Independent guide. Money Schemes is not a government website and does not take applications or payments. Apply only on the official portal, at a post office, a bank branch or a Common Service Centre.
Sukanya Samriddhi Yojana is a small savings account that a parent or legal guardian opens in the name of a girl below 10 years of age, and it currently earns 8.2% a year, a rate the Finance Ministry reviews every three months. Each financial year the guardian pays in anything from 250 rupees up to 1.5 lakh, and the account matures 21 years after the day it was opened.
The account is opened at any post office or at an authorised bank branch. No income tax touches the yearly interest or the closing sum, and for anyone filing in the old regime, what you put in each year also cuts taxable income through section 80C. Below you will find the rules in plain words, a chart of what regular deposits grow to, and the fix for a year with no deposit.
At a glance
Run by
Ministry of Finance, through post offices and authorised banksWho can open
Parent or legal guardian of a girl below 10 yearsInterest
8.2% a year, compounded yearlyDeposit limits
250 rupees minimum, 1.5 lakh maximum per financial yearDeposit period
15 years from openingMaturity
21 years from openingTax
Deposit, interest and maturity amount all tax free
How the Sukanya Samriddhi Yojana scheme works
The account belongs to the girl. Until she turns 18, the guardian runs it, signs the forms and makes deposits. From 18 onward the account passes into her hands after her own KYC is filed.
Deposits are allowed for the first 15 years. For the remaining six years no money goes in, but the balance keeps earning interest until the 21st year ends. If she marries after turning 18, the account can be closed earlier, as explained below.
- One account per girl. These SSY scheme details are identical at a post office counter and at a bank branch.
- At most two accounts in one family. A third is allowed only when twins or triplets are born at the second birth, or at the first birth itself, with a medical certificate.
- Cash at the counter works, so do cheques and online top ups from a linked savings account.
Do not confuse this account with Mahila Samriddhi Yojana, which is a separate loan programme for women from backward classes and has nothing to do with post office savings.
Current rate and how interest is added
The rate for October to December is 8.2% a year. New rates are notified before every quarter starts, and a change applies to the whole balance from that quarter. Interest is figured monthly on the thinnest balance seen between day 5 and the closing day, which is credited in a single yearly entry each 31 March.
Sukanya yojana chart: what yearly deposits can grow to
The table assumes an equal amount paid in on the first day of every year of the 15 year deposit window, the current rate held for all 21 years, and no withdrawals. Real results will differ because the rate is reset every quarter.
| Deposit each year | Total paid in 15 years | About at maturity |
|---|---|---|
| 12,000 rupees (1,000 a month) | 1.8 lakh | 5.7 lakh |
| 1 lakh | 15 lakh | 47.9 lakh |
| 1.5 lakh | 22.5 lakh | 71.8 lakh |
To try your own amount, use the SSY calculator.
Sukanya samriddhi yojana benefits in short
- High small savings rate: it is usually among the highest rates the post office offers.
- Exempt at all three stages: the deposit (old regime), the yearly interest and the maturity money are not taxed.
- Small entry amount: 250 rupees keeps the account alive for a year.
- Government backing: the money is held under a Government of India scheme, not by a private company.
- Transfer: the account can move from one post office or bank to another if the family shifts.
The trade off is a long lock in and limited access before she turns 18, so weigh it against your other needs. The clerk at the savings counter, or a licensed investment adviser, can walk you through a comparison with a PPF account.
Documents and steps to open at the post office
- Ask the counter for the SSA opening form, or print a copy from the official site.
- Attach the girl's birth certificate.
- Attach the guardian's identity proof and address proof, usually Aadhaar and PAN.
- Add a passport size photo of the guardian, and of the girl if the office asks.
- Hand over the opening amount; 250 rupees is the floor.
- Before leaving, read through the passbook entries for spelling and the girl's birth date.
Step by step help, including the medical certificate for twins, is on the account opening guide.
Missed a year: how to revive the account
If less than 250 rupees is paid in a financial year, the account is marked as in default. Revival is possible until the 15th year of deposits ends. Pay the 250 rupee minimum for every year skipped, and a 50 rupee fine per skipped year on top. The balance keeps earning the scheme rate while it sits in default, so the money is not lost.
Withdrawal, early closure and maturity
Partial withdrawal: when she reaches 18 (or sooner, once her Class 10 result is out), she may draw out half of the previous March closing balance for her education. Fee receipts or an admission letter are needed.
Closure for marriage: allowed after she turns 18. The application is made from one month before the wedding up to three months after it.
Other early closure: if the girl dies, or on compassionate grounds such as a life threatening illness, after five years. In the second case the whole period earns only the lower savings account rate.
Maturity: after 21 years from opening, the full balance is paid to her. Full details are on the SSY withdrawal page.
Checking the balance
The simplest way is to get the passbook printed at your home branch. Post office accounts can also be viewed through India Post internet banking or mobile banking after the account is linked at the counter. Bank accounts show up in that bank's net banking. If an online deposit is missing from the balance, keep the transaction reference and ask the branch to trace it.
Frequently asked questions
What is Sukanya Samriddhi Yojana?
It is a Government of India savings plan that a parent opens for a daughter under 10. Parents deposit up to 1.5 lakh a year for 15 years, and the balance matures after 21 years with tax free interest.
Can I open a Sukanya Samriddhi account in a bank instead of the post office?
Yes. Authorised public and private sector banks open it under the same rules and the same rate. The account can also be shifted between a bank and a post office later.
What documents are required for Sukanya Samriddhi Yojana?
Her birth certificate, plus ID and address proof of the parent or guardian, PAN or Form 60, and photographs. Twins need a medical certificate if a third account is opened.
Can grandparents open the account?
Only a natural parent or a legal guardian can open it. Accounts opened by someone else must be moved to the parent or legal guardian, as per Ministry of Finance instructions to post offices and banks.
What happens if the girl becomes a non resident?
The scheme is for Indian residents. Tell the post office or bank about any change in residency or citizenship, and ask how the account will be closed and what interest applies.
Is the maturity amount taxable?
No. The scheme has exempt status, so neither the yearly credits nor the closing payment count as income. Only the 80C deduction on deposits depends on the old tax regime.
Official sources
- India Post: Post office savings schemeswww.indiapost.gov.in
- National Savings Institutewww.nsiindia.gov.in
- Department of Economic Affairs: small savings ratesdea.gov.in
Rules, amounts and portals can change. Check the official source before you apply or deposit.