Are you planning to secure your daughter’s future financially? Sukanya Samriddhi Yojana (SSY) is one of the best savings schemes launched by the Government of India specifically for the girl child. This article explains what SSY is, how it works, its benefits, eligibility, and how you can open an account.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a government-backed small savings scheme launched under the Beti Bachao, Beti Padhao campaign in 2015. It is designed to encourage parents to save for the education and marriage of their girl child.
It offers attractive interest rates, tax benefits, and a secure way to build a future corpus for daughters aged below 10 years.
How Does Sukanya Samriddhi Yojana Work?
Here’s a simple breakdown of how the scheme functions:
- Eligibility: You can open the account for a girl child under 10 years.
- One account per child: Only one SSY account is allowed per girl, and a maximum of two accounts for two girls in a family.
- Deposit: Minimum ₹250/year, and maximum ₹1.5 lakh/year.
- Tenure: You can deposit for 15 years from the account opening date. The account matures after 21 years or when the girl gets married after age 18.
- Interest: Government revises the interest rate quarterly (currently around 8.2% per annum, compounded yearly).
- Tax Benefits: Deposits qualify for deduction under Section 80C of the Income Tax Act. Interest and maturity amount are tax-free.
Key Features of Sukanya Samriddhi Yojana
| Feature | Details |
|---|---|
| Account Holder | Legal guardian/parent of girl child |
| Girl’s Age Limit | Below 10 years |
| Number of Accounts | Max 2 per family (3 allowed in case of twins) |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1.5 lakh per year |
| Deposit Period | 15 years from account opening |
| Account Maturity | 21 years or at marriage after 18 years |
| Premature Withdrawal | Up to 50% after age 18 (for education or marriage) |
| Interest Rate (2024-25 Q1) | ~8.2% p.a. (subject to change) |
| Tax Benefits | 80C deduction + tax-free interest and maturity amount |
How to Open a Sukanya Samriddhi Yojana Account?
You can open the account at Post Offices or authorized banks such as SBI, ICICI, HDFC, etc.
Required Documents:
- Girl child’s birth certificate
- Parent/guardian’s ID proof and address proof
- Passport-size photographs
Steps:
- Visit the nearest post office or authorized bank.
- Fill out the SSY account opening form.
- Submit required documents.
- Deposit minimum amount (₹250 or more).
- Get the passbook issued.
How to Deposit Money?
You can deposit money via:
- Cash
- Cheque
- Online transfer (NEFT/IMPS) at selected banks
- Standing instructions for auto-debit
Sukanya Samriddhi Yojana Calculator (Example)
If you deposit ₹1.5 lakh annually for 15 years at ~8.2% interest:
- Total deposited: ₹22.5 lakh
- Maturity amount: Approx. ₹65+ lakh after 21 years
(Note: Final maturity depends on prevailing interest rates.)
Withdrawal Rules
- After 18 years: You can withdraw up to 50% of the balance for higher education.
- After 21 years: Full withdrawal allowed.
- Premature closure: Allowed in case of death, marriage, or critical illness.
Who Should Invest in Sukanya Samriddhi Yojana?
SSY is ideal for:
- Parents of young girls below 10 years
- Those looking for safe, long-term savings
- Families seeking tax benefits
- People aiming to build funds for education and marriage
Points to Remember
- Account will be closed if minimum ₹250 is not deposited annually (can be revived with penalty).
- Interest is compounded annually, not monthly.
- Once matured, amount is payable only to the girl child, not the parent.
Conclusion
The Sukanya Samriddhi Yojana stands out as one of the most reliable and beneficial saving schemes launched by the Government of India for the welfare of the girl child. It not only encourages long-term financial discipline among parents but also offers a sense of security for the future of their daughters. With its high interest rates, guaranteed returns, and complete tax exemption, this scheme provides a perfect blend of savings, safety, and growth.
Whether you are planning for your daughter’s higher education, her career aspirations, or even her marriage, investing in SSY from an early stage helps you build a solid financial foundation without the burden of high risks. In a world where inflation and education costs are rising rapidly, Sukanya Samriddhi Yojana ensures that your daughter’s dreams are not limited by financial constraints.
If you are a parent or guardian of a girl child under the age of 10, don’t miss the opportunity to give her a bright and financially secure future. Start investing today and let your small savings grow into a big support for tomorrow.
Also Read : Step-by-Step Guide to Apply for E-Shram Card in India