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Invest in her future: Unravelling the benefits of Sukanya Samriddhi Yojana

India’s government established the Sukanya Samriddhi Yojana (SSY) to ensure the financial stability of girl children. It underscores the importance of financial planning for securing a girl child’s future.

A comprehensive analysis of the programme, its advantages, and its potential as a tool for empowering girls is presented in this article.

What is Sukanya Samriddhi Yojana?

Launched in India in 2015, the Sukanya Samriddhi Yojana as a part of “Beti Bachao, Beti Padhao” is a government-backed savings initiative designed to enable families to save for the education and marriage costs of their girl child. 

The program seeks to close the gender gap, improve financial inclusion, and motivate girls to save for the future. The program can be availed through approved Sukanya Samriddhi post office or banks, guaranteeing that families with various backgrounds can participate.

Eligibility criteria

The Sukanya Samriddhi Yojana is a savings program that encourages parents to save money for their daughters’ future education and marriage. To qualify for this yojana, let’s explore the eligibility criteria:

Age limit:

Girls under the age of 10 can open an account with their parents or guardians through the Sukanya Samriddhi Yojana (SSY). In addition to guaranteeing a daughter’s financial security and encouraging financial discipline among parents, knowing the Sukanya Samriddhi yojana age limit promotes early financial planning and societal goals.

Number of accounts: 

To promote equity, thrift, and equal chances, the Sukanya Samriddhi Yojana (SSY) limits the number of accounts for families with several girls. It is possible to open this account for two females in a household. Nevertheless, more accounts can be formed for twins or triplets. 


Except for Non-Resident Indians (NRIs), the Sukanya Samriddhi Yojana (SSY) is a program intended to give financial incentives to Indian girls. This policy decision seeks to streamline administrative procedures while fostering financial security and responsibility.

Parental/guardian role:

The parental/guardian role is a crucial component of eligibility requirements, requiring parents or legal guardians to manage the account on their daughter’s behalf. 

How to open an SSY account?

Knowing how to open a Sukanya Samriddhi account online or in a post office is important. Let’s check on the process: 

Visit the nearest authorised bank or post office: To open a Sukanya Samriddhi Yojana (SSY) account, visit an authorised bank or post office. Choose a government-designated financial institution from the Ministry of Finance – National Savings Institute or the bank’s website.

Collect the application form: Request the SSY account opening form from customer service desks, government savings schemes departments, or one may even find forms on their official websites. Please ensure that all information is filled out accurately, including the name, date of birth, and guardian details, for the girl child.

Submit KYC documents: Provide KYC documents, such as a birth certificate, proof of guardian identity, and passport-sized photos. These documents validate the account holder’s identity and compliance with regulations.

Deposit the initial amount: Deposit an initial amount at an authorised bank or post office, with payments made in cash, cheque, or demand draft.

Receive the passbook: Once you are done with the application and depositing the initial amount, the account holder receives a passbook from the bank or Sukanya Samriddhi Yojana post office. This passbook serves as a crucial document for tracking the SSY account statement and balance.

Knowing these steps is crucial for smooth transactions.

Financial aspects

Minimum and maximum investment: An SSY investment can range from a minimum of ₹250 per year to a maximum of ₹1.5 lakhs. This ensures that individuals from diverse income backgrounds can participate in the scheme.

Duration of deposit: A maximum of fifteen years from the account’s opening date is required for deposits to be made into an SSY account. The account will keep earning interest until it matures, which is after this period.

Penalty: The account is deemed defaulted if the required minimum deposit of ₹250 is not made within a fiscal year. In addition to the minimum amount due each year, a penalty of ₹50 must be paid each year to reinstate the account.


  1. Interest rates and maturity period 

The interest rate offered by the Sukanya Samriddhi Yojana is attractive and is revised quarterly by the government. The interest is compounded every year. The current interest rate is 8.2% p.a.

The most up-to-date interest rate can be found on the National Savings Institute website under the Sukanya Samriddhi Account Scheme – Interest Rate Since Inception section.

The account will mature either twenty-one years after the opening date or when the girl reaches marriage age, whichever comes first. After a girl reaches the age of 18, she is allowed to partially withdraw for higher education.

  1. Tax benefits

The EEE (Exempt-Exempt-Exempt) status is one of the main benefits of the Sukanya Samriddhi Yojana. Up to ₹1.5 lakhs can be deducted as contributions to SSY under Section 80C of the Income Tax Act. It is a very advantageous investment option because not only is the maturity amount tax-free, but so is the interest earned.


Sukanya Samriddhi Yojana was launched to improve the financial security of young girls. The program encourages girls’ education and general well-being throughout India by fostering a culture of gender equality and financial inclusiveness. It’s a step toward creating a more wealthy and inclusive society where all girls can achieve their goals and live freely.


What are the benefits of Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) offers a secure way to financially empower the girl child. It provides attractive interest rates, tax benefits under Section 80C, and tax-free maturity. The scheme is accessible, allowing accounts to be opened in banks or post offices, making it a beneficial long-term investment option.

Which is better Sukanya or PPF?

Both the Sukanya Samriddhi Yojana (SSY) and the Public Provident Fund (PPF) are government-backed savings schemes offering tax benefits. SSY, designed for a girl child’s welfare, offers higher interest rates than PPF. However, the PPF provides more flexibility as it has no gender or age restrictions. The choice depends on your specific needs.

Which scheme is best for a girl child?

The best scheme for a girl child depends on specific needs and goals. However, the Sukanya Samriddhi Yojana (SSY) is often recommended due to its high-interest rates, tax benefits, and focus on the girl child’s future. Other schemes like the Balika Samridhi Yojana and Beti Bachao Beti Padhao are also beneficial.

How can I check my Sukanya account balance?

You can check the account balance through the bank or post office branches from where the account was opened. The balance can also be checked online on the bank’s website after receiving the internet login credentials from the bank where the account was opened.

What is the lock-in period of Sukanya Samriddhi Yojana?

The lock-in period of the Sukanya Samriddhi Yojana (SSY) is 21 years from the date of account opening. For instance, if the account is opened when the girl is 7 years old, it will mature when she reaches the age of 27

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