Sukanya Samriddhi Yojana (SSY) - 2025

Here some other important details of the SSY scheme: 

Sukanya Samriddhi Yojana Eligibility

The Sukanya Samriddhi Yojana account eligibility are mentioned below:

1. The parent or legal guardian can open an Sukanya Samriddhi Yojana account on behalf of a girl child until she reaches the age of 10.
2. The girl child must be a resident Indian.
3. In a family, up to two accounts can be opened for two girls.
4. A third SSY account can be opened in case of twin girls.

Benefits of Sukanya Samriddhi Yojana Scheme

Sukanya Samriddhi Yojana (SSY) scheme was launched under the Beti Bachao Beti Padhao campaign with the main aim of securing the future of a girl child.

• Affordable Payments: The minimum account balance required to maintain an Sukanya Samriddhi Yojana account is Rs. 250 per fiscal year. You have the flexibility to make deposits up to Rs. 1.5 lakh per fiscal year, making it accessible for people from all sections of society. Even if you miss a payment for a year, a penalty charge of Rs. 50 will be levied on the minimum payment of Rs. 250, but the account will continue. 
• Educational Expenses Covered: You can withdraw 50% from the balance present in the account as of the previous financial year's end to cover the educational expenses of your girl child. This can be availed by providing proof of admission. 
• Attractive Interest Rates: Sukanya Samriddhi Yojana accounts offer high-interest rates compared to other government-backed schemes. Currently, the rate stands at 8.2% p.a. 
• Guaranteed Returns: As Sukanya Samriddhi Yojana is a government-backed scheme, there is an assurance of returns upon maturity. 
• Convenient Transfer: You can easily transfer the Sukanya Samriddhi Yojana account from a bank to a post office or a post office to a bank anywhere in India. 
• Tax benefits: To encourage investments in SSY, the scheme offers the following tax benefits, 

1. Section 80C Deductions: Investments made in the SSY scheme can be deducted under Section 80C of the Income Tax Act up to a maximum cap of Rs. 1.5 lakh. 
2. Tax-Exempt Interest: The interest that accrues on the Sukanya Samriddhi Yojana account, compounded annually, is exempt from tax under Section 10 of the Income Tax Act. 

1. Tax-Free Proceeds: The proceeds received upon maturity or withdrawal from the SSY account are also exempt from income tax.

Features of Sukanya Samriddhi Yojana

The main features of the Sukanya Samriddhi Yojana account are listed in the table below:

Formula to Calculate the Interest Earned on SSY

The Sukanya Samriddhi Yojana Calculator helps an individual to get an estimate of the investment plan under the SSY scheme.

The calculator will use the details such as the investment made every year and the rate of interest mentioned by you to evaluate the data and give you the end result in terms of the maturity amount.

The interest calculation for  SSY follows a specific method. The interest is calculated based on the lowest balance in the account between the fifth day and the last day of the calendar month. The interest is credited once at the end of each financial year. 

Documents Required to open an SSY account

The documents required to open an SSY account are listed below:

1. Sukanya Samriddhi Yojana account-opening form.
   
2. The ID proof and address proof of the depositor must be submitted at the time of opening the account.
3. A medical certificate must be submitted in case multiple children are born under one order of birth.
4. Any other documents requested by the bank or post office.
5. The birth certificate of the girl child must be submitted at the time of opening the account.

Birth certificate is one of the important documents that is needed in order to open a Sukanya Samriddhi Account but since there is a possibility many people might not have the certificate, the government has chalked out alternative through which the account can be opened. The parents or legal guardians of the girl child can submit these documents as alternatives in the absence of the birth certificate.

• A certificate issued by the Headmaster of the school verifying the date of birth of the girl child
• A certificate issued by the hospital where the girl child was born verifying the date of birth of the girl child
• Passport of the girl child
• PAN Card of the girl child
• Aadhar Card of the girl child.

How to open a Sukanya Samriddhi Account?

Given below are the steps you will have to follow to open a Sukanya Samriddhi Account:

1. Visit the nearest branch of the bank or post office and fill the application form.
2. Once you have filled in the form, submit it along with all the necessary documents.
3. Pay the first deposit amount which can range between Rs.250 and Rs.1 lakh.
4. The application form and payment will be verified by the bank or the post office and if all the details are correct, an SSY account will be opened in your name.

Conditions for Non-Payment of Sukanya Samriddhi Interest

The following are the instances when SSY account does not accrue interest: 

1. Make a minimum deposit of Rs.250 per year to keep the account active.  
2. A penalty of Rs.50 will have to be paid, in case the account becomes inactive due to non-payment of minimum deposit and interest will not be paid if penalty is not paid. 
3. Reduced rate of interest will be offered the entire amount of the deposit in such cases 
4. Interest rate of savings account which is lower than SSY would apply 
5. Extra interest amount paid before default will be deducted from balance amount 
6. After five years of opening the account, premature closure of account is allowable 
7. This premature withdrawal is allowed only in case of a medical emergency or a life-threatening condition 
8. The SSY interest rate would not apply if premature closure is done for any other reason 
9. Savings account interest rate would be applied only 

What happens if Lesser or Excess Amount is Paid towards Sukanya Samriddhi Yojana scheme?

1. Lesser amount: In case the minimum amount of Rs.500 is not paid in a financial year, the account will be considered as default. However, the account can be brought back to the active status by paying a fine of Rs.50.
2. Excess amount: No interest is generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the excess amount at any time.

Sukanya Samriddhi Yojana Withdrawal Rules

The withdrawal rules of the SSY account are mentioned below:

1. Once the account's duration is completed, the entire amount available in the account, including the interest, can be withdrawn by the girl child. However, the below-mentioned documents must be submitted:
   1. Application form for the withdrawal of the amount.
   2. ID proof
   3. Address proof
   4. Citizenship documents

1. Withdrawal is allowed for higher education if the girl child has attained the age of 18 years and has completed 10th standard. However, the money must be used for the fee or any other charges that are levied at the time of admission.
2. Documents such as admission to the university or college as well as the fee receipt must be submitted when applying for the withdrawal.
3. The maximum amount that can be withdrawn is 50% of the amount that is available in the previous year. The amount can be withdrawn in 5 instalments or in a lump sum.

Rules for Premature Withdrawal from SSY Account

The rules that allow premature closure of the account is mentioned below:

1. Once the girl attains the age of 18 years old and is getting married, SSY premature withdrawal is allowed. However, an application must be submitted at least one month before marriage and 3 months after the marriage to avail yourself of the benefit. Documents which determine the age of the girl must also be provided.
2. In case the girl child becomes a non-citizen or a non-resident, the account will be deemed as closed. Any such change in status must be informed by the guardian or the girl child within one month from the change in status.
3. In case the girl child passes away, the balance that is available in the account can be withdrawn by the guardian. However, the death certificate must be submitted.
4. If the account has been opened for 5 years and more, and the bank or post office feel that the continuation of the account is causing difficulties to the girl child, the guardian or girl child can opt for premature closure.
5. Permission to close the account will be permitted for other reasons too, but the interest earned from the contributions will be the same as the interest rates provided by post offices.

Tax Benefits on Sukanya Samriddhi Yojana

The following are the Sukanya Samriddhi Yojana tax benefits:

1. Sukanya Samriddhi Scheme is a government-backed tax-saving scheme 
2. Under Section 80C of the Income Tax Act, 1961, tax benefits of up to Rs.1.5 lakh are provided for contributions made towards the scheme.
3. The scheme is an EEE (Exempt Exempt Exempt) scheme 
4. The interest amount as well as the amount received is also exempt from tax.
5. The scheme ensures tax-free corpus for your daughter
6. The scheme offers the highest interest rate among other small saving schemes despite the reduction in interest rate  
7. Tax benefits are also provided for the maturity amount or the withdrawal amount.

Learn more about Sukanya Samridhi Yojana tax benefits

How to Fill an SSY account Form for post office?

The following are the steps to fill an SSY account form for post office: 

1. Visit the nearest post office and ask for an Sukanya Samriddhi Yojana account application form.
2. If you have a savings account with the post office, mention your account number.
3. Mention the post office branch details and postal address under 'To The Postmaster'.
4. Post the photograph of the applicant.
5. Mention the name of the applicant and mention the option 'Sukanya Samriddhi Yojana'.
6. Provide the relevant information under 'Account Type' and 'Account Holder Type'.
7. Mention the amount you will deposit once the account is created.
8. Provide other relevant details such as gender, Aadhaar number, PAN, address, etc.
9. Sign page 1 to authorise all the information provided.
10. In Page 2 section (5), provide details if you wish to set standing instructions for the amount to be deposited to your account.
11. Cheque the square box next to SSA stating that no other Sukanya Samriddhi Yojana account has been created.
12. Provide the date and signature.
13. Provide nomination details.
14. Get two witnesses and get their signature in case the applicant is illiterate.
15. Provide the place, date and signature at the end of the nomination section.

How to pay for SSY Online?

The following are the steps to pay SSY through online mode: 

1. Download the IPBB app on your mobile phone.
2. Transfer the money from your bank account to your IPBB account.
3. Log in to your IPBB account and choose 'Sukanya Samriddhi Yojana' under 'DOP Products'.
4. Provide your Sukanya Samriddhi Yojana account number and customer ID.
5. Choose the amount you wish to pay and the duration of instalment.
6. Once the payment routine has been set up, IPBB will notify you of the same.
7. Each time the money is transferred to your IPBB account, you will be notified of it.

What are the Details Recorded in the Passbook?

Once an SSY account has been opened, the depositor will receive a passbook. The following are the details that are mentioned in the passbook:

1. Date of account opening 
2. Minimum deposit amount 
3. Annual rate of interest 
4. Name of the account holder 
5. Date of birth of the account holder 
6. Guardian name 
7. Balance amount in the account 
8. Account number 
9. IFSC code 

The passbook must be submitted to the bank or post office when money is deposited into the account, receiving the interest payment, and at the time of closing the account.

How to Fill Sukanya Samriddhi Yojana Application Form

The following are the steps to fill Sukanya Samriddhi Yojana application form: 

1. Mention the Post Office or the bank branch and the postal address under ‘To The Postmaster/Manager’ 
2. The applicant’s photograph should be pasted on the right side of the application form 
3. Mention applicant’s name next to ‘I/We’ as provided in the application form 

1. Next, also mention the Sukanya Samriddhi Yojana after applicant’s name 
2. Write the deposit amount both in number and in words 
3. Select the mode of payment, such as cheque, cash, or DD 
4. Mention the cheque or DD number along with the date in the form 
5. Provide the name and date of birth of the girl child (depositor) 

1. Enter the following details of the guardian: 

1. Name 
2. Date of birth 
3. Aadhar number 
4. PAN number 

1. Provide the contact details and the address 
2. Mention the birth certificate details and the type of account of the depositor 
3. Mention the details of the KYC documents attached with the application form 
4. Provide the nomination details 
5. Sign on the form along with name 

1. In case the applicant is illiterate, put signature of two witnesses 
2. At the end of the nomination section, mention the signature, date, and place 

How to Transfer Sukanya Samriddhi Account from Post Office to Bank?

The following are steps to transfer the Sukanya Samriddhi account to a bank from the post office: 

1. Visit the post office where the beneficiary holds an account with 
2. Inform your transfer intent to the PO executive and submit the duly filled account transfer form 
3. Submit the passbook and KYC documents along with the transfer form 
4. The PO executive will discontinue the account upon the request of the beneficiary 
5. Visit the bank branch where the beneficiary wants their account to be transferred 

1. Submit all the required documents including the self-attested KYC documents 
2. New passbook will be provided after the completion of the transfer request 

Note: 

1. For processing the transfer request, the girl child need not visit the PO branch. 
2. All the formalities can be completed by the guardian. 

1. The balance transfer of SSY accounts within or outside post offices or banks can be done free of cost. 
2. Transfer of Sukanya Samriddhi account can be done by providing proof of residence change of either of the beneficiary or their guardian. 
3. Change of Sukanya Samriddhi account on any other circumstances would require Rs.100 

Sukanya Samriddhi Yojana Closure Rules 

The following are the two scenarios of account closure under Sukanya Samriddhi Yojana: 

Closure on Maturity

1. After the attainment of 21 years of the girl child, the account matures 

1. The maturity value along with interest is paid out to the depositor, the girl child 
2. The maturity amount will be paid out on submission of proof of residence, identity, and documents of citizenship 

Premature Closure 

The following are the scenarios under which applicant can apply for premature withdrawals: 

1. Death of girl child: The balance in the Sukanya Samriddhi Yojana account along with interest amount will be paid on producing the death certificate. 

1. Marriage of depositor: After attaining 18 years of the girl child, on the purpose of marriage, applicant can apply for premature closure by providing the documents of age proof one month before marriage and three months after marriage. 
2. Medical treatment: In case of life-threatening diseases of the girl child or death of the guardian, the SSY account can be closed by providing the relevant documents related to the disease or the death certificate of the guardian. 
3. Change in the status of the girl child: If the girl becomes non-resident or non-citizen of India, the premature closure can be done by informing about the change within one month of the status change. 
4. Completion of five years of the SSY account: If continuation of the account causes difficulties for the girl child, then account can be closed prematurely by providing satisfactory reason to the post office or the bank. 
5. Other reasons: The account can be closed prematurely any time after opening the account and the interest earned on the deposit amount will depend on the post office or the bank.