Sukanya Samriddhi Yojana (SSY) Scheme

Sukanya Samriddhi Yojana is a government savings scheme with the purpose to benefit the girl child. Learn more about the scheme, interest rates, tax benefits, and more.
3 mins
22 June 2023

Sukanya Samriddhi Yojana is a government-backed small savings scheme that helps parents secure the future of their girl child. This scheme can be easily opened at post offices and designated private or public banks in the form of savings account in the baby girl's name. The interest rates for Sukanya Samriddhi Yojana are declared quarterly.

Eligibility criteria for opening a Sukanya Samriddhi Yojana account

  • Only parents or legal guardians of the girl child can open a Sukanya Samriddhi Account in the girl's name
  • The girl child should be less than 10 years old at the time of account opening
  • The investment can start at Rs. 250 and go up to Rs. 1,50,000 annually
  • A single girl child cannot have multiple Sukanya Samriddhi Accounts
  • Only two Sukanya Samriddhi Accounts are allowed per family, i.e., one for each girl child

If you're looking for an alternative to the Sukanya Samriddhi Yojana, consider a Bajaj Finance FD. Start investing in a Bajaj Finance Fixed Deposit right away to secure your child's future.

How to Invest in Sukanya Samriddhi Yojana (SSY)?

Through participating public and private banks as well as post offices, investors can apply for the Sukanya Samriddhi Scheme. Investors must follow the steps outlined below and submit the following documents:

Details of the Sukanya Yojana:

Documents needed to create an account:

  • Certificate of birth for the daughter.
  • The applicant's parent or legal guardian's photo ID.
  • Provide evidence of the applicant's guardian or parent.
  • Other KYC documentation, such voter ID and PAN.

Sukanya Yojana Interest Rates

The interest rate on the Sukanya Samriddhi Yojana is fixed by the government and reviewed every quarter. The Sukanya Samriddhi Yojana interest rate for 2023 is 8%.

SSY Interest Rate

8% p.a. (for 2nd Quarter of FY 2023-24)

Investment Amount

Minimum - Rs.250; Maximum Rs.1.5 lakh p.a.

Maturity Amount

It depends on the amount invested

Maturity Period

21 years

Sukanya Samriddhi Yojana (SSY) Interest Rates: Previous Rates

Time Period

SSY Interest Rate (% annually)

Apr to Jun 2023 (Q1 FY 2023-24)


Jan to Mar 2023 (Q4 FY 2022-23)


Oct to Dec 2022 (Q3 FY 2022-23)


Jul to Sep 2022 (Q2 FY 2022-23)


Apr to Jun 2022 (Q1 FY 2022-23)


Jan to Mar 2022 (Q4 FY 2021-22)


Oct to Dec 2021 (Q3 FY 2021-22)


Jul to Sep 2021 (Q2 FY 2021-22)


Apr to Jun 2021 (Q1 FY 2021-22)


Jan to March 2021 (Q4 FY 2020-21)


Oct to Dec 2020 (Q3 FY 2020-21)


Jul to Sep 2020 (Q2 FY 2020-21)


Apr to Jun 2020 (Q1 FY 2020-21)


Jan to March (Q4 FY 2019-20)


Oct to Dec 2019 (Q3 FY 2019-20)


Jul to Sep 2019 (Q2 FY 2019-20)


Apr to Jun 2019 (Q1 FY 2019-20)


Jan to March 2019 (Q4 FY 2018-19)


Oct to Dec 2018 (Q3 FY 2018-19)


Jul to Sep 2018 (Q2 FY 2018-19)


Apr to Jun 2018 (Q1 FY 2018-19)


Jan to March 2018 (Q4 FY 2017-18)


Oct to Dec 2017 (Q3 FY 2017-18)


Jul to Sep 2017 (Q2 FY 2017-18)


Apr to Jun 2017 (Q1 FY 2017-18)


If you're looking for an alternative to the Sukanya Samriddhi Yojana, consider a Bajaj Finance Child FD. Start investing in a Bajaj Finance Fixed Deposit right away to secure your child's future.

Calculation of Sukanya Samriddhi Yojana interest

Interest for the Sukanya Samriddhi Yojana account is calculated on the minimum balance between the 5th and the end of each calendar month. This interest is credited once annually at the end of the financial year.

The formula for calculating Sukanya Samriddhi Yojana account interest is:

A = P(1+r/n)^nt


  • P represents the initial deposit
  • r is the rate of interest
  • n is the number of times interest is compounded per year
  • t is the number of years
  • A is the maturity amount

Since Sukanya Samriddhi Yojana interest compounds annually.

Benefits of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana offers several benefits, making it an attractive savings scheme for the future of a girl child. Here are some key advantages:

  • High-Interest Rates: Sukanya Samriddhi Yojana offers competitive interest rates, typically higher than those of regular savings accounts or fixed deposits.
  • Tax Benefits: Contributions made to the Sukanya Samriddhi Yojana account are eligible for tax deductions under Section 80C of the Income Tax Act, helping parents save on their taxable income.
  • Long-Term Investment: The scheme has a long tenure, allowing for substantial savings and growth over time, making it suitable for achieving long-term financial goals.
  • Compound Interest: The interest is compounded yearly, boosting the savings significantly over the years.
  • No Risk: Sukanya Samriddhi Yojana is a government-backed scheme, ensuring the safety of the investment and providing peace of mind to parents.
  • Educational and Marriage Goals: The scheme encourages parents to save specifically for their daughter's education and marriage, ensuring financial support for these important life events.
  • Empowerment: By securing the financial future of the girl child, SSY empowers her with the means to pursue higher education and build a better future.
  • Easy Account Opening: Opening an Sukanya Samriddhi Yojana account is a straightforward process, and it can be done at authorized banks or post offices.

Tax benefits of Sukanya Samriddhi Yojana

The deposited principal amount, interest accrued over the entire duration, and maturity benefits enjoy tax exemption. You can claim a deduction of the principal amount under Section 80C, which is capped at Rs 1.5 lakh.

Rules for Premature Withdrawal from SSY Account

You can request an early closure of the Sukanya Samriddhi account only in the following scenarios:

  • Marriage of the Girl Child: If your daughter has reached 18 years and is getting married, you can apply for premature closure. This request must be made within one month before or three months after the wedding, accompanied by age-proof documents. You can withdraw up to fifty percent of the balance from the preceding financial year without incurring any tax implications.
  • Demise of the Girl Child: In the unfortunate event of the girl child's death, you can close the account prematurely. A death certificate must be provided, and the entire corpus of the Sukanya Samriddhi Account, along with accrued interest up to the month before closure, will be paid to the guardian. No taxes will be imposed on premature closure.
  • Change in Residency or Citizenship: If the girl child's status changes, such as becoming a non-resident or acquiring citizenship in another country, you can opt for premature closure. As the guardian, you should submit documents reflecting the alteration in her residency or citizenship status within one month.
  • Special Circumstances: If the account has been active for at least five years, and the bank or post office believes that continuing the account for the girl child is impractical due to reasons like the guardian's demise or the child's illness, you may request premature closure.

Frequently asked questions

Is the maturity amount on withdrawal from the SSY account taxable?

The maturity amount from the SSY account is not taxable as it is fully exempt of the Income Tax Act.

What is the maximum amount of deduction for SSY account deposits? How to claim a deduction?

The maximum deduction allowed for SSY account deposits is up to Rs. 1.5 lakh per financial year under Section 80C of the Income Tax Act. To claim this deduction, you need to keep records of the deposits made as evidence.

How to apply for Sukanya Samriddhi Yojana online?

You can apply for Sukanya Samriddhi Yojana online through authorized banks and post offices that offer this facility.

How to check Sukanya Samriddhi Yojana account balance?

You can check your Sukanya Samriddhi Yojana account balance by visiting the bank or post office where the account was opened. They will provide you with the account statement, or you can inquire about the balance in person.

What is the minimum amount required to open an account under Sukanya Samriddhi Yojana?

The minimum amount required to open an account under Sukanya Samriddhi Yojana is Rs. 250, but it may vary depending on the institution. It's advisable to check with the specific bank or post office for their minimum deposit requirement.

What is the duration of the Sukanya Samriddhi Yojana account?

The Sukanya Samriddhi Yojana account matures after 21 years from the date of opening or until the girl child gets married, whichever occurs earlier.

How much amount will I get in Sukanya Samriddhi Yojana vs Bajaj Finance Fixed Deposit?

The amount you should invest in Sukanya Samriddhi Yojana vs. Bajaj Finance Fixed Deposit depends on your financial goals and risk tolerance. Consider your financial objectives before deciding.

What is the frequency of investment allowed under Sukanya Samriddhi Yojana?

Under Sukanya Samriddhi Yojana, you can invest at any frequency as long as you meet the minimum annual deposit requirement, which is Rs. 250.

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