In this article we will discuss about Benefits, Eligibility, Interest Rate, Tax Savings & More about Sukanya Samriddhi Yojana.
Introduction
Sukanya Samriddhi Yojana (SSY) is one of the most famous and reliable small-saving schemes launched by the Government of India under the Beti Bachao, Beti Padhao initiative. This scheme is specially designed to provide the financial security, education, and empowerment to the girl child. It is one of the highest interest rates among government-backed schemes, SSY helps parents to build a strong financial corpus for their daughter’s future—whether for higher education, marriage, or career development.
This article explain everything about Sukanya Samriddhi Yojana, including eligibility, interest rate, tax benefits, deposit rules, withdrawal conditions, advantages, maturity rules, required documents, and important tips to maximize benefits.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a long-term saving scheme launched in 2015. The aim of scheme is to empower the girl child economically. Parents or legal guardians can open a dedicated account in the name of their daughter and invest annually until 15 years. The account matures after 21 years, offering guaranteed and tax-free returns.
Key Highlights of SSY
- Government supported and risk free scheme.
- Attractive interest rate of 8.2%.
- Tax benefits under Section 80C.
- No tax on interest or maturity.
Eligibility Criteria for Sukanya Samriddhi Yojana
The eligibility rules to open Sukanya Samriddhi Yojana account are given below:
- The account can be opened only in the name of a girl child.
- The girl should be resident of India.
- The girl child must be 10 years or younger at the time of opening the an account.
- The account can be opened by Parents (mother or father), or Legal guardian in specific circumstances.
- You can open one account per girl child and Maximum two accounts per family.
Where Can You Open an SSY Account?
Parents can open the SSY account at:
- Any post office in India
- Authorized public sector banks
- Selected private banks approved by RBI
Deposit Rules: Minimum and Maximum Investment
Sukanya Samriddhi Yojana has very flexible deposit limits which cover low income families also.
- A account holder can deposit minimum Rs.250 per year.
- A maximum of Rs1.5 lakh can be deposited per financial year any account holder.
Duration of Deposits
- Account holder need to deposit for 15 years.
- The account will be mature after completing 21 years.
Deposit Mode
Account holder can deposit amount via three mediums
- Cash
- Cheque
- Online transfer (available in selected banks)
Maturity Rules of Sukanya Samriddhi Yojana
SSY has simplified and fixed rules for maturity, which are easy to understand
- Maturity will completed after completion of 21 years.
Maturity Withdrawn Conditions: SSY provide three options of withdraw after maturity:
- You can withdraw total deposited amount.
- Total interest accumulated at the time of maturity.
- Entire amount including total deposit and interest .
Is Early Closure Allowed?
Yes early Closure is allowed in some predefined conditions which are given below:
- In case of sudden death of account holder.
- The case in which girl child who have account going to get married at completion of 18 years.
- In case of medical emergency but it need to be approved by higher authorities.
Tax Benefits of Sukanya Samriddhi Yojana
Three level of tax benefits are given under this scheme are:
- Investment Exemption: Deposits up to ₹1.5 lakh per year qualify for tax deduction under Section 80C.
- Interest Exemption: The total annual interest earned is 100% tax-free.
- Maturity Amount Exemption: Tax is not levied on the maturity amount.
Required Documents for Opening SSY Account
Following documents are required for Sukanya Samriddhi Yojana account:
- Birth Certificate of girl.
- Aadhaar card of Parent or guardian’s.
- Address proof (Aadhaar, Passport, Voter ID, etc.)
- Passport-size photographs
- Initial deposit amount
Step-by-Step Process of opening Sukanya Samriddhi Account
- Step 1: Visit your nearest bank or post office.
- Step 2: Fill out the SSY Account Opening Form (Form-1).
- Step 3: Attach required documents.
- Step 4: Submit the initial deposit (min. Rs.250 and max. Rs 1.5 Lakh).
- Step 5: Receive the passbook.
Conclusion
Sukanya Samriddhi Yojana is one of the reliable, most rewarding, and purposeful investment options for the future of a girl child in India. Its long-term benefits, tax-free returns, government guarantee, and high interest rate make it ideal investment for higher education and marriage-related expenses for girl child.