Complete Guide to Sukanya Samriddhi Yojana
About Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana (SSY) is a small deposit scheme launched by the Government of India as part of the 'Beti Bachao Beti Padhao' campaign. It is designed to encourage parents to build a fund for the future education and marriage expenses of their girl child.
Key Features
High Interest Rate
Offers one of the highest interest rates among small savings schemes (currently 8.2% per annum, subject to quarterly review).
Tax Benefits
Qualifies for EEE (Exempt, Exempt, Exempt) status, meaning deposits, interest earned, and maturity amount are all tax-exempt under Section 80C.
Fixed Deposit Period
Deposits can be made for 15 years from the date of account opening.
Maturity
The account matures 21 years from the date of opening or upon the marriage of the girl child after she attains the age of 18 years, whichever is earlier.
Investment Range
Minimum Deposit: As low as ₹250 per financial year
Maximum Deposit: Up to ₹1.5 lakh per financial year
Eligibility Criteria
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The account can be opened for a girl child who is a resident Indian.
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The girl child must be below 10 years of age at the time of opening the account.
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Only one account can be opened per girl child.
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A maximum of two SSY accounts are allowed per family. Exceptions are made for the birth of twins/triplets.
Documents Required
To open an SSY account at a post office or authorized bank, you need:
Birth certificate of the girl child
Identity proof of parent/guardian (Aadhaar, PAN, Passport)
Address proof of parent/guardian
Passport-sized photographs of parent and child
SSY account opening form (Form-1)
Initial deposit (₹250 or more) by cash, cheque, or demand draft
Partial Withdrawal Rules
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Partial withdrawal is allowed only when the girl child attains the age of 18 years or has passed the 10th standard, whichever is earlier.
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Up to 50% of the balance available at the end of the preceding financial year can be withdrawn.
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Withdrawals are permitted for the purpose of higher education or marriage expenses of the girl child.
Tax Benefits of SSY
Deposits
Eligible for deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per financial year.
Interest Earned
The interest accrued on the SSY account is completely tax-exempt.
Maturity Amount
The entire maturity amount received is also tax-exempt.
EEE Investment Status
This makes SSY an EEE (Exempt, Exempt, Exempt) investment, offering significant tax advantages.