pre-owned car, fixed deposits, gold etc. In case you are searching for Loan against Sukanya Samriddhi Account, you must clearly know that you can not avail of loan against Sukanya Scheme. Only partial pre mature withdrawals are allowed, that too for either wedding or higher education of the girl child.

Sukanya Samridhi should strictly be used for child’s welfare and future. You should refrain from withdrawing cash from the account for any other purpose. Whether you are finding it difficult to deposit annually in the SSY or have doubts about continuing this investment option, here is your guide to frequently asked questions on Indian government’s flagship scheme under Beti Bachao, Beti Padhao campaign. Sukanya Samridhi Scheme is one of the highest yielding saving schemes and should be certainly used for the benefit of your girl child.

Sukanya Samriddhi Yojana: The Scheme Highlights

  • Sukanya Samridhi Account is a government backed saving scheme for a girl child.
  • Currently the scheme yields 7.6% p.a.
  • SSY account can be opened till the child turns 10 years. One year of grace is provided for this limit.
  • A parent can open only one account for a girl child.
  • The account can be opened in a Post office or any of the designated branches of authorised banks.
  • The parent is required to submit birth certificate of the girl child to open SSY account.
  • The minimum FY contribution should be Rs. 250/- and the maximum of Rs. 1,50,000/- in a financial year.
  • Interest rate varies as notified by the government from time to time. It is calculated on yearly compounded basis.
  • Single premature withdrawal for up to 50% is allowed on attaining the age of 18 years.
  • The account can be transferred across India.
  • The account matures on completion of 21 years.
Sukanya Samriddhi Yojana- Deposit Limit & Interest Rates(From 2015 till present date)
Applicable time rangeInterest RateMinimum Investment (in Rs)Maximum Investment (in Rs)
1 April 2014 to 31 March 20159.10%1,0001,50,000
1 April 2015 to 31 March 20169.20%1,0001,50,000
1 April 2016 to 30 Sep 20168.60%1,0001,50,000
1 Oct 2016 to 31 Mar 20178.50%1,0001,50,000
1 April 2017 to 30 June 20178.40%1,0001,50,000
1 July 2017 to 31 December 20178.30%1,0001,50,000
1 January 2018 to 31 March 20188.10%1,0001,50,000
1 April 2018 to 30 September 20188.10%2501,50,000
1 October 2018 to 31 March 20198.50%2501,50,000
1 April 2019 to 30 June 20198.50%2501,50,000
1 July 2019 to 31 March 20208.40%2501,50,000
1 April 2020 to 31 March 20217.60%2501,50,000

What is minimum/ maximum limit for deposits in Sukanya Account?

Each year you need to deposit at least Rs 250 to keep the Sukanya Samrishi Account. The maximum limit is capped at Rs 1.5 lakh for a financial year. The lock-in period for the account is 21 years and deposits need to be made till completion of 15 years. However, premature withdrawal for higher education is allowed once the child turns 18 years. The proof for clearance of class X will be required for such withdrawal.

Are multiple deposits allowed in Sukanya Yojana Account in a FY?

The deposit frequency can be as per your choice. The maximum limit is capped at Rs 1.5 Lakh for a financial year. The first minimum contribution in a FY should be Rs 250 followed by amounts in multiple of Rs 100. The child can manage the account after 10 years of age.

What happens when I miss depositing in Sukanya Yojana in a FY?

A fee of Rs 50 is applied if you discontinue deposits before the 15 years. Also the account turns in to a ‘Default Account,’ yet interest as applicable will continue to yield.

How do I close Sukanya samriddhi Account?

A parent can close the Sukanya Samriddhi Account prematurely for many reasons such as marriage, change in citizenship, country of residence etc. The account should be maintained at least for 5 years before making any such request.

Pre-mature closure is also allowed in case of death of the account holder or when the account holder is suffering from a life threatening disease.

Is Sukanya samriddhi maturity tax free?

Yes, deposits in Sukanya Yojana make you eligible for deductions under Section 80C with a maximum capping of Rs 1.5 lakh. The interest income is tax free and continues to accrue & compounded annually. The withdrawals are also tax exempted.

Can I withdraw prematurely from Sukanya Samriddhi Account?

Yes, you can withdraw partially form Sukanya Samriddhi Account for up to 50% of the total savings for purpose of marriage or higher education of the girl child. For higher education, proof for successful matriculation is required. Also, the child girl should be 18 years for this withdrawal.

The total duration of Sukanya Yojna is 21 years. The amount can be withdrawal fully after the maturity or held as is to continue earning interest on the balance.

Also Read: Post Office Recurring Deposit Scheme Interest Rates in 2021

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