The Sukanya Samriddhi Yojana is a small deposit scheme introduced by the Ministry of Finance exclusively for the benefit of girl children. As part of the Beti Bachao Beti Padhao campaign, this scheme aims to assist in meeting the educational and marriage expenses of a girl child. Officially notified by the Government of India on December 14, 2014, SSY encourages parents to create a fund for the future financial needs of their female child. In this article, we will talk about the “Sukanya Samriddhi Scheme” in detail. I am certain that by the end of the article, you won’t be left with any confusion regarding the same.
What is Sukanya Samriddhi Yojana ?
The Sukanya Samriddhi Yojana (SSY) is a scheme launched exclusively for a girl child by the Ministry of Finance. It was launched on January 22, 2015 by the Prime Minister. The scheme has been launched to take care of the education and marriage expenses of a girl child. Through this scheme, parents are encouraged to build a fund for the future education and marriage expenses of their female child.
SSY applications can be submitted through Post Offices or branches of Public Sector Banks and select Private Sector Banks, including HDFC Bank, Axis Bank, and ICICI Bank. The account can be opened by a parent or legal guardian of a girl child who is below the age of 10 years. Only one account is allowed per girl child, and a family can open a maximum of two SSY accounts.
The scheme requires a minimum annual investment of ₹250 and permits a maximum investment of ₹1,50,000. The maturity period is 21 years, with a current interest rate of 8.0%. Importantly, the principal amount deposited, interest earned over the tenure, and maturity benefits are all tax-exempt. The principal amount is deductible under section 80C up to ₹1,50,000.
Sukanya Samriddhi Yojana Highlights
| Sukanya Samriddhi Yojana (SSY) Highlights | |
| Sukanya Samriddhi Yojana Launch Date | January 22,2015 |
| Sukanya Samriddhi Yojana Official Website | SSY Official Website |
| Sukanya Samriddhi Yojana Objective | To provide a high-interest small saving scheme for the girl child’s education and marriage |
| Sukanya Samriddhi Yojana Age Limit | Not more than 10 years |
| Sukanya Samriddhi Yojana No of Accounts | Only one account per child. A maximum of two accounts can be opened as a family. |
| Sukanya Samriddhi Yojana Minimum Investment | ₹250 per annum |
| Sukanya Samriddhi Yojana Maximum Investment | ₹1,50,000 per annum. |
| Sukanya Samriddhi Yojana Maturity Period | Till the girl child attained 21 years of age |
| Sukanya Samriddhi Yojana Interest Rate (Latest 2023) | 8% |
| Does this scheme come under tax exemption of 80C | Yes, up to ₹1,50,000 per annum. |
| Sukanya Samriddhi Yojana Helpline Number | |
Trivia:
Since the inception of the scheme, around 2.73 crore accounts have been opened under the scheme, having nearly ₹ 1.19 Lakh Crore deposits. This Scheme is a part of the Beti Bachao Beti Padhao Campaign
Sukanya Samriddhi Yojana Benefits
There are numerous benefits of the SSY Scheme. It is like a gift of financial freedom to give to her/his girl child. Here are the few benefits of opening a Sukanya Samriddhi account.
- Flexible Investment Options: You can start with a minimum investment of ₹250 per year, with the flexibility to invest up to ₹1,50,000 annually.
- Extended Maturity Period: SSY has a long-term commitment with a maturity period of 21 years.
- Competitive Interest Rates: Enjoy the highest interest rates among all Small Savings Schemes, currently at 8.0% (2023)
- Tax Benefits: Avail tax exemptions under Section 80C for the principal amount, interest earnings, and maturity benefits.
- Geographical Flexibility: Easily transfer your SSY account across India, allowing flexibility in managing your investments.
- Post-Maturity Interest Payout: Even after maturity, your SSY account continues to earn interest if you choose not to close it.
- Premature Withdrawal Option: You have the option for premature withdrawal, allowing access to up to 50% of the investment after the child turns 18, irrespective of marriage plans.
Sukanya Samriddhi Yojana Eligibility Criteria
- Anyone who has a girl child who has not attained the age of 10 years.
- Under this scheme, only one Sukanya Samriddhi account can be opened in the name of one girl child.
- Please note that an account under this Scheme may be opened for a maximum of two girl children in one family. If more than 2 girl children are in the family, only the first 2 orders of girl child shall be covered. In the case of twins/ surviving triplets, the 2nd order will not be considered.
Sukanya Samriddhi Yojana Documents Required
Here are the following documents that are required to open a Sukanya Samriddhi account in the Post Office/Bank.
- Birth certificate of the girl child
- Photo ID of applicant’s parent or legal guardian
- Address proof of applicant’s parent or legal guardian
- KYC proofs such as PAN, and Voter ID.
- Sukanya Samriddhi account opening form.
- A medical certificate must be submitted in case multiple children are born under one birth order.
- Any other documents requested by the bank or post office.
How to Apply for SSY Offline?
You can open an SSY Sukanya Samriddhi account at any participating bank or Post Office branch nearby. To open an SSY account, you need to complete the steps provided below:
- Visit the bank or Post Office where you want to open the account.
- Fill out the SSY application form with the necessary information and attach any supporting documents.
- Pay the first deposit in cash, check, or demand draft. The payment can range between Rs.250 and Rs.1.5 lakh.
- Your application and payment will be processed by the bank or the Post Office.
- After processing, your SSY account will be activated. You will be given a passbook to commemorate the account’s opening.
Can I Open a Sukanya Samriddhi Account Online?
No. Presently, neither authorized bank branches nor post offices are allowed to open a Sukanya Samriddhi Account online. However once the account is opened after submission of all the documents, you can set the standing instructions online. You can contact the nearest bank/Post office to open the SSY account for your girl child. Once the SSY Account is opened, you can pay the monthly installments through internet banking.
You can download the SBI – SSY Account form ( Revised) to open a Sukanya Samriddhi Account.
How to open a Sukanya Samriddhi Account Online in the Post Office?
As stated above, presently there is no facility available to open an SSY account online in the Post Office, however, the Post Office provides doorstep services which you can use to open your girl child Sukanya Samriddhi Account. You have to bear nominal charges for the doorstep services and you can open the SSY account from the comfort of your home. After opening the SSY Account, you can pay the monthly installments through IPPB Mobile banking.
Please Note: If a deposit is not made every year, the account will fall under ‘Account under default’. You have to pay Rs 50 to reactivate the account.
What is the SSY Enrollment Period and How much do I have to pay?
The maturity period of SSY is till the girl child attains the age of 21 years. However, the years of investment in this scheme depend on which age parents start investing in the scheme. The maximum years of investment in the SSY scheme are 15 years. The girl child must not exceed the age of 10 years to apply for the scheme. The amount payable will depend on how much one would like to invest. The minimum contribution to this scheme is 250 rupees however the maximum can go up to 1.5 lakh.
Sukanya Samriddhi Yojana – SSY Calculator
You can calculate the SSY amount using the SSY calculator. This calculator will accurately calculate the amount that you are going to receive after your girl child turns 21 yrs of age. You just have to enter the monthly/ yearly amount you are going to invest in the scheme and the SSY Calculator will accurately provide the SSY Amount to you.
Sukanya Samriddhi Yojana Interest Rate History
Right from the inception of the scheme, Sukanya Samriddhi Yojana, the government has provided exciting interest rates. The latest SSA Interest rate for the October- December 2023 quarter is 8%
To know the entire SSA Interest rate history, please look at the table below.
| PERIOD | RATE OF INTEREST (%) |
| 03.12.2014 TO 31.03.2015 | 9.1 |
| 01.04.2015 TO 31.03.2016 | 9.2 |
| 01.04.2016 TO 30.09.2016 | 8.6 |
| 01.10.2016 TO 31.03.2017 | 8.5 |
| 01.04.2017 TO 30.06.2017 | 8.4 |
| 01.07.2017 TO 31.12.2017 | 8.3 |
| 01.01.2018 TO 30.09.2018 | 8.1 |
| 01.10.2018 TO 30.06.2019 | 8.5 |
| 01.07.2019 TO 31.03.2020 | 8.4 |
| 01.04.2020 TO 31.03.2023 | 7.6 |
| 01.04.2023 TO 30.06.2023 | 8.0 |
| 01.07.2023 TO 31.09.2023 | 8.0 |
| 01.10.2023 TO 31.12.2023 | 8.0 |
Sukanya Samriddhi Yojana Bank List
Sukanya Samriddhi’s Account can be opened at any Public Sector Bank and three private banks i.e. HDFC Bank, Axis Bank, and ICICI Bank. You can also open the SSA at any post office of Indian Post Payment Bank. Here is the list of Public Sector Banks that can help you in opening a Sukanya Samriddhi Account.
| Public Sector Bank Name | Headquarter |
| Bank of Baroda | Vadodara, Gujarat |
| Bank of India | Mumbai, Maharashtra |
| Bank of Maharashtra | Pune, Maharashtra |
| Canara Bank | Bengaluru, Karnataka |
| Central Bank of India | Mumbai, Maharashtra |
| Indian Bank | Chennai, Tamil Nadu |
| Indian Overseas Bank | Chennai, Tamil Nadu |
| Punjab and Sind Bank | New Delhi, Delhi |
| Punjab National Bank | New Delhi, Delhi |
| State Bank of India | Mumbai, Maharashtra |
| UCO Bank | Kolkata, West Bengal |
| Union Bank of India | Mumbai, Maharashtra |
| Private Sector Bank | Headquarter |
| HDFC Bank | Mumbai, Maharashtra |
| Axis Bank | Mumbai, Maharashtra |
| ICICI Bank | Mumbai, Maharashtra |
Do note that if a deposit is not made every year, the account will fall under ‘Account under default’. The account can be reactivated by paying a fine of Rs.50 per year that you defaulted on making a deposit. The reactivation can happen up to 15 years from the account opening.
Important Forms for Sukanya Samriddhi Yojana
Application for opening an account under National Savings Schemes. (FORM -1)
Application for premature closure of account under National Savings Scheme (FORM -8)
Application for closure of account under National Savings Scheme (FORM -9)
