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Sukanya Samriddhi Yojana was launched in 2015 under Beti Bachao Beti Padhao to promote savings for education and marriage expenses.
PWOnlyIAS
March 17, 2025
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched under the Beti Bachao Beti Padhao initiative to promote savings for the education and marriage expenses of a girl child. This scheme offers high-interest rates, tax benefits, and a secure investment option for parents and guardians.
Sukanya Samriddhi Yojana (SSY) is a long-term savings scheme designed for the financial well-being of a girl child in India. The scheme allows parents or legal guardians to deposit money in the girl’s name, which will grow with government-assured interest rates.
The maturity period is 21 years from account opening, and the funds can be used for higher education or marriage expenses.
| Sukanya Samriddhi Yojana Overview | |
| Feature | Details |
| Scheme Name | Sukanya Samriddhi Yojana (SSY) |
| Launched By | Government of India |
| Implemented By | Ministry of Women and Child Development |
| Objective | Financial security for a girl child’s education and marriage |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1,50,000 per year |
| Interest Rate | 7.6% per annum (as of 2024) |
| Maturity Period | 21 years from account opening |
| Tax Benefits | Exempt under Section 80C of the Income Tax Act |
| Eligibility | Parents/guardians can open for a girl child below 10 years |
| Where to Open? | Post offices and authorized banks |
The Sukanya Samriddhi Yojana (SSY) is designed specifically for the financial security and empowerment of girl children in India. To ensure that the scheme benefits the right beneficiaries, the government has set specific eligibility criteria. Parents or legal guardians can open an account on behalf of their girl child, provided she meets the age and family-related conditions.
Below are the detailed eligibility requirements for opening an SSY account:
| Eligibility Criteria for Sukanya Samriddhi Yojana | |
| Eligibility Criteria | Details |
| Who Can Open? | Parents or legal guardians of a girl child |
| Maximum Accounts | 1 account per girl child (Maximum 2 per family) |
| Girl’s Age Limit | Below 10 years at the time of account opening |
| Exception | In case of twins or triplets, a third account is allowed |
| Account Holder | The girl child in whose name the account is opened |
There are some Deposit rules that parents must look while opening the account, such as the minimum initial deposit. Around two hundred and fifty rupees and in multiples of fifty rupees should be deposit when opening an account. Thereafter a minimum of two hundred and fifty rupees should be made as deposit in a financial year in one account. Here are Deposit Rules in Sukanya Samriddhi Yojana:
| Deposit Particulars | Details |
| Minimum Deposit | ₹250 per year |
| Maximum Deposit | ₹1,50,000 per year |
| Deposit Duration | Up to 15 years from account opening |
| Deposit Mode | Cash, cheque, demand draft, or online transfer |
| Penalty for Default | ₹50 per year if the minimum deposit is not made |
The interest rate of SSY is 7.6% per annum (as of 2024). The interest is compounded annually, ensuring high returns compared to other savings schemes.
| Period | Interest Rate |
| 2019-20 | 8.4% |
| 2020-21 | 7.6% |
| 2021-22 | 7.6% |
| 2022-23 | 7.6% |
| 2023-24 | 7.6% |
The Sukanya Samriddhi Yojana (SSY) offers several financial benefits, including high-interest rates, tax exemptions, and long-term savings security. It also ensures financial stability for her future. Here are some of the benefits of SSY:
The SSY account matures after 21 years, but partial withdrawals are allowed after the girl turns 18 for higher education. In special cases like medical emergencies or the account holder’s demise, premature closure is permitted with applicable interest rates.
| Withdrawal Condition | Details |
| For Higher Education | After the girl turns 18 years or passes 10th standard, up to 50% withdrawal allowed |
| For Marriage Expenses | Full withdrawal allowed after 18 years, provided proof of marriage is submitted |
| Premature Closure Due to Death | Allowed with interest payout |
| Other Premature Closures | In case of life-threatening medical conditions or guardian’s death |
To open an SSY account, the following documents are required:
Parents or guardians can open an SSY account at any post office or authorized bank. After that, they have to fill the form and submitting the required documents, and an initial deposit of ₹250. Here are the step-by-step guide to open a Sukanya Samriddhi Account:
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