Sukanya Samriddhi Yojana (SSY) is a small savings scheme launched by the Government of India under the Beti Bachao Beti Padhao initiative. It is specifically designed for the financial security and education of a girl child.
1. Key Features of Sukanya Samriddhi Yojana (SSY)
Eligibility:
- The SSY account can be opened only for a girl child.
- The girl must be below 10 years at the time of account opening.
- Only one account per girl child is allowed.
- A maximum of two accounts per family (except in the case of twins/triplets).
Deposit Rules:
- Minimum Deposit: ₹250 per year.
- Maximum Deposit: ₹1.5 lakh per year.
- Deposits can be made in multiples of ₹50.
- The deposit period is 15 years from the date of opening the account.
Interest Rate (2025)
- As of Q1 2025, the interest rate is 8.2% per annum (compounded annually).
- The government revises the interest rate every quarter.
Maturity Period:
- The scheme matures after 21 years from the date of account opening.
- Partial withdrawal is allowed after the girl turns 18 years old, for higher education or marriage.
Tax Benefits:
- Investments made in SSY are eligible for tax deduction under Section 80C of the Income Tax Act (up to ₹1.5 lakh).
- Interest earned and maturity proceeds are completely tax-free.
2. How to Open an Sukanya Samriddhi Yojana Account?
Where to Open?
- The account can be opened at post offices and authorized banks like SBI, PNB, ICICI, HDFC, etc.
Documents Required:
- Birth Certificate of the girl child.
- ID & Address Proof of the guardian (Aadhaar, PAN, Passport, etc.).
- Passport-size photographs of the girl and guardian.
- SSY account opening form (available at banks and post offices).
How to Deposit?
- Deposits can be made online (via net banking, auto-debit, UPI, or ECS) or offline (cash, cheque, demand draft).
3. Withdrawal & Premature Closure Rules
- Before Maturity (18 Years):
- Up to 50% of the balance can be withdrawn for the girl’s higher education.
- Proof of admission is required.
- Full Withdrawal (After 21 Years):
- The entire amount (principal + interest) can be withdrawn.
- Premature Closure:
- Allowed only in extreme cases like death of the account holder, life-threatening illness, or financial hardship.
4. Benefits of Sukanya Samriddhi Yojana
✔ High interest rate compared to other savings schemes.
✔ Triple tax benefits – tax-free deposits, tax-free interest, and tax-free maturity amount.
✔ Guaranteed returns – backed by the Government of India.
✔ Encourages savings for girl child education and marriage.
5. How Much Will You Get at Maturity? (Example Calculation)
If you deposit ₹1.5 lakh per year for 15 years at 8.2% interest, you will get:
- Total Deposit: ₹22.5 lakh
- Total Interest Earned: ₹34+ lakh
- Maturity Amount (After 21 Years): ₹57+ lakh
(Note: The maturity amount may vary depending on interest rate revisions.)
Conclusion
Sukanya Samriddhi Yojana is one of the best long-term savings plans for a girl child’s future. It offers high interest, tax benefits, and financial security. Parents should consider this scheme to secure their daughter’s education and marriage expenses.
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