What is Sukanya Samriddhi Yojana (SSY): Details to know


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The Sukanya Samriddhi Yojana (SSY) is a government-sponsored small savings program for girls. It can be opened by the parents of a girl under the age of 10 and is a part of the Beti Bachao, Beti Padhao Yojana. The appropriate banks or post offices can open it. An SSY Account is valid for 21 years or until the girl kid marries after turning age 18 whichever comes first.

Samriddhi Sukanya Yojana Interest Rates 2022 

SSY The government announces interest rates on a quarterly basis. The interest rates have been fixed at 7.6 percent p.a. for Q2 (July-September) of FY 2022–23.

Eligibility for the Sukanya Samriddhi Yojana (SSY)

A girl child may only have one account opened in her name under the SSY program by her parents or other legal guardians, and she must be younger than 10 at the time the account is opened.

A household is only permitted to have two SSY accounts, one for each girl kid.

A Sukanya Samriddhi Account may be formed for more than two girls in certain unique circumstances, including:

A third account may be formed if a girl kid is delivered before twin or triplet girls or if triplets are the first to arrive.

A third SSY account cannot be formed if a girl is born after twin or triplet females.

Read More: Why Do Women Need Separate Health Insurance?

Advantages of Sukanya Samriddhi Yojana Investment (SSY)

The Beti Bachao, Beti Padhao Yojana project’s Sukanya Samriddhi Yojana, which was introduced as a component, provides investors with a number of benefits. The following are some of the primary benefits of this strategy:

High-Interest Rate: When compared to other government-backed tax saving programs like PPF, SSY offers a greater fixed rate of return—currently 7.6 percent annually for Q2 FY (2022-23)—than PPF.

Returns that are Guaranteed: Since SSY is a government-backed program, it offers returns that are guaranteed.

Tax Benefits: Up to Under Section 80C, SSY provides annual tax deductions of Rs. 1.5 lakh.

Flexible Investment: A deposit can be made with a minimum of Rs. 250 and a maximum of Rs. 1.5 lakh every year. This guarantees that investors of various financial backgrounds can participate in the program.

Sukanya Samriddhi Yojana (SSY), which provides the benefit of annual compounding, is an excellent long-term investment plan. Therefore, even modest investments will generate excellent returns over time.

Convenient Transfer: The Sukanya Samriddhi Account may be simply transferred from one region of the country to another (bank/post office) if the parent or guardian who is in charge of it moves.

Deposit Caps for the Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Account has a minimum annual contribution of 250 rupees and a maximum annual commitment of 1.5 lakh rupees. For up to 15 years after the account is opened, you must invest at least the required amount each year. After then, the account will keep earning interest until it matures.

Tenure/Maturity Period of the Sukanya Samriddhi Yojana (SSY)

The Sukanya Samriddhi Yojana is available till the girl kid is 21 years old or until she marries after turning 18 years old. However, only 15 years’ worth of donations is required. After that, even if no deposits are made, the SSY account will continue to generate interest until it matures.

Other Important Elements of the Sukanya Samriddhi Program (SSY)

An SSY account holder’s account would be referred to as a “Default Account” if they are unable to make even the minimum deposit of Rs. 250 in a financial year. This default account will accrue interest up until the maturity date at the applicable scheme rate. However, the defaulted account may also be reinstated prior to the expiration of 15 years from the date of account opening by paying a minimum of Rs. 250 + Rs. 50 for each year that was in default.

Girls can take control of their own accounts after they turn 18 years old. She can use the SSY after she turns 18 after delivering all required paperwork to the post office or bank where the account is kept.

Once the girl has reached the age of 18 or has completed the 10th grade, she may withdraw funds from the account up to 50% of the sum that was available at the end of the preceding fiscal year in order to pay for fees or other costs associated with further education. Subject to the defined ceiling and the actual requirement of fee/other costs, a maximum of one withdrawal may be made per year in a lump sum or through monthly installments for a maximum of five years.

Read More: New sixth-generation Honda CR-V have been launched.

Closing of the SSY Account Too Soon

Only a girl child can complete a premature closure once she reaches the age of 18 in order to pay for her wedding. However, in certain circumstances, the account may be closed and the corresponding sum may be withdrawn:

The untimely death of the account holder

The parents or the legal guardian are entitled to the remaining balance on the account as well as any accumulated interest in the terrible event that the registered girl child passes away. The nominee of the account will receive the money right away. Additionally, the parents or legal guardian must submit the pertinent documents attesting to the account holder’s demise that have been officially attested by the competent authorities.


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