Sukanya Samriddhi Yojana (SSY) is a popular savings scheme in India created especially to help families secure their girl child’s future. If you are looking to understand how to apply online for Sukanya Samriddhi Yojana and want to know the latest updates for 2025, this guide is for you! This scheme gives you a safe way to save money for your daughter’s education, marriage, and overall future needs.
The interest rate offered by Sukanya Samriddhi Yojana changes over time. For the year 2024-2025, make sure you check the current interest rate before investing. The higher the rate, the more money your investment will earn by the time your daughter grows up!
Along with the new interest rate, some updated rules and benefits come with the Sukanya Samriddhi Yojana. Understanding these guidelines helps you make the most of your savings while keeping your account secure and compliant with government policies.
In short, Sukanya Samriddhi Yojana is a great way to ensure a strong financial start for your girl child. If you want to save specially for your daughter’s future, explore the online application process today!
Understanding Sukanya Samriddhi Yojana
India has many government schemes focused on children’s welfare, and Sukanya Samriddhi Yojana (SSY) is one of the key programs dedicated to girls. Launched under the Beti Bachao Beti Padhao campaign by Prime Minister Narendra Modi, SSY encourages parents to save for their girl child’s future through a secure deposit scheme.
Parents or guardians can open an SSY account for a girl child who is 10 years old or younger. The scheme offers an attractive interest rate which is generally higher than other small savings plans, helping your money grow faster.
On top of this, SSY provides tax benefits under Section 80C, allowing you to save on tax up to Rs. 1.5 lakh annually while investing towards your daughter’s financial security.
- Current interest rate is 8.2% for 2024-2025 financial year.
- Tax benefits up to Rs. 1.5 lakh under Income Tax Act.
- Flexible account transfer options across banks and post offices.
You can use your SSY savings for your daughter’s education or marriage expenses, making it a useful long-term investment option.
Key Features of Sukanya Samriddhi Yojana
| Feature | Details |
| Scheme Name | Sukanya Samriddhi Yojana |
| Introduced By | Government of India |
| Purpose | Saving account for girl child |
| Eligible Beneficiaries | Parents/guardians of girl child |
| Official Website | www.nsiindia.gov.in |
| Interest Rate (2024-25) | 8.2% per annum |
| Min & Max Investment | Rs. 250 to Rs. 1.5 lakh per year |
| Account Maturity Period | 21 years from account opening |
Eligibility Criteria for Opening SSY Account
- The girl child must be 10 years old or younger when opening the account.
- Only one account per girl child is allowed.
- A family can open up to two SSY accounts for two girl children.
Benefits of Investing in Sukanya Samriddhi Yojana
- High Interest Rate: Currently 8.2% for 2024-25, higher than many other government saving schemes.
- Guaranteed Returns: Backed by Government of India, offering safe and assured returns.
- Tax Savings: Investments up to Rs. 1.5 lakh are deductible under Section 80C.
- Flexible Investment Limits: Start with as little as Rs. 250 per year, up to Rs. 1.5 lakh.
- Compounding Benefits: Interest compounds annually, helping your money grow more over time.
- Easy Transfers: Account can be moved between banks and post offices anywhere in India without charges.
Sukanya Samriddhi Yojana Interest Rate Details
| Interest Rate | 8.20% p.a. |
| Investment Range | Minimum Rs. 250, Maximum Rs. 1.5 lakh per year |
| Maturity Time | 21 years |
| Maturity Amount | Varies by total invested and interest earned |
Interest Rate History
Interest rates on SSY accounts are reviewed quarterly by the government. Here is a brief history of recent rates:
| Period | Interest Rate (%) |
| 01.04.2020 to 31.03.2023 | 7.6 |
| 01.04.2023 to 31.12.2023 | 8.0 |
| 01.01.2024 to 31.12.2024 | 8.2 |
Account Maturity Period
SSY accounts mature after 21 years from the date of account opening. Deposits can be made for only up to 15 years.
Contribution Limits
- Minimum annual deposit: Rs. 250
- Maximum annual deposit: Rs. 1.5 lakh
What if you deposit less or more than allowed?
Lesser than minimum: If you do not deposit at least Rs. 250 in a financial year, the account will be marked inactive. To reactivate, you need to pay a fine of Rs. 50 along with the minimum deposit.
Exceeding maximum: Deposits over Rs. 1.5 lakh in a year will not earn interest on the extra amount. You can still withdraw such extra funds anytime you wish.
Withdrawal Rules of Sukanya Samriddhi Yojana
You can withdraw the full amount including interest after maturity (21 years) by submitting:
- Withdrawal application form
- ID and address proof
- Proof of citizenship
Partial withdrawals are allowed after the girl turns 18 and has passed the 10th grade. This amount can be used for higher education fees. You need to provide proof such as college admission letter and fee receipt.
The maximum withdrawal allowed is 50% of the balance from the previous year. Withdrawals can be made in full or in 5 equal parts.
Rules for Early Closure
An SSY account may be closed early if the girl turns 18 and is getting married. You should apply at least one month before or up to three months after the wedding, along with proofs of age and marriage.
Early closure due to other reasons is possible, but interest will be paid at post office savings account rates, not SSY rates.
Important Features of SSY Account
| Feature | Description |
| Account operation | Parents/guardians operate account till girl reaches 10 years. Then the girl operates it from 18 years onwards. |
| Deposits | Minimum Rs. 250, maximum Rs. 1.5 lakh per year, in multiples of Rs. 100. |
| Account Duration | Deposits for 15 years, matures after 21 years. |
| Account Transfer | Can be transferred anywhere in India between post offices and banks without charge (proof of address change required). |
| Deposit Mode | Online transfer, cheque, demand draft, cash. |
Tax Benefits of Sukanya Samriddhi Yojana
- Tax deduction up to Rs. 1.5 lakh per year under Section 80C.
- Interest earned is tax-free.
- Maturity or withdrawal amount is also exempt from tax.
SSY Account Eligibility Summary
- Account must be opened by parents or guardian for girl child below 10 years.
- Girl must be an Indian resident.
- Maximum two accounts per family, except in case of twins where an extra account is allowed.
Documents Needed to Open SSY Account
- SSY account opening form
- Girl child’s birth certificate
- Identity and address proof of guardian/depositor
- Medical certificate in case of multiple births
- Any other document requested by bank or post office
How to Open Sukanya Samriddhi Account
- Visit nearest bank or post office branch.
- Fill the account opening form and submit required documents.
- Make minimum initial deposit of Rs. 250.
- After verification, your SSY account will be opened.
Steps to Fill Post Office SSY Form
- Get the SSY application form from your local post office.
- Fill in personal details including your savings account number if applicable.
- Attach applicant’s photo and sign necessary places.
- Fill in deposit amount and other required details.
- Provide nominee details and obtain witnesses’ signatures if illiterate.
Online Payment Methods for SSY
- Download the IPPB mobile app.
- Transfer funds from your bank to your IPPB account.
- Access SSY under “DOP Products” on the app.
- Enter SSY account details and choose payment schedule and amount.
- App will send alerts on successful installment payments.
Using Sukanya Samriddhi Yojana Calculator for 2024
You can calculate your maturity amount using the formula: A = P(1 + r/n)^(nt) where
- P = initial deposit
- r = annual interest rate
- n = number of times interest applied per year
- t = number of years invested
- A = amount after maturity
Examples of Deposits and Returns
| Deposit Amount | Total Deposited (15 years) | Interest Earned (21 years) | Maturity Amount (21 years) |
| ₹1,000 per year | ₹1,80,000 | ₹3,29,000 | ₹5,09,212 |
| ₹2,000 per year | ₹3,60,000 | ₹6,58,425 | ₹10,18,425 |
| ₹5,000 per year | ₹9,00,000 | ₹16,46,062 | ₹25,46,062 |
| ₹10,000 per year | ₹18,00,000 | ₹33,30,307 | ₹51,03,707 |
| ₹12,000 per year | ₹21,60,000 | ₹39,50,549 | ₹61,10,549 |
About the Passbook
When you open an SSY account, you receive a passbook showing all details like account number, girl’s birthdate, deposits, and interest accumulated. This passbook must be sent back to the bank or post office when making withdrawals or closing the account.
Banks Offering Sukanya Samriddhi Yojana Accounts
- State Bank of India
- United Bank of India
- UCO Bank
- Punjab National Bank
- Oriental Bank of Commerce
- Indian Bank
- ICICI Bank
- Corporation Bank
- Canara Bank
- Bank of India
- Axis Bank
- Allahabad Bank
- Vijaya Bank
- Union Bank of India
- Syndicate Bank
- Punjab & Sind Bank
- Indian Overseas Bank
- IDBI Bank
- Dena Bank
- Central Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Andhra Bank
Common Questions About Sukanya Samriddhi Yojana
How is the money saved in SSY taxed?
Investments up to Rs. 1.5 lakh qualify for tax exemption under Section 80C. Interest earned and maturity amount are tax-free.
Who can open an SSY account?
Parents or guardians of an Indian girl child below 10 years can open the account.
Can Non-Resident Indians use SSY?
Currently, NRIs are not eligible to open SSY accounts.
What happens if the girl child dies?
The account will be closed and the total amount paid to the parent or guardian.