The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of girl children in India. It offers high interest rates, tax benefits, and long-term financial security. If you deposit ₹5000 per year into this account, how much will you get at maturity? Let’s break it down in simple terms.
Sukanya Samriddhi Yojana
| Feature | Details |
|---|---|
| Scheme Name | Sukanya Samriddhi Yojana (SSY) |
| Eligibility | Parents/Guardians of girl child below 10 years |
| Annual Deposit | ₹5000 per year |
| Interest Rate | 8.2% p.a. (as of 2024) |
| Lock-in Period | 21 years from account opening |
| Deposit Duration | 15 years |
| Total Investment | ₹75,000 (over 15 years) |
| Maturity Amount | Approx. ₹223,862 |
| Tax Benefits | Exempt under Section 80C (up to ₹1.5 lakh per annum) |
The Sukanya Samriddhi Yojana (SSY) is one of the best government-backed investment schemes to secure your daughter’s financial future. By depositing ₹5000 per year, you can build a maturity corpus of around ₹223,862—completely tax-free. This scheme is ideal for long-term savings with high returns and risk-free growth. Open an SSY account today and give your daughter a secure future!
What is Sukanya Samriddhi Yojana (SSY)?
The Sukanya Samriddhi Yojana is a small savings scheme launched under the ‘Beti Bachao Beti Padhao’ initiative. It is designed to help parents secure the future of their girl child by allowing them to save systematically while earning compounded interest.
Benefits of SSY
- Higher Interest Rates: The SSY offers 8.2% interest (as of 2024), higher than most fixed deposits.
- Tax-Free Savings: Under Section 80C, deposits, interest, and maturity amount are all tax-exempt.
- Secure & Government-Backed: A risk-free investment backed by the Government of India.
- Long-Term Wealth Creation: Helps parents save for education, marriage, or other life goals.
How Much Will You Earn with a ₹5000 Annual Deposit?
If you deposit ₹5000 every year for 15 years, here’s how your money grows:
| Year | Annual Deposit | Interest Earned | Closing Balance |
|---|---|---|---|
| 1 | ₹5000 | ₹410 | ₹5,410 |
| 5 | ₹5000 | ₹2,358 | ₹31,815 |
| 10 | ₹5000 | ₹5,319 | ₹77,231 |
| 15 | ₹5000 | ₹9,013 | ₹139,576 |
| 21 (Maturity) | 0 | ₹16,913 | ₹223,862 |
How is Interest Calculated?
- Interest is compounded annually, meaning it grows on both the principal and previously earned interest.
- Deposits stop after 15 years, but the account continues earning interest until 21 years.
see also: Post Office Recurring Deposit (RD)
Step-by-Step Guide to Opening an SSY Account
Step 1: Eligibility Check
- Only parents or legal guardians of a girl child below 10 years can open the account.
Step 2: Visit a Bank or Post Office
- SSY accounts can be opened at designated banks and post offices.
Step 3: Fill Out the SSY Application Form
- Provide KYC documents, including:
- Birth certificate of the girl child
- Parent’s Aadhaar/PAN card
- Address proof
Step 4: Make an Initial Deposit
- The minimum deposit is ₹250, and the maximum is ₹1.5 lakh per year.
Step 5: Start Saving Regularly
- Keep depositing before March 31 each year to maximize interest earnings.
Key SSY Rules You Must Know
- Premature Withdrawal: Allowed only under special circumstances like marriage or higher education after 18 years.
- Partial Withdrawals: Up to 50% withdrawal is allowed for education at 18 years.
- Penalty for Non-Deposit: If you miss depositing, a penalty of ₹50 per year applies.
see also: Post Office FD Scheme Will You Get This Much Return on an FD of Rs 5 Lakh?
Sukanya Samriddhi Yojana FAQs
1. Can I open multiple SSY accounts for the same child?
No, only one SSY account per girl child is allowed.
2. Can I withdraw the full amount before 21 years?
No, full withdrawal is only allowed after 21 years unless in special cases like marriage after 18 years.
3. What happens if the depositor dies?
In case of the guardian’s death, the account can be continued by the legal heir or the mother/father.
4. Is there any nomination facility in SSY?
No, only the girl child is the sole beneficiary.
