Sukanya Samriddhi Yojana (SSY) Calculator
Plan for your daughter’s future with India’s premier girl child savings scheme
Investment Summary
Projected Growth Visualization
How to Open a Sukanya Samriddhi Account
Check Eligibility
The scheme is available for girl children below 10 years of age. Only one account per child is allowed, with a maximum of two accounts per family.
Gather Required Documents
You’ll need birth certificate of the girl child, address proof, identity proof, and recent photographs of both the child and parents/guardians.
Visit Authorized Bank/Post Office
SSY accounts can be opened at designated post offices or authorized banks. Fill the application form and submit it with required documents.
Make Initial Deposit
Make an initial deposit of at least ₹250 to activate the account. You can deposit up to ₹1.5 lakh in a financial year.
Frequently Asked Questions
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme specifically designed for the girl child in India. Launched as part of the Beti Bachao Beti Padhao campaign, it aims to encourage parents to build a fund for the future education and marriage expenses of their girl child.
The SSY interest rate is set by the government quarterly. As of the latest update, the interest rate is 8.2% per annum, compounded yearly. This rate is generally higher than most fixed-income instruments and is subject to change based on government policies.
SSY offers triple tax benefits under Section 80C of the Income Tax Act:
- Investments up to ₹1.5 lakh per year are deductible from taxable income
- Interest earned is completely tax-free
- The maturity amount is exempt from tax
Partial withdrawals (up to 50% of the balance) are allowed after the account holder attains 18 years of age, specifically for higher education expenses. The account matures after 21 years from the date of opening or when the girl gets married after reaching 18 years of age.
About Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi on January 22, 2015, as part of the Beti Bachao, Beti Padhao campaign. The scheme specifically aims to promote the welfare of girl children in India by encouraging parents to build a fund for their future education and marriage expenses.
SSY is considered one of the most secure and beneficial savings schemes available, offering higher interest rates than most fixed-income options along with complete tax exemption. The scheme has a tenure of 21 years from the date of account opening or until the marriage of the girl child after she turns 18.
Key features of SSY include:
- Minimum investment of ₹250 and maximum of ₹1.5 lakh per financial year
- Current interest rate of 8.2% per annum (compounded yearly)
- Tax benefits under Section 80C of Income Tax Act
- Account can be opened for girl children below 10 years of age
- Partial withdrawals for education after age 18
- Complete withdrawal at maturity after 21 years or marriage after 18