The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched under the Beti Bachao Beti Padhao initiative. It is specifically designed for the financial security of the girl child and encourages parents to save for their daughter’s future education and marriage expenses. This scheme offers high returns, tax benefits, and a secure investment opportunity.
In this blog, we will provide a detailed overview of the Sukanya Samriddhi Yojana scheme, eligibility criteria, benefits, interest rates, withdrawal rules, and how to open an account under this scheme, including the Post Office Sukanya Samriddhi Yojana.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a long-term savings scheme introduced by the Government of India for the welfare of girl children. The SSY account can be opened in a post office or any authorized bank, providing attractive interest rates and tax exemptions under Section 80C of the Income Tax Act.
Sukanya Samriddhi Yojana Details
| Feature | Details |
| Eligibility | Parents or legal guardians can open an SSY account for a girl child below 10 years |
| Number of Accounts | Maximum two accounts per family (one per girl child) |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1.5 lakh per year |
| Tenure | 21 years or until the girl gets married after 18 years |
| Interest Rate | Varies quarterly; currently 7.6% per annum (Q1 FY 2024-25) |
| Tax Benefits | Exempt under Section 80C (EEE Tax Benefits) |
| Premature Withdrawal | Allowed after the girl turns 18 years (for education or marriage) |
| Account Closure | After 21 years from the opening date |
Benefits of Sukanya Samriddhi Yojana Scheme
1. High Interest Rates
SSY offers one of the highest interest rates among small savings schemes. The interest rate is compounded annually, helping the savings grow significantly.
2. Tax Benefits
- Investments, interest earned, and maturity amount are tax-free under EEE (Exempt-Exempt-Exempt) category.
- Parents can claim deductions up to ₹1.5 lakh under Section 80C.
3. Long-Term Savings for the Girl Child
- Encourages disciplined savings for a girl’s higher education and marriage.
- The investment tenure is 21 years, ensuring financial security.
4. Flexible Investment Options
- The account can be started with a minimum deposit of ₹250.
- Parents can deposit up to ₹1.5 lakh annually based on affordability.
5. Easy Transferability
- The SSY account can be transferred between post offices and banks.
How to Open a Sukanya Samriddhi Yojana Account?
Step 1: Visit a Post Office or Bank
You can open an SSY account at any authorized post office or bank offering the scheme.
Step 2: Fill Out the SSY Application Form
Obtain and fill out the Sukanya Samriddhi Yojana form available at the post office or bank.
Step 3: Provide Required Documents
Submit the following documents:
- Birth certificate of the girl child
- ID proof and address proof of the guardian (Aadhaar card, PAN card, etc.)
- Passport-sized photographs of the guardian and girl child
Step 4: Deposit the Initial Amount
Make a minimum deposit of ₹250 (or any amount up to ₹1.5 lakh).
Step 5: Get the Passbook
Upon successful verification, you will receive an SSY passbook with account details.
Sukanya Samriddhi Yojana Interest Rate & Calculation
The SSY interest rate is revised quarterly by the government. As of Q1 FY 2024-25, the interest rate is 7.6% per annum.
Example of Interest Calculation:
If you invest ₹1 lakh annually for 15 years, the amount accumulated at 7.6% interest rate would be approximately ₹50 lakhs by the time of maturity (21 years).
Post Office Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is also available at post offices, providing a safe and secure investment option for rural and urban investors.
Features of SSY at Post Office:
- Similar interest rates and tax benefits as bank SSY accounts
- Easy access for investors in remote locations
- Hassle-free account transfer between post offices and banks
Withdrawal & Premature Closure Rules
- Partial Withdrawal – Up to 50% of the balance can be withdrawn after the girl turns 18 years for higher education.
- Premature Closure – Allowed only in case of marriage after the girl turns 18 years.
- Maturity Withdrawal – The account matures after 21 years, and the full amount can be withdrawn.
Frequently Asked Questions (FAQs)
1. Who is eligible to open an SSY account?
A parent or legal guardian can open an account for a girl child below 10 years.
2. What is the minimum and maximum investment amount?
- Minimum: ₹250 per year
- Maximum: ₹1.5 lakh per year
3. Can I withdraw money before maturity?
- Partial withdrawal allowed after the girl turns 18 years (up to 50% of the balance for education).
- Premature closure allowed only for marriage after 18 years.
4. What happens if I fail to deposit in a year?
A penalty of ₹50 per year is charged if the minimum deposit of ₹250 is not made.
5. Can I transfer my SSY account to another location?
Yes, the SSY account can be transferred between post offices and banks.
Conclusion
Sukanya Samriddhi Yojana is an excellent investment option for securing a girl child’s future. With high returns, tax benefits, and flexible investment rules, this scheme ensures financial stability for education and marriage expenses. Whether you open an account in a post office Sukanya Samriddhi Yojana or a bank, this scheme remains one of the best savings plans for a girl’s financial well-being.
If you have a girl child under 10 years, invest today and secure her future with Sukanya Samriddhi Yojana!
