The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched in 2015 under the Beti Bachao, Beti Padhao initiative. It aims to encourage parents to build a fund for the future education and marriage expenses of their girl child. The scheme offers attractive interest rates and tax benefits, making it a popular choice among Indian families.
Key Features of SSY
- Interest Rate: 8.2% per annum (compounded annually) for the quarter July–September 2025.
- Minimum Deposit: ₹250 per financial year.
- Maximum Deposit: ₹1.5 lakh per financial year.
- Maturity Period: 21 years from the date of account opening or upon the marriage of the girl after attaining 18 years of age, whichever is earlier.
- Deposit Duration: Deposits can be made for 15 years from the date of account opening.
- Account Limit: Only one account per girl child; a maximum of two accounts per family (exceptions for twins/triplets).
Eligibility Criteria
- Who Can Open: Parents or legal guardians of a girl child.
- Age Limit: The girl child must be below 10 years of age at the time of account opening.
- Residency: The girl child must be an Indian resident.
Tax Benefits
SSY offers Exempt-Exempt-Exempt (EEE) tax status:
- Investments: Eligible for deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per annum.
- Interest Earned: Completely tax-free.
- Maturity Amount: Fully exempt from tax.
This makes SSY one of the most tax-efficient savings schemes in India.
How to Open an SSY Account
You can open an SSY account at:
- Post Offices
- Authorized Banks: Including State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, ICICI Bank, and others.
Required Documents:
- Birth certificate of the girl child.
- Identity and address proof of the parent/guardian (Aadhaar card, PAN card, etc.).
- Passport-sized photographs of the parent/guardian and the girl child.
- Initial deposit amount (minimum ₹250).
Example: Potential Returns
If you invest ₹1.5 lakh annually for 15 years:
- Total Investment: ₹22.5 lakh
- Maturity Amount after 21 years: Approximately ₹46.5 lakh (at 8.2% interest rate)
This corpus can significantly aid in funding higher education or marriage expenses.
Withdrawal Rules
- Partial Withdrawal: Up to 50% of the account balance can be withdrawn after the girl turns 18, for education purposes.
- Premature Closure: Allowed in cases of marriage after the girl attains 18 years of age or in unfortunate events like the death of the account holder.
Conclusion
The Sukanya Samriddhi Yojana is a secure and beneficial scheme for parents aiming to ensure a financially stable future for their daughters. With its high-interest rates, tax exemptions, and government backing, it stands out as a preferred choice for long-term savings.
