Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana secures your girl's future with an 8.2% interest rate and tax benefits under Section 80C.
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Sukanya Samriddhi Yojana
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3 mins
09 December, 2024

Sukanya Samriddhi Yojana is a government-backed small savings scheme that helps parents secure the future of their girl child. This scheme can be easily opened at post offices and designated private or public banks in the form of savings account in the girl's name. The interest rates for Sukanya Samriddhi Yojana are declared quarterly.

Sukanya Samriddhi Account (SSA)

S.No.

Circle

Sukanya Samriddhi Account

Deposit (in Rupees)

1

Andhra Pradesh

10313

27205000

2

Assam

8721

6325700

3

Bihar

15578

15607700

4

Chhattisgarh

5921

5050300

5

Delhi

4338

6368650

6

Gujarat

13427

12386900

7

Haryana

5775

9813350

8

Himachal Pradesh

2161

6134650

9

Jammu & Kashmir

1458

3705500

Fixed Deposit

  1. Trusted by over 5 lakh customers
  2. Fixed Deposits worth more than Rs. 50,000 crore booked
  3. Rated CRISIL AAA/STABLE and [ICRA]AAA(STABLE)
  4. Special tenure of 18, 22, 33, 42 and 44 months offered for higher returns
  5. Up to 0.40% p.a. extra interest offered for senior citizens
  6. Flexible interest payout options available - Monthly, Quarterly, Half-yearly, Annually or at Maturity

By proceeding, you agree to our Terms and Conditions

Sukanya Samriddhi Yojana: Age Limit and Maturity Period

Opening SSY Account

A girl child can have only one Sukanya Samriddhi Yojana (SSY) account. It can be opened at any post office or authorized commercial bank branch until the girl child reaches the age of 10 years.

Beneficiary of SSY

Any resident Indian girl child can be a beneficiary under SSY from the time of account opening until maturity or closure.

Deposits under SSY

A guardian can deposit and manage the account until the girl child turns 18, after which she must operate it herself. The minimum deposit is Rs. 250, with increments of Rs. 50, and a maximum deposit of Rs. 1,50,000 per financial year, for up to 15 years. Deposits can be made via cash, cheque, demand draft, or online transfer.

Features of Sukanya Samriddhi account scheme

The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the future of girl children in India. Here are 10 key features of this beneficial program:

  1. Minimum & maximum deposit: You can contribute a minimum of Rs. 250/- and a maximum of Rs. 1.5 Lakh in a financial year towards the SSY account.
  2. Opening age: An account can be opened for a girl child up to the age of 10 years.
  3. One account per child: Only one SSY account can be opened in the name of a single girl child.
  4. Accessibility: Accounts can be opened at authorized banks and post offices across India, making it convenient for everyone.
  5. Education withdrawal: Partial withdrawals are allowed for the girl child's higher education expenses after she reaches adulthood.
  6. Premature closure for marriage: The account can be prematurely closed in case of the girl child's marriage after she turns 18 years old.
  7. Transferability: The SSY account can be easily transferred anywhere in India from one post office or bank to another.
  8. Maturity period: The account matures after a period of 21 years from the date of opening.
  9. Tax benefits (Deposit): Contributions made towards the SSY account qualify for tax deductions under Section 80C of the Income Tax Act.
  10. Tax benefits (Interest): The interest earned on the SSY account is exempt from Income Tax under Section 10 of the Income Tax Act.

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana offers several benefits, making it an attractive savings scheme for the future of a girl child. Here are some key advantages:

1. High-Interest Rates:

Sukanya Samriddhi Yojana offers competitive interest rates, typically higher than those of regular savings accounts or fixed deposits.

2. Tax Benefits:

Contributions made to the Sukanya Samriddhi Yojana account are eligible for tax deductions under Section 80C of the Income Tax Act, helping parents save on their taxable income.

3. Long-Term Investment:

The scheme has a long tenure, allowing for substantial savings and growth over time, making it suitable for achieving long-term financial goals.

4. Compound Interest:

The interest is compounded yearly, boosting the savings significantly over the years.

5. No Risk:

Sukanya Samriddhi Yojana is a government-backed scheme, ensuring the safety of the investment and providing peace of mind to parents.

6. Educational and Marriage Goals:

The scheme encourages parents to save specifically for their daughter's education and marriage, ensuring financial support for these important life events.

7. Empowerment:

By securing the financial future of the girl child, SSY empowers her with the means to pursue higher education and build a better future.

8. Easy Account Opening:

Opening an Sukanya Samriddhi Yojana account is a straightforward process, and it can be done at authorized banks or post offices.

Tax benefits of Sukanya Samriddhi Yojana

1. Deduction under Section 80C:

Investments in SSY are eligible for tax deductions up to Rs. 1.5 lakh per year, reducing your taxable income.

2. Tax-free interest:

The interest earned on your SSY account is completely exempt from income tax.

3. Exempt-Exempt-Exempt (EEE) status:

This means the invested amount, interest earned, and maturity amount are all tax-free.

4. Tax-free withdrawals:

Partial withdrawals for education and medical purposes (after the girl child turns 18) are also exempt from tax.

Pro tip

Bajaj Finance launches a new variant, "FD Max", for investments upto Rs. 25,000 . Bajaj Finance is providing one of the highest interest rates of up to 8.85% p.a.for senior citizens and 8.60% p.a. for non-senior citizens , in this variant.

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Sukanya Yojana Interest Rates 2024

The Sukanya Samriddhi Yojana interest rate is fixed by the government and reviewed every quarter. The Sukanya Samriddhi Yojana interest rate for 2024 is 8.2%.

SSY Interest Rate

8.2% p.a. for (Q3 Oct – Dec) FY 2024-25).

Investment Amount

Minimum - Rs.250; Maximum Rs.1.5 lakh p.a.

Maturity Amount

It depends on the amount invested

Maturity Period

21 years


Sukanya Samriddhi Yojana (SSY) Interest Rates: Previous Rates

Time Period

SSY Interest Rate (% annually)
Oct to Dec (Q3 FY 2024 - 25) 8.2
July to Sep 2024 (Q2 FY 2024-25) 8.2

Apr to Jun 2024 (Q1 FY 2024-25)

8.2

Jan to Mar 2023 (Q4 FY 2022-23)

7.6

Oct to Dec 2022 (Q3 FY 2022-23)

7.6

Jul to Sep 2022 (Q2 FY 2022-23)

7.6

Apr to Jun 2022 (Q1 FY 2022-23)

7.6

Jan to Mar 2022 (Q4 FY 2021-22)

7.6

Oct to Dec 2021 (Q3 FY 2021-22)

7.6

Jul to Sep 2021 (Q2 FY 2021-22)

7.6

Apr to Jun 2021 (Q1 FY 2021-22)

7.6

Jan to March 2021 (Q4 FY 2020-21)

7.6

Oct to Dec 2020 (Q3 FY 2020-21)

7.6

Jul to Sep 2020 (Q2 FY 2020-21)

7.6

Apr to Jun 2020 (Q1 FY 2020-21)

7.6

Jan to March (Q4 FY 2019-20)

8.4

Oct to Dec 2019 (Q3 FY 2019-20)

8.4

Jul to Sep 2019 (Q2 FY 2019-20)

8.4

Apr to Jun 2019 (Q1 FY 2019-20)

8.5

Jan to March 2019 (Q4 FY 2018-19)

8.5

Oct to Dec 2018 (Q3 FY 2018-19)

8.5

Jul to Sep 2018 (Q2 FY 2018-19)

8.1

Apr to Jun 2018 (Q1 FY 2018-19)

8.1

Jan to March 2018 (Q4 FY 2017-18)

8.1

Oct to Dec 2017 (Q3 FY 2017-18)

8.3

Jul to Sep 2017 (Q2 FY 2017-18)

8.3

Apr to Jun 2017 (Q1 FY 2017-18)

8.4


If you're looking for an alternative to the Sukanya Samriddhi Yojana, consider a Bajaj Finance Child FD. Start investing in a Bajaj Finance Fixed Deposit right away to secure your child's future.

Calculation of Sukanya Samriddhi Yojana interest

Interest for the Sukanya Samriddhi Yojana account is calculated on the minimum balance between the 5th and the end of each calendar month. This interest is credited once annually at the end of the financial year.

The formula for calculating Sukanya Samriddhi Yojana account interest is:

A = P(1+r/n)^nt

Where:

  • P represents the initial deposit
  • r is the rate of interest
  • n is the number of times interest is compounded per year
  • t is the number of years
  • A is the maturity amount

Since Sukanya Samriddhi Yojana interest compounds annually.

Also read: Ladli Laxmi Yojana

Eligibility criteria for opening a Sukanya Samriddhi Yojana account

  • Only parents or legal guardians of the girl child can open a Sukanya Samriddhi Account in the girl's name
  • The girl child should be less than 10 years old at the time of account opening
  • The investment can start at Rs. 250 and go up to Rs. 1,50,000 annually
  • A single girl child cannot have multiple Sukanya Samriddhi Accounts
  • Only two Sukanya Samriddhi Accounts are allowed per family, i.e., one for each girl child

If you're looking for an alternative to the Sukanya Samriddhi Yojana, consider a Bajaj Finance FD. Start investing in a Bajaj Finance Fixed Deposit right away to secure your child's future.

How to Invest in Sukanya Samriddhi Yojana (SSY)?

Through participating public and private banks as well as post offices, investors can apply for the Sukanya Samriddhi Scheme. Investors must follow the steps outlined below and submit the following document:

Documents needed to create an account:

  • Certificate of birth for the daughter.
  • The applicant's parent or legal guardian's photo ID.
  • Provide evidence of the applicant's guardian or parent.
  • Other KYC documentation, such voter ID and PAN.

Also read: BBBP scheme

Sukanya Samriddhi Yojana online payment

To make online payments towards your SSY account, download the IPPB app on your smartphone. Through this app, you can set standing instructions for automatic transfers. Follow these steps:

  1. Transfer money from your bank account to the IPPB account.
  2. In the IPPB app, go to the DOP Products/Services tab and select the Sukanya Samriddhi Yojana account.
  3. Enter your SSY account number and customer ID.
  4. Choose the amount you want to pay and the installment duration.
  5. IPPB will confirm the successful setup of the payment routine.

You will receive notifications each time the app makes a money transfer.

Rules for Premature Withdrawal from SSY Account

You can request an early closure of the Sukanya Samriddhi account only in the following scenarios:

1. Marriage of the Girl Child:

If your daughter has reached 18 years and is getting married, you can apply for premature closure. This request must be made within one month before or three months after the wedding, accompanied by age-proof documents. You can withdraw up to fifty percent of the balance from the preceding financial year without incurring any tax implications.

2. Demise of the Girl Child:

In the unfortunate event of the girl child's death, you can close the account prematurely. A death certificate must be provided, and the entire corpus of the Sukanya Samriddhi Account, along with accrued interest up to the month before closure, will be paid to the guardian. No taxes will be imposed on premature closure.

3. Change in Residency or Citizenship:

If the girl child's status changes, such as becoming a non-resident or acquiring citizenship in another country, you can opt for premature closure. As the guardian, you should submit documents reflecting the alteration in her residency or citizenship status within one month.

4. Special Circumstances:

If the account has been active for at least five years, and the bank or post office believes that continuing the account for the girl child is impractical due to reasons like the guardian's demise or the child's illness, you may request premature closure.

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Sukanya Samriddhi Yojana closure rules

A. Closure on Maturity:

The SSY account matures when the girl turns 21. The entire balance, including interest, will be paid out after submitting an application along with proof of identity, residence, and citizenship.

B. Premature Closure:

Premature closure is permitted under the following conditions:

  1. Marriage: If the girl is 18 or older, an application (Form-4) can be submitted for closure between one month before and three months after the marriage, with age proof documents.
  2. Death: In case of the girl's death, the balance, along with interest, will be paid to the guardian upon submission of the death certificate.
  3. Medical Reasons: If the girl has a life-threatening illness or the guardian passes away, premature closure may be allowed.
  4. Status Change: If the girl becomes a non-resident or non-citizen of India, the status change must be reported within one month for account closure.
  5. Undue Hardship: After 5 years from opening the account, if continued operation causes undue hardship (e.g., guardian’s death, medical issues), the account may be closed early.
  6. Other Reasons: For other reasons, closure is allowed, but the deposited amount will earn interest at the rate applicable to post office savings accounts.

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Frequently asked questions

Is the maturity amount on withdrawal from the SSY account taxable?

The maturity amount from the SSY account is not taxable as it is fully exempt of the Income Tax Act.

What is the maximum amount of deduction for SSY account deposits? How to claim a deduction?

The maximum deduction allowed for SSY account deposits is up to Rs. 1.5 lakh per financial year under Section 80C of the Income Tax Act. To claim this deduction, you need to keep records of the deposits made as evidence.

How to apply for Sukanya Samriddhi Yojana online?

You can apply for Sukanya Samriddhi Yojana online through authorized banks and post offices that offer this facility.

How to check Sukanya Samriddhi Yojana account balance?

You can check your Sukanya Samriddhi Yojana account balance by visiting the bank or post office where the account was opened. They will provide you with the account statement, or you can inquire about the balance in person.

What is the minimum amount required to open an account under Sukanya Samriddhi Yojana?

The minimum amount required to open an account under Sukanya Samriddhi Yojana is Rs. 250, but it may vary depending on the institution. It's advisable to check with the specific bank or post office for their minimum deposit requirement.

What is the locking period of Sukanya Yojana?

The Sukanya Samriddhi Yojana account matures after 21 years from the date of opening or until the girl child gets married, whichever occurs earlier.

What is the frequency of investment allowed under Sukanya Samriddhi Yojana?

Under Sukanya Samriddhi Yojana, you can invest at any frequency as long as you meet the minimum annual deposit requirement, which is Rs. 250.

What is SSY Rs. 5,000 per month?

SSY Rs. 5,000 per month refers to a regular monthly contribution of Rs. 5,000 to a Sukanya Samriddhi Yojana (SSY) account. This translates to an annual investment of Rs. 60,000, which falls well within the scheme's yearly limit of Rs. 1.5 lakh. Over the 15-year investment period, this consistent contribution can potentially lead to a significant corpus at maturity, helping secure your daughter's financial future.

How much money will I get after 21 years of Sukanya Samriddhi Yojana?

The maturity amount in SSY after 21 years depends on your contribution amount and the prevailing interest rates.

Is Sukanya a good investment?

Yes, Sukanya Samriddhi Yojana (SSY) is considered a good investment for parents of girl children. It offers a high-interest rate, tax benefits, and long-term financial security for the girl’s education and marriage.

What if the father dies in Sukanya Samriddhi Yojana?

If the father dies in Sukanya Samriddhi Yojana, the account can remain active. The guardian, such as the mother or legal guardian, can continue making deposits. The accumulated amount remains secure and continues to earn interest.

Is it mandatory to deposit every year in Sukanya Samriddhi?

Yes, it is mandatory to deposit a minimum of Rs. 250 every year to keep the Sukanya Samriddhi account active. Failing to do so may result in the account being considered inactive or dormant.

Is Sukanya Samriddhi Yojana monthly?

No, Sukanya Samriddhi Yojana is not a monthly scheme. You can make deposits at any time during the year, either in a lump sum or in installments, but there is no specific requirement for monthly deposits.

How many years need to pay for Sukanya Samriddhi Yojana?

Deposits towards the Sukanya Samriddhi Yojana (SSY) account need to be made for 15 years from the date the account is opened. This ensures regular contributions towards the girl child's future. Even after the 15-year investment period, the SSY account continues to earn interest on the accumulated balance. This interest is compounded annually, further increasing the girl child's corpus. The Sukanya Samriddhi Yojana account matures after 21 years from the date of opening. This provides a long-term investment horizon for the girl child's future needs.

What is sukanya yojana 250 per month?

The Sukanya Samriddhi Yojana (SSY) allows you to invest as little as Rs 250 per month towards a girl child's future. This government scheme offers a flexible way to save for her long-term needs, even if you can't contribute a large sum at once.

Is Sukanya tax free?

Yes, Sukanya Samriddhi Yojana offers triple tax benefits! This means:

  • Deposits you make: Get tax deductions under Section 80C (up to Rs 1.5 lakh).
  • Interest earned: Grows tax-free throughout the investment period.
  • Maturity amount: Withdrawn completely tax-free for the girl's benefit.

Is Sukanya good or bad?

The Sukanya Samriddhi Yojana (SSY) is a good option for guaranteed returns and tax benefits for your daughter's future. However, it offers lower returns compared to some riskier investment options like equity mutual funds.

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