Sukanya Samriddhi Yojana: A Comprehensive Guide to Saving for Your Daughter

Overview of Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) is a prominent savings scheme introduced under the Beti Bachao Beti Padhao initiative. It aims to enable families to accumulate funds for their daughters' education and marriage. Offering an attractive interest rate of 8.2% per annum (April–June 2025), SSY is recognized as one of the leading government savings options for the girl child.

Eligibility Criteria for SSY Accounts

Parents or legal guardians of a girl child must be below 10 years old, with an allowance of a one-year grace period.
A maximum of two accounts can be opened per family; exceptions apply for families with twins or triplets.
The girl child must be a resident of India until the maturity of the account.

Key Features and Benefits of SSY

High Interest Rate: The scheme offers a competitive interest rate of 8.2% per annum, compounded yearly.
Flexible Deposit Options: Families can invest a minimum of ₹250 and a maximum of ₹1.5 lakh in a financial year.
Long-Term Savings: Contributions can be made for 15 years, with account maturity occurring after 21 years or upon the girl’s marriage after reaching 18 years.
Partial Withdrawals: After the girl turns 18, up to 50% of the balance can be withdrawn for higher education purposes.
Tax Benefits: The scheme qualifies for EEE status, offering tax exemptions on principal, interest, and maturity amounts under Section 80C (old regime).
Account Transferability: SSY accounts can be transferred between post offices and banks across India.
Premature Closure: The account can be closed prematurely in events such as marriage post-18, death, life-threatening illnesses, or severe financial hardship.

Steps to Open an SSY Account

Visit a Post Office or Authorized Bank: Go to any post office or authorized bank branch offering SSY accounts.
Complete the Required Documentation: Fill out the SSY account opening form and provide the girl child’s birth certificate along with KYC documents for the parent or guardian.
Initial Deposit: Make an initial deposit of at least ₹250.

Withdrawal and Maturity Guidelines

Partial Withdrawals: After the girl reaches 18 or completes the 10th standard, up to 50% of the SGY account balance can be withdrawn for education or marriage expenses.
Maturity: The account matures after 21 years or upon marriage after 18, enabling tax-free withdrawal of the full balance, including principal and interest.
No Loan Facility: Note that loans cannot be availed against the SSY account.

Why Opt for Sukanya Samriddhi Yojana?

Competitive Interest Rates: SSY offers among the best rates available in small savings schemes.
Guaranteed Returns: The scheme provides secure returns backed by the government.
Tax-Free Growth: The tax-exempt nature of the account maximizes savings for your daughter's future.
Flexibility and Security: Enjoy easy account management and transfer facilities.