Published on Feb 26, 2025Updated on Feb 23, 2026
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to promote the financial security and well-being of a girl child in India. Launched in 2015 under the Beti Bachao Beti Padhao initiative, SSY aims to encourage long-term savings for a girl child’s education and marriage by offering attractive interest rates and tax benefits.
As of now, the interest rate for SSY is 8.2 % per annum. The government reviews and revises the interest rates quarterly, depending on economic conditions and other fiscal factors.
The interest on an SSY account is calculated based on the lowest balance in the account between the 5th and the last day of each month. The accumulated interest is credited annually at the end of the financial year. To estimate your potential returns, you can use online Sukanya Samriddhi Yojana calculators, which provide a projection of maturity amounts based on different investment scenarios.
*Additional documents may be required by the bank/post office.
Many banks and post offices now offer online payment facilities for SSY. You can:
In the unfortunate event of the account holder's death, the account can be closed upon submitting an application along with a death certificate from the competent authority. The remaining balance and accrued interest up to the date of death will be paid to the guardian.
Additionally, on extreme compassionate grounds, such as the account holder facing life-threatening medical conditions or the death of the guardian, the accounts office may permit premature closure after verifying the necessary documents. However, premature closure is not allowed within the first five years of opening the account.
To transfer the SSY account from a post office to a bank:
The Sukanya Samriddhi Yojana (SSY) is a secure and tax-efficient investment for parents or guardians of a girl child, offering high interest rates, tax benefits, and government backing. It encourages disciplined savings to support the girl’s education and marriage expenses.
While partial withdrawals are allowed for higher education, keeping the account active until maturity ensures maximum benefits.
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A parent or legal guardian can open an SSY account for a girl child under 10 years of age. A family can open up to two accounts (one per girl child), except in the case of twins/triplets.
No, Non-Resident Indians (NRIs) are not eligible for the Sukanya Yojana scheme for girls. The girl child must be a resident of India at the time of account opening and throughout the investment period.
If the parent or guardian who opened the account passes away, the account continues to earn interest. The legal guardian or nominee can manage and continue deposits. If no nominee is registered, the legal heir can take over the account. The account may also be closed prematurely in such cases.
The Sukanya Samriddhi Scheme is better for long-term savings for a girl child, offering higher interest rates and tax benefits. Recurring Deposits provide flexibility and can be used for various purposes, but lack the same specific advantages and returns.
You can check your Sukanya Samriddhi Account balance by visiting your bank or post office, using their online portal or mobile app (if available), or by calling customer service. Passbook updates may also be available at the bank/post office branch.
The lock-in period for the Sukanya Samriddhi Scheme is 21 years from the date of account opening. However, partial withdrawals (up to 50%) are allowed after the girl turns 18 for specific purposes like education, subject to certain conditions.
Deposits must be made for a maximum of 15 years from the account opening date. After that, no further contributions are required, but the account continues to accrue interest until maturity (21 years).
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