Sukanya Samriddhi Yojna: Know about the account scheme and benefits, apply online
Author : haniya fino | Published On : 10 May 2025
In relation to a daughter's future, Sukanya Samriddhi Yojna (SSY) stands as an exemplary saving scheme. It was introduced as a part of the Beti Bachao, Beti Padhao initiative. SSY expects parents to actively participate in planning the future of their daughters by providing remarkable interest rates along with tax allowances for the amount set aside.
SSY is perfect for anyone looking to set long-term financial goals for their girl child. In this article, we will discuss the important aspects of the scheme such as benefits, eligibility criteria, investments, and other features.
Purpose of Sukanya Samriddhi Yojna
Sukanya Samriddhi Yojna is focused on promoting girl child education as well as encouraging saving at an early stage. This plan helps parents or legal guardians to estimate and set funds towards the future educational and marriage costs of their daughter.
Key Features of Sukanya Samriddhi Account
✅ High-Interest Rate
Another special feature of SSY accounts is the relatively greater interest returns as opposed to the usual savings accounts.
✅ Tax Benefits
The deposits made under this scheme also qualify for the section 80C nature tax deduction while also remaining tax-free.
✅ Maturity and Lock-in Period
Maturity period: 21 years from the date of account opening
Deposits: Allowed for 15 years from account opening
Partial withdrawal: Allowed up to 50% after age 18 (for educational use)
Eligibility Criteria
To open a Sukanya Samriddhi Account, these conditions need to be met:
The girl child must be younger than 10 years of age.
The account can be opened by the parents or legal guardians.
Only one account can be opened for each girl child.
A family can open a maximum of two accounts for two girls.
How to Open a Sukanya Samriddhi Account?
Required Documents:
Birth certificate of the girl child and identity proof of the parent/guardian (Aadhaar/PAN)
Proof of Address of the parent/guardian
Passport-size photograph
Steps to open:
Visit any authorised bank counter or post office.
Fill in the Sukanya Samriddhi Yojna application form.
Along with the application, submit the necessary documents with the initial deposit.
On approval, the account passbook will be issued.
Benefits of the Sukanya Samriddhi Scheme
Financial Security
The SSY provides financial support to daughters for their education and marriage without putting a financial burden on the family.
Attractive Returns
The interest rate is revised quarterly by the government and is usually higher than most fixed-income schemes available.
Tax-Free Returns
Tax exemption also applies to the interest and maturity amount, which places it under the EEE (Exempt-Exempt-Exempt) category schemes.
Encourages Savings
About savings, this scheme has a low minimum deposit requirement of ₹250. This helps cultivate the habit of saving among even the lower-income groups.
Contribution Guidelines
Criteria Details
Minimum Deposit ₹250/year
Maximum Deposit ₹1.5 lakh/year
Duration of Deposit: 15 years
Account Maturity 21 years from the account opening
Partial Withdrawal After 18 years of age
Who Should Invest in Sukanya Samriddhi Yojna?
This scheme is best suited for:
People wishing to place long-term finances for their daughters
Tax-saving investment scheme seekers
Low-risk investors who prefer fixed-return investments over volatile alternatives
Summary: Why Choose Sukanya Samriddhi Yojna?
It is more than just a savings plan; the Sukanya Samriddhi Scheme is a long-term vision for empowering girls. It enhances the security of the investment with attractive interest rates, tax exemptions, and government backing. Together with starting early, it ensures a stress-free, financially independent future for the daughter.
Top 10 FAQs about Sukanya Samriddhi Yojna
1. What is the current interest rate of the Sukanya Samriddhi Yojna?
The government tends to revise interest rates quarterly; the most recent update placed it at around 8.2% per annum (compounded yearly).
2. Am I allowed to withdraw funds before the account's maturation date?
Yes, up to 50% of the balance may be accessed for withdrawal once the girl child turns 18, but only for designated educational purposes.
3. Is it possible to create multiple accounts for the same girl child?
No, the Sukanya Samriddhi Account is confined to one account per girl child.
4. Is it possible to close the account before the maturity date?
Yes, in some exceptional situations like the death of the account owner or compassionate grounds, early termination is allowed.
5. What if I do not make the minimum deposit?
An annual fee of ₹50 will be charged, and the account will be flagged as dormant until the fee is settled.
6. Can a non-resident Indian apply for a Sukanya Samriddhi Account?
No, the account can only be opened and used by resident Indians.
7. Is there an option for nomination?
No, the account is in the name of a child and can only be managed by the parents or guardians, so nomination does not apply.
8. Is it possible to change the account holder?
Yes, the account can be changed from one post office or bank to another in the country and still retain the benefits.
9. Is online payment or deposit allowed?
Yes, most authorised banks allow online deposits through net banking or auto pay instructions.
10. What is the benefit of investing early?
Early investors enjoy the power of compounding, thus maximising wealth creation, which results in a greater amount at maturity.
Final Thoughts
The Sukanya Samriddhi Yojna is more than just a financial product. It is an initiative that aims to enhance the welfare of a girl child. The scheme functions as a saving strategy with returns which is suitable for parents who want to ensure their daughter's education and marriage funds.
