Sukanya Samriddhi Yojana (SSY) is a government small-savings scheme launched under Beti Bachao Beti Padhao to secure the future of the girl child. Parents or guardians can open an account in the name of a girl child and earn a high, tax-free interest rate.
Key Benefits
- High interest rate announced quarterly by the government (around 8% p.a. — check the latest rate on the official portal)
- Interest and maturity amount are tax-free (EEE status)
- Deposits qualify for deduction under Section 80C of the Income Tax Act
- Deposit as low as ₹250 and up to ₹1.5 lakh per year
- Account matures 21 years from opening, or on marriage after the girl turns 18
- Partial withdrawal allowed (up to 50%) for higher education or marriage after age 18
Eligibility Criteria
- For a girl child below 10 years of age
- One account per girl child (maximum two accounts per family — under current rules)
- Can be opened by a parent or legal guardian
Documents Required
- Birth certificate of the girl child
- Aadhaar card of the child and parent/guardian
- Guardian’s identity and address proof
How to Apply
- Visit any post office or authorised commercial bank branch (most nationalised banks offer SSY)
- Fill the SSY account opening form and submit the documents
- Make the first deposit (minimum ₹250; can also be opened with up to ₹1,000 in some banks)
- Set up standing instructions or deposit regularly — the account earns interest for 21 years
Official Website
Post office small savings: indiapost.gov.in (interest rates: nsiindia.gov.in)
Note: Interest rates are revised quarterly. Check the latest rate before investing.