👶 Girl Child Savings Scheme
Sukanya Samriddhi Yojana Calculator
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👶 What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government savings scheme launched under “Beti Bachao Beti Padhao” for the financial security of the girl child, offering the highest interest rate (8.2%) among small savings schemes with full tax exemption.
Key Features
| Feature | Detail |
|---|---|
| Interest Rate | 8.2% p.a. (compounded annually) |
| Eligibility | Girl child below 10 years |
| Deposit Period | 15 years from account opening |
| Maturity Period | 21 years from account opening |
| Min/Max Deposit | ₹250 to ₹1,50,000 per year |
| Tax Status | EEE (fully tax-free) |
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⚖ SSY vs Other Child Savings Options
| Scheme | Interest/Return | Lock-in | Tax Status |
|---|---|---|---|
| Sukanya Samriddhi | 8.2% (fixed, govt) | 21 years (girls only) | Fully tax-free (EEE) |
| PPF | 7.1% (fixed, govt) | 15 years (any child) | Fully tax-free (EEE) |
| Child ULIP | Market-linked, variable | 5 years typically | Partial tax benefits |
| Equity Mutual Fund SIP | 10-14% historical | None (liquid) | LTCG tax applies |
💡 Best Practice: Many financial planners recommend combining SSY (for guaranteed tax-free portion) with equity mutual fund SIP (for higher growth potential) to balance safety and returns for long-term goals like daughter’s education or marriage.
📋 SSY Partial Withdrawal and Premature Closure Rules
Partial Withdrawal (After Age 18)
Up to 50% of the balance (as of previous financial year end) can be withdrawn for higher education expenses once the girl turns 18 or passes 10th standard, whichever is earlier.
Premature Closure Conditions
- Marriage of the account holder (after age 18)
- Death of the account holder (proceeds go to guardian/nominee)
- Extreme compassionate grounds like life-threatening disease (with documentation)
- Change in residency status (account holder becomes non-resident)
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📄 How to Open a Sukanya Samriddhi Account
- Visit any authorized bank or post office
- Fill SSY account opening form
- Submit girl child’s birth certificate
- Provide identity/address proof of guardian (Aadhaar, PAN)
- Make initial deposit (minimum ₹250)
- Receive passbook for tracking deposits and balance
Documents Required
- Birth certificate of the girl child
- Identity proof of parent/guardian (Aadhaar, PAN, Passport)
- Address proof of parent/guardian
- Photograph of the girl child and guardian
⚠ Penalty for Missing Minimum Deposit
If you fail to deposit the minimum ₹250 in a financial year, the account becomes “irregular” and attracts a penalty of ₹50 per year to revive it, along with the shortfall amount.
❓ Frequently Asked Questions
What is Sukanya Samriddhi Yojana? +
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for the girl child, offering 8.2% interest (highest among small savings schemes), tax-free returns, and Section 80C deduction. Account can be opened for girls up to age 10.
What is the current SSY interest rate? +
The Sukanya Samriddhi Yojana interest rate is 8.2% per annum (compounded annually), reviewed quarterly by the government. It is typically the highest interest rate among all government small savings schemes.
What is the maximum and minimum deposit in SSY? +
Minimum deposit is Rs. 250 per year, maximum is Rs. 1,50,000 per year. Deposits are required for 15 years from account opening, after which the account continues to earn interest until maturity without further deposits needed.
When does SSY account mature? +
SSY account matures 21 years from the date of account opening, or upon marriage of the girl child after age 18 (whichever is earlier). Partial withdrawal (up to 50%) is allowed for higher education after age 18.
Is Sukanya Samriddhi Yojana tax-free? +
Yes, SSY has EEE (Exempt-Exempt-Exempt) tax status: contributions qualify for 80C deduction, interest earned is tax-free, and maturity amount is completely tax-free – making it one of the most tax-efficient investment options in India.
Can I open multiple SSY accounts? +
You can open SSY accounts for maximum 2 girl children (3 in case of twins/triplets on second birth). Only one account per girl child is allowed, transferable between banks/post offices but not duplicable.