Sukanya Samriddhi Yojana (SSY): Secure Your Daughter's Dreams


Sukanya Samriddhi Yojana (SSY) is a central Government-authorized financial savings scheme created to empower girl children to protect the future of girl child. In this article, we will describe the key features, benefits, and eligibility criteria of SSY, how to open an account, and maximize its benefits.

Focus on the Girl Child

Sukanya Samriddhi Yojana (SSY) is a unique financial savings scheme that aims to promote the welfare of the girl child. It gives financial help for education and marriage expenses.

Key Features and Benefits Sukanya Samriddhi Yojana (SSY)

Key Features of Sukanya Samriddhi Yojana (SSY):

Interest Rate: SSY gives an attractive interest rate, that is presently set at 8.2% per annum (as of March 2024) and is compounded annually. The interest is added with a principal amount, directing to compounded growth over time.

Maturity Period: The maturity period of SSY is 21 years from the date of initiating the account, making it a long-term funding alternative. However, partial withdrawals are allowed after the woman's child attains the age of 18 years, provided the amount is used for her schooling or marriage.

Tax Benefits: Investments in SSY are eligible for tax deductions under Section 80C of the Income Tax Act, maximum limitation of Rs. 1.5 lakh in a financial year. Also, the interest earned and the maturity returns are tax-free.

Safety and Security: SSY is sponsored by the Government of India, making it a safe and secure investment option. The principal amount and the interest earned are assured.

Benefits of Investing in Sukanya Samriddhi Yojana (SSY):

Financial Security for Girl Child: SSY gives financial safety for the education and marriage expenses of the female infant, making sure of her monetary independence.

Tax Savings: Investments in SSY qualify for tax deductions below Section 80C of the Income Tax Act, helping parents reduce their taxable earnings.

Long-Term Financial Growth: The compounded growth of SSY guarantees that the investment grows considerably over the years, offering a considerable corpus for the girl child's future wishes.

Low Risk: SSY is a low-risk investment option, as it is supported by the Government of India and gives guaranteed returns.

How to Open an Account in Sukanya Samriddhi Yojana (SSY):

Visit a Post Office or Authorized Bank: SSY accounts may be opened at any post office or authorized financial institution branch that gives this scheme.

Fill Out the Application Form: Obtain the SSY form and fill it out with the required information, jointly with the girl infant's details, date of birth, and parent/mother or father information.

Submit the Form and Deposit the Amount: Submit the filled-out form jointly with the preliminary investment amount.

Receive the SSY Passbook: Once the account is opened, you may receive an SSY passbook, to be used to record all transactions associated with the account.

Eligibility Criteria for Sukanya Samriddhi Yojana (SSY):

Age Limit: An SSY account may be opened for a girl's toddler from the beginning up to the age of 10 years.

Number of Accounts: Only one SSY account is permitted per female toddler. In the case of twins or triplets, a separate account can be opened for every child.

Resident Status: Only Indian citizens are eligible to open an SSY account. Non-resident Indians (NRIs) are not allowed to open an account on SSY.

Summary of Sukanya Samriddhi Yojana (SSY)

  • Minimum deposit of 500/- Maximum deposit of 1.5 Lakh in a financial year.
  • The account can be opened in the name of a girl infant until she attains the age of 10 years.
  • Only one account may be opened in the call of a girl infant.
  • The account can be opened in the Post office and authorized banks.
  • Withdrawal will be allowed for higher education, marriage, or maturity to fulfill expenses.
  • The account can be prematurely closed in case of marriage of a girl's child after she reaches the age of 18 years.
  • The account can be transferred anywhere in India from one Post office or Bank to another.
  • The account shall mature on finishing touch for 21 years from the date of account opening.
  • The deposit allows for deduction under Sec.80-C of the Income Tax Act
  • Interest earned in the account is not taxable on Income Tax Section -10 of the Income Tax Act
Sukanya Samriddhi Yojana (SSY) Interest Calculator

The Sukanya Samriddhi Yojana (SSY) is a long-term savings scheme in India created for the benefit of the girl child. It offers attractive interest rates and tax benefits. While I can't provide a real-time calculator, I can give you a general idea of how the SSY works.

Sukanya Samriddhi Yojana Calculator:

M = P * (1+(r/100) ^n


- M is the maturity amount

- P is the principal amount (initial deposit)

- r is the rate of interest per annum

- n is the number of years

For example, if you invest ₹1,000 monthly for 15 years at an annual interest rate of 8.2%, the procedure would be:

Total contribution years: 15 years

Maturity Period: 21 years

Total Contribution: 180000/- INR

Total Interest: 374613/- INR

Maturity value = 554613/- INR

You would need to calculate this per monthly deposit and sum up the maturity amounts to get the total maturity value. Keep in mind that actual calculations might vary due to the compounding rates and other factors. It's always a good idea to use an official SSY calculator or consult a financial advisor for precise calculations.