Sukanya Samriddhi Yojana is a savings scheme started by the Government of India for girls. Under this scheme, parents or legal guardians can open an account in the name of the girl child and deposit a fixed amount annually. The girl child should be less than 10 years of age to open this account. You will get information about the benefits of this scheme, interest rate, documents and application process.
What is the aim of the scheme
- The scheme aims to combat the prejudice prevalent against girl children in Indian society. It strives to ensure equal opportunities for girls by promoting financial security and support for their future.
- The scheme aims to provide a safety net to girls by encouraging parents to save for the future of their daughters.
- By providing financial assistance for education and other sectors, the scheme encourages higher participation and empowerment of girls.
Eligibility Criteria of the Scheme
- The age of the girl child should be less than ten years.
- The account will be opened by either of the girl’s parents or guardian.
- Only one account will be opened in the name of a girl child.
- The parent opening the account must be an Indian citizen and Indian resident.
- A family can open an account for maximum two girl children.
Benefits of the scheme
- Sukanya Samriddhi Yojana offers a higher interest rate than other savings schemes. As of August 2023, this scheme was offering 7.6% annual compound interest.
- The minimum deposit amount is ₹250, while the maximum deposit amount in a financial year is Rs 1.5 lakh.
- Accounts can be opened in post offices or authorized banks. Withdrawals are allowed for higher education expenses of the account holder.
- The account matures on completion of 21 years from the date of opening.
- Money can be withdrawn from the account after the daughter turns 18 years old or passes class 10th.
Required Documents
- SSY Post Office Form
- Birth certificate/ proof of age of the girl child
- Passport size photographs
- Identity proof and address proof
- All other documents required by the bank or post office
Application Process
- To apply for this scheme, first go to the official website www.nsiindia.gov.in and download the form.
- After that fill all the information asked in the form carefully.
- Make the first deposit, which can be anywhere between Rs 250 to Rs 1.5 lakh.
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- The bank or post office will process your application and payment.
- After processing, your SSY account will be activated and you will get a passbook.
Rate of interest of the scheme
| interest rate | 8.2% per annum (Q4 FY 2023-24) |
| Investment period | 15 years from the date of opening the account |
| Maturity Period | 21 years or till the girl child turns 18 years old |
| Minimum deposit amount | ₹ 250 |
| Maximum deposit amount | ₹ 1.5 lakh in a financial year |
| Ability | Parents or legal guardians of a girl child below 10 years of age are eligible to open an SSY account in the name of the girl child |
| Income Tax Exemption | Deduction under section 80C of the Income Tax Act, 1961 (maximum Rs 1.5 lakh in a year) |
Frequently Asked Questions about Sukanya Samriddhi Yojana
When is the Sukanya Samriddhi Yojana form filled?
This form is valid till the girl turns 21 years of age or gets married after the age of 18.
What should be the age for Sukanya Scheme?
Sukanya Yojana age should be less than 10 years.
Who is eligible to withdraw money from Sukanya Scheme?
The girl in whose name the account is opened, but the account can be withdrawn only after the girl attains 18 years of age, further if her age is below 18, then the guardian can withdraw the account.