A Sukanya Sammridhi Yojana account can be opened for two girls.

In addition, if you have twins or triplets, you can even open a third SSY account.

Now let’s explore further about this scheme, which is launched by the Government of India to encourage savings by parents for her education and marriage.

What is the SSY scheme? …

This scheme is a government-backed small savings scheme for girls.

In addition, it is part of the Beti Bachao and Beti Pado yojana initiatives.

And this account can be by parents of girl children; the age of the girl must be below 10 years.

Moreover, this account can be opened at designated banks and post offices.

In addition, this Sukanya Sammardhi Yojana scheme has a tenure of 21 years, or the girl child marries after age 18.

Finally, this scheme is offering a high interest rate compared with other government schemes.

In addition, some tax benefits are also given to this scheme.

Sukanya Sammridhi Yojana Interest Rate…

The Government of India declares interest rates for this scheme every quarter.

In addition, the present interest rate is 8.2% per annum, i.e., from January to March of 2025.

Benefits of the Sukanya Sammridhi Yojana Scheme…

As I said above, this SSY scheme is under the initiative of Beto Bacho Beti Padao.

High interest rate…

The SSY scheme is offering a high interest rate, as mentioned above.

In addition, the interest is higher than most of the other government-backed schemes.

Guaranteed Returns…

The Government of India is backing this SSY scheme.

Hence, this scheme provides guaranteed returns.

Tax Benefits…

This scheme provides an 80C tax rebate up to Rs. 1,50,000 p.a.

Flexible investment…

You can invest as little as Rs. 250 p.a. to as high as Rs. 1,50,000.

So, this SSY scheme is useful for all people with different financial standings.

Benefit of Compounding…

This SSY is a long-term investment product.

As a result of this, it provides an annual compounding benefit.

So that you can accumulate a good amount on the maturity of the scheme.

Convinient Transfer…

This account can be transferred from bank to post office and post office to bank very easily.

Sukanya Sammridhi Yojana Deposit Limits…

The minimum contribution to this scheme is Rs. 250 p.a.

And the maximum contribution to this scheme is Rs. 1,50,000 p.a.

In addition, you have to invest a minimum amount in this scheme up to a 15-year term.

Thereafter, this scheme will earn interest automatically.

Moreover, subsequent deposits in multiples of Rs 50 can be done.

Hence, there is no cap on number contributions in a financial year.

Age Limit and Maturity Period of Sukanya Sammridhi Yojana…

This SSY account will mature after 21 years of opening the account.

However, money can be withdrawn at the time of girl marriage after age 18.

In addition, contributions are to be for a 15-year term only.

After that, this scheme will continue to earn interest even if there are no contributions.

Other Important Features of the Sukanya Sammridhi Yojana…

If an SSY account holder is unable to make even the minimum deposit of Rs. 250 in a financial year, his/her account will be termed a ‘Default Account’.

Till the maturity date, this default account will earn the interest rate as applicable in the scheme. The defaulted account can, however, also be revived prior to the completion of 15 years of account opening by paying at least Rs. 250 + Rs. 50 for each defaulted year.

A girl child can operate her own account after the age of 18 years. Once she is 18 years old, she is eligible for operating the SSY after submitting all the necessary documents to the post office/bank where the account is being held.

and withdrawal can also be made from the account up to 50% of the balance available at the end of the previous FY once the girl is above 18 years of age or has passed the 10th standard to meet expenses relating to higher education, such as fees or other such charges.

In addition, a maximum one withdrawal can be made in a year, in lump sum or in instalments, for a maximum of 5 years, subject to the ceiling specified and to the actual requirement of fee/other charges.

Tax implication to the Sukanya Sammridhi Yojana Scheme…

This scheme provides you EEE when it comes to taxation.

In addition, EEE means that while contributing, interest and maturity are exempt from tax.

However, you can get an 80C benefit up to 1.5 lakh per year in this scheme.

Sukanya Sammridhi Yojana Eligibility…

• Parents or legal guardians of the girl child can open this scheme.
• In addition, the girl child must be below age 10 at the time of opening this account.
• Moreover, only one account can be opened in a girl’s child name.
• And only two accounts per family can be opened under this scheme.
• However, in special cases, a 3rd account can also be opened.
• i.e., if a girl is born before the birth of twins or triplets are born first, then a 3rd account can be opened.
• If a girl is born after twins or triplet girls, then the 3rd account cannot be opened.

How to open a Sukanya Sammridhi Yojana account? …

You can invest in the Sukanya Samriddhi Yojana scheme through your nearby post office or designated branches of participating public and private banks.

In addition, you will need to submit KYC documents like a passport, Aadhaar card, etc. along with the required form and initial deposit by check or draft.

And the depositors will have to fill out the Sukanya Samriddhi Yojana (SSY) Application Form.

which can be obtained by visiting a nearby post office or participating public/private sector bank.

Alternatively, you can also download the SSY New Account Application Form from the following sources:

• The Reserve Bank of India Website
• The India Post Website
• Individual websites of public sector banks (SBI, PNB, BoB, etc.)
• The websites of participating private sector banks (e.g. ICICI Bank, Axis Bank and HDFC Bank)

While there are multiple sources for downloading the SSY application form, the fields in the form will be the same regardless of the source.

How do I fill out the out the Sukanya Sammridhi Yojana application form? …

The application requires some key details to be filled.

• Name of the girl child.
• Name of the parents/guardians opening the account.
• Initial deposit amount.
• Cheque/DD number and date. (for initial deposit).
• Date of birth of the girl.
• Birth Certificate Details of the primary account holder. ( certificate number and date of issue, etc.)
• ID details of parent/guardian (driving licence, Aadhar, etc.).
• Present and permanent address (as per ID proof of parent or guardian).
• Details of any other KYC document (Pan, voter ID card, etc.).

Tansfer of Sukanya Sammridhi Yojana account…

This account can be transferred easily from bank to post office to bank or one branch to another branch

In addition, to initiate this transfer, you need to submit the request form at the post office where this account exists.

Sukanya Sammridhi Yojana Closure Rules…

Closure on maturity…

This account will mature after completion of 21 years.

In addition, the maturity amount will be paid to the girl after completing 21 years.

However, the girl has to submit the request form along with ID proof and address proof.

Pre-mature closure of Sukanya Sammridhi Yojana Account…

After girl attains age 18, for marriage purpose, pre mature with drawal is allowed.

However, such closure will not be allowed before one month or after 3 months of the marriage.

But in some special cases, this account can be closed, and the respective amount will be withdrawn.

It is to be noted that the closing of the account under Sukanya Samriddhi Yojana will only be catered to under extreme cases such as life-threatening diseases or medical emergencies.

No interest in the Sukanay Sammridhi Yojana account…

You will not get any interest in this account after the completion of 21 years.

In addition, if the girl child becomes a non-citizen or non-resident Indian, no interest will be paid.

Moreover, if you deposit more than 1.5 lakh per annum, then that extra amount will not get interest.

Banks offering Sukanya Sammridhi Yojana Accounts…

The following is a list of public and private sector banks which are currently offering Sukanya Samriddhi Accounts for all the eligible individuals:

Calculation for the interest earned from the Sukanya Sammridhi Yojana Account…

You can use the below formulas to calculate interest from this account.

Fv = pv*(1+r)^n

fv = future value

pv = present value

r = rate of return

n = number of years.

Sukanya Sammridhi Yojana Calculator for interest…

• Annual investments = Rs. 1.5 Lakh
• Investment Period = 15 years
• Total amount invested at the end of 15 years = Rs. 22.5 Lakh
• SSY Interest rate for 1 year= 7.6%
• Interest at the end of 21 years = Rs. 4,65,682.
• Maturity value at the end of 21 years = Rs. 65,93,071.

Sukanya Sammridhi Yojana Faqs…

Can I get a loan against the balance of my SSy account? ..

No, a loan is not possible to get against this account.

Is pre-mature with drawal allowed under this scheme? …

Yes, on death of the account holder, it is allowed.

In addition, in case serious ailment occurs, it is also allowed from case to case.

Can I continue my SSY account if my daughter moves to a foreign country? …

No, the account must be closed.

As the girl became a non-resident Indian NRI.

What is the penalty amount if the minimum amount to the SSY account per year is not paid? …

The penalty amount is Rs. 50 if the minimum amount of Rs. 250 is not paid in a F.Y.

Can I invest in a Sukanya Samridhi Yojana account online? …

At present, you have to deposit money at post offices and designated bank branches.

Is there a tax on ssy accounts? …

No, this scheme is offering EEE benefit.

So, No tax on contribution, on interest and on maturity.

What is the age limit for this SSY account?…

You can open this account in girl child name before attains age 10.

is SSY good for investment?…

Yes, this scheme is a guaranteed scheme under govt of india with tax benefits.

So, Its a good scheme to invest for the girl child.

Can NRI open this account?…

No, not allowed at present.

can I extend my SSY account beyond 21 years?…

NO.

Can I take a lon against this SSY scheme?…

No, Not allowed at present.

Read about Public Provident Fund – All You need to Know…

Also read about 5 interesting facts about ssy.

and read about NPS vatsalya Scheme – All you need to know…

Also download ssy exel calculator here.

and PPF vs SSY – which is better for your girl child?…