Sukanya Samridhi Yojana 2024:- Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed for the benefit of a girl child. Part of the Beti Bachao, Beti Padhao Yojana, it can be opened by parents of a girl child below the age of 10 at designated banks or post offices. The SSY account has a tenure of 21 years or until the girl child marries after the age of 18. This scheme offers a higher interest rate and several tax benefits.
Launched on January 22, 2015, by the Ministry of Finance, the SSY aims to secure the future education and marriage expenses of girls. Parents can invest a maximum of ₹1,50,000 per year, with the current interest rate at 8.0% (from April 1, 2023, to June 30, 2023). The interest earned is tax-exempt, and contributions are eligible for tax benefits under section 80C. Since its inception, approximately 2.73 crore accounts have been opened, accumulating nearly ₹1.19 lakh crore in deposits.
Sukanya Samridhi Yojana
Main Contents
Sukanya Samriddhi Yojana is an initiative by the Indian government aimed at providing financial assistance to families for the future of their daughters. This scheme, part of the Beti Bachao Beti Padhao campaign launched in 2015, supports the education and marriage expenses of girls. Offering higher interest rates than other government savings schemes, the SSY ensures that both the interest earned and the proceeds are tax-exempt. It is specifically designed to meet the financial needs associated with a girl’s education and marriage, making it a crucial tool for securing the financial future of the girl child in Indian families. This article provides detailed information on the interest rates, eligibility criteria, benefits, and other aspects of this government scheme.
Sukanya Samridhi Yojana Overview
| Aspects | Details |
| Scheme Name | Sukanya Samriddhi Yojana |
| Launch Date | January 22, 2015 |
| Managing Authority | Ministry of Finance |
| Purpose | Savings scheme for girls’ future education and marriage expenses |
| Maximum Investment Per Year | ₹1,50,000 |
| Maturity Period | 21 years |
| Interest Rate (2024-2025) | 8.20% annually, compounded yearly |
| Tax Benefits | Tax benefits under section 80C |
| Total Accounts Opened Since Inception | Approximately 2.73 crore |
| Category | Sarkari Yojana |
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Objective of Sukanya Samridhi Yojana (SSY)
The primary objective of the Sukanya Samriddhi Yojana, initiated by the government, is to secure the future of the girl child. Often, when daughters are born, parents in poor families worry about their daughters’ future, particularly the costs of education and marriage. To alleviate these concerns, the government introduced the Sukanya Samriddhi Yojana. Through this scheme, parents from poor families can easily open a savings account and invest in it for their daughter’s future. As a result, when the daughters grow up, they won’t have to worry about financial issues and can become self-reliant.
Sukanya Samriddhi Yojana (सुकन्या समृद्धि योजना)
Developed as part of the government’s ‘Beti Bachao, Beti Padhao’ campaign, Sukanya Samriddhi Yojana (SSY) is a welfare scheme designed to provide financial security for the girl child. This saving scheme allows parents or legal guardians to open an account in the name of a girl child aged ten years or below in any private or public sector bank. The account has a tenure of 21 years from the date of opening. The primary objective of SSY is to help parents build a fund for their daughter’s higher education and other future expenses.
Sukanya Samriddhi Yojana is a deposit scheme aimed at ensuring a financially secure future for the girl child in India. By making regular deposits, parents can accumulate a substantial corpus over the years, which can be used to meet significant life goals for their child. Launched in 2015 under the Beti Bachao Beti Padhao Yojana by Prime Minister Narendra Modi, SSY is one of several initiatives designed to support the welfare of the girl child. Other schemes introduced under this campaign include the ‘Dhanlakshmi Scheme’ and the ‘Ladli Scheme’.
Key Features of Sukanya Samriddhi Yojana
- Account Operation: Managed by parents until the girl reaches 10 years of age, and subsequently by the girl herself upon turning 18.
- Deposits: Minimum deposit of ₹250 annually, up to a maximum of ₹1.5 lakh per financial year, in multiples of ₹100.
- Scheme Duration: Contributions for 15 years, with the account maturing after 21 years from the opening date.
- Account Transfer: Free transfer across India with proof of residence change; ₹100 fee without proof.
- Deposit Methods: Online transfer, demand draft, cheque, or cash.
Benefits of Sukanya Samriddhi Yojana
- Minimum deposit of ₹250 and maximum of ₹1.5 lakh per financial year.
- One account per girl child, up to a maximum of two accounts per family.
- Accounts accessible at post offices and authorized banks nationwide.
- Withdrawals allowed for higher education expenses of the account holder.
- Premature closure permitted for the girl’s marriage after 18 years.
- Tax benefits under Section 80C for deposits made in the scheme.
- Interest earned is tax-free under Section 10 of the Income Tax Act.
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List of Banks for Opening Sukanya Samriddhi Yojana (SSY) Account
Below is the list of banks where you can open a Sukanya Samriddhi Yojana account. Visit the nearest branch of any of these banks to open a savings account for your daughter’s future:
- State Bank of India
- Punjab National Bank
- Bank of India
- Bank of Baroda
- Bank of Maharashtra
- Allahabad Bank
- Axis Bank
- Andhra Bank
- Punjab and Sindh Bank
- Union Bank of India
- UCO Bank
- Vijaya Bank
- Oriental Bank of Commerce
- State Bank of Hyderabad
- United Bank of India
- Canara Bank
- Dena Bank
- State Bank of Patiala
- State Bank of Mysore
- IDBI Bank
- State Bank of Travancore
- ICICI Bank
- State Bank of Bikaner and Jaipur
Interest Rates
- Current interest rate: 8.2% per annum, compounded annually.
- The rate is reviewed quarterly by the government, reflecting changes in economic conditions.
Eligibility Criteria for Sukanya Samridhi Yojana
- Guardian can open an account for a girl child under 10 years old.
- Each girl child is eligible for only one account.
- Exceptions apply for twins or triplets born in the first or second birth.
New Scheme Rules of SSY
- Account Opening: Accounts can be opened for girls under 10 years old, with only one account per child.
- Deposits: Starting with a minimum of ₹250, additional deposits in multiples of ₹50, up to ₹1.5 lakh annually.
- Interest on Deposit: Calculated monthly and credited annually, with the current rate set at 8.2% per annum.
- Account Operation: Managed by guardians until the girl turns 18.
- Premature Closure: Permitted in case of the girl’s death or under compassionate circumstances.
- Withdrawal: Up to 50% of the previous year’s balance allowed for the girl’s education.
- Maturity Closure: Accounts mature after 21 years, with premature closure possible for marriage.
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How To Apply Sukanya Samriddhi Yojana Online 2024?
To open a Sukanya Samriddhi Yojana account:
- Visit a participating bank or Post Office branch https://www.india.gov.in/sukanya-samriddhi-yojna.
- Complete the application form with required details and attach necessary documents.
- Make the initial deposit.
- Once processed, receive a passbook marking the account’s activation.
Documents Required
To open an account for your daughter under the Sukanya Samriddhi Yojana, you will need to provide the following documents at the bank or post office:
- Birth certificate of the girl child.
- Photo ID and address proof of the parent or legal guardian.
- Additional KYC documents like PAN and Voter ID.
- SSY account opening form.
- Medical certificate in case of multiple births in the same order.
FAQ’S
What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana is a government-backed savings scheme aimed at securing the future of girl children in India. It encourages parents to save for their daughters' education and marriage expenses.
Who can open a Sukanya Samriddhi Yojana account?
A guardian (parent or legal guardian) can open an SSY account for a girl child who is below 10 years of age.
What is the duration of Sukanya Samriddhi Yojana?
Contributions to the SSY account are made for 15 years, and the account matures after 21 years from the date of opening.
What are the benefits of Sukanya Samriddhi Yojana?
Tax benefits under Section 80C of the Income Tax Act for deposits made in the scheme. Tax-free interest earnings. Flexible deposit amounts ranging from ₹250 to ₹1.5 lakh per financial year. Withdrawals allowed for the girl child's higher education and marriage expenses.
What is the current interest rate on Sukanya Samriddhi Yojana deposits?
As of 2024-2025, the annual interest rate on SSY deposits is 8.2%, compounded annually. This rate is subject to periodic review by the government.
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