The Sukanya Samriddhi Yojana (SSY) is a flagship small-deposit savings scheme launched by the Government of India as part of the “Beti Bachao, Beti Padhao” initiative.
This scheme is one of the National Saving Schemes provided by the Government of India. This scheme aims to provide financial security for the future of a girl child, making it one of the most popular and impactful savings options in India.
Contents
- 1 What is Sukanya Samriddhi Yojana (SSY)?
- 2 Eligibility for Sukanya Samriddhi Yojana
- 3 Deposit Details for Sukanya Samriddhi Yojana
- 4 Sukanya Samriddhi Account Scheme – Interest Rate Since Inception
- 5 How to Open a Sukanya Samriddhi Yojana (SSY) Account?
- 6 Documents Required to Open an SSY Account
- 7 Sukanya Samriddhi Yojana Related Form PDFs
- 8 SSY Interest Rate Details
- 9 Sukanya Samriddhi Account Maturity Details
- 10 Tax Benefits under Sukanya Samriddhi Yojana
- 11 Withdrawal Details under Sukanya Samriddhi Yojana
- 12 Closure Details of Sukanya Samriddhi Yojana
What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana is a savings scheme specially designed for parents or guardians to save for their girl child’s education, marriage, or other needs. It offers high returns through a competitive interest rate and comes with several tax benefits, making it an attractive option for long-term savings.
Category | Details |
Eligibility |
|
Minimum Deposit | ₹250 per year. |
Maximum Deposit | ₹1,50,000 per year. |
Interest Rate | 8.2% per annum (From 01.01.2024 to 31.03.2025- subject to government revision) |
Compounding | Annually. |
Tax Benefits |
|
Maturity |
|
Partial Withdrawal | Up to 50% for education or marriage after the girl turns 18. |
Premature Closure | Allowed for death, critical illness, or financial hardship (with proof). |
Online Account Opening |
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Offline Account Opening | Visit bank/post office with documents, fill form, and deposit ₹250 minimum. |
Required Documents |
|
Eligibility for Sukanya Samriddhi Yojana
To open an SSY account, certain criteria must be met:
Who Can Open the Account:
- A parent or legal guardian of a girl child can open the account.
- The account must be opened before the girl child reaches the age of 10 years.
Number of Accounts:
- Only one account is permitted per girl child.
- A family can open a maximum of two accounts for two different girl children.
Special Cases:
- More than two accounts are allowed if twins or triplets are born in the first or second birth order in a family, provided proof is submitted with a valid affidavit and birth certificates.
Deposit Details for Sukanya Samriddhi Yojana
The deposit structure under the SSY is designed to make saving for a girl child’s future affordable:
Minimum and Maximum Deposit:
- A minimum deposit of ₹250 per year is required to maintain the account.
- A maximum of ₹1.5 lakh can be deposited annually.
Deposit Frequency:
- Deposits can be made in multiples of ₹50.
- Contributions can be made at any time throughout the year, as long as the minimum yearly deposit is met.
Penalty for Default:
- If the minimum deposit of ₹250 is not made in a financial year, the account is considered a “default account.”
- The account can be regularized by paying a penalty of ₹50 per default year, along with the required minimum deposit.
Deposit Duration:
- Deposits can be made for a period of 15 years from the date of account opening. After that, the account continues to earn interest until it matures.
Excess Deposits:
- Any deposit exceeding ₹1.5 lakh in a financial year will not earn interest. Such excess funds will be returned to the depositor.
Sukanya Samriddhi Account Scheme – Interest Rate Since Inception
Here is a table summarizing the interest rates for the Sukanya Samriddhi Account Scheme since its inception:
Period | Rate of Interest (%) |
03.12.2014 TO 31.03.2015 | 9.1 |
01.04.2015 TO 31.03.2016 | 9.2% |
01.04.2016 TO 30.09.2016 | 8.6% |
01.10.2016 TO 31.03.2017 | 8.5% |
01.04.2017 TO 30.06.2017 | 8.4% |
01.07.2017 TO 31.12.2017 | 8.3% |
01.01.2018 TO 30.09.2018 | 8.1% |
01.10.2018 TO 30.06.2019 | 8.5% |
01.07.2019 TO 31.03.2020 | 8.4% |
01.04.2020 TO 31.03.2023 | 7.6% |
01.04.2023 TO 31.12.2023 | 8.0% |
01.01.2024 TO 31.03.2025 | 8.2% |
How to Open a Sukanya Samriddhi Yojana (SSY) Account?
The Sukanya Samriddhi Yojana (SSY) account can be opened either online or offline. Below is a detailed guide for both methods, along with the necessary documentation required for opening the account.
Open an SSY Account Online
Opening an SSY account online is a convenient option available through participating banks. Here’s how you can do it:
Steps to Open SSY Account Online:
- Login to Your Net Banking Account:
- Visit the official website of your bank and log in using your net banking credentials.
- Ensure that your bank offers the option to open SSY accounts online.
- Locate the SSY Section:
- Navigate to the section related to Government Schemes or Small Savings Accounts.
- Look for the Sukanya Samriddhi Yojana option.
- Fill in the Application Form:
- Provide the required details such as:
- Girl child’s name
- Guardian’s name
- Date of birth of the girl child
- Address details
- Attach/upload scanned copies of necessary documents (mentioned in the document section below).
- Provide the required details such as:
- Initial Deposit:
- Make the minimum deposit of ₹250 through net banking.
- You can also set up standing instructions for future contributions.
- Submit the Application:
- After filling in the details and completing the payment, submit the application form online.
- Receive Confirmation:
- A confirmation receipt or reference number will be generated.
- You may be required to visit the nearest branch to complete any additional formalities, such as document verification.
Open an SSY Account Offline
For those who prefer traditional methods, the SSY account can also be opened at designated banks or post offices.
Steps to Open SSY Account Offline:
- Visit the Nearest Bank or Post Office:
- Go to a participating public or private sector bank, or your local India Post Office.
- Ensure you carry all necessary documents (listed below).
- Obtain and Fill the Application Form:
- Request the Sukanya Samriddhi Yojana account opening form.
- Fill in details such as:
- Girl child’s name
- Guardian’s name and relationship with the child
- Date of birth and address
- Attach Required Documents:
- Submit self-attested photocopies of documents such as the child’s birth certificate, Aadhaar card, etc.
- Provide Initial Deposit:
- Deposit a minimum of ₹250 in cash or via cheque/draft to open the account.
- You can also provide instructions for recurring deposits.
- Verification and Account Opening:
- The bank or post office will verify the submitted documents and process the application.
- Once approved, you will receive a passbook for the SSY account.
Documents Required to Open an SSY Account
Proper documentation is mandatory to open an SSY account. Below are the details of the documents required:
- Proof of Girl Child’s Identity and Age:
- Birth Certificate of the girl child (mandatory).
- Proof of Guardian’s Identity:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID Card
- Driving License
- Proof of Guardian’s Address:
- Aadhaar Card
- Passport
- Voter ID
- Utility bills (electricity, water, gas)
- Rent agreement
- Passport-Sized Photographs:
- 2 to 3 recent passport-sized photographs of the guardian and the girl child.
- Other Documents:
- Initial deposit slip or cheque.
- Duly filled and signed Sukanya Samriddhi Yojana application form.
Key Points to Remember:
- Both parents and legal guardians can open an account for a girl child.
- Only one account per girl child is allowed.
- SSY accounts can be opened for a maximum of two girl children in a family (exceptions for twins or triplets).
- Ensure all documents are up-to-date and self-attested when submitting offline.
By offering both online and offline modes of account opening, the Sukanya Samriddhi Yojana ensures accessibility and convenience for all eligible individuals.
Sukanya Samriddhi Yojana Related Form PDFs
Sukanya Samriddhi Yojana (SSY) is one of the National Savings Schemes offered by the India Government. All the necessary forms related to Sukanya Samriddhi Yojana (SSY) are provided here:
- Application for opening an account under National Savings Schemes.( FORM -1)
- Pay-in-slip (FORM -2)
- Application for Loan/Withdrawal (FORM -3)
- Pass Book (FORM -4)
- Application for transfer of account under National Savings Scheme (FORM -5)
- Application for extension of account under National Savings Scheme (FORM -6)
- Application for pledging of account under National Small Savings Scheme (FORM -7)
- Application for premature closure of account under National Savings Scheme (FORM -8)
- Application for closure of account under National Savings Scheme (FORM -9)
- Application for cancellation or variation of nomination in an account under National Savings Scheme (FORM – 10)
- Application for settlement of an account of the deceased depositor by nominee or legal heirs under National Savings Scheme (FORM – 11)
- Letter of authority to open or operate an account under National Savings Schemes on behalf of depositor suffering from physical infirmity including blindness (FORM – 12)
- Affidavit (FORM – 13)
- Letter of disclaimer (FORM – 14)
- Letter of indemnity (FORM – 15)
SSY Interest Rate Details
The Sukanya Samriddhi Yojana offers an attractive interest rate, making it one of the most rewarding small savings schemes:
- Current Interest Rate:
- The interest rate for the current quarter (2025) is 8.2% per annum.
- Historical Changes:
- Interest rates are reviewed quarterly by the government. For instance:
- From 12th December 2019 to 31st March 2020, the interest rate was 8.4% per annum.
- After April 2020, it was revised to 7.6% per annum, with further updates occurring periodically.
- Interest rates are reviewed quarterly by the government. For instance:
- Interest Calculation:
- Interest is calculated monthly based on the lowest balance in the account between the 5th and the end of the month.
- The accumulated interest is credited at the end of each financial year.
- Fractional amounts are rounded off to the nearest rupee during calculation.
- Tax Benefits:
- Interest earned on the account is fully tax-exempt under Section 80C of the Income Tax Act.
Sukanya Samriddhi Account Maturity Details
The SSY account has a long-term maturity period, designed to provide financial stability for significant life events:
- Maturity Period:
- The account matures 21 years from the date of opening.
Tax Benefits under Sukanya Samriddhi Yojana
The scheme is structured to provide tax exemptions at every stage, ensuring maximum savings for depositors:
- Exemption on Deposits (Under Section 80C):
- Contributions made to an SSY account are eligible for deduction under Section 80C of the Income Tax Act, 1961.
- The maximum deduction allowed is ₹1.5 lakh per annum, which includes investments in other eligible schemes under Section 80C.
- Exemption on Interest Earned:
- The interest earned on SSY deposits is completely tax-free.
- No tax is deducted at source (TDS), making it a lucrative option compared to many other savings schemes.
- Exemption on Maturity Amount:
- The amount received at maturity, including the principal and interest, is entirely exempt from income tax.
- The scheme follows the EEE (Exempt-Exempt-Exempt) tax regime, ensuring that deposits, interest, and maturity proceeds are all tax-free.
By offering complete tax exemptions at every stage, SSY helps parents or guardians save for their girl child’s future while reducing their tax liability significantly.
Withdrawal Details under Sukanya Samriddhi Yojana
SSY allows partial withdrawals to cater to the educational or marriage needs of the girl child. The withdrawal process is transparent and simple:
Eligibility for Withdrawal:
- Withdrawals can be made after the girl child attains the age of 18 years or passes the 10th standard, whichever is earlier.
- Withdrawals are permitted for specific purposes such as higher education or marriage.
Maximum Withdrawal Limit:
- Up to 50% of the account balance as of the end of the previous financial year can be withdrawn.
- The withdrawal can be made in installments or as a lump sum, depending on the requirement.
Documents Required for Withdrawal:
- For Higher Education: Proof of admission to a recognized educational institution (e.g., admission letter, fee receipts).
- For Marriage: Proof of age (minimum 18 years) of the account holder, along with an affidavit confirming the date of marriage.
Timelines for Withdrawal:
- For marriage-related withdrawals, requests can be submitted up to one month before or three months after the marriage date.
Closure Details of Sukanya Samriddhi Yojana
The SSY account comes with a defined maturity period, but early closure is also permitted under specific circumstances:
Maturity Closure:
- The account matures 21 years from the date of opening.
- Upon maturity, the full balance, including interest, is paid to the account holder (girl child).
- To claim the maturity proceeds, the girl child must provide proof of identity and residency.
Premature Closure:
Premature closure is allowed only under the following conditions:
Death of the Account Holder:
- In the unfortunate event of the death of the girl child, the account can be closed.
- The balance, including interest up to the date of closure, is paid to the parent or legal guardian.
- A death certificate of the account holder is required as proof.
Medical Emergency or Compassionate Grounds:
- Premature closure is permitted if the depositor is unable to continue the account due to life-threatening diseases or the death of the guardian.
- Valid medical certificates and supporting documents are required for approval.
Change in Residency Status:
- If the girl child becomes a non-resident Indian (NRI) or loses her citizenship status, the account can be closed prematurely, subject to necessary proof.
Marriage of the Girl Child:
- The account can be closed prematurely upon the girl child’s marriage, provided she is at least 18 years old.
- Closure requests must be made up to one month before or three months after the marriage date.
Default Account Closure:
- If the minimum deposit of ₹250 is not made in a financial year, the account becomes a default account.
- Default accounts continue to earn interest at the applicable rate until maturity.
Premature Closure Due to Financial Hardship:
- The account holder may apply for closure on grounds of extreme financial hardship, subject to approval by the competent authority.
Process for Closure:
- To close the account, the depositor must submit a duly filled account closure form, along with supporting documents like proof of identity, proof of purpose (marriage or medical emergency), and any additional documents requested by the bank or post office.