The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to promote the financial security of girl children in India. This scheme, introduced under the Beti Bachao, Beti Padhao initiative, offers high returns, tax benefits, and long-term financial stability for your daughter’s future. If you want to ensure a secure financial future for your child, this guide will help you understand everything about SSY, including its benefits, eligibility, interest rates, and how to maximize returns.
Sukanya Samriddhi Yojana
| Feature | Details |
|---|---|
| Scheme Name | Sukanya Samriddhi Yojana (SSY) |
| Launched By | Government of India |
| Eligibility | Parents/guardians of a girl child below 10 years |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1.5 lakh per year |
| Interest Rate | 8.2% per annum (as of 2024) |
| Tax Benefits | Exempt under Section 80C (EEE status) |
| Maturity Period | 21 years or upon marriage after 18 years |
| Partial Withdrawal | Up to 50% after 18 years (for higher education) |
The Sukanya Samriddhi Yojana is an excellent savings scheme for parents looking to secure their daughter’s financial future. With high interest rates, tax benefits, and government-backed security, it is one of the best long-term investment options. Start investing early to maximize returns and ensure your daughter’s education and marriage expenses are covered.
What is Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana was launched by the Government of India to encourage parents to save for their daughter’s education and marriage expenses. It offers one of the highest interest rates among small savings schemes and comes with tax-free maturity benefits. The scheme operates under the Post Office Savings Account and is regulated by the Ministry of Finance.
Why Should You Invest in SSY?
- Higher Returns: With an 8.2% interest rate (as of 2024), SSY provides better returns compared to fixed deposits or savings accounts.
- Tax Benefits: Under Section 80C, deposits and maturity amounts are completely tax-free.
- Long-Term Wealth Creation: Helps build a substantial fund for higher education and marriage.
- Government-Backed Security: Unlike private investment schemes, SSY is safe and reliable.
see also: Great News! RBI’s New Rule to Increase Bank FD Interest Rates: Millions of Investors to Benefit
Eligibility Criteria for Sukanya Samriddhi Yojana
To open an SSY account, the following criteria must be met:
- The account can only be opened in the name of a girl child below 10 years of age.
- A parent or legal guardian can open and operate the account.
- Only one account can be opened per girl child.
- A family can open a maximum of two accounts (for two daughters).
Documents Required
To open an SSY account, you need the following documents:
- Birth certificate of the girl child
- Identity proof (Aadhaar, PAN, Voter ID of parent/guardian)
- Address proof (Electricity bill, passport, Aadhaar card, etc.)
- Passport-size photographs of both the guardian and the girl child
How to Open a Sukanya Samriddhi Yojana Account
You can open an SSY account at any authorized bank or post office. Follow these steps:
- Visit the nearest post office or bank branch offering SSY services.
- Fill out the Sukanya Samriddhi Yojana account opening form.
- Submit the required documents along with the minimum deposit of ₹250.
- Receive a passbook once your account is activated.
- Make deposits regularly to keep the account active.
Sukanya Samriddhi Yojana Interest Rate 2024
The interest rate for SSY is 8.2% per annum (compounded annually). Here’s a breakdown of how your investment grows:
- Investment Period: 15 years (Deposits must be made for the first 15 years)
- Maturity: After 21 years, or upon the girl’s marriage after turning 18
- Compounding: Interest is compounded annually, leading to significant wealth accumulation
Example Calculation
If you invest ₹1,00,000 per year for 15 years, your total investment will be ₹15,00,000. With an 8.2% annual interest rate, the maturity amount after 21 years will be approximately ₹35,79,000.
How to Withdraw Money from SSY?
- Partial Withdrawal: After the girl turns 18 years old, up to 50% of the account balance can be withdrawn for higher education.
- Full Withdrawal: Allowed after 21 years or upon marriage (after 18 years).
- Premature Closure: Only in special cases such as medical emergencies or death of the guardian.
Tax Benefits of Sukanya Samriddhi Yojana
One of the biggest advantages of SSY is its tax exemption under the EEE (Exempt-Exempt-Exempt) category:
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- Deposits are tax-free under Section 80C.
- Interest earned is tax-free.
- Maturity proceeds are tax-free, ensuring maximum returns.
see also: New Banking Rules Effective from March 2025 Everything You Need to Know
Sukanya Samriddhi Yojana FAQs
1. Can I open multiple SSY accounts for my daughter?
No, only one account per girl child is allowed. However, parents can open accounts for two daughters.
2. What happens if I miss an annual deposit?
A penalty of ₹50 is charged, and the account can be reactivated by paying the minimum deposit.
3. Can NRIs open an SSY account?
No, only Indian residents can open and maintain SSY accounts.
4. Can the account be transferred?
Yes, SSY accounts can be transferred to another bank or post office if you relocate.
5. What happens if the girl child gets married before 21 years?
The account matures after marriage, and funds can be withdrawn after providing marriage proof.
