Sukanya Samriddhi Account ? Term Deposit Scheme for Minor Girl Child
Sukanya Samriddhi Yojana

Sukanya Samriddhi Account – A complete guide in India 2020 (features & benefits)

Updated: Jan 13, 2020

Indian govt has started Sukanya Samriddhi Yojana (SSY) to encourage parents to save money for their daughter’s future where they get some additional benefits as compared to traditional saving instruments like FDs.

The girl child should be the biological or legal child of parents.

Benefits of Sukanya Samriddhi Yojana

#1. Simple process

If you are a girl child’s parent, you can open Sukanya Samriddhi Yojana (SSY) account for your daughter till she turns 10. You can open the account in any authorized bank or post office. You can open only one account per girl child.

You can avail of this benefit for a maximum of 2 girls.

The documentation process of SSY is simple and required only documents-

  • Application form
  • Girl child’s birth certificate (or legal adoption certificate)
  • Parent’s Identity Proof
  • Parent’s Address Proof

#2. Flexible deposit options

You can open the account with a minimum amount of Rs. 250.

You can deposit a minimum of Rs. 250 and a maximum of Rs. 1,50,000 in one financial year. Earlier the minimum deposit amount was Rs. 1000. You can deposit in a single transaction or on multiple occasions but not exceeding Rs. 1.5 lakh every year.

You have to deposit the amount till 15 years from the date of the account opening. After that, you don’t have to deposit amount but you can receive benefits for the next 6 years.

For example, If you start SSY account for your daughter’s 2nd birthday. Now you have to deposit the money till your girl turns 17 after that you won’t deposit any money but the account will keep on earning interest till the girl turns 23.

You cannot open the SSY account online but you can set up automatic money transfer to SSY account. In which, every month a fixed amount from your account is transferred to SSY account through net banking. You have can reach out to your bank or you can do yourself from bank’s website.

#3. Higher interest rate than traditional saving methods

Sukanya Samriddhi Yojana currently giving 8.4% interest rate (Jan – March 2020) which is better than keeping money in a savings account or investing in recurring or fixed deposits.

Let’s compare the interest rates of different traditional investment methods with SSY.

Investment MethodInterest rate from Jan 1, 2020
Savings Account4%
Fixed Deposit – 1 year6.9%
Fixed Deposit – 5 years7.7%
PPF7.9%
National Savings Certificate7.9%
Kisan Vikas Patra7.6%
Sukanya Samriddhi Yojana8.4%

#4. Partial withdrawal & Maturity

Parents can do 2 withdrawals – one when the girl turns 18 and then at maturity of the scheme. You can withdraw 50% of the amount when your daughter completes 18 years. You can either receive a lump sum 50% amount or you can get the money in 5 installments.

You can receive the rest 50% amount at maturity after 21 years of account opening.

The provision of 2 withdrawals is kept to tackle the need for money at 2 important stages of the girl’s life – higher education and marriage of the girl.

#5. Tax benefit under 80C

SSY gives you complete tax exemption on your investments in 2 ways. You can get tax exemption on the amount deposited in the SSY account every year. Along with that, the money you get at maturity is also tax-free.

#6. Interest paid even after Maturity

A unique feature of Sukanya Samriddhi Yojana Account is that even after maturity if the account is not closed by the account holder, Interest shall be payable in that account till the final closure of the account. You cannot get this benefit in any other scheme.

628 thoughts on “Sukanya Samriddhi Account – A complete guide in India 2020 (features & benefits)”

  1. Sir this is sirisha i has a daughter now she is 3 and half years she was born on may 6 2013 can i open this month SSA ? Is she eligible for this scheme or not

  2. Please let me know exactly between which date of every month interest is credited to SSA. As in PPF I think it is any day between 5th and 30th of the month.

  3. I had closed an account of my daughter and the cheque received from that account is Rs 14,268/-
    But the bank is saying it cannot be deposited in Sukanya account as it should be multiple of 100/-
    What is the solution?????

    1. Yes, you cannot submit any random amount in SSA. The amount should be in multiple of Rs.100. You should first get a savings account open and than transfer amount in multiples of Rs.100 in SSA.

  4. Last week opened SSA in SBI.
    Received new passbook in my baby name.

    Please approach now to open SSA in SBI.

  5. Sudip bhattacherjee

    Dear Sanyam,

    Can we deposit money in SSA on our flexible terms? i:e can we deposit Rs.200/- in the first month and Rs.2000/- in the second month and so on. If it is so than how can we deposit it in bank ? through my a/c or through hand to hand deposit?
    Next question: Suppose I open the a/c on 11.06.15. Then when I have to deposit again? next month?

    1. 1. You can deposit via cash, cheque or DD, no online transfer is available.

      2. You can deposit any time, next day, next month or next year subject to minimum and maximum limit.

  6. Dear Sanyam,
    I went to open Sukanya Samriddhi Yojana account at State Bank of Travancore and Federal Bank too. Still they don’t have any idea about this scheme and asked me to check with the Post Office.
    Also, they didn’t get any instructions from their higher management to open this scheme for the customers.
    Transcation through banks will be very safe, thats why i selected to go to any bank to open this Sukanya Samriddhi Yojana account.

    When Banks can help us to open this Sukanya Samriddhi Yojana account.
    Please Advice.

  7. PRAVIN V DAUND

    I have a query on SSY. Can I deposit money more than once in a month likewise in ppf where we can deposit money any no. of times ?

  8. Hi Sanyam,
    My daughter’s date of birth is 27.05.2007. As per the guidelines i understood that she is eligible for opening an SSA. but my query is till how long i have to pay the monthly amount (exact years) is it till her 14 years.
    Pls let me know so that i can open an account for her.

  9. I opend an account in the name of my daughter in post office can i change the account SBI. Please reply sir.

  10. N satyanarayana

    MY girl child Date of birth is 25.11.2004.Is this eligible age for opening the account as one year grace is also given.

  11. I opened an account in the name of my daughter in post office can I change the account to sbi

  12. Dear sir please tell me,l want to decleration.my doughter’s old 5 year.how many years diposit and when year marurity ?

  13. WE ARE OPEN THIS ACCO.TODAY MONTHLY DEPOSIT Rs.2000/- so please after 14year how mony payment received in hand my daughter birth 10.07.2010

  14. sir main agar starting 1,50,000 yearly bharta hu… aur age jakar main itna amount nahi bhar pata hu.. to usme main kam kar sakta hu…ki jo starting rahega wahi last tak bharna padega….

    1. aap apni icha ke according amount jama kara sakte hai… you can pay any amount in any month subject to minimum of Rs.1000 and maximum of Rs.1.50 lakhs per annum

  15. Hello sir,

    i open this plan at Apr 1 2015 – Yearly contribution – 1000 rs
    and end of first year Mar 30 2016 – i pay the amount – 1,49000 rs
    its possible ?

  16. If i pay 1,50000 at a time in a financial year, Please tell the higher interest calculations.

  17. Hello sir,

    My investment amount monthly : 12500
    After 21 years i get the amount : 7589103.2694
    Please see the calculation.
    Its True ?

    Monthly= 12500
    Yearly= 150000
    Interest= 9.1%
    Total Years= 21
    Total Without Interest= 2100000
    Total Interest= 5489103.2694893882642561936087
    Total= 7589103.2694893882642561936087

    1. Yes, your calculation is correct but w.e.f 1st April, 2015, Government has increased the interest rate of Sukanya Samriddhi Scheme to 9.2%. Thus your maturity amount will be Rs.76,97,228.

  18. Dear Sanyam,

    Can we deposit money in SSA on our flexible terms? i:e can we deposit Rs.1000/- in the first month and Rs.2000/- in the second month and so on. If the case is this then what would be the maturity amount if i start depositing the money from 1.4.2015. Is it compulsary to open the account before 31st march ‘2015 ?

    1. Yes, you can deposit as per your convenience….Use calculator to know the maturity amount. No there is no compulsion of opening account before 31st march 2015, you can open account any time before your girl child crosses the prescribed age limit criteria of 10 years.

  19. Dear Sanyam,

    Could u please let us know that which banks branches are currently accepting Sukanya Samriddhi Account. And what will be the last date for opening the account.

    1. There is no last date of opening of account, you can open account any time before your girl child crosses the prescribed age limit criteria of 10 years.

  20. 9.1 % interest
    1000 Permonth – Yearly – 12000
    12000 * 9.1 / 100 = 1092
    But the amount = 592 plz see the post picture. Please explain…

    1. amount deposited in installments aacording to picture calc but if u deposit Rs.12000 in first month only u wil get interest accordingly on it

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