The Sukanya Samriddhi Yojana is a government-sponsored small savings scheme. It is created as part of the “Beti Bachao – Beti Padhao” initiative to benefit girl children. This scheme encourages parents to save money for their daughters’ education and marriage expenses. The Sukanya Samriddhi Yojana, launched by Prime Minister Narendra Modi on 22 January 2015 in Panipat, Haryana. In this article, we will discuss all the details about Sukanya Samriddhi Yojana such as eligibility, interest rate, tax benefits, age limit, and much more. So, keep reading for more details!

What is Sukanya Samriddhi Yojana (SSY)?

The Government of India launched a social campaign “Beti Bachao, Beti Padhao” to address the issue of the declining child sex ratio in our country on January 22, 2015. The Beti Bachao, Beti Padhao (BBBP) campaign is an initiative to save and educate the girl child. This initiative is a collaborative effort between the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development. The Beti Bachao, Beti Padhao Yojana (BBBP) has three main objectives:

  • To end the practice of sex determination and gender discrimination against children.
  • To ensure the safety and survival of the girl child.
  • To ensure the participation and education of the girl child.

SSY, the Sukanya Samriddhi Yojana, is an aspect of the “Beti Bachao, Beti Padhao” program. SSY aims to address two major issues concerning the girl child: education and marriage. It serves as a way to help parents of girl children build a fund for their child’s proper education and worry-free marriage expenses to secure a bright future for girls in India. SSY introduce this Sukanya Samriddhi Account specifically for this use.

Sukanya Samriddhi Yojana Interest Rates 2023

The rate of Interest on the Sukanya Samriddhi Yojana is declared by government officials quarterly. The interest rate for the fourth quarter of FY 2022-23, from January to March, was 7.6%. However, for the first quarter of FY 2023-24 (April – June), interest rates have been set at 8% p.a. Here are the brief details:

Investment Amount (Minimum) Rs. 250 per year
Investment Amount (Maximum) Rs. 1.50 lakh per year
SSY Interest Rate (Currently) 8% per annum
Maturity Amount Depends on amount invested.
Maturity Period 21 years

Sukanya Samriddhi Yojana Eligibility

The following are the criteria for opening a Sukanya Samriddhi Yojana account:

  • Only the parents or legal guardians of a girl child can open an SSY account.
  • A girl child must be a resident of India and under the age of 10 at the time of account opening.
  • There can be only one account per child allowed under the SSY. Also, only two bank accounts are allowed per family, one for each girl child.

However, Sukanya Samriddhi Account can be opened for more than two girls under certain special circumstances, including:

  • A third account may be opened if a girl child is born before twin or triplet girls or if triplets are born at first
  • A third SSY account cannot be opened if a girl is born after a twin or triplet girl.

How to open an SSY account?

There can be only one SSY account per girl child. Any authorized commercial bank branch or post office can open SSY accounts. It can be open any time from the girl’s birth until she is ten years old. You must follow these steps to open your account:

  • Visit the bank or post office branch where you want to open an account.
  • Fill out the application with accurate information and attach relevant documents.
  • Then, you need to pay your first deposit in cash, or cheque. The amount must be between Rs.250 and 1.50 lacs.
  • After that, the bank or post office will process your application and send you a receipt.
  • Once your SSY account is processed, you will receive a passbook indicating that the account has been opened.

SSY Deposit Limits

The minimum amount that one can deposit into a Sukanya Samriddhi Account is Rs. 250 per year, and the maximum you can contribute in any given financial year is Rs. 1.5 lakhs. You must deposit at least the minimum amount each year for up to 15 years from the opening date. After that, interest will continue to accrue on your balance until you reach maturity.

SSY Maturity Period

The maturity period for SSY is 21 years from the account opening or when she marries after turning 18 years old. Contributions must, however, be made for only 15 years. After that, even if no additional deposits are made, the SSY account continues to earn interest until its maturity.

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a scheme introduced under the Beti Bachao, Beti Padhao (BBBP) initiative to help investors save and invest money for their daughters’ education and marriage expenses. Some of its key benefits are:

  • Flexible and Affordable Investment: You can maintain an SSY account with a minimum deposit of Rs.250 per fiscal year and make deposits up to Rs.1.5 lakh in any given year at your convenience. This makes it possible for people of all financial backgrounds to invest in the SSY scheme.
  • Attractive Interest Rates: In comparison to other government-backed schemes, the interest rate that applies to SSY accounts has always been high. The current rate of interest is 8% p.a.
  • Educational Expenses Covered: You may withdraw 50% of the account balance as of the end of the previous financial year to pay for your girl child’s educational expenses. You can avail this simply by providing admissions documentation.
  • Guaranteed Returns: As SSY is a government-sponsored scheme, it offers a guarantee of return on the investments upon its maturity.
  • Tax Benefit: SSY offers tax benefits under Section 80C, with exemptions up to Rs. 1.5 lakh per year on investments made in the scheme.
  • Compounding advantage: Sukanya Samriddhi Yojana (SSY) is a fantastic long-term investment strategy because it offers the advantages of annual compounding. Therefore, even a small investment will generate excellent returns over time.
  • Convenient Transfer: You can effortlessly transfer your SSY from any Indian post office to any Indian bank, and vice versa.

Bottom Line

The Sukanya Samriddhi Scheme is a program specifically designed to empower girls and ensure their futures. This scheme should be looked into by every parent because it also serves as a good tax-saving tool. Hope you guys got all the relevant details about this encouraging scheme. Thanks for reading!



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