The Sukanya Samriddhi Account Scheme: A Comprehensive Guide to Secure Your Daughter’s Future

    Sukanya Samriddhi Account Scheme
    Sukanya Samriddhi Account Scheme

    Sukanya Samriddhi Account Scheme is a government-backed savings scheme launched by the Government of India under the Beti Bachao, Beti Padhao campaign in 2015. The scheme aims to encourage parents to save money for the future education and marriage expenses of their girl child.

    Under the scheme, parents or legal guardians can open an account in the name of their girl child before she turns 10 years old. The account can be opened with a minimum deposit of Rs. 250, and a maximum deposit of Rs. 1.5 lakh can be made in a financial year. The account will mature after 21 years from the date of opening or when the girl child gets married, whichever is earlier.

    The scheme offers a high rate of interest, which is revised every quarter and is currently at 7.6% per annum. The deposits made in the account are eligible for tax deductions under Section 80C of the Income Tax Act. The scheme has no monthly or annual fees, and partial withdrawals can be made after the girl child turns 18 years old for higher education or marriage expenses.

    The Sukanya Samriddhi Account Scheme is a popular savings scheme in India and has been successful in promoting the education and empowerment of girl children.


    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 authorised 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.

    Sukanya Samriddhi Yojana: Eligibility, Documents Required, Interest Rates, and Calculation Sukanya Samriddhi Yojana is a scheme that aims to promote the welfare of the girl child. To become a beneficiary of this scheme, the candidate must fulfill the eligibility criteria mentioned below:

    • Parents or legitimate guardians of the girl child are eligible to open a Sukanya Samriddhi account.
    • The age of the girl child should be under 10 years at the time of account opening. The account can be operational till the girl child becomes 21 years old.
    • The account opening amount begins from ₹250 and has a yearly limit of ₹1,50,000 with ongoing deposits in multiples of ₹100.
    • A single girl child cannot have multiple Sukanya Samridhhi accounts.
    • Only two Sukanya Samriddhi Yojana accounts are allowed in one family.

    To open an account under this scheme, the beneficiaries must have the following documents and visit any nationalized banks or post offices:

    • Sukanya Samriddhi Yojana Account Opening Form
    • Birth Certificate of the beneficiary girl child
    • Identity Proof
    • Other documents required as per the rules of particular banks or post offices

    The interest rate in the Sukanya Samriddhi Yojana account is currently 7.6% p.a. and is provided annually, as per the government guidelines that change every quarter. No interest will be provided if the girl becomes a citizen of another country. However, if you have deposited between 12th December 2019 to 31st March 2020, then you will earn 8.4% p.a.

    To calculate the interest in the Sukanya Samriddhi Yojana Scheme, you can use the below formula:

    I = P(1+R/100) ^N

    Where I = Interest, P= Principle Invested, R= Rate of return, and N= Number of Years.

    The compound interest on the SSY account is computed every year. You can check the Sukanya Samriddhi Yojana Calculator available online if you don’t want to calculate manually.

    April 2020 – Present7.6% p.a.
    1 January 2019 – 31 March 20198.5% p.a.
    1 October 2018 – 31 December 20188.5% p.a.
    1 July 2018 – 30 September 20188.1% p.a.
    1 April 2018 – 30 June 20188.1% p.a.
    1 January 2018 – 31 March 20188.1% p.a.
    1 July 2017 – 31 December 20178.3% p.a.
    1 October 2016 – 31 December 20168.5% p.a.
    1 July 2016 – 30 September 20168.6% p.a.
    1 April 2016 – 30 June 20168.6% p.a.
    1 April 2015 – March 31 20169.2% p.a.
    3 December 2014 – March 31 20159.1% p.a.

    What is the interest rate offered by the Sukanya Samriddhi Yojana scheme?

    The Sukanya Samriddhi Yojana account offers an interest rate of 7.6% per annum

    Is the Sukanya Samriddhi Yojana scheme only applicable for girl children?

    Yes, the Sukanya Samriddhi Yojana scheme is exclusively for girl children.

    What are the necessary documents needed to open a Sukanya Samriddhi account?

    To open a Sukanya Samriddhi account, you need to provide the birth certificate of the girl child, identity proof, and other documents as per the guidelines of banks or post offices.


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