Suknaya Samriddhi Yojana is a 21 year, Central Govt. scheme for securing girl child future. Currently, suknaya samriddhi yojana interest rate is 8% which is highest among all small saving schemes.
This high interest rate and GOI assurance, encourage the parents to save for the girl child. Even one can start with small amount of Rs. 250 also.
Table of Contents
What is Suknaya Samriddhi Yojana?
Suknaya Samriddhi Yojana is a Central Govt. of India scheme for girl child below aged 10 or below. SSY is a 21 year scheme. Parent of girl Child can open SSY Account in any post office or authorised bank. The current interest is 7.6% compounded annually.
Only one account can be opened under SSY.
Key Features of Suknaya Samriddhi Yojana Account
- Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
- Account can be opened in the name of a girl child till she attains the age of 10 years.
- Only one account can be opened in the name of a girl child.
- Account can be opened in Post offices and in authorized banks.
- Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
- The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
- The account can be transferred anywhere in India from one Post office/Bank to another.
- The account shall mature on completion of a period of 21 years from the date of opening of account.
- Deposit qualifies for deduction under Sec.80-C of I.T.Act.
- Interest earned in the account is free from Income Tax under Section -10 of I.T.Act
Eligibility for Sukanya Samriddhi Yojana
- The parent can open the account in name of girl child.
- The girl child age should be less than 10 year.
- Only one account can be opened for one child.
- Sukanya Yojana can be opened for two girl child only.
How to open Sukanya Samriddhi Yojana Account
- Fill Form 1 for opening the account.
- Submit basic KYC document of parent ( Aadhar card, PAN Card, Address proof, initial deposit amount cheque)
- birth certificate of the girl child in whose name the account is to be opened
Tax Benefit – Sukanya Samriddhi Yojana Account
The girl child parent gets triple tax advantage while investing in SSY. The deposited amount, interest and maturity proceeds all are tax free in nature.
- Tax Deduction U/S 80C – The amount of up to Rs.1.5 lac in a FY is eligible for tax deduction U/S 80C.
- No tax on interest- The interest amount is also exempt from tax.
- Tax Free Maturity – There is no tax on maturity.
Do I get tax benefit over 1.5 lac for Sukanya Samriddhi Yojana Account
The deposit in excess of one lakh fifty thousand rupees in any financial year, shall not be eligible for any interest and be returned immediately to the depositor( if accepted due to any accounting error).
How many years need to pay for Sukanya Samriddhi Yojana?
One has to contribute for at least fifteen years from the date of opening of the account. In case if one fails to pay the minimum amount of Rs. 250 in a FY, have to pay penalty of fifty rupees for each year of default along with the minimum annual deposit in respect of the defaulted years.
How interest is calculated for Sukanya Samriddhi Yojana?
The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
The interest shall be credited to the account at the end of each financial year and any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
Premature closure of SSY account
SSY Account premature closure is allowed under following circumstances:
- Death of account holder– In the event of death of the account holder, the account shall be closed immediately on application in Form-2. The interest for the period between the date of death of the account holder and date of closure of the account shall be paid Post Office Savings Account for the balance held in the account.
Withdrawal from Sukanya Samriddhi Yojana
SSY is a 21 year scheme and therefore one has to stay invested for 21 years. However, One can withdraw partially before maturity.
For Education or Marriage purpose of the account holder: withdrawal of upto a maximum of fifty percent of the amount in the account at the end of the financial year preceding the year of application for withdrawal.
For Example suppose you want to withdraw in May 2022 and your balance on 31 march 2022 is 10 lac, then you can withdraw maximum of 5 lac from SSY ( Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier)
Sukanya Samriddhi Yojana Interest rate (since inception)
Interest Rate Since 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 30.06.2023 | 7.6 |
| 01-10-2023 TO 31-12-2023 | 8.0 |
Sukanya Samriddhi Yojana Calculator
If you deposit 12500 each month for 15 years and take maturity after 21 years than you can accumulate 63.70 lac.
Even if you deposit Rs 1000 per month, you can accumulate 5.10 lac from SSY account.
*Please note, this amount is calculated at interest rate 7.6%. Interest rate may change in future, so the maturity amount.
