Updated: Jan 13, 2021
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 8.1% interest rate (Jan – March 2021) 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 Method | Interest rate from Jan 1, 2021 |
| Savings Account | 3%-4% |
| Fixed Deposit – 1 year | 4.5%-5.5% |
| Fixed Deposit – 5 years | 4.5%-6.5% |
| PPF | 7.1% |
| National Savings Certificate | 6.8% |
| Kisan Vikas Patra | 6.9% |
| Sukanya Samriddhi Yojana | 8.1% |
#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 2021 (Features & Benefits)”
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
My daughter’s birth date is 26 april 2004 I am is eligible for this scheme
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.
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?????
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.
Sir i can deposit 150000 in only one installment for 14 years then no deposit in next year
Nopes, you have to necessarily deposit minimum of Rs.1000 per year.
I am NRI . Can I open my daughter account Sukanya. She is 2 years old
If you can furnish the required documents than yes else no.
Last week opened SSA in SBI.
Received new passbook in my baby name.
Please approach now to open SSA in SBI.
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. 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.
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.
Hi. I want to know if I skip 1 or 2 months deposits.is it effect any.?
Yes, you can … You have to make sure that total per annum deposit should not be less than Rs.1000.
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 ?
I havr 2 daughte. How io aply.
sir Mera sawal hai ager mai SSA mai har saal sirf Rs.1000 bhar sakta hun kiya ?
My brother is having a daughter below 1 year, he can open SSA ? Is the rate of interest fix 9.2% or is it floating?
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.
Yes, you will have to pay for 14 years continuously.
I opend an account in the name of my daughter in post office can i change the account SBI. Please reply sir.
Currently, transfer from POST office to Banks are not started. It may take few months to start this process.
no
sukanya yojana is the best policy.
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.
yes
I opened an account in the name of my daughter in post office can I change the account to sbi
Pnb has started opening SSA account.
Dear sir please tell me,l want to decleration.my doughter’s old 5 year.how many years diposit and when year marurity ?
deposit for 14 years and maturity will be 21 years from the date of opening of account.
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
The maturity amount in your case comes to around Rs.12.31 lakhs at the current interest rate of 9.20% p.a.
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….
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
Gr8 Post Thanks For sharing.
Nice
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 ?
Yes, you can do this…
If i pay 1,50000 at a time in a financial year, Please tell the higher interest calculations.
If you wish to earn maximum interest than do deposit Rs.150 lakhs on 1st April of every year…
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
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.
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 ?
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.
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.
This is the bitter truth that banks still have no idea what Sukanya Samriddhi Yojana is? http://articles.economictimes.indiatimes.com/2015-03-18/news/60249806_1_scheme-post-office-bank-branch
Hello Sir,
When is the last date for this account opening.
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.
9.1 % interest
1000 Permonth – Yearly – 12000
12000 * 9.1 / 100 = 1092
But the amount = 592 plz see the post picture. Please explain…
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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