Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme launched under the Beti Bachao Beti Padhao initiative. The scheme is designed to support long-term financial savings for a girl child’s education and future needs.
Eligibility
- The account can be opened by parents or legal guardians.
- The girl child must be below 10 years of age at the time of opening the account.
- A maximum of two accounts can be opened per family for two girl children (subject to certain exceptions in case of twins/triplets).
Deposit Details
Minimum deposit: ₹250 per financial year
Maximum deposit: ₹1.5 lakh per financial year
Deposits can be made for 15 years from the date of opening the account.
Interest Rate
The interest rate is decided by the Government of India and revised periodically. Interest is compounded annually.
Maturity Period
- The account matures after 21 years from the date of opening.
- The account may also be closed upon the marriage of the account holder after attaining 18 years of age.
Withdrawal Facility
- Partial withdrawal of up to 50% of the balance is allowed after the girl turns 18 years old for higher education purposes.
- Premature closure is permitted under specific conditions as per government rules.
Tax Benefits
The scheme provides tax benefits under Section 80C of the Income Tax Act. Interest earned and maturity amount are also exempt from tax, subject to applicable rules.
Where to Open the Account
The account can be opened at:
- Post offices
- Authorized banks across India
Official Resources:
- India Post – Sukanya Samriddhi Account�
- National Savings Institute
Documents Required
- Birth certificate of the girl child
- Identity proof of parent/guardian
- Address proof
- Photographs and other KYC documents as required
Key Highlights
- Government-backed savings scheme
- Long-term financial planning for girl child
- Annual compounded interest
- Tax benefits available
- Safe and regulated investment option
Benefits of Sukanya Samriddhi Yojana for Girls and Women
- Helps families save for a girl child’s education and future expenses.
- Encourages long-term financial security for girls.
- Supports higher education through partial withdrawal after 18 years.
- Promotes financial inclusion by opening savings accounts in a girl child’s name.
- Offers safe and government-backed savings with tax benefits.
- Encourages families to invest in the future and wellbeing of girls under the Beti Bachao Beti Padhao initiative.