Sukanya Samriddhi Yojana (SSY)

/ Government Schemes / By

Sukanya Samriddhi Yojana ( सुकन्या समृद्धि योजना ) is a government-backed small savings scheme for the benefit of a girl child. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. SSY accounts can be opened at designated banks or post offices. The Sukanya Samriddhi Yojana Account has a tenure of 21 years or until the girl child marries after the age of 18. The SSY scheme comes with a higher interest rate along with several tax benefits.

Sukanya Samriddhi Yojana (SSY)

What is Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”.

The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.

Eligibility Criteria for Sukanya Samriddhi Yojana

  1. The account can be opened by a parent or legal guardian of the girl’s child
  2. The girl child must be below the age of 10 years
  3. Only one account is allowed for a girl child
  4. A family can open only 2 SSY scheme accounts

Sukanya Samriddhi Yojana Interest Rate 2025

SSY Interest Rates are declared by the government quarterly. For Q4 (January-March) FY 2024-25,

Sukanya Samriddhi Yojana interest rate has been set at 8.2% p.a.

Benefits of Sukanya Samriddhi Yojana Scheme

Here are the primary Sukanya Samriddhi Yojana benefits-

  • Economic: SSY is an affordable option when it comes to saving up money for your girl child. Only a minimum account balance of Rs 250 per fiscal year is required to maintain an SSY account.
  • Good Interest Rates: The scheme offers high interest rates when compared to other schemes offered by the government
  • Tax Benefits: One can claim tax deductions under Section 80C up to Rs 1,50,000. Also, the interest accrued on SSY and proceeds received upon maturity/withdrawal are exempt from tax.
  • Assurity of Returns: One can receive guaranteed returns upon maturity.

How to Invest in Sukanya Samriddhi Yojana (SSY)

Documents required to open a SSY account are-

  1. Birth certificate of the girl child
  2. Photo ID of applicant’s parent or legal guardian
  3. Address proof of applicant’s parent or legal guardian
  4. Other KYC proofs such as PAN, Voter ID.

How to Apply for Sukanya Samriddhi Yojana

  • Fill up the form with key details of the girl child and a parent or legal guardian.

    Following are the key mandatory fields to be filled in Sukanya Samriddhi Yojana scheme form-
  • Primary Account Holder – Name of Girl Child
  • Joint Holder – Name of A parent or legal guardian
  • Initial deposit amount
  • Cheque/DD Number and Date for the initial deposit
  • Date of Birth of girl child along with Birth Certificate details
  • Identity of Parent or legal guardian such as Driving License, Aadhaar, etc.
  • Present and Permanent Address (as per the ID document of the parent or legal guardian)
  • Details of other KYC proofs such as PAN, Voter ID card, etc

FAQs

How long is the Sukanya Samriddhi Yojana account active?
  • The account can be operated for 21 years from the date of opening, or until the girl child gets married after turning 18, whichever comes first.
  • Deposits can be made for the first 15 years, but the account continues to earn interest for the next 6 years without further contributions.
What are the tax benefits of Sukanya Samriddhi Yojana?
  • Section 80C: Contributions made to SSY are eligible for tax deduction under Section 80C of the Income Tax Act, subject to the overall limit of ₹1.5 lakh.
  • Tax-free Interest: The interest earned on the SSY account is completely tax-free.
  • Tax-free Maturity: The maturity amount, including interest, is also exempt from tax.

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