10/17/2019 Sukanya Samriddhi vs PPF

Sukanya Samriddhi Yojana vs PPF

Given in the table below are the main features of the Sukanya Samriddhi Yojana (SSY) and Public Provident
Fund (PPF) schemes:

Features Sukanya Samriddhi Yojana PPF

The main aim of the scheme is to secure the future of a girl Small savings scheme that provides
Objective
child. good returns over the long run.
Any individual who is a resident
Who can
The parent or legal guardian can open an account on behalf Indian is eligible to open an account.
open an
of a girl child. An account can be opened on behalf
account?
of a minor as well.
Only one account can be opened under a girl child’s name.
Number of An individual can open only one
A maximum of two accounts can be opened in case of two
accounts account under his name.
girl children.
An account can be opened under the name of a girl child An account can be opened on behalf
Age criteria
until she attains the age of 10 years. of a minor as well.
Maturity The tenure of the scheme is 21 years or until the girl gets The lock-in period of the scheme is
period married after she attains the age of 18 years. 15 years.
The minimum and maximum deposits
The minimum and maximum deposits that can be made in
Deposits that can be made in a year are Rs.500
a year are Rs.250 and Rs.1.5 lakh, respectively.
and Rs.1.5 lakh, respectively.
Under Section 80C of the Income Tax
Under Section 80C of the Income Tax Act, tax benefits of
Act, tax benefits of up to Rs.1.5 lakh
Tax benefits up to Rs.1.5 lakh can be availed for contributions made
can be availed for contributions made
towards the scheme.
towards the scheme.
Currently, the rate of interest offered
Rate of Currently, the rate of interest offered by the scheme is
by the scheme is 8.4% p.a. and it is
interest 7.9% p.a. and it is compounded on a yearly basis.
compounded on a yearly basis.
Deposits can be made in the form of
Mode of Deposits can be made in the form of demand draft, cheque,
demand draft, cheque, online transfer,
deposit or cash.
or cash.
Opening of An account can be opened at post offices and banks that An account can be opened at post
account offer SSY offices and banks that offer PPF
Transfer of The account can be transferred from a bank to a post office The account can be transferred from a
account and vice versa. bank to a post office and vice versa.
Complete withdrawal is allowed only after the completion Complete withdrawal is allowed only
Withdrawal
of 21 years. at the time of maturity.
Up to 50% of the amount that is available the previous year Up to 50% of the amount can be
Partial of the withdrawal can be withdrawn for the purpose of withdrawn after the completion of 6
withdrawal education or marriage of the girl child. However, the girl years from the date the account was
child must attain the age of 18 years. opened.

https://www.bankbazaar.com/saving-schemes/sukanya-samriddhi-vs-public-provident-fund.html 3/6