Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that helps parents save for their daughter’s future. The scheme offers a fixed rate of interest, which is compounded annually. The interest rate for the SSY is set by the Ministry of Finance and is reviewed every quarter.
The SSY was launched on January 22, 2015, as a part of the Beti Bachao Beti Padhao campaign. The scheme is designed to encourage parents to save for their daughters’ future education and marriage.
- The account can be opened by a parent or legal guardian of a girl child who is less than 10 years old ( on the date of opening the account.
- Account can be opened at any authorized bank or post office.
- The minimum age of the girl child at the time of maturity should be 21 years.
Sukanya Samriddhi Yojana girl age limit
Age limit for opening an SSY account:
- The account can be opened for a girl child who is less than 10 years old at the time of opening the account.
Age limit for withdrawing money from an SSY account:
- The account holder can withdraw money from the account after the girl child turns 18 years old.
Documents required to open a Sukanya Samriddhi Yojana (SSY) account at a post office and Banks
- Application Form: You can download the application form from the post office or bank website or from the Sukanya Samriddhi Yojana website.
- Birth Certificate of the Girl Child: The birth certificate of the girl child must be a copy of the original birth certificate issued by a competent authority.
- Proof of Identity of the Account Holder: The proof of identity of the account holder must be a copy of the original identity document, such as a passport, voter ID card, PAN card, or Aadhaar card.
- Proof of Address of the Account Holder: The proof of address of the account holder must be a copy of the original address document, such as a ration card, electricity bill, or water bill.
- Photograph of the Account Holder: A recent photograph of the account holder, taken within the last six months.
- Minimum amount monthly contribution is ₹250.
- Maximum amount monthly contribution is ₹1.5 lakh.
- The contribution can be made in cash, cheque, or demand draft.
sukanya samriddhi yojana grace period
The Sukanya Samriddhi Yojana (SSY) offers a grace period of one year for making the annual deposit. This means that if you miss a deposit, you can still make it within one year of the due date without any penalty.
sukanya samriddhi yojana how many years to pay
There are two key periods to consider in Sukanya Samriddhi Yojana:
- Minimum payment period: You must make regular deposits into the SSY account for at least 15 years from the date of account opening. This is the minimum commitment to keep the account active and earning interest.
- Maturity period: The SSY account matures after 21 years from the date of account opening. This is the time when you can access the full accumulated amount, including the principal deposited and the accrued interest.
sukanya samriddhi yojana joint account
Yes, a Sukanya Samriddhi Yojana account can be opened in the joint name of a parent or guardian and the girl child. In this case, the account holder and the minor girl child will be co-owners of the account.
sukanya samriddhi yojana join online
You can open a Sukanya Samriddhi Yojana account online through the post office or the bank.
Sukanya Samriddhi Yojana Deposit Limit
- Minimum deposit: ₹250 per year
- Maximum deposit: ₹1.5 lakh per year
sukanya samriddhi yojana plans (tenure)
There are two types of Sukanya Samriddhi Yojana plans:
- Regular Plan: This is the default plan and allows you to make deposits for a period of 15 years. You can make a minimum deposit of ₹250 and a maximum deposit of ₹1.5 lakh per year.
- Special Deposit Scheme (SDS): This plan allows you to make a one-time deposit of ₹2.5 lakh. The account will mature after 15 years and the maturity amount will be ₹3.5 lakh (assuming an interest rate of 8%).
- The account matures after 21 years.
- The maturity amount is tax-free (tax deduction) under Section 80C of the Income Tax Act, 1961.
- The account holder can withdraw up to 50% of the balance at the end of 18 years for the girl child’s education or marriage.
- The account can be closed only after the girl child attains the age of 21 years.
- The current interest rate for the SSY is 8.0%, which is compounded annually
sukanya samriddhi yojana Uses benefits (features)
- High interest rate: The current interest rate for the SSY is 8.0%, which is compounded annually. This is one of the highest interest rates available on any savings scheme in India.
- Tax benefits: Deposits up to ₹1.5 lakh in a financial year under the Sukanya Samriddhi Yojana are eligible for a deduction under Section 80C of the Income Tax Act, 1961. This can help parents save on their income tax.
- Early withdrawal allowed: In case of the death of the girl child, the entire amount in the account can be withdrawn without any penalty. In case of the marriage of the girl child before the age of 21, 50% of the amount can be withdrawn without any penalty.
- No lock-in period: There is no lock-in period for the Sukanya Samriddhi Yojana. Parents can withdraw the entire amount after the girl child turns 21 years of age.
sukanya samriddhi yojana comes under which section – 80C of the Income Tax Act, 1961
sukanya samriddhi yojana death benefits
In case of death of the account holder
- If the account holder is the mother of the minor girl child, the balance at the credit of the account, along with interest accrued up to the date of death, will be paid to the legal heir of the account holder.
- If the account holder is the father or any other guardian of the minor girl child, the balance at the credit of the account, along with interest accrued up to the date of death, will be paid to the minor girl child.
- Death of the girl child: In the event of the death of the girl child before the age of 18 years, the balance at the credit of the account, along with interest accrued up to the end of the month preceding the month in which the death occurs, shall be paid to the nominee.
Death of the girl child after the age of 18 years: In the event of the death of the girl child after the age of 18 years, the balance at the credit of the account, along with interest accrued up to the end of the month preceding the month in which the death occurs, shall be paid to the girl child’s legal heir.
sukanya samriddhi yojana new interest rate year wise table (financial year)
|Interest Rate (%)
The highest interest rate for the Sukanya Samriddhi Yojana (SSY) was 9.1%, which was offered in the first quarter of 2015-16.
Sukanya Samriddhi Yojana Calculator
To calculate the maturity amount under the SSY, you can use the following formula:
Maturity Amount = P * (1 + r/100)^n
- Maturity Amount is the amount you will receive at the end of the term
- P is the principal amount that you invest
- r is the interest rate
- n is the number of years for which you invest
ROI : For example, if you invest ₹1,000 per month for 15 years at an interest rate of 8%, your maturity amount will be ₹7,74,313.
Sukanya Samriddhi Yojana KYC Form
As part of the KYC (Know Your Customer) process, the account holder must provide the following documents to the post office or bank where the account is being opened
To complete the online KYC process, you will need to visit the official website of the post office or bank where you have opened your account.
To complete the offline KYC process, you will need to visit the nearest post office or bank where you have opened your account.
SSY fixed deposit calculator
SSY Application Form (ALL BANKS)
How to Open an SSY account opening (apply) online
- Go to the website of the bank or post office where you want to open the account.
- Click on the “Sukanya Samriddhi Yojana” link.
- Fill out the application form online.
- Upload the required documents.
- Pay the account opening fees.
- Click on the “Submit” button.
sukanya samriddhi yojana balance check
If you have opened your SSY account online, you can check your balance by logging in to your account. Most banks and post offices offer online access to SSY accounts.
You can also check your SSY balance by visiting your bank or post office branch and requesting a passbook update. The passbook will show your account balance as of the last day of the previous month.
Some banks and post offices also offer SMS alerts for SSY account balances. You can sign up for these alerts by providing your mobile number to your bank or post office.
The SSY e-Passbook is a digital version of the SSY passbook. It is available online through the SSY website or through the mobile app.
where to open
sukanya samriddhi yojana banks list
- Public sector banks:
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Bank of Baroda (BOB)
- Canara Bank
- Bank of India (BOI)
- Bank of Maharashtra (BoM)
- Central Bank of India
- Indian Overseas Bank (IOB)
- UCO Bank
- Indian Bank
- Union Bank of India
- Oriental Bank of Commerce (OBC)
- Indian Bank
- Vijaya Bank
- Corporation Bank
- Private sector banks:
- ICICI Bank
- Axis Bank
- HDFC Bank
- Kotak Mahindra Bank
- Yes Bank
- IndusInd Bank
- RBL Bank
- Federal Bank
- Dhanlaxmi Bank
- AU Small Finance Bank
- Equitas Small Finance Bank
- Ujjivan Small Finance Bank
- Bandhan Bank
Post Office Sukanya Samriddhi Yojana (SSY) is a version of the SSY that can be opened at any post office in India. The scheme offers the same benefits as the SSY
Objectives of the Sukanya Samriddhi Yojana
- To encourage parents to save for their daughter’s future.
- Provide financial security for the girl child’s education and marriage.
- To improve the status of girl children in India.
Sukanya Samriddhi Yojana (SSY) by LIC
LIC also offers the Sukanya Samriddhi Yojana (SSY) as a life insurance product. The LIC SSY offers the same benefits as the government-backed SSY, but it also offers some additional features, such as:
- Life insurance coverage: The LIC SSY provides life insurance coverage for the minor girl child. The coverage amount is equal to the balance at the credit of the account, along with interest accrued up to the date of death.
- Guaranteed maturity amount: The LIC SSY guarantees a minimum maturity amount, even if the interest rates fall.
- Early withdrawal option: The LIC SSY allows for early withdrawal of funds under certain circumstances, such as marriage of the girl child.
sukanya samriddhi yojana near me
- Visit your local post office or bank. Any post office or bank that offers savings accounts should also offer SSY accounts.
Sukanya Samriddhi Yojana Online Payment
National Savings Institute (NSI) Website:
- Create an account and provide your account details.
- Make one-time or recurring payments.
- Check if your bank offers SSY accounts and online payments.
- Log in to your bank account and select the SSY account for payment.
- Register on the post office website or download their mobile app.
- Provide your account details and make online payments.
sukanya samriddhi yojana form fill up
- Read the instructions carefully before filling out the form.
- Fill out all the required information in the form.
- Sign the form in the presence of a witness.
- Attach the required documents to the form.
No, the Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that is specifically designed for girl children.
NRIs are not eligible to open a Sukanya Samriddhi Yojana account.
The SSY does not have any government contribution.
The name of the Sukanya Samriddhi Yojana can be changed if the account holder submits a request to the post office or bank where the account is held.
Ministry of Finance
The Sukanya Samriddhi Yojana (SSY) was launched on 22 January 2015 by the Government of India as a part of the Beti Bachao, Beti Padhao campaign.