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Sukanya Samriddhi Yojana

April 18, 2022
Latest SSY Rate 7.6 %
Yearly Investment
Girl's Age Yr
Start Period
Total Investment 0
Total Interest 0
Maturity Year 0
Maturity Value 0

Want to know SSY- Sukanya Samriddhi Yojana Interest Rate? Well you have landed on the right article, make sure to read the article to know sukanya samriddhi yojana plan

Parents of a girl child are always willing to put money aside for her plans, schooling, and other expenses. Sukanya Samriddhi Yojana (SSY) is their preferred investment vehicle since it provides good long-term returns.

Small savings plans sponsored by the government assist parents plan for the future of their daughter's education via the Sukanya Samriddhi Yojana. Savings accounts in the newborn girl’s name may simply be created at post offices and specified private or public banks under this plan.

Quarterly interest rates are announced. It is the program that most parents choose since it offers significant returns and is far better than the other options on the market.

This program enables people to create accounts for their daughters under ten when the account is opened. It is important to note that this plan allows just two accounts from each household to create an account.

Sukanya Samriddhi Yojana accounts may be transferred from one bank to another or a post office, according to your preferences and needs. It is the most crucial benefit of the program.

SSY- Sukanya Samriddhi Yojana Interest Rate (Updated 2022)

Overview of Sukanya Samriddhi Yojana 

The Sukanya Samriddhi Yojana is designed to assist parents in saving for a daughter. The Sukanya Samriddhi Yojana was launched on January 22, 2015, as part of the Beti Bachao, Beti Padhao program.

Sukanya Samriddhi Yojana's mission is to help women achieve financial independence by encouraging them to enrol in a savings plan that will allow them to achieve long-term life goals and objectives such as higher education, marriage, and financial security.

A parent or guardian of a female child may simply register a Sukanya Samriddhi Yojana account. This savings plan is for female children between the ages of 10 and 21.

Using the Sukanya Samriddhi Yojana, you may make a maximum investment of ₹1.5 lakh every year. The SSY also has the EEE tax provision included in Section 80C of the Internal Revenue Code. Premature cash withdrawals are not permitted until the girl has reached the age of 18.

Use the Sukanya Samriddhi Yojana calculator to estimate how much money you may save for the future of a female child by implementing this plan. 

While the account user must contribute to the Sukanya Samriddhi Yojana savings program for 14 years, the investment matures after 21 years from the day it was issued. The government has made the savings program account possible to be moved from one bank or post office to another inside India

Sukanya Samriddhi Yojana interest rate

The Indian government sets the interest rate for the Sukanya Samriddhi plan every quarter, based on Government Security yields. The annual interest rate is added to the account and compounded.

Subscribers may also choose to pay interest every month. A month's claim is based on the account's minimum balance as of the 10th of the month through the month’s final day before it is credited. The interest rate was 7.6% in the fourth quarter of FY 2020-2021.

Sukanya Samriddhi Yojana's interest rate is high enough to entice parents to make further investments in their daughters' future well-being. Between 1 January and 31 March of the following year (2019-2020), an 8.40% annual interest rate was effective.

The current quarter's interest rate is 7.60%, compounded annually from 1 April 2020 to 30 June 2020. The interest rate offered by this program is also the highest among other savings options, including the PPF.

As a result, in addition to receiving a tax break under Section 80C of the Income Tax Act of 1961, parents may earn a competitive interest rate on their Sukanya Samriddhi Yojana Account.

It's impossible to find another savings plan in the nation with a high-interest rate, tax exemptions, and guarantees for female investors.

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Sukanya Samriddhi Yojana Eligibility

According to the terms of the system, accounts may only be established for a total of 2 girls in a single household. Multiple accounts may be granted in the delivery of twins or triplet females.

Eligibility for the Girl child (Accountholder):

The following requirements must be satisfied for a female child to be eligible:

  • Only female children can participate in the Sukanya Samriddhi Yojana savings plan.

  • A female child's maximum age to create a Sukanya Samriddhi Account is ten years. However, a one-year grace period is permitted. A ten-year-old girl, for example, may still have a Sukanya Samriddhi Account if she opens it within a year after turning ten.

  • At the time of application for the savings program, the account holder must provide proof of age.

Sukanya Samriddhi Yojana Eligibility for Parents:

To create an account for their female child, parents or legal guardians must meet the following criteria:

  • Sukanya Samriddhi Accounts may only be opened on behalf of a female child by the girl's biological or legal parents or guardians.

  • For their female offspring, a parent or legal guardian may create a maximum of two accounts.

  • As previously stated, a parent or legal guardian may create one Sukanya Samriddhi Account for each female child, with a maximum of two accounts. The parent or legal guardian of twins and triplets may make up to three accounts for each child.

Tax Benefits under Sukanya Samriddhi Account

The Sukanya Samriddhi Yojana provides tax advantages to people who meet specific requirements.

  • Section 80C of the Income Tax Act allows for a tax deduction to be claimed on investments made in this plan. You may only deduct up to ₹1.5 lakh for this plan in terms of tax deductions.

  • Compounding and yearly interest payments are deposited into the account as part of this plan. This accrued interest is not subject to taxation, allowing the funds to develop to their full potential.

  • The money invested may be withdrawn at the end of the term or when the account is closed. This sum is tax-free, allowing the female child to use it in its whole without paying tax.

  • These tax regulations guarantee that both the depositor and the recipient benefit from tax exemptions, allowing them to go on with their life without needing to be concerned about tax obligations.

Tax Deduction Eligibility Criteria Rules:

One depositor can contribute to a female child under the Sukanya Samriddhi Scheme. A parent or legal guardian might be the depositor. While donations to this program are tax-deductible, only one depositor may receive tax exemptions under Section 80C of the Income Tax Act.

It implies that only one parent or legal guardian, not both, may claim exemptions. Due to the fact that it provides tax advantages to both the female kid and her parents/legal guardians, the Sukanya Samriddhi Scheme helps to pave the child's route for a brighter future.

What is the Benefits Of Sukanya Samriddhi Yojana

With the Sukanya Samriddhi Yojana savings system for girls, their parents or legal guardians may put money down to ensure their female child's future and assist her in realising her goals. Sukanya Samriddhi Yojana has several advantages that make it an effective saving strategy for the female child's financial future:

High-Interest Rate:

Compared to other types of savings plans that provide financial stability for girls, the Sukanya Samriddhi Account offers a greater rate of return. The government sets the applicable interest rate for each financial year, although the return on your assets is compounded annually.

Because of the power of compounding, your Sukanya Samriddhi Yojana account's assets will grow exponentially by maturity.

Income Tax Savings:

Following Section 80C of the Income Tax Act, the donation to this account is free from income taxation. It is possible to get a tax break on interest and withdrawals under this plan.

The Department of Revenue is in charge of this initiative (DOR). The Department of the Interior will seek a legislative change. In addition, this plan would be one of the most tax-friendly.

Lock-in Period:

One of its best features is its lock-in time. It matures 21 years after opening or after the girl's marriage. Before marriage, you must ensure that your daughter is 18.

You can also withdraw early if your daughter turns 18 and needs money for college. Premature withdrawals at the end of the financial year are limited to 50%. It is valid for 14 years. In addition, the account matures in 21 years.

Maturity Benefits:

On maturity, the Sukanya Samriddhi account balance and any interest accrued will be paid directly to the account holder. To grant financial stability to the girl child, this is a necessary and effective instrument for empowering them in the country of India.

Interest even after Maturity:

Even after the program achieves maturity, the Sukanya Samriddhi Account pays interest to the policyholder. The Sukanya Samriddhi Account has a unique characteristic in that interest continues to accumulate even after the account has matured until the account holder eventually terminates the account.

How to submit proof for sukanya samriddhi yojana?

After submitting the SSY application, you must head directly to the Post Office or a bank branch, where you file the required papers and evidence.

It is necessary to produce hard copies of the following documents:

  • The female child's birth certificate.

  • The guardian's identity and residence must be verified.

  • In the delivery of several female children in the same birth sequence, a medical certificate is required as evidence.

  • Any additional paperwork that the post office or banks may demand.

What happens if the Sukanya Samriddhi Yojana scheme is funded with a lower or higher amount?

To understand what occurs if you pay more or less than the allowed limit, it is first necessary to understand sukanya samriddhi yojana minimum amount and sukanya samriddhi yojana maximum amount amounts that may be deposited into your SSY account, respectively. The following are some of them.

Minimum Deposit: ₹250

Maximum Deposit: ₹1,50,000

1. No deposit or a deposit that is less than the required minimum:

Your account will be considered delinquent if you fail to pay at least ₹250 in any given financial year. A fee of ₹50 is required to restore your account's functionality.

2. The excess deposit has been made:

Over and beyond the maximum amount, ₹1.5 lakh, no interest is paid on the deposit. You have the option to withdraw the remaining funds at any moment.

Sukanya Samriddhi Yojana Withdrawal Rules

Sukanya Samriddhi Yojana Accounts have a 21-year maturity term from when they are opened. However, if specific requirements are satisfied, you may withdraw your money. Here are some guidelines for what or how much you may withdraw from your account.

1. As soon as the account's period has expired, the female child will be allowed to withdraw the whole sum that has been accrued in the account, including any interest. However, the following paperwork is required:

Form for requesting the sum to be withdrawn

  • Proof of identification is required.

  • Proof of address is required.

  • Documents proving citizenship.

2. If a female is 18 years old and has finished the 10th grade, she may withdraw to pursue higher education. However, the money must be used to cover the entry price and any other costs.

3. When requesting a withdrawal, you must present documents such as your acceptance letter from the university or institution, as well as your fee receipt.

4. During any given year, you may take out up to half of the funds that were accessible the year before. The money may be withdrawn in five equal payments or one big sum at any time.

Rules for premature withdrawal from SSY account

If you can't keep up with the account, you may have to take your money out of it before it reaches its full maturity. Premature withdrawal is permitted under the plan, according to the rules. However, the following requirements must be met:

  1. Premature Withdrawal in Case of Marriage

The girl must be 18 years old and be engaged to be married before you may request a premature withdrawal from the contract. You'll need the following items:

  • To declare a marriage one month before or three months after it takes place, apply.

  • It is necessary to show proof of identification and marriage.
  1. Premature Withdrawal in Other Cases
  • If the kid dies, you will be awarded the authority to the account, and you will be able to take the funds after providing a death certificate.

  • If the girl no longer resides in India, the account will be closed. The bank must be notified of any status changes.

  • If the female kid has difficulty surviving, the account might be cancelled after five years. These may include the death of a parent, guardian, or other family members. It must be authorised by your bank or post office.

How to calculate maturity value of Sukanya Samriddhi Yojana

This account earns interest on the lowest amount it has at any given time throughout a calendar month, i.e., between the fifth and last day of a month's calendar. Each year, interest will be deposited into your account after the financial year.

In general, the interest generated on an SSY account may be calculated using the method shown below:

A = P(1+r/n)^nt
P = Initial Deposit
r = Rate of interest
n = For how long the interest is compounded
t = Number of years
A = Amount at maturity

Manually calculating the interest on an SSY account might be difficult because of the compounding once each year.

We recommend using the Sukanya Samriddhi Yojana Calculator instead, which allows you to quickly arrive at a maturity amount based on inputs like the expected annual investment amount, age of the female child, and the year in which your account was first opened.

How to open a Sukanya Samriddhi Yojana Account?

Creating a Sukanya Samriddhi Account in the Indian state of Madhya Pradesh is a straightforward and hassle-free process. All you have to do is show the required paperwork and evidence, and the authorities will quickly open your account!

How to fill out the Post Office's Sukanya Samriddhi Yojana form

The government's attempt to promote a female child's education and the ability to save money for it, known as the Sukanya Samriddhi, has gotten a lot of support and is quite laudable.

Many organisations have not heard of the Sukanya Samriddhi Yojana. However, the post offices on your street corner may be the most convenient location to create an account. Here's how to go about it:

  1. You must first get a copy of the form from the appropriate government website.
    Fill out the form with all of the required information.
    Carry all relevant documentation, which includes:
  • Photographs of the female kid with her parent or guardian

    Proof of identification

  • Proof of address

  • For this, an aadhaar card is beneficial.

  • The female child's birth certificate

  • At the post office, turn in all of the above and the application form.

This account’s minimum and maximum deposits are ₹250 and ₹1,50,000, respectively. There is now a 7.6% annual percentage yield on this investment. When the girl reaches the age of 18, she may make a partial withdrawal.

When you reach the age of 21, you may withdraw the whole sum. This program qualifies for the Sec 80C tax-free advantage (up to ₹1.5 lakhs per year).

How to apply for sukanya samriddhi yojana online

You may download the SSY New Account Application Form to create an account online. Applications for Sukanya Samriddhi Yojana may be obtained from various sources, including the websites listed below.

  • Website of India Post

  • Website of the Reserve Bank of India

  • Websites of banks in the public sector

  • Participating on the websites of private sector banks

There may be some differences in the downloading sources, but most form fields stay the same. The applicant must provide important information about the female child who will get the investment.

It is also necessary to provide information on the parent or guardian opening the account and depositing money on behalf of the girl in the account in question.

A completed form, including all needed supporting documentation, must be presented to an account opening authority for review and approval.

Where to open an account under sukanya samriddhi yojana

A post office or bank branch authorised to accept deposits is where you may establish an account, as previously described. To open a Sukanya Samriddhi Account, the Reserve Bank of India has approved the following banks:

  1. State Bank of India 

  2. Axis Bank 

  3. Allahabad Bank 

  4. Andhra Bank 

  5. Bank of India 

  6. Union Bank of India 

  7. Punjab National Bank 

  8. IDBI Bank 

  9. United Bank of India 

  10. Syndicate Bank 

  11. ICICI Bank 

  12. Indian Overseas Bank 

  13. Bank of Baroda 

  14. Vijaya Bank 

  15. Punjab & Sind Bank 

  16. Oriental Bank of Commerce 

  17. Corporation Bank 

  18. Canara Bank 

  19. State Bank of Mysore

  20. Bank of Maharashtra

  21. Indian Bank 

  22. UCO Bank 

  23. State Bank of Travancore 

  24. State Bank of Bikaner & Jaipur 

  25. Dena Bank 

  26. State Bank of Hyderabad 

  27. Central Bank of India 

  28. State Bank of Patiala

How to pay for sukanya samriddhi yojana online

To make the payment procedure more comfortable for you, the SSY scheme also enables you to make deposits through the internet, eliminating the need to visit the location. Here's how to make an online deposit.

  1. Get the IPPB (Indian Posts Payments Bank) app on your phone. The Indian Postal Bureau (IPPB) is a component of the Indian Postal Service. You may get it by clicking on the following link:
  1. Transfer funds from your current bank account to your IPPB account first.
  1. Go to the 'DOP Product' area and look for it. Go to the SSY account page by clicking on the link.
  1. Next, input your SSY account number and your DOP client ID.
  1. Choose the amount and length of the deposit to your SSY account.
  1. Await confirmation from IPPB that the transfer was accomplished.

    Your payment was successful, and now you have a regular payment schedule.

How to download the sukanya samriddhi yojana statement?

Account numbers and passwords are provided as part of the account opening process. A user guide on checking the balance of the Sukanya Samriddhi account is included. Then proceed as follows:

  • Open the online banking interface of the SSY-approved bank.

  • Fill up your username and password.

  • You may check the balance of your Sukanya Samriddhi account on the site, which will be accessible on the dashboard.

Please keep in mind that this account may only be used to view the amount and not make any transactions. On the other hand, all banks do not issue login credentials for internet banking. Individuals may check the balance of their Sukanya Samriddhi account offline if this is the case.

In Conclusion

A government-sponsored initiative, the Sukanya Samriddhi Yojana, aims to instil financial responsibility. The investment is backed by the government, making it an appealing investment choice for your daughter's requirements.

However, the extended maturity lock-in period might be a considerable disadvantage for individuals who need access to their cash sooner.

Sukanya Samriddhi Yojana is a safe and risk-free investment to make your daughter's future bright. Apart from unconditional love and support, investing in sukanya samriddhi yojana plan is one of the presents you can offer your girl child.

I hope you liked our article on SSY- Sukanya Samriddhi Yojana Interest Rate, and it must have solved your queries such as sukanya samriddhi yojana maximum limit, ssy up scheme, or sukanya yojana interest rate

if you have any comments or suggestions do share them in the comments below.

Frequently Asked Questions

1. Which ministry handles the Sukanya Samriddhi Yojana?

Following its name, Sukanya Samriddhi is a savings system specifically created to benefit the well-being of girls. The Indian Ministry of Finance presented it on January 22nd, 2015, and Prime Minister Narendra Modi officially launched it on January 22nd.

The Ministry of Women and Child Development administers the Sukanya Samriddhi Yojana

2. How many years need to pay for Sukanya Samriddhi Yojana?

The account holder must contribute to the Sukanya Samriddhi Yojana savings program for 15 years. The Sukanya Samriddhi Yojana lasts until the female child reaches the age of 21 or marries after getting 18. Even if no contributions are made after that, the account will continue to collect interest until it matures.

3. How much amount to invest in Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Account has a minimum yearly contribution of ₹250 and a maximum annual commitment of ₹1.5 lakh. You must make annual investments of at least the bare minimum for a period of up to 15 years after the date of account establishment.

Following then, interest will continue to accrue on the account until closing.

4. Is Sukanya samriddhi Yojana safe?

The Government of India launched the Sukanya Samriddhi Scheme. As a result, its security is assured. To diversify one's portfolio further, one might choose a high-risk equity-oriented mutual fund.

Alternatively, you might invest in an index-oriented fund, which will balance out over time. It is safe and valuable to contribute to any Government Savings Scheme regularly.

5. What is the minimum age for Sukanya samriddhi Yojana?

Sukanya Samriddhi Accounts may be opened at any time before the female child reaches the age of ten, providing that the girl child is at least five years old at that time. However, a one-year grace period is permitted.

Sukanya Samriddhi Accounts may be held by children as young as ten years old, provided that the account is started within a year of the child reaching the age of 10.

6. Who can withdraw money from sukanya samriddhi yojana?

Upon reaching the age of majority, the money in her SSY account is only available to the female child who started the account in the first place. If the female child is under 18, the guardian may remove the funds.

As a Sukanya Samriddhi account holder, you may take out as much as 50% of your entire savings for the benefit of your daughter's marriage or further education.

7. How to open sukanya samriddhi yojana in the post office?

The form must first be downloaded from the appropriate government website. Complete the form by providing all of the necessary information.

Bring any essential papers, such as identification with address verification, the girl kid's birth certificate, and photos of the girl child and her parent/guardian, to the appointment. Submit all necessary documents to your local post office for processing.

8. How to check sukanya samriddhi yojana account balance?

The balance of the Sukanya Samriddhi account may be examined both online and offline, using the account's electronic and physical passbook, respectively.

You may check your account balance by using the passbook issued by the bank branch or post office branch where the account was created. It is possible to check the account balance online after acquiring the bank's internet login credentials.

9. What is the duration of the sukanya samriddhi yojana account?

Until the girl reaches the age of majority and marries after turning 18 years old, the account will be active for 21 years from the date of opening or until she reaches the age of majority.

When the youngster reaches the age of 18, she is eligible to receive a partial withdrawal of half of her savings toward the costs of her higher educational pursuits.

10. Which section covers the tax deduction for sukanya samriddhi yojana contributions?

According to Section 80C of the Internal Revenue Code, tax deductions for contributions to this program are available to eligible donors. This deduction is limited to a maximum of ₹1.5 lakh contribution towards this program.

According to this plan, compounding and yearly interest payments are made directly into your account.

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About the Author

Vardhan Bhardwaj reviews health and fitness products at He has been with the company since the beginning. He started his career as an intern in Bollywood news based company named Celeb Mantra where he was managing the content editing.

He reviews fitness products including health care devices. He did his graduation in Bachelor of Commerce from Delhi University and has been living in Delhi since his birth. He likes to stay updated on general awareness and hates interrupted internet connections. He likes to stay fit thus is a fitness enthusiast.

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