Sukanya Samriddhi Yojana for NRI: Sukanya Samriddhi Yojana (SSY) is a government savings scheme as a part of the Beti Bachao, Beti Padhao Yojana by the Government of India. The scheme enables guardians of any Indian girl below the age of ten years to open a savings account with a minimum deposit of INR 250 per year. The Sukanya Samriddhi account remains operative for 21 years from the date of its opening or until the girl child gets married after the age of 18 years. Sukanya Samriddhi Yojana interest rate is revised on a quarterly basis and the current interest rate is 7.6%*.
Sukanya Samriddhi Yojana Account for NRI
All girl children of Indian nationality are eligible for Sukanya Samriddhi Yojana Scheme. As it is only for girls below 10 years, girls above 10 years or boys can’t open a savings account under this scheme. People like NRI, OCI and PIOs might also want to open a Sukanya Samriddhi Yojana for their children. However, as per the current provisions of the scheme, NRIs are not eligible to open Sukanya Samriddhi account when they reside outside India. But they can open the account for their girl child once they return to India.
Sukanya Samriddhi Yojana: Eligibility for NRI
Sukanya Samriddhi Yojana eligibility for NRI, OCI & PIO girl children is as under:
|Father’s Nationality||Mother’s Nationality||Daughter’s Nationality||Eligibility|
|Indian (NRI)||Indian (NRI)||OCI or PIO||Not eligible|
|Indian and residing outside India||Not Indian residing outside India||OCI or PIO||Not eligible|
|OCI or PIO||OCI or PIO||PIO||Not eligible|
|OCI or PIO residing outside India||OCI or PIO residing outside India||Indian||Not eligible|
|OCI or PIO residing in India||OCI or PIO residing in India||Indian||Eligible|
|OCI or PIO residing outside India||OCI or PIO residing outside India||Indian residing in India||Eligible|
Note: At any time after the SSY account is opened, if the girl child becomes a non-resident, the account will be considered as closed and no interest will be paid.
Sukanya Samriddhi Yojana Interest Rate 2021
The Sukanya Samriddhi Yojana interest rate for the fourth quarter of FY 2020 – 2021 is 7.6%*, compounded annually. The interest rates are decided by the government. Here is the checklist of the historic SSY interest rates:
|Year||SSY interest rate|
|1 January 2021 – 31 March 2021||7.6%|
|1 October 2020 to 31 December 2020||7.6%|
|1 July 2020 to 30 September 2020||7.6%|
|1 April 2020 to 30 June 2020||7.6%|
|1 January 2020 to 31 March 2020||8.4%|
|1 April 2019 to 30 June 2019||8.5%|
|1 January 2019 to 31 March 2019||8.5%|
|1 October 2018 to 31 December 2018||8.5%|
|1 July 2018 to 30 September 2018||8.1%|
|1 April 2018 to 30 June 2018||8.1%|
|1 January 2018 to 31 March 2018||8.1%|
|1 October 2017 to 31 December 2017||8.3%|
|1 July 2017 to 31 September 2017||8.3%|
|1 April 2017 to 30 June 2017||8.4%|
|1 January 2017 to 31 March 2017||8.5%|
|1 October 2016 to 31 December 2016||8.5%|
|1 July 2016 to 30 September 2016||8.6%|
|1 April 2016 to 30 June 2016||8.6%|
|From 1 April 2015||9.2%|
SSY interest rates are the best among other savings schemes, including PPF.
Who is eligible for an SSY account?
Here are the eligibility criteria for opening Sukanya Samriddhi Yojana account:
- Every Indian girl child aged below 10 years at the time of account opening is allowed to open the Sukanya Samriddhi Scheme account.
- A minimum deposit of INR 250 and a maximum of Rs. 1.5 lakh per year can be deposited in a Sukanya Samriddhi account.
- Only parents or legal guardians of the girl can open the account.
- Only one SSY account can be opened for a single girl child.
- A family can open only two Sukanya Samriddhi Accounts – one for each girl child.
Information required for opening SSY account
The account can be opened in any authorized branches of commercial banks or in any post office. Key information of the girl child whose account will be opened and that of parent/guardian will be required. Here are the key details to be filled in the Sukanya Samriddhi Yojana application form:
- Name of girl (Primary account holder)
- Name of parent/guardian of the girl (Joint holder)
- Date of birth of girl child
- Birth Certificate details of the girl child (Certificate number, date when issued, etc.)
- ID Details of Parent/Guardian (Aadhaar, PAN, etc.)
- Present and permanent address (as per ID documents of parent)
- Details of any other KYC Documents (PAN, Voter ID card, etc.)
Sukanya Samriddhi Yojana calculator is a tool that helps depositors to find out the returns they will receive on maturity as per the invested amount, interest rate and tenure. It is very simple to use an SSY calculator online. Just key in the investment amount per year, your girl’s age and start year into the respective fields of SSY calculator. The calculator will show the maturity value depending on the details provided by the user.
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A Non-resident Indian (NRI) can’t open a Sukanya Samriddhi account till the time they live outside India. However, once they return to India, they can start contributing to the SSY scheme.
The SSY account has a tenure of 21 years or until the girl child gets married after the age of 18 years. However, deposits in the account can be made for up to 15 years from the date of account opening.
SSY interest rates are fixed by the Government of India on a quarterly basis on the G-sec yields. So, you can open a Sukanya Samriddhi account in any post office or authorized branches of commercial banks.
No. Technically, NRIs are not allowed to invest in either. A girl child is eligible for Sukanya Samriddhi Scheme only if she is a resident Indian citizen at the time of account opening and remains the citizen until the maturity of the account.
NRIs can consider the following investment options in 2021:
1. Fixed Deposit
2. Mutual Funds
4. National Pension Scheme
5. Real Estate
NRIs can’t open a new PPF account, but in case they already had a PPF account before they became an NRI, they can continue to hold it till maturity.