The Sukanya Samriddhi Yojana (SSY) is a part of the "Beti Bachao Beti Padhao" campaign launched by Prime Minister Narendra Modi on January 22, 2015, in Panipat, Haryana. The scheme, aimed at promoting the welfare of girl children, translates to "Girl Child Prosperity Scheme" and is designed to help families save for the education and marriage expenses of their daughters.
Key Features of Sukanya Samriddhi Yojana (SSY)
Investment Value
- Minimum investment: ₹250
- Maximum investment: ₹1.5 lakh per annum
Current Interest Rate (2024)
- 8.2% per annum
Eligibility for Opening Account
- An account can be opened for a girl child within 10 years of her birth.
Maturity Value
- Varies based on the amount invested.
Maturity Period
- 21 years from the date of opening.
What is Sukanya Samriddhi Yojana (SSY)?
Launched to address the declining child sex ratio and empower girl children, Sukanya Samriddhi Yojana (SSY) is a part of the national "Beti Bachao Beti Padhao" campaign. This initiative, led by the Ministry of Women and Child Development, aims to:
- Prevent gender-based discrimination.
- Ensure the survival and protection of girls.
- Promote education for girls.
The SSY helps parents save for their daughters’ future, covering major expenses such as education and marriage.
Sukanya Samriddhi Yojana Account Guidelines
Account Opening: A girl child can have only one SSY account, which can be opened in post offices or authorized bank branches. The account can be opened until the child turns 10.
Deposits: A minimum deposit of ₹250 and a maximum of ₹1.5 lakh can be made annually for 15 years. The account will continue to earn interest for 21 years or until the girl’s marriage after she turns 18.
Interest on Deposits: The interest rate for the second quarter of FY 2024-25 (July–September) is 8.2% p.a., compounded annually. Interest is tax-free under this scheme.
Withdrawal Rules: Up to 50% of the balance can be withdrawn once the girl turns 18 for education-related expenses, with proof of admission required.
Tax Benefits
SSY offers tax benefits under Section 80C of the Income Tax Act. Contributions up to ₹1.5 lakh annually are deductible, and both the interest earned and the maturity amount are tax-free.
Sukanya Samriddhi Yojana Interest Rate Trends
Interest rates for SSY are reviewed quarterly. For July to September 2024, the interest rate stands at 8.2%.
| Year | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar |
|---|---|---|---|---|
| 2024-2025 | 8.2 | 8.2 | - | - |
| 2023-2024 | 8.0 | 8.0 | 8.0 | 8.2 |
| 2022-2023 | 7.6 | 7.6 | 7.6 | 7.6 |
Eligibility Criteria for SSY
- The account can be opened by parents or guardians of a girl child under 10 years of age.
- The girl must be an Indian resident.
- Only two accounts can be opened per family, except in the case of twins or triplets.
How to Open an SSY Account
SSY accounts can be opened at post offices or banks like SBI, PNB, ICICI, and others. You will need the girl's birth certificate and the guardian's identity proof to open the account.
Withdrawal and Closure Rules
- Maturity Closure: The account matures 21 years after opening or upon the girl’s marriage after she turns 18.
- Premature Closure: Allowed for specific reasons, including marriage, death, or medical emergencies.
Sukanya Samriddhi Yojana vs. Other Schemes
Compared to the Public Provident Fund (PPF), SSY offers a higher interest rate (8.2% for SSY vs. 7.1% for PPF in Q2 2024-25). However, the SSY account is strictly for girl children, while PPF is available to everyone.
Sukanya Samriddhi Yojana (SSY) is a great savings scheme for securing the future of your girl child, offering tax benefits and attractive interest rates, ensuring both financial stability and support for education and marriage expenses.
