Sukanya Samriddhi Yojna
Sukanya Samriddhi Yojana (SSY) is a small savings scheme launched by the Government of India in January 2015 under the “Beti Bachao, Beti Padhao” campaign. It is designed to promote the welfare of the girl child by helping parents or guardians save for her education and marriage expenses. With attractive interest rates and tax benefits, SSY has become a popular choice among Indian families who want to plan long-term financial security for their daughters.
Key Features of Sukanya Samriddhi Yojana
1. Eligibility:
The account can be opened for a girl child below the age of 10 years. Each family is allowed to open accounts for up to two girls. In case of twins or triplets, more accounts may be allowed with proper documentation.
2. Account Opening:
An SSY account can be opened at any post office or authorized bank. The process is simple and requires basic documents like the birth certificate of the girl, identity proof, and address proof of the parent or guardian.
3. Deposit Amount:
A minimum deposit of ₹250 is required to open the account. You can deposit a maximum of ₹1.5 lakh in a financial year. The deposits can be made in a lump sum or in multiple installments.
4. Tenure:
The SSY account matures after 21 years from the date of opening or upon the marriage of the girl after she turns 18. However, contributions are required only for 15 years from the date of opening the account.
5. Interest Rate:
The interest rate is revised quarterly by the government. As of 2025, the interest rate is quite competitive compared to other savings schemes, and it is compounded annually.
6. Tax Benefits:
Investments made under SSY are eligible for tax deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh annually. The interest earned and the maturity amount are completely tax-free, making it an EEE (Exempt-Exempt-Exempt) scheme.
Advantages of Sukanya Samriddhi Yojana
- Financial Security: It helps parents build a financial corpus for their daughter’s future education or marriage expenses.
- High Returns: The interest rate is generally higher than most fixed deposits and recurring deposits.
- Tax-Free Returns: Both the maturity amount and the interest are fully exempt from tax.
- Government-Backed Safety: Being a government initiative, it carries minimal risk.
Premature Withdrawal and Closure
Partial withdrawal up to 50% of the balance is allowed after the girl turns 18, provided the funds are used for higher education. Premature closure is permitted under special circumstances such as the untimely death of the account holder or on compassionate grounds approved by the government.
Sukanya Samriddhi Yojana is more than just a savings scheme, it’s a commitment to the future of the girl child. With guaranteed returns, tax benefits, and long-term financial planning advantages, SSY is an ideal scheme for parents who wish to ensure a bright and secure future for their daughters. Investing in this scheme is not only a smart financial decision but also a step toward empowering the next generation of women.
