Sukanya Samriddhi Account Eligibility and Benefits

The Sukanya Samriddhi Account is a great way to save for your daughter's future, but before you can open one, you need to know if you're eligible. You can open a Sukanya Samriddhi Account if your child is a girl under the age of 10.

To be eligible, the child must be a girl and must not have attained the age of 10. The account can be opened in the name of the girl child by either of her parents or even by a legal guardian.

The Sukanya Samriddhi Account has several benefits, including a high interest rate and a tax-free return on investment. The interest rate is compounded annually and is currently 7.6% as of the last update.

The Sukanya Samriddhi Yojana account is a small deposit scheme for a girl child launched by the Government of India in 2015.

It currently offers an interest rate of 8.2% p.a., making it a great way to save for your daughter's future.

You can open the SSY account at the post office or any branch of a commercial bank, and the account can be opened anytime after the birth of the girl child until she turns 10 years old.

The minimum initial deposit required is just Rs 250, and the maximum amount you can deposit is Rs 1.5 lakh per financial year.

The account can be opened with a minimum deposit of Rs.250, and any amount in multiples of Rs. 100 can then be deposited consecutively.

The annual deposit limit is Rs. 150,000 a year, and if a minimum deposit of Rs.250 is not made once per year, a fine of Rs.50 will be imposed on the account.

The account is operative for 21 years from the account's opening date, or until the girl child's marriage after 18.

Here's a summary of the key features:

The account can be opened at your nearest India Post office or branch of all approved commercial banks, making it easily accessible to everyone.

After maturity of the SSY account, money can be used for higher education or the marriage expenses of a girl child.

The child can start operating the account on her own once she reaches the age of 10.

The account permits 50% withdrawal for higher education purposes at the age of 18.

The account reaches maturity after 21 years of account opening, and deposits in the account can be rendered for a term of 15 years from the date of opening of the account.

To open a Sukanya Samriddhi Yojana account, you'll need to meet the eligibility criteria. The account can be opened by a parent or legal guardian of a girl child who is below the age of 10 years.

Only one account is allowed for a girl child, and a family can open only 2 SSY scheme accounts. This means you can open an account for each of your daughters, but not for your son or any other family member.

To open the account, you'll need to submit the child's birth certificate and proof of ID and address of the depositor. You may also need to provide a medical certificate if you're opening an account for twins or triplets.

Here's a list of documents you'll typically need to submit:

To open a Sukanya Samriddhi Yojana account, you'll need to meet the eligibility criteria. The account can be opened by a parent or legal guardian of the girl child.

The girl child must be below the age of 10 years. This is a requirement for opening the account.

Only one account is allowed for a girl child. So, if you have multiple daughters, you'll need to open a separate account for each one.

A family can open only 2 SSY scheme accounts. This means you can't open multiple accounts for your daughters if you have more than two children.

Here's a summary of the eligibility criteria:

To open a Sukanya Samriddhi Yojana Account, you'll need to submit a few essential documents. The child's birth certificate is a must-have while opening the account.

You'll also need to provide proof of ID and proof of address of the depositor. Additionally, if you have twins or triplets, a medical certificate is required.

Here's a list of the necessary documents to open an SSY account:

To open a Sukanya Samriddhi Yojana account, you'll need to submit a few essential documents. The child's birth certificate should be presented while opening the account.

A Form of account opening for Sukanya Samriddhi Yojana Account is also required, which you can obtain from the bank or post office where you're opening the account.

Proof of ID and proof of address of the depositor must be given at the time of opening the account. This is a standard requirement for all bank and post office accounts.

Curious to learn more? Check out: Forensic Accountant Find Hidden Bank Accounts

In case of twins or triplets, a medical certificate must be submitted. This is a one-time requirement and doesn't need to be repeated for subsequent accounts.

Any other records requested by the bank or the post office must also be submitted. This may include additional documentation or information to verify the account holder's identity.

Here is a summary of the required documents:

The Sukanya Samriddhi Account is a fantastic way to save for your daughter's future. It's a savings account designed specifically for parents of girl children.

You can open an SSY account at your nearest post office or any public and private sector bank. Deposits can be made via cash, cheque, DD, or online transfers.

One of the key features of the Sukanya Samriddhi Account is that it encourages parents to save towards their daughter's education. The account can be transferred from one post office to another, one bank to another, or between post office and banks, upon submission of valid address proof.

If this caught your attention, see: Business Account vs Personal Account Bank

The minimum deposit amount required to maintain an SSY account is just Rs 250 per fiscal year. This makes it an affordable option for parents who want to save for their daughter's future.

Here are the key benefits of the Sukanya Samriddhi Account:

To open a Sukanya Samriddhi Account, you can visit your nearest bank or post office. You can also apply through participating public and private banks.

You'll need to submit a few documents, including the birth certificate of the girl child and a photo ID of the applicant's parent or legal guardian.

The documents required to open a SSY account include a birth certificate of the girl child, photo ID of the applicant's parent or legal guardian, address proof of the applicant's parent or legal guardian, and other KYC proofs such as PAN, Voter ID.

Here's a list of the key mandatory fields to be filled in the Sukanya Samriddhi Yojana scheme form:

You'll also need to attach a passport size photograph and submit the form to the officer, who will verify the details, accept the deposit and create the account.

The Sukanya Samriddhi Account offers a fixed interest rate, currently at 8.2% per annum, reviewed every quarter by the government. This interest rate is subject to change, so it's essential to check the current rate before investing.

The interest is compounded annually and paid only during the tenure of the scheme, meaning no interest is paid once the account attains maturity. The interest rate has varied over the years, with rates ranging from 7.6% to 9.2% per annum.

Here are the historical interest rates offered on the scheme till now:

The Sukanya Samriddhi Account also offers tax benefits, with the principal amount, interest earned, and maturity benefits exempt from tax. Additionally, the principal amount is deductible under Section 80C up to Rs 1.5 lakh.

On a similar theme: Offshore Bank Account Benefits

The Sukanya Samriddhi Yojana (SSY) offers a fixed interest rate, which is reviewed every quarter by the government. For the current quarter of 2025, the interest rate is 8.2% p.a.

The interest rate on the SSY scheme can vary over time. For instance, in the financial year 2014-15, the interest rate was 9.10%. In 2020-21, the interest rate was 7.6% for the period from April to December.

The interest rate on the SSY scheme is not the same for all quarters. For example, in the financial year 2018-19, the interest rate was 8.5% for the period from April to September and 8.1% for the period from October to March.

Here is a list of the previous Sukanya Samriddhi interest rates:

The interest rate on the SSY scheme can be influenced by various factors, including the government's review and the overall economic conditions. It's essential to stay informed about the current interest rates and their impact on your investments.

The tax implications of Sukanya Samriddhi Yojana (SSY) are quite beneficial. The principal amount deposited, interest earned during the entire tenure, and maturity benefits are all tax-exempt.

You might enjoy: Tax Accountant

The interest earned on the deposit and the amount withdrawn at maturity are also tax-free. This means you won't have to pay taxes on the returns you earn from your SSY investment.

You can claim tax deductions under Section 80C up to Rs 1.5 lakh per year. This can help reduce your taxable income and lower your tax liability.

Here's an example of how tax deductions work: if your annual income is Rs 8.5 lakh and you invest Rs 1.5 lakh in SSY, your taxable income would be Rs 6.5 lakh. This would result in a tax of Rs 44,200, which is lower than the tax of Rs 75,400 you would pay if you hadn't invested in SSY.

The SSY scheme is designated as an EEE (Exempt, Exempt, Exempt) investment, meaning the principal amount, interest accrued, and withdrawal amount are all exempt from tax.

A different take: Is High Saving Account Investment Account