Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY Account) – Post Office Saving Scheme

Sukanya Samriddhi Yojana is a saving scheme initiated by the government as a part of Beti Padhao, Beti Bachao Yojana. It is mainly beneficial for the girl child. It can be opened by the guardians or parents of a girl child below the age of 10. Parents can open up to two accounts for girls, and in case twins or triplets, a third account can be opened. The account has a maturity period of 21 years or until the girl child marries after the age of 18.

Interest rates for Sukanya Samriddhi Yojana

The current interest rate for Sukanya Samriddhi Yojana that is April to June 2020 is 7.6%. The interest rate is fixed, as well as reviewed by the government in every quarter.

Time PeriodInterest Rate (%)
April to June 20207.6
January to March 20208.4
July to Sep 20198.4
Apr to June 20198.5
Jan to March 20198.5
Oct to Dec 20188.5
July to Sep 20188.1
Apr to June 20188.1
Jan to March 20188.1
Oct to Dec 20178.3
July to Sep 20178.3
Apr to June 20178.4

Who is eligible to avail of the benefits of Sukanya Samriddhi Yojana?

The eligibility criteria for Beti Padhao and Beti Bachao are

  • The account holder of the Sukanaya Samriddhi Yojana has to be a girl child only, and her legal guardians or parents can open the account.
  • The account holder girl child has to be below the age of 10 at the time of account opening.
  • One cannot open multiple accounts in the name of the single girl child.
  • Per family, only two SSY accounts are permitted, i.e., one per child.

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How can one invest in the Sukanaya Samriddhi Yojana?

You can visit the nearby post office or respective branches of participating in private or public sector banks. To open the account, one should compulsorily submit KYC documents like Aadhar Card, Passport, etc. along with the required form and initial draft or cheque. It is all needed to open the Sukanya Samriddhi Yojana account successfully.

The download process of the Sukanaya Samriddhi Yojana Form

From various sources one can download the form:

  • Reserve bank of India website
  • India post website
  • Individual participating Public bank websites
  • Individual engaging in Private Sector bank Websites

Regardless of the source one chooses, the content of the form will be the same only.

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Steps to fill the SSY Form

The Sukanya Samriddhi Yojana form requires essential details of the girl child in whose name the investment is likely to be made under the Beti Bachao, Beti Padhao Yojana. Apart from the child, the details of the parents and legal guardians are also mandatory. The following are the critical content features of the Sukanya Samriddhi Yojana Form:

  • Name of the girl child or the primary account holder.
  • Name of the parent or the legal guardian opening the account or the joint holder.
  • Initial deposit amount.
  • Cheque or DD number and date used for the initial deposit.
  • Date of birth of the girl child or the primary account holder.
  • Birth certificate details of the girl of the primary account holder like date of issue and the certificate number etc.
  • ID details of the legal guardians or parents like Aadhar card, Driving license, etc.
  • Present and permanent address as per the ID submitted.
  • Details of KYC documents like PAN card or voter id etc.

Once the above vital components are filled, the form has to be signed and submitted with the account opening authority like the post office or the concerned bank, along with the copies of the required documents.

Advantages of opening Sukanya Samriddhi Yojana Account

A wide range of benefits is offered under the Sukanya Samriddhi Yojana. Some of the main benefits are:

  • Sukanya Samriddhi Yojana Account can be opened for more than two girl children under specific cases. If a girl child is born after the birth of triplets or twins, the account cannot be opened. If a girl child is born before the birth of triplets or twins girls, then the third account can be opened.
  • The SSY account offers a tax benefit of up to 1.5 lakh annually.
  • The Scheme offers a flexible investment option with a minimum deposit amount of Rs.250 and a maximum of 1.5 lakh annually.
  • The government of India guarantees returns on the investment of SSY Scheme deposit.
  • As compared to other government-backed saving schemes like PPF, the Scheme offers higher fixed interest rates.
  • The Sukanaya Samriddhi Yojana offers the benefit of compounding as it is a long term investment.
  • The amount in the Sukanya Samriddhi Yojana can be freely transferred from any part of the country (bank or post).

How to Sukanya Samriddhi Yojana Account Balance?

Check your Sukanya Samriddhi Yojana Account Balance with these simple steps

If the participating bank is maintaining your account, then one can quickly check the balance through mobile or internet banking. But one has to ensure that the account is linked to the existing account, so it makes accessing easy. This option is excellent for accounts held with participating banks, or one can physically visit the bank and get the passbook update.

If the account has been opened under the India Post Office, one cannot check it online. One has to visit the nearest post office branch and get the passbook updated.

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SSY Account Other Features

Amount to be invested

The minimum annual contribution to the Sukanya Samriddhi account is Rs.250, and the maximum is Rs. 1.5 lakhs in a financial year. Every year one has to invest the least minimum amount up to 15 years from the date of account opening. After that, the account will continue to earn interest until the time of maturity.

SSY Account Tenure

The tenure of Sukanya Samriddhi Yojana is equal to the time the girl child turns 21 years or upon her marriage, attaining 18 years of age. However, the parents have to invest only for 15 years.

SSY Account Tax Benefits

The Sukanya Samriddhi Yojana is designated as EEE from the tax perspective view. EEE means exempt, exempt, and exempt. The exempt includes everything from principal invested; interest earned to the maturity amount. Under the current prevailing tax laws of Sukanya Samriddhi Yojana, the tax deduction benefit on the principal amount will be up to Rs.1.5 lakhs per annum under section 😯 C of the income tax act 1961.

Loan under SSY account

Under the existing rules of Sukanya Samriddhi Yojana, there is no option of availing loans based on the balance available in the account.

Partial Withdrawal

After attaining the age of 18 years, the girl child can avail the benefit of partial withdrawal of not more than 50% of the total balance. The removal can be for higher education purposes. learn more


Q.1 Can you continue investing in the Sukanya Samriddhi Account even after you move to another country?

Ans. The account will be closed if you gain an NRI citizenship.

Q.2 Can You take a loan against the balance of Sukanya Samriddhi Account?

Ans. No, there is no such loan facility available currently. You can choose the PPF option if you wish to avail of a loan.

Q.3 Is there tax on Sukanya Samriddhi Yojana Account?

Ans. No one doesn’t have to pay any fee on any amount of interest, principal, or the maturity amount.

Q.4 What is the penalty amount if you miss paying the minimum amount of Sukanya Samriddhi Yojana?

Ans. You have to pay a penalty amount of Rs.50 if the minimum amount of Rs.250 isn’t deposited in the account during a financial year.

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