The Sukanya Samriddhi Yojana was introduced by the central government of India to increase the habit of saving among the parents of a girl child. Under this scheme, the Government of India allows citizens who are the parents of a girl child to deposit money under the Sukanya Samriddhi account. The Sukanya Samriddhi Yojana was first announced by the government of India in 2015 under the initiative “Beti Bachao, Beti Padhao”. The Sukanya Samriddhi account will provide more interest than any other savings account in any commercial bank on the deposit. Only the parents of a girl child who is below the age of 10 years are eligible to fill out the application form for the Sukanya Samriddhi Yojana.
About Sukanya Samriddhi Yojana (SSY)?
To provide a better and rewarding future to all the girl child in India the Government of India started the Sukanya Samriddhi Yojana. According to the Government of India, the interest rate under the Sukanya Samriddhi savings account is 8.2% per annum which is better than most of the savings accounts. With the help of the minimum deposit of INR 250 any citizen of India who is financially weak can also avail of the benefits of the scheme. The maturity period of the account is 21 years or when the girl child gets married after turning the age of 18.
Important Factors
| Name of Scheme | Sukanya Samriddhi Yojana (SSY) |
| Launched By | Government of India |
| Date of Launch | 2015 |
| Beneficiary | All states of India |
| Objective of Scheme | Increase the habit of saving |
| Type of Scheme | Girl Child Saving Scheme |
| State | All State Of India |
| Benefits | Provide financial assistance |
| Mode of Application | Offline/online |
| Official Website |
Objective of SSY
The main objective of launching the Sukanya Samriddhi Yojana is to secure the future of all the financially weak families who have girl children. With the help of this scheme, the Government of India will increase the social status and standard of living of all the girl child in India. The girl child can pursue higher education and build their career with the help of the amount that will be given after the maturity period. This scheme will encourage parents and guardians to invest in their daughter’s future through attractive interest rates and tax benefits.
Eligibility Criteria for Children
- The girl child must be a permanent resident of India.
- This scheme is only available for the female children.
- The girl child must be below the age of 10 years.
- Only two Sukanya Samriddhi Yojana accounts per family can be opened.
Eligibility Criteria for Parents or Guardians
- The parents or legal guardians of the girl child must be a permanent resident of India.
- Only biological parents or legal Guardians Of the girl child can open up a bank account on her name.
- Apparent or Guardian can only open two accounts for their family for example if they have two girls they can open up two Sukanya Samriddhi accounts.
- In special cases of triplets, the parents can open up three accounts.
List of Bank
- State Bank of India (SBI)
- ICICI Bank
- HDFC Bank
- Kotak Mahindra Bank
- Axis Bank
- Bank of Baroda
- Indian Bank
- UCO Bank
- Punjab National Bank
- Canara Bank
- Union Bank of India
- Indian Overseas Bank
- Central Bank of India
- Bank of Maharashtra
- Syndicate Bank
- Oriental Bank of Commerce
- IDBI Bank
- Vijaya Bank
- Corporation Bank
- Dena Bank
- Allahabad Bank
- Andhra Bank
- Punjab and Sind Bank
- Bank of India
Interest Rates
| Financial Year | Date Range | Interest Rate |
| 2014–15 | 1 April 2014 to 31 March 2015 | 9.1% |
| 2015–16 | 1 April 2015 to 31 March 2016 | 9.2% |
| 2016–17 | 1 April 2016 to 30 September 2016 | 8.6% |
| 2016–17 | 1 October 2016 to 31 March 2017 | 8.5% |
| 2017–18 | 1 April 2017 to 30 June 2017 | 8.4% |
| 2017–18 | 1 July 2017 to 31 December 2017 | 8.3% |
| 2017–18 | 1 January 2018 to 31 March 2018 | 8.1% |
| 2018–19 | 1 April 2018 to 30 September 2018 | 8.1% |
| 2018–19 | 1 October 2018 to 31 March 2019 | 8.5% |
| 2019–20 | 1 April 2019 to 30 June 2019 | 8.5% |
| 2019–20 | 1 July 2019 to 31 March 2020 | 8.4% |
| 2020–21 | 1 April 2020 to 31 March 2021 | 7.6% |
| 2021–22 | 1 April 2021 to 31 March 2022 | 7.6% |
| 2022–23 | 1 April 2022 to 31 March 2023 | 7.6% |
| 2023–24 | 1 April 2023 to 31 December 2023 | 8.0% |
| 2023–24 | 1 January 2024 to 31 March 2024 | 8.2% |
| 2024–25 | 1 April 2024 to 30 June 2024 | 8.2% |
Silent Features
- Increase saving habit– The main purpose of launching this scheme is to increase the habit of saving among the citizens of India.
- Easy account opening– All the parents who clear the eligibility criteria can easily open up an SSY account by just visiting their nearest post office or participating bank branch.
- Flexibility in deposit- With the help of the minimum amount of INR 250 all the parents or guardians of a girl child can register themselves easily.
- Tax-free– The interest and the maturity amount that will be given to the girl child is entirely tax-free under the Sukanya Samriddhi scheme.
- Withdrawal facility– The parents of the girl child are eligible to withdraw from the Sukanya Samriddhi scheme after the girl child turns 18 for reasons like marriage or higher education.
Interest Rate Calculator (Formula)
- All the citizens can calculate the Sukanya Samriddhi interest by using the formula A = P(1+r/n)^nt where-
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity
Sukanya Samriddhi Yojana Calculator
Total investment: ₹
Total interest: ₹
Maturity year:
Maturity value: ₹
Minimum and Maximum Amount
- Under the Sukanya Samriddhi account the parents and guardians can deposit a minimum amount of INR 250.
- Under the Sukanya Samriddhi account the parents and guardians can deposit a maximum amount of INR 1.5 lakh.
Maturity Period
- The maturity period of Sukanya Samriddhi’s savings account is 21 years or when the girl child gets married after achieving the age of 18.
Withdrawal Rules Under SSY
- Higher Education- Once the girl child achieves the age of 18 years or passes class 10th, the parents can withdraw 50% of the total amount for the higher education of the girl child.
- Marriage- After the girl’s child turns 18 the parents or guardians are eligible to withdraw 50% of the money to carry out the expenses that occurred during marriage.
- Medical Emergency- If the girl child is in a life-threatening condition or one of the guardians passes away then premature closure of the account is allowed.
- Documentary Proof– Before withdrawing the amount under the Sukanya Samriddhi account the parents must have documentary proof like a marriage certificate or passing certificate of class 10th or above.
How to Open Sukanya Samriddhi Yojana (SSY) Account?
STEP 1: All permanent residents of India who want to open up a Sukanya Samriddhi Yojana account are requested to visit the nearest post office or Bank branch.
STEP 2: After reaching the nearest post office or Bank branch the parents of the girl child must consult with the concerned government official and ask for the application form.
STEP 3: After receiving the application form the parents must start filling it up by entering all the details that are asked and attaching necessary documents like but certificate of the girl child, Aadhar Card, etc.
STEP 4: After entering all the details the parents can now submit the application form back to the government official along with the initial deposit amount which can be between INR 250 to INR 1.5 Lakh.
STEP 5: After successfully submitting the application form along with the initial deposit the parents will receive a password to record all the transactions.
How to Transfer SSY Account?
STEP 1: All the parents or guardians of a girl child who wants to transfer their Sukanya Samriddhi account are requested to visit their nearest post office or participating bank branch.
STEP 2: After reaching the center the parents must consult with the concerned official and tell them about the transfer including all the details.
STEP 3: The official will give you a transfer from the parents of the girl child must fill out all the details that are asked and give all the necessary documents including the passbook and KYC documents.
STEP 4: After successfully filling out the transfer form the parents can submit it back to the official to complete their proces.
FAQs
What is the maximum deposit amount under the Sukanya Samriddhi Yojana (SSY)?
The maximum deposit amount under the Sukanya Samriddhi Yojana (SSY) is INR 1.5 lakh.
What are the age criteria for the girl child under Sukanya Samriddhi Yojana (SSY)?
The girl child must be under the age of 10 years to be selected under the Sukanya Samriddhi Yojana (SSY).
How many Sukanya Samriddhi accounts can be opened per family?
Only two Sukanya Samriddhi accounts can be opened for two girl child in one family.
What is the main purpose of launching the Sukanya Samriddhi Yojana (SSY)?
The main purpose of launching the Sukanya Samriddhi Yojana (SSY) is to increase the habit of saving among the citizens of India.
What is the interest rate under the Sukanya Samriddhi Yojana (SSY)?
The interest rate under the Sukanya Samriddhi Yojana (SSY) is 8.2% per annum.
What is the formula to calculate the Sukanya Samriddhi amount?
The formula to calculate the Sukanya Samriddhi amount is A = P(1+r/n)^nt.