What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings scheme specifically for girl children, launched under the Beti Bachao Beti Padhao campaign. It offers the highest guaranteed interest rate among all small savings schemes — currently 8.2% per annum for 2024–25, compounded annually.
The account matures when the girl turns 21. The entire maturity amount — principal + interest — is completely tax-free. This makes it one of the most powerful long-term savings tools available to Indian families.
How Much Can Your Daughter Get?
📊 Example: ₹12,500/month (₹1.5 lakh/year) for 15 years
📊 Example: ₹1,000/month (₹12,000/year) for 15 years
*Figures are approximate based on 8.2% annual compounding. Actual amount depends on exact deposit dates and any future rate revisions.
Who is Eligible?
- Girl child must be below 10 years of age at the time of account opening
- Account is opened by parent or legal guardian
- Maximum 2 accounts per family (one per girl child)
- Exception: 3 accounts allowed if second birth results in twins/triplets
- The girl must be an Indian citizen and resident
✅ There is no income limit for Sukanya Samriddhi Yojana. Any Indian family with a girl child below 10 years can open the account — rich or poor.
How to Open an Account
- Visit your nearest Post Office or authorised bank
SSY accounts can be opened at any post office and at authorised banks including SBI, PNB, Bank of Baroda, Canara Bank, HDFC, ICICI, Axis, and others. - Fill the SSY account opening form
Available at the post office/bank counter or download from indiapost.gov.in. - Submit documents
Birth certificate of the girl + Aadhaar/ID of parent/guardian + address proof. - Make initial deposit
Minimum ₹250. Pay by cash, cheque, or demand draft. You can also link it to auto-debit from your bank account. - Receive passbook
You will get a passbook showing all deposits and interest credited annually on 31st March.
✅ You can also transfer the SSY account to any post office or bank branch anywhere in India — useful if you relocate.
Documents Required
Deposit Rules & Important Facts
- Minimum deposit: ₹250 per year — if you miss a year, pay ₹50 penalty + ₹250 to reactivate
- Maximum deposit: ₹1.5 lakh per year (deposits above this earn no interest)
- Deposit period: Only for first 15 years from account opening. After that the account earns interest until maturity but no new deposits are needed.
- Maturity: Account matures when girl turns 21, or on marriage after age 18
- Partial withdrawal: 50% of balance allowed after girl turns 18, for education expenses — with proof of admission
- Premature closure: Allowed only in case of girl's death, life-threatening illness, or marriage after 18
Triple Tax Benefit (EEE)
Sukanya Samriddhi is one of very few investments with EEE (Exempt-Exempt-Exempt) tax status:
- ✅ Deposit is tax-exempt: Up to ₹1.5 lakh per year deductible under Section 80C
- ✅ Interest is tax-exempt: No tax on annual interest earned
- ✅ Maturity amount is tax-exempt: Full maturity amount received tax-free
✅ For a family in the 30% tax bracket depositing ₹1.5 lakh/year, the Section 80C deduction alone saves ₹45,000 in taxes every year — in addition to the 8.2% interest.
Official Source
All information on this page is sourced from the Ministry of Finance and India Post. Interest rates are reviewed quarterly by the Government of India.
indiapost.gov.in ↗ · nsiindia.gov.in ↗
This page is for informational purposes only and does not constitute financial advice. Interest rates are subject to revision every quarter. Always verify current rates with your post office or bank before investing. MeraHaq is not affiliated with any government body.