Sukanya Samriddhi Yojana (SSY) is a government-supported savings plan designed to secure the future of girl children in India. Launched under the “Beti Bachao, Beti Padhao” initiative, the scheme aims to empower girls and ensure they have financial security. With attractive interest rates and tax advantages, it is a popular choice for parents and guardians looking to save for their daughter’s education and marriage.
This article will explain how Sukanya Samriddhi Yojana works, who is eligible, its benefits, and how to open an account. We’ll also answer common questions to help you understand the scheme better.
- What is Sukanya Samriddhi Yojana?
- Sukanya Samriddhi Yojana Calculator
- Eligibility Criteria for Sukanya Samriddhi Yojana
- How to Open a Sukanya Samriddhi Yojana Account?
- Sukanya Samriddhi Yojana Interest Rate and Benefits
- Sukanya Samriddhi Yojana Deposit Rules
- Sukanya Samriddhi Yojana Withdrawal Rules
- Tax Benefits of Sukanya Samriddhi Yojana
- Frequently Asked Questions (FAQs)
- Conclusion
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a savings scheme created to secure the future of a girl child. It allows parents or guardians to open an account in their daughter’s name. The scheme offers a high interest rate and tax benefits, making it a great long-term investment.
This program is part of the government’s efforts to promote gender equality, support girls’ education, and ensure their overall welfare. It helps provide the financial support a girl needs as she grows up.
Sukanya Samriddhi Yojana (SSY) Overview
| Scheme Name | Sukanya Samriddhi Yojana (SSY) |
|---|---|
| Launched By | Government of India under the “Beti Bachao, Beti Padhao” initiative |
| Purpose | Secure the financial future of girl children |
| Eligibility | – Girl child under 10 years – Max 2 accounts per family |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1.5 lakh per year |
| Interest Rate | 8.2% (Jan-Mar 2024), compounded annually |
| Tax Benefits | Deductions under Section 80C; tax-free interest and maturity proceeds |
| Maturity Period | 21 years or upon the girl’s marriage after 18 |
| Withdrawal Rules | – 50% after 18 for education – Full on maturity |
| Opening Methods | – Offline: Bank/Post Office – Online: IPPB app |
| Required Documents | Birth certificate, ID proof, address proof, KYC docs |
| Safety | Government-backed, secure investment |
Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana Calculator
Eligibility Criteria for Sukanya Samriddhi Yojana
To open an SSY account, you need to meet certain eligibility criteria. These include:
- To open a Sukanya Samriddhi Yojana account, the girl child must be under 10 years old.
- Only the parent or legal guardian of the girl can open the account.
- Each girl can have only one account. A family can open two accounts if they have two daughters.
- The account can be opened with a minimum deposit of Rs. 250 per year, and you can deposit up to Rs. 1.5 lakh per year.
How to Open a Sukanya Samriddhi Yojana Account?
You can open a Sukanya Samriddhi Yojana account either offline or online. Let’s look at both methods.
Opening SSY Account Offline
To open a Sukanya Samriddhi Yojana account, follow these steps:
- Visit a post office or bank that offers the scheme.
- Fill out the application form with your details.
- Submit the required documents:
- Birth certificate of the girl child.
- ID proof of the parent or guardian (e.g., Aadhar card, voter ID, passport).
- Address proof of the parent or guardian.
- KYC documents (e.g., PAN card, voter ID).
- Make the initial deposit (minimum Rs. 250) using cash, cheque, or demand draft.
- The bank or post office will process your application and open the account.
- You will receive a passbook for the account.
Opening SSY Account Online
To open a Sukanya Samriddhi Yojana account online, follow these steps:
- Download the India Post Payments Bank (IPPB) app from your smartphone’s app store.
- Register on the app and link your bank account.
- Choose Sukanya Samriddhi Yojana from the list of services.
- Enter the required details of the girl child and the parent/guardian.
- Make the initial deposit using online payment.
- Your SSY account will be activated, and you will receive an acknowledgment.
Sukanya Samriddhi Yojana Interest Rate and Benefits
One of the most attractive features of the Sukanya Samriddhi Yojana (SSY) is its high interest rate. The interest is compounded annually, and as of the current quarter, it is set at 8.2% per annum.
Interest Rate History (Past 1 Year)
| Period | Interest Rate |
|---|---|
| Jan 2024 – Mar 2024 | 8.2% |
| Oct 2023 – Dec 2023 | 8.0% |
| Apr 2023 – Jun 2023 | 8.0% |
| Jan 2023 – Mar 2023 | 7.6% |
This interest rate is higher than most other small savings schemes, ensuring that your savings grow substantially over time.
Key Benefits of Sukanya Samriddhi Yojana
Here are the key benefits of the Sukanya Samriddhi Yojana:
- High Interest: The scheme offers a higher interest rate than regular savings accounts and most fixed deposits.
- Tax Benefits: Contributions to the SSY are eligible for tax deductions under Section 80C (up to Rs. 1.5 lakh). The interest earned and the maturity proceeds are also tax-free.
- Long-Term Investment: The account matures after 21 years or when the girl turns 18 and gets married, providing long-term financial security.
- Premature Withdrawal: After the girl turns 18, you can withdraw up to 50% of the balance for her higher education.
- Government Security: As a government-backed scheme, SSY is very safe and not affected by market risks.
Sukanya Samriddhi Yojana Deposit Rules
- Minimum Deposit: Rs. 250 per year.
- Maximum Deposit: Rs. 1.5 lakh per year.
- The deposit must be made annually.
- No deposit can be made after the girl turns 21 years, except for the last year of the account, where you can still contribute to the account.
Sukanya Samriddhi Yojana Withdrawal Rules
Withdrawal from the SSY account is allowed under certain conditions:
- After the girl turns 18, you can withdraw up to 50% of the balance. This can be used for her higher education or other needs.
- The entire balance, including both the principal and interest, can be withdrawn when the account matures, which is after 21 years.
Premature Withdrawal Rules
The scheme allows premature closure under the following conditions:
- If the parent/guardian faces a financial emergency.
- Medical treatment of the girl child in case of life-threatening diseases.
Tax Benefits of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana offers great tax benefits:
- The money you invest in SSY is eligible for tax deductions under Section 80C of the Income Tax Act.
- The interest earned on the account is tax-free.
- The maturity amount you receive after 21 years is also tax-free.
Frequently Asked Questions (FAQs)
No, a parent can only open one account per daughter. A family can have a maximum of two SSY accounts.
The minimum deposit required to open and maintain the account is Rs. 250 per year.
Yes, Sukanya Samriddhi Yojana is backed by the Government of India, making it a very safe and secure investment option.
If you miss a deposit, the account will become inactive. However, you can reactivate the account by paying the outstanding amount, along with a penalty fee.
Yes, you can open an SSY account online through the IPPB app or the website of the participating bank or post office.
Conclusion
Sukanya Samriddhi Yojana is a great way to secure your girl child's future. With its high-interest rates, tax benefits, and government backing, it is one of the best long-term savings options in India. Whether you're saving for her education or marriage, this scheme helps build a strong financial foundation for her.
By understanding the eligibility, benefits, and rules of the scheme, you can make an informed decision and fully take advantage of the Sukanya Samriddhi Yojana to protect your daughter’s future.