Future Generali

A girl child is born in your family? Consider the Sukanya Samriddhi Yojana

What is Sukanya Sukanya Samriddhi Yojana (SSY)?
It is a small savings scheme aimed towards the girl child, launched by the Government of India in 2015 as a part of the ‘Beti bachao, beti padhao’ campaign.

Who is eligible to open an account?
  • Parents or legal guardians of the girl child can open an account in her name
  • The girl should be less than 10 years of age when the account is opened
  • Only one Sukanya Sukanya Samriddhi Yojana  account per girl is allowed
  • A family can open a maximum of two SSY accounts, one for each girl
Where can one open a SSY account?

Sukanya Sukanya Samriddhi Yojana account can be opened at post offices all across India as well as authorised branches of public and private sector banks. Forms can also be downloaded from the website of Reserve Bank of India, India post or those of participating banks.

Key benefits of Sukanya Samriddhi Yojana
  • Higher interest: The current rate of interest for an SSY account is 8.4%, which is among the highest for a government deposit scheme. This is one of the most essential benefits of Sukanya Samriddhi Yojana.

  • Longer duration: The account remains operational for 21 years from the time it is opened or until the girl in whose name it is opened gets married, after she turns 18. One may make deposits in the account for 15 years.

  • Flexibility to invest: You can invest a minimum amount of ₹500 to a maximum of ₹1.5 lakh annually in the SSY account. Deposits are required to be made in multiples of ₹100

  • Smooth transfer: For those who shift cities, transferring an existing SSY account from one post office or bank to another can be done quickly across India. All they need is to share a proof of residence and the account is transferred, without any charges.

  • Triple tax exemption: One of the notable benefits of Sukanya Samriddhi Yojana is that the principal amount invested every year, the interest earned, as well as the maturity amount is exempted from tax. A maximum amount of ₹ 1.5 lakh invested in SSY is eligible for tax benefit as per Section 80C of the Income Tax.

  • Partial withdrawal: Once the girl reaches 18 years of age, 50% of the balance can be withdrawn to fund her further education.

Disclaimer and Links