Home » Research » Investment Knowledge Bank » Sukanya Samriddhi Yojna

All About Sukanya Samriddhi Yojna

How it helps?
  • Zero maintenance charges
  • Zero fees for demat account opening
  • Volume based brokerage
Reach Us

Publish Date: December 18th, 2019

On January 22, 2015, the government of India launched a social campaign “Beti Bachao Beti Padhao (BBBP)”. The aim of this campaign is to “Save girls, educate the girl child”. Another aim of this campaign is to improve the declining sex ratio of India. The Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development run this campaign jointly. Some of the aims of BBBP includes survival and protection of girls, abolishing sex determination practice, no gender discrimination among children, improving the participation of girls in education and other areas. On the lines of BBBP, a scheme called Sukanya Samriddhi Yojana (SSY) was also launched. In this article, you will learn all the details about Sukanya Samriddhi Yojana (SSY).

Let us begin by understanding the Pradhan Mantri Sukanya Yojna.

What is the Sukanya Samriddhi Yojana (SSY)?

The Sukanya Samridhhi Yojana tries to tackle the major problem relating to a girl in India i.e. their education and marriage. The sukanya scheme focuses on ensuring a good future life for the girl child by helping the parents of the child in building a fund for good education and meeting their marriage expenses.

Let us learn about the rules of the SSY account.

Who can be the beneficiary of the SSY account?

The beneficiary of SSY shall always be the girl child who is a resident of India at the time of opening the account until the maturity or closure of the account.

Who Can Open The Account?

The account under the sukanya scheme can be opened by the parents or legal guardian of the girl child. The account can be opened only if the girl has not attained the age of 10 years.

Who Can Deposit and Operate the Pradhan Mantri Sukanya Yojna Account?

The girl child if she has attained the age of 10 years or the guardian can deposit and operate the account. Sukanya Samridhhi Yojana account shall be mandatorily operated by the girl child after she attains the age of 18 years.

How Many SSY Accounts Can Be Opened?

One SSY account can be opened per girl child. A maximum of two accounts can be opened for two girl children in a family, including the adopted children. However, in the case of triplets, the parents or legal guardian can open three accounts.

Where Can You Open SSY Account?

SSY account can be opened at any post office or authorised branch of a commercial bank.

What Are The Documents Required To Open The Account?

  • Girl child’s birth certificate.
  • Residential and identity proof of the guardian.
  • Medical certificate in case of multiple childbirth like twins and triplets.
  • Any other document requested by the bank or post office.

What Is The Age For Opening An Account Under Sukanya Samriddhi Yojna?

Account under sukanya scheme can be opened at any time till the girl child attains the age of 10 years.

Deposit Limit, Tenure and Mode?

The minimum amount required to open an account under Sukanya Samridhhi Yojana is Rs. 250 and a maximum of Rs. 1,50,000 in every financial year, up to 15 years. The amount can be deposited through cash, cheque, online transfer or demand draft.

Interest On Deposits?

The rate of interest provided in the Sukanya Samridhhi Yojana changes every quarterly. However, the rate of interest has been in the range of 8.1 % to 8.5 %.

What Are The Consequences In Case Of Excess Or Short Deposit In The Account?

If you deposit any amount above the maximum cap allowed, then on such excess amount you will not be provided any interest and that amount can be withdrawn anytime by the depositor. In case of shortage or account under default (for not depositing a minimum of Rs. 250 in a financial year), the account can be regularised within 15 years of its opening by paying a penalty of Rs. 50 every default per year.

What Is The Tenure Of Sukanya Samriddhi Account?

The tenure of the Sukanya Samridhhi Yojana account is 21 years from the date of the account opening.


100% amount in this account can be withdrawn after the completion of 21 years from the account opening date. However, for the purpose of higher education, when the girl has attained the age of 18 years or completed the 10th standard of the school, a maximum of 50% of the balance in the SSA account at the end of the preceding financial year can be withdrawn. The withdrawal can be made in a lump sum or in the form of five installments.

Closure Of SSA On Maturity

The Pradhan Mantri Sukanya Yojna Account matures on the completion of tenure of 21 years. The balance in the account is paid to the child on submitting the application along with proper documents.

Tax Benefits of SSA

An investment made in the SSY account is eligible for deduction under Section 80C up to Rs. 1.50 lakh. The interest accrued on the deposits which get compounded annually in this account is exempt from tax. Furthermore, the proceeds received on maturity or withdrawal are also exempt from income tax.

The above mentioned are some of the things that you must know about Sukanya Samridhhi Yojana. If you have a girl child under 10 years of age, you must open an account under the sukanya scheme and safeguard her future.