Sukanya Samriddhi Yojana 2024: How to Apply, Eligibility, Interest Rates & Benefits

Sukanya Samriddhi Yojana (SSY) is one of the most popular and secure savings schemes introduced by the Government of India under the Beti Bachao, Beti Padhao campaign. This scheme aims to promote the financial security and education of girl children by encouraging parents to save for their daughters. SSY provides attractive returns with tax benefits and is one of the best long-term saving schemes for girl children in India.

Let’s explore all the details about Sukanya Samriddhi Yojana and how it can benefit your daughter’s future.

Sukanya Samriddhi Yojana 2024 (Highlights)

Key Features of Sukanya Samriddhi Yojana (SSY)

~Sukanya Samriddhi Yojana Eligibility Criteria

• The Sukanya Samriddhi Yojana account can be opened in the name of a girl child by her parents or legal guardian.
• The girl child should be below 10 years of age at the time of account opening.
• Only one account can be opened per girl child, and a maximum of two accounts per family is allowed. In case of twins, a third account can be opened.

~Sukanya Samriddhi Yojana Investment Amount

• The minimum deposit for Sukanya Samriddhi Yojana required is ₹250 per year.
• The maximum deposit allowed in a financial year is ₹1.5 lakh.
• Deposits can be made in multiples of ₹50 at any time during the financial year.

~Sukanya Samriddhi Yojana Tenure

• The maturity period of the Sukanya Samriddhi Yojana (SSY) account is 21 years from the date of opening or until the marriage of the girl child after she turns 18, whichever is earlier.
• Deposits need to be made for 15 years from the account opening date. After that, the account will continue to earn interest even without further contributions for remaining 6 years.

~Sukanya Samriddhi Yojana Interest Rate

• The interest rate on Sukanya Samriddhi Yojana (SSY) is set by the government every quarter. As of the current financial year (2024-25), the interest rate is 8.2% per annum, compounded annually.
• The interest earned is higher than most fixed deposits or other government-backed schemes, making SSY a best option for long-term savings.

~Sukanya Samriddhi Yojana Tax Benefits

• Deposits made under Sukanya Samriddhi Yojana (SSY) are eligible for tax deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh annually.
• The interest earned and the maturity amount are completely tax-free, making it an EEE (Exempt-Exempt-Exempt) category scheme.

Sukanya Samriddhi Yojana Returns Calculation

₹ : To calculate returns under Sukanya Samriddhi Yojana, click here. 

How to Open a Sukanya Samriddhi Yojana Account?

~Documents Required For Sukanya Samriddhi Yojana

• Birth certificate of the girl child.
• ID proof and address proof of the parent or guardian (Aadhaar, PAN, Voter ID, etc.).
• A duly filled SSY account opening form (available at post offices and banks).

~Steps to Open Sukanya Samriddhi Yojana (SSY) Account

• To Open Sukanya Samriddhi Yojana (SSY) Account , Visit your nearest post office or bank.
• Submit the required documents and the first deposit amount (minimum ₹250).
• After verification, the account will be opened, and a passbook will be issued for the account.

Also Check : View More Central Governement Schemes

Withdrawals from Sukanya Samriddhi Yojana

The SSY account comes with strict withdrawal rules to ensure the girl child’s future financial security:

~Partial Withdrawals

• Up to 50% of the accumulated amount can be withdrawn once the girl child reaches 18 years of age, provided it is for her higher education.
• Proof of admission to a college or university is required to withdraw the amount.

~Full Withdrawal

• The full maturity amount can be withdrawn when the account completes 21 years or the girl child gets married after she turns 18.

~Premature Closure

• The account can be prematurely closed only under certain conditions like the unfortunate death of the account holder or if the girl child becomes a Non-Resident Indian (NRI).

Benefits of Sukanya Samriddhi Yojana

• High Returns: The interest rate offered by SSY is among the highest for government-backed saving schemes, ensuring that your savings grow substantially over time.
• Risk-Free Investment: Since it is a government scheme, there is zero risk of losing your money, making it one of the safest investment options for parents.
• Triple Tax Benefits: SSY offers a triple tax advantage under the EEE category. You get tax deductions on contributions, and the interest earned, as well as the final maturity amount, is tax-free.
• Long-Term Savings: The 21-year tenure ensures that a substantial corpus is built up for the girl child, which can be used for her higher education or marriage.
• Flexibility in Deposits: You can deposit any amount between ₹250 and ₹1.5 lakh annually, making it convenient for families with varying financial capacities.

Conclusion

Sukanya Samriddhi Yojana is a great way to secure your daughter’s financial future. With its high-interest rate, tax benefits, and government backing, it stands out as one of the best investment options for girl children in India. Parents who wish to build a solid financial foundation for their daughters should seriously consider investing in SSY.

By starting early, you ensure that your daughter has the financial support she needs for her education and marriage without putting a strain on your future finances.

FAQ’s on Sukanya Samriddhi Yojana (SSY)