Sukanya Samriddhi Yojana (SSY) – Eligibility, Tax Benefits

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) – Eligibility, Tax Benefits: The Sukanya Samriddhi Yojana is a scheme launched by our Prime Minister Narendra Modi in which it is a part of the Beti Bachao Beti Padhao campaign. Whereas, the name of the campaign translates as ‘Girl Child Prosperity Scheme’. The main objective of the Sukanya Samriddhi Account Scheme is to provide betterment for the girl child in India.

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The tenure of SSY is 21 years from the date of opening of the account or till the marriage of the girl after she attains the age of 18 years. After knowing the SSY Eligibility from this page, you can apply for the SSY Scheme by visiting the nearby bank or the post office. Give a deep look into the sections below on this page, and know the SSY Tax Benefits, Sukanya Samriddhi Yojana Interest Rate, documents required to open an SSY account, and more.

Sukanya Samriddhi Yojana (SSY) – Overview

Sukanya Samriddhi Account Scheme
Name of the Scheme Sukanya Samriddhi Yojana (SSY)
Launched By  Prime Minister Narendra Modi
Category Govt Schemes
Beneficiaries Any Girl Child of India
Investment Amount Minimum of Rs. 250 to a Maximum of Rs.1.5 lakh p.a. up to 15 years
Maturity Amount Depends on the Amount Invested
Maturity Period 21 years from the date of investment

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) focuses on the problem associated with the girl child – education and marriage. Its main aim is to provide a bright future for the girl child in India by facilitating the parents of a girl child in building a fund for the proper education and carefree marriage expenses of their child. This is a national initiative jointly run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.

How to calculate Sukanya Samriddhi Yojana interest?

The SSY account interest is calculated on the basis of the lowest balance for the calendar month, i.e. between the fifth day of the month and the end of the month. The interest will be credited at the end of each financial year.

SSY account Interest Can be calculated with the use of the below formula:

A = P(1+r/n)^nt

Here: P = Initial Deposit, r = Rate of interest, n = number of years the interest compounds, t = Number of years, and A = Amount at maturity

Sukanya Samriddhi Yojana Interest Rate – Financial Session Wise

Financial Session Fixed Interest Rates
April to June 2022 (Q1, FY 2022-23) 7.6%
January to March 2022 (Q4, FY 2021-22) 7.6%
October to December 2021 (Q3, FY 2021-22) 7.6%
July to September 2021 (Q2, FY 2021-22) 7.6%
April to June 2021 (Q1, FY 2021-22) 7.6%
January to March 2021 (Q4, FY 2020-21) 7.6%
October to December 2020 (Q3, FY 2020-21) 7.6%
July to September 2020 (Q2, FY 2020-21) 7.6%
April to June 2020 (Q1, FY 2020-21) 7.6%
From January to March (Fourth Quarter, Financial Session 2019-20) 8.4%
October to December 2019 (Q3, FY 2019-20) 8.4%
July to September 2019 (Q2, FY 2019-20) 8.4%
April to June 2019 (Q1, FY 2019-20) 8.5%
January to March 2019 (Q4, FY 2018-19) 8.5%
October to December 2018 (Q3, FY 2018-19) 8.5%
July to September 2018 (Q2, FY 2018-19) 8.1%
April to June 2018 (Q1, FY 2018-19) 8.1%
October to December 2017 (Q3, FY 2017-18) 8.3%
July to September 2017 (Q2, FY 2017-18) 8.3%
April to June 2017 (Q1, FY 2017-18) 8.4%

Banks that Offer SSY Account

  • State Bank of India
  • Andhra Bank
  • United Bank of India
  • UCO Bank
  • Canara Bank
  • Bank of India
  • Axis Bank
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Indian Bank
  • ICICI Bank
  • Corporation Bank
  • Allahabad Bank
  • Vijaya Bank
  • Union Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Indian Overseas Bank
  • IDBI Bank
  • Dena Bank
  • Bank of Baroda

SSY Tax Benefits

  • Under Section 80C of the Income Tax Act 1961, tax benefits of up to Rs.1.5 lakh are provided for the beneficiaries
  • The interest amount that is generated is also exempt from tax under Section 10 of the Income Tax Act
  • The proceeds received upon maturity/ withdrawal are also exempt from income tax.

Features of SSY

Operation of the account
  • The guardian or parents of the girl child can operate the account until she reaches the age of 10 years
  • The girl must operate the account once she attains the age of 18 years
Deposits made towards the account The minimum of Rs. 500 and a maximum of Rs. 1.5 lakh can be deposited in an account in a financial year. The deposits can be made in multiples of 100.
Duration of the scheme Deposits towards the scheme should be made for a period of 15 years. However, the scheme matures after 21 years.
Transfer of account An SSY account can be transferred from post offices to banks and vice versa anywhere within India. No charges will be levied for the transfer of the account. However, proof for change in residence must be produced. In case no proof is produced, an Rs. 100 charge will be levied.
Mode of deposits Deposits towards the account can be made in the form of online transfer, demand draft, cheque, or cash.

SSY Eligibility

  • The Sukanya Samriddhi account of the girl child can be opened only by the parent or legal guardian of the girl child.
  • Only a girl child below the age of 10 years can open an investment account under this scheme.
  • Only 2 girls from a family can open an investment account under this scheme.
  • It is mandatory for the parent or guardian to be a permanent resident of India.
  • If twin girls are born after one girl in a family, then in this case separate investment accounts can be opened for twin girls.

Documents required to open an SSY Account

  • Date of Birth certificate of the girl child
  • Address proof of the guardian
  • Medical certificate for proof of birth of multiple girl children on a single order of birth
  • Any other documents as required by the post office or banks

How to open a Sukanya Samriddhi Yojana Account?

  • Visit the bank or a post office where you want to open the account
  • Ask for the Sukanya Samriddhi Yojana Application form and fill in all your details and provide the required documents
  • Pay the first deposit of any amount of Rs.250 up to Rs.1.5 lakh. through cash/ cheque/ or demand draft
  • During the process of your payment and filling of the application, your account for the SSY will be opened
  • A passbook will be issued on your account initiation

Sukanya Samriddhi Yojana Withdrawal Rules

  • Once the duration of the account has been completed, the entire amount that is available in the account including the interest can be withdrawn by the girl child.
  • However, these are the documents that are needed: The application form for the withdrawal of the amount, ID proof, Address proof, and Citizenship documents
  • Withdrawal is allowed for the purposes of higher education if the girl child has attained the age of 18 years and has completed the 10th standard
  • Documentary proof by way of a confirmed offer of admission in an educational institution, or a fee slip shall accompany the application for withdrawal
  • Withdrawal has a maximum cap of 50% of the balance in the SSA at the end of the preceding financial year. This can be made in either one lump sum or in 5 installments

We hope that you have got the required details from this page regarding the Sukanya Samriddhi Yojana Scheme. For more such Government Schemes, do follow us @

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