The Sukanya Samriddhi Yojana (SSY) stands as a beacon of hope and empowerment for millions of girl children across India. This scheme reflects the government’s unwavering commitment to nurturing the dreams and aspirations of young girls. This visionary initiative was launched on January 22, 2015, by Prime Minister Shri Narendra Modi as part of the ‘Beti Bachao, Beti Padhao’ (Save the Daughter, Educate the Daughter) campaign. Its objective is to weave together the fabric of financial security and social empowerment.
As a testament to its impact, more than 4.1 crore Sukanya Samriddhi accounts have been opened as of November 2024. This represents not merely a statistic, but a revolution aimed at building an equitable and promising future for every girl child in India. Through this initiative, the nation celebrates the immense potential of its daughters, reaffirming the belief that empowering a girl strengthens the very foundations of society.
Read more – How to Apply Pradhan Mantri Shram Yogi Maandhan Yojana
Basic Information of Sukanya Samriddhi Yojana
| Yojana Name | Sukanya Samriddhi Yojana |
| Interest Rate | 8.2% per annum (Q3, Financial Year 2024-25) |
| Investment Period | Up to 15 years from the date of account opening |
| Maturity Period | Until the girl child attains the age of 21 years, or until her marriage after she turns 18 |
| Minimum Deposit Amount | ₹250 |
| Maximum Deposit Amount | ₹1.5 lakh in a financial year |
| Eligibility | Parents or legal guardians of a girl child under the age of 10 years are eligible to open an SSY account in her name |
| Income Tax Exemption | Exemption under Section 80C of the Income Tax Act, 1961 (maximum ₹1.5 lakh per year) |
How Does the Sukanya Samriddhi Yojana Work?
Opening an Account at a Bank
Guardians may open an account anytime from immediately after the girl child’s birth until she attains the age of 10 years. Any girl child who remains a resident of India from the time of account opening until maturity or closure is eligible for this scheme. Only one account is permitted per child. Parents may open a maximum of two accounts—one for each of their children. However, an exception allowing for the opening of additional accounts is granted in cases involving twins or triplets. The account can be transferred to any location within India. The following documents are required to open an account:
Sukanya Samriddhi Account Opening Form
- Birth Certificate of the Girl Child
- Proof of Identity (as per RBI KYC guidelines)
- Proof of Residence (as per RBI KYC guidelines)
Sukanya Samriddhi Yojana Required Deposit Amount
This scheme allows parents to open a Sukanya Samriddhi Account for girls at any post office or designated commercial bank branch. It begins with a minimum initial deposit of ₹250, and subsequent deposits can be made in multiples of ₹50, provided that at least ₹250 is deposited within a financial year. The total annual deposit limit is capped at ₹1,50,000; any amount deposited in excess of this limit will not earn interest and will be refunded. Funds may be deposited for a period of fifteen years from the date of opening the account.
Eligibility for the Sukanya Samriddhi Yojana
The PM Sukanya Samriddhi Yojana is a small savings scheme launched by the Government of India to secure the future of daughters. The eligibility criteria for this scheme are as follows:
- The girl child must be under 10 years of age.
- The account may be opened by either of the girl child’s parents or her guardian.
- Only one account can be opened per girl child.
- Under this scheme, a single family can secure the future of a maximum of two girl children.
How to Apply for the Sukanya Samriddhi Yojana?
You can open a Sukanya Samriddhi account by visiting your nearest post office or an authorized bank. To apply, you will need to submit the following documents:
- The daughter’s birth certificate
- Proof of identity of the parents/guardian (Aadhaar, PAN)
- Proof of address
- Passport-sized photographs
Advantages of Child Plans Compared to the Sukanya Samriddhi Yojana
Compared to the Sukanya Samriddhi Yojana, a Child Plan can prove to be a superior investment option. Let us explore the advantages of Child Plans one by one below:
Future Security: If the policyholder passes away before the plan matures, the account is not closed. The insurance company itself pays the remaining premiums to ensure the child’s future remains secure.
Higher Returns: Most Child Plans offer higher returns than government-backed schemes. Currently, Child Plans yield returns of up to approximately 15%.
Investment for Both Genders: Child Plans allow for investments not only for girls but also for boys.
Entry Age: Investments in Child Plans can be initiated for children up to the age of 18.
Withdrawal Flexibility: Under the Sukanya Samriddhi Yojana, funds cannot be withdrawn between the ages of 18 and 21, even in cases of urgent need; however, with a Child Plan, an investor can withdraw funds for any reason after a period of five years.
Read more – How to Apply Pradhan Mantri Jan Dhan Yojana
FAQs
How does the Sukanya Samriddhi Yojana Calculator work?
With the Sukanya Samriddhi Yojana Calculator, you can easily determine the amount of interest and total returns you will receive on your deposits.
Can a Sukanya Samriddhi Yojana account be closed prematurely?
Yes. In certain instances—such as a medical emergency or the untimely demise of the account holder—an SSY account may be closed prematurely. However, the decision to permit such premature closure depends on the specific circumstances of the case.
What happens if you contribute ₹1,000 per month to the Sukanya Samriddhi Yojana?
If you deposit ₹1,000 per month for a period of 15 years, your total returns will amount to approximately ₹1,50,000.