Sukanya Samriddhi Yojana (SSY) – Full Details, Benefits, and How to Apply

✅ Sukanya Samriddhi Yojana (SSY) – Full Details, Benefits, and How to Apply

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched under the 'Beti Bachao, Beti Padhao' initiative. It is specifically designed for the welfare of the girl child in India. This scheme offers attractive interest rates, tax benefits, and helps parents save for their daughter's future education and marriage expenses.

🔹 Key Features of Sukanya Samriddhi Yojana:

• Eligibility: Parents or legal guardians can open this account for a girl child below 10 years of age.
• Maximum number of accounts: Only two girl children are allowed per family (exception: twins or triplets).
• Minimum deposit: ₹250 per year
• Maximum deposit: ₹1.5 lakh per year
• Maturity period: 21 years from the date of account opening or until the girl gets married after 18 years.

💰 Interest Rate (As of Q1 FY 2025-26):

• Current Interest Rate: 8.2% per annum (compounded yearly)
• Note: This rate is subject to quarterly revision by the Government of India.

🎯 Key Benefits of SSY:

• High Returns: Higher interest rate compared to regular savings or fixed deposits.
• Tax Benefits:
  • Investments under SSY are eligible for deduction under Section 80C of the Income Tax Act.
  • Interest earned and maturity amount are completely tax-free (EEE benefit).
• Secure Investment: Backed by the Government of India.
• Flexible Deposits: You can deposit any amount between ₹250 to ₹1.5 lakh per year.

📋 Documents Required:

• Birth certificate of the girl child
• Photo ID and address proof of the parent/guardian (Aadhaar, PAN, etc.)
• Passport size photographs
• SSY Account Opening Form (available at post office or bank)

🏦 Where Can You Open an SSY Account?

You can open an SSY account at:

• Authorized post offices
• Public sector banks (SBI, PNB, Bank of Baroda, etc.)
• Private banks approved by the scheme

🧾 How to Apply for Sukanya Samriddhi Yojana:

1. Visit your nearest post office or authorized bank.
2. Fill the SSY application form.
3. Submit the form along with required documents.
4. Deposit a minimum of ₹250 to activate the account.
5. Collect the SSY passbook after account opening.

🗓 Maturity and Withdrawal Rules:

• The account matures after 21 years from the date of opening.
• Partial withdrawal (up to 50%) is allowed after the girl turns 18 years old, for education or marriage.
• The account can be prematurely closed under special circumstances (e.g. death of account holder or medical emergencies).

❓ Frequently Asked Questions (FAQs)

Q1: Can I open an SSY account online?
Currently, SSY accounts must be opened offline by visiting a post office or authorized bank.

Q2: What happens if I miss a deposit in a year?
A penalty of ₹50 will be charged to reactivate the account, along with the minimum deposit for that year.

Q3: Is the interest fixed throughout the tenure?
No, the interest rate is revised quarterly by the Ministry of Finance.

🔚 Conclusion

Sukanya Samriddhi Yojana is a smart and secure investment for parents who wish to secure their daughter’s future. With government backing, high interest, and tax benefits, SSY is one of the best savings schemes available for girl children in India.