Sukanya Samriddhi Yojana Account (SSY Account) is a Government of India saving scheme targeted at the parents of girl children. Literal translation of the scheme name means Girl Child Prosperity Account.
Sukanya Samriddhi Yojana was launched by Prime Minister Shri Narendra Modi on 22nd January 2015 as a part of the Beti Bachao, Beti Padhao (Save the girl child, Educate the girl child) campaign. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.
SSY Account Opening
- Only 1 SSY account can be opened in the name of a girl child. Maximum 2 SSY accounts are allowed per family i.e. one for each girl child. Third SSY account can be opened in case of birth of twins / triplets.
- SSY account can be opened in Post office or branches of authorised public / private banks. Details of some of the banks where SSY account can be opened given below:
https://www.icicibank.com/Personal-Banking/investments/sukanya-samriddhi-yojana-account/index.page
https://www.hdfcbank.com/personal/save/accounts/sukanya-samridhi-account
https://www.axisbank.com/retail/accounts/sukanya-samriddhi-account
- SSY account can be transferred from one branch of post office / bank to another.
- SSY account have to be closed if the girl child moves out of India and becomes Non Resident Indian (NRI).
Maximum Entry Age
SSY account can be opened in the name of a girl child till she attains the age of 10 years.
Maturity
- SSY account shall mature on completion of 21 years from the date of account opening or on the marriage of the account holder, whichever is earlier.
- Deposit are allowed only for initial 15 years. Thereafter the account continues to earn interest until maturity.
Partial Withdrawal
Partial withdrawal facility (not more than 50% of the preceding financial year balance) is allowed for higher education expenses after the girl child attains age of 18 years.
Investment Limit
- Minimum limit: Rs 250 per year per girl child (minimum deposit per year was Rs 1000 till 31-Dec-2017).
- Maximum limit: Rs. 150,000 per year per girl child.
Taxation
SSY falls under the EEE (Exempt, Exempt, Exempt) investment category, meaning that the principal invested, the interest earned as well as the maturity amount are tax free. Deposits in SSY account is eligible for deduction under Section 80C of the Income Tax Act, 1961.
Loan
Not allowed against the balance in SSY account.
Maturity Value Calculator
Click here to download: SSY Maturity Value Calculator
Interest compounding frequency
Interest payable on Sukanya Samriddhi Scheme account is compounded on annual basis.
Interest Rate
Sukanya Samriddhi Scheme account was launched in Jan 2015 and initially the interest rate was set at 9.1% for FY 2014-15. In late March 2015 the rate of interest for SSY Account was revised to 9.2% for FY 2015-16. From FY 2016-17 onwards government has decided to notify interest rates for small savings schemes on quarterly basis.
Given below is the applicable interest rate for Sukanya Samriddhi Scheme account since inception:
| FY | Quarter | Start Date | End Date | Interest Rate |
|---|---|---|---|---|
| FY15 | Q1 to Q4 | Apr 1, 2014 | Mar 31, 2015 | 9.10% |
| FY16 | Q1 to Q4 | Apr 1, 2015 | Mar 31, 2016 | 9.20% |
| FY17 | Q1 to Q2 | Apr 1, 2016 | Sep 30, 2016 | 8.60% |
| Q3 to Q4 | Oct 1, 2016 | Mar 31, 2017 | 8.50% | |
| FY18 | Q1 | Apr 1, 2017 | Jun 30, 2017 | 8.40% |
| Q2 to Q3 | Jul 1, 2017 | Dec 31, 2017 | 8.30% | |
| Q4 | Jan 1, 2018 | Mar 31, 2018 | 8.10% | |
| FY19 | Q1 to Q2 | Apr 1, 2018 | Sep 30, 2018 | 8.10% |
| Q3 to Q4 | Oct 1, 2018 | Mar 31, 2019 | 8.50% | |
| FY20 | Q1 | Apr 1, 2019 | Jun 30, 2019 | 8.50% |
| Q2 to Q4 | July 1, 2019 | Mar 31, 2020 | 8.40% | |
| FY21 | Q1 to Q4 | Apr 1, 2020 | Mar 31, 2021 | 7.60% |
| FY22 | Q1 to Q4 | Apr 1, 2021 | Mar 31, 2022 | 7.60% |
| FY23 | Q1 to Q4 | Apr 1, 2022 | Mar 31, 2023 | 7.60% |
| FY24 | Q1 | Apr 1, 2023 | Jun 30, 2023 | 8.00% |
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