Updated: 31st Jan, 2022
ndian 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.
You can easily plan your investments if you have prior knowledge of how much you can get on maturity. I am here showing you a Sukanya Samriddhi Yojana Calculator (in the form of a table) that will show you the maturity value calculated on different yearly investments.
For the following calculations, I have taken these assumptions:
I assumed a minimum investing amount per month/year is Rs. 1000.
The rate of interest is assumed to be 8.1% throughout the period of the scheme for 21 years.
I have assumed a fixed amount for monthly or yearly contributions.
I have assumed that the scheme will complete the maturity period of 21 years and there will be no withdrawals made at 18.
Sukanya Samriddhi Calculator
I have shown you calculations in 2 styles either you will invest annually or on monthly basis.
Yearly Calculation Table
Investment Amount (Annually)
Invested Amount (14 Years)
Maturity Amount (21 Years)
Monthly Calculation Table
Invested Amount (14 Years)
Maturity Amount (21 Years)
This calculator is fixed. You can’t put any variable amount from your side to check the desired results.I
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-
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.
Interest rate from Jan 1, 2021
Fixed Deposit – 1 year
Fixed Deposit – 5 years
National Savings Certificate
Kisan Vikas Patra
Sukanya Samriddhi Yojana
#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.
How Sukanya Samriddhi Yojana is better than Recurring Deposits?
Sukanya Samriddhi Yojana
A girl child below 10 years in age
Any person (for minor by parents)
Where to Open
Post offices and authorized banks
Post Offices and Banks
Number of Accounts
One account per girl child
For girl child’s higher education and marriage
For short term goals like an annual vacation, child’s hostel fees or any upcoming event.
If the account belongs to a minor then parents can claim a deduction of Rs.1,500 from the total interest u/s 10(32).
Tax Benefits on Maturity Amount
Fully Taxable with no exemption.
No loan can be taken on the SSA balance
Up to 90% of the available balance
No TDS is to be deducted from the Interest Income.
TDS is to be deducted from the Interest Income.
One time when the girl child turns 18.
50% amount can be withdrawn.
FAQs on Sukanya Samriddhi Account
1. What is the Age Limit on Sukanya Samriddhi Account?
Anyone can open the SSY account till the girl is of age 10. Parents cannot open SSY account after their girl child completes 10 years.
2. Where to open the Sukanya Samriddhi Yojana Account?
All the major banks & post offices are authorized to open Sukanya Samriddhi Yojana account. You can reach out your nearest bank to open the account.
Here’s the list of authorized banks-
State Bank of India (SBI)
Bank of Maharashtra (BOM)
Bank of India (BOI)
Bank of Baroda (BOB)
Central Bank of India (CBI)
Indian Overseas Bank (IOB)
United Bank of India
Union Bank of India
Punjab National Bank (PNB)
Punjab & Sind Bank (PSB)
Oriental Bank of Commerce (OBC)
You can also reach out nearest post office to open the same account.
3. What are the Tax benefits on Sukanya Samriddhi Scheme?
Parent/guardian gets tax exemption on money invested in Sukanya Samriddhi Scheme u/s 80C. Not only that, but the amount you receive at the maturity is also tax-free, unlike fixed deposits where your mature amount is eligible for taxation.
4. Can a Non-Resident Indian (NRI) girl can get the benefit?
No. Only the girls who are residents of India can avail of the benefits of the Sukanya Samriddhi Scheme.
5. What is the current Rate of Interest on Sukanya Samriddhi Scheme?
Current rate of interest (Jan – Mar 2020) is 7.6%.
It is flexible and the government reviews the interest rates quarterly.
6. What documents are required to open Sukanya Samriddhi Yojana Account?
You require –
Birth Certificate of Girl Child
Identity proof of the parents or legal guardians
Address proof of the parents or legal guardians
Birth certificates of both girls if applying for 2nd girl child’s account
In case the birth certificate is not available, parents can submit the documents below-
A certificate issued by the Principle of the school including date of birth of the girl.
A certificate issued by the hospital where the girl child was born verifying the date of birth the girl.
Passport of the girl child.
Aadhar Card of the girl child.
7. What happens in case of the death of the girl child or the depositor?
In case of death of the girl child-
The account will get closed but parents will have to submit the death certificate issued by the competent authority. Then, the amount in the account with interest till that date will be refundable to the guardian.
In case of death of the depositor, then there are two options-
The family of the girl child will get the amount in the account with interest till that date
The scheme continues with deposited amount till the maturity date and girl child gets the deposited amount plus interest earned at the maturity of the account.
8. Premature Withdrawal
Girl child gets premature withdrawal when she turns 18 and the withdrawal amount is restricted to 50%.
9. Minimum Amount required for Account opening and maturity Period
You can open an account with a minimum amount of Rs. 250.
Maturity period of scheme is 21 years.
10. Is this scheme available throughout India?
Yes, anyone can open the Sukanya Samridhhi Yojana account in all the states of India till the girl is below 10 years in age.
11. Is Account Transferable?
The Sukanya Samriddhi account is freely transferable if you produce the valid address proof of a new place (within India), otherwise a fee of Rs. 100 is applicable.
12. Are commission agents or any intermediary allowed?
No, commission agents are not authorized for Sukanya Samridhhi account openings. You can go to authorized banks or post offices for that.