Sukanya Samriddhi Yojana (SSY)

Background and Purpose

• Launched in 2015, as part of the Beti Bachao, Beti Padhao campaign.
• Purpose: To promote the welfare of the girl child by ensuring financial security for her education and marriage expenses.
• Beneficiaries: Girl child below 10 years of age.
• Limit: Only one account per girl child, and maximum two accounts per family.

👉 Exception: In case of twins or triplets, more than two accounts are allowed.

Objectives

• To encourage parents to build a long-term savings fund for their daughters.
• To ensure financial independence and dignity of the girl child when it comes to major life needs like higher education and marriage.

Account Opening

• Can be opened at:
  • Post Offices
  • Notified branches of commercial banks
• Documents needed:
  • Sukanya Samriddhi Account Opening Form
  • Birth certificate of the girl child
  • Identity proof and Residence proof of guardian (as per RBI KYC guidelines

Deposits

• Minimum Deposit: ₹250
• Maximum Deposit: ₹1.5 lakh per year
• Deposits can be made up to 15 years from the date of account opening.

Interest Rate

• The rate is notified by the Government from time to time.
• Interest is calculated on a yearly compounded basis and credited to the account.
• Even after maturity, if the account is not closed, interest continues to be paid.

Maturity and Withdrawals

• Maturity: After 21 years from account opening, OR on marriage of the girl child (whichever is earlier).
• Premature Closure: Allowed only in case of:
  • Death of account holder, or
  • Extreme hardship (as notified by the Government).
• Premature Withdrawal:
  • From age 18 years onwards, up to 50% of the balance can be withdrawn for higher education.

Additional Features

• Girl child herself can operate the account after attaining 10 years of age.
• On maturity, the payment is made directly to the girl child.
• Account is portable across India, i.e., can be transferred from one Post Office/Bank to another.

Tax Benefits

• Deposits are eligible for deduction under Section 80C of the Income Tax Act, 1961 (up to ₹1.5 lakh).
• Interest earned and maturity amount are also tax-free.

✅ In summary:
Sukanya Samriddhi Yojana is a targeted small savings scheme under Beti Bachao Beti Padhao, designed to give parents a structured way of securing their daughter’s future. With low minimum deposits, tax benefits, portability, and attractive interest rates, it combines the goals of social welfare and financial inclusion.