Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY)

As a part of the “Beti Bachao Beti Padhao” campaign, Prime Minister Narendra Modi and the Central Government announced the Sukanya Samriddhi Yojana (SSY) scheme. It was inaugurated on January 22, 2015, in Panipat, Haryana. The prosperity of girl children is the only goal of this tax-saving plan.

More information on the Sukanya Samriddhi Yojana plan is provided in this article, including information about its interest rates, benefits, and eligibility.

What is Sukanya Samriddhi Yojana Scheme?

The Sukanya Samriddhi Yojana is a savings program run by the central government to secure a girl child’s future. The Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development are collectively in charge of this national initiative.

It was started to ensure that girls have a bright future, and it helps parents to accumulate money for their daughters’ marriage expenditures and educational costs. With the help of this deposit plan, you may consistently save money for your daughter.

You can build a significant corpus by making regular deposits throughout the year. You can use this corpus to help your girl child achieve her aspirations for marriage, education, and other things.

Visit one of the following places to open an account under the SSY Scheme.

  • Banks
  • Post offices

The following are the primary objectives and goals of this program:

  • To end sex determination and discrimination against children based on their gender.
  • To make sure girls are safe and protected.
  • To ensure that girls participate more actively in education and other activities.

Eligibility Criteria to Open Sukanya Samriddhi Yojana Account:

The following are the requirements for eligibility:

  • The girl child has to be 10 years old or younger.
  • The account can be opened by the girl’s guardian or her parents.
  • Each girl child is permitted to open only one account.
  • A family can only open two SSY accounts, which means they can secure two girls through this plan.
  • In the case of twin girl children, the guardian or parents may register a third account.

How to Open Sukanya Samriddhi Account?

The account can be opened in person at a post office or online at a specific branch of a nationalized bank or a private bank.

The application form must be submitted with the following documents:

  • The girl child’s birth certificate
  • Proof of address for the applicant’s parent or guardian
  • A parent or guardian’s photo ID is required
  • KYC documents include an Aadhar card, a PAN, a voter ID, and a passport

Online SSY Account Money Transfer:

To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You can set standing instructions through this app to have a certain amount automatically sent online to your SSY account. The detailed process is as follows:

Step 1: Transfer funds to the IPPB account from your bank account.

Step 2: Go to DOP Products in the IPPB app and choose the Sukanya Samriddhi Yojana account.

Step 3: Enter the DOP customer ID and your SSY account number.

Step 4: Select your preferred payment amount and the number of installments.

Step 5: When the payment procedure has been successfully set up, IPPB will let you know.

Step 6: You will receive a notification each time the app makes a money transfer.

Offline SSY Account Money Transfer:

You can create an SSY account at any participating bank or Post Office branch. Follow the procedures listed below to open the account.

  • You should visit the bank or post office to open the account.
  • Complete the application form with the required details, and add any supporting documents.
  • Pay the initial down payment in cash, by check, or by demand draft. The amount payable may range from Rs. 250 to Rs. 1.5 lakhs.
  • The bank or Post Office will process your application and payment.
  • Your SSY account will be enabled after the processing is completed. A passbook will be provided to document the account’s opening.

Sukanya Samriddhi Yojana Benefits:

As a part of the Beti Bachao, Beti Padhao Yojana program, the Sukanya Samriddhi Yojana was launched and offered investors several advantages. The following are some of the main benefits of the SSY scheme:

High-Interest Rates:

SSY accounts have historically offered higher interest rates than other government-sponsored programs. The current rate is 7.6% per year.

Affordable Payments:

A minimum of Rs. 250 must be deposited each financial year to keep an SSY account active. You can deposit up to Rs.1.5 lakh per financial year at your convenience.

People from all economic backgrounds find the payments to be fairly affordable. Even if you forget to pay for a year, the account will still be maintained despite a penalty of Rs. 50 will be added to the missed minimum payment of Rs. 250.

Assurance of Returns:

Since SSY is a government-backed program, its returns are guaranteed.

Tax Advantages:

SSY offers tax benefits up to Rs. 1.5 lakh per year under Section 80C.

Education Costs Covered:

You may withdraw 50% of the account balance as of the end of the previous financial year to pay for your girlchild’s educational expenses. This can be obtained by showing proof of admission.

Easy Transfer:

Anywhere in India, the SSY account can be moved from a post office to a bank or vice versa.

Benefits of Compounding:

Due to the annual compounding effect, Sukanya Samriddhi Yojana (SSY) is a fantastic long-term investment plan. Therefore, even small investments will generate excellent returns over time.

Maturity Period:

SSY is valid until the girl child reaches the age of 21 or until she marries after the age of 18. However, only 15 years’ minimum contributions are necessary.

After that, even if no deposits are made into the SSY account, interest will still accumulate until maturity.

Regulations for Sukanya Samriddhi Yojana Withdrawal:

After investing for 15 years, you can withdraw your money from the scheme in full or in part. You can also withdraw your money prematurely.

Withdrawal on Maturity of Investment:

Principal and interest on investments can be withdrawn when they reach maturity. The following documents must be submitted to request a withdrawal:

  • Withdrawal Application Form
  • Identity Proof
  • Address Proof

If the girl child reaches the age of 18 and has finished her 10th standard, she is eligible for a withdrawal for her higher studies. The withdrawn funds must be utilized to pay the entry fee or any other fee imposed by an educational institution.

You must provide proof of enrollment to an educational institute when applying for withdrawal. Admission proof includes a fee receipt, admission card, and student ID.

The maximum withdrawal amount is 50% of the entire amount made available in the previous financial year. You can withdraw the money all at once or in 5 equal payments.

Premature Investment Withdrawal:

Once the girl child reaches the age of 18, a premature or partial withdrawal of investment is permitted in the event of the marriage.

The application and proof of the girl’s age must be submitted one month before the wedding. The account is considered canceled if the girl kid becomes a non-citizen or non-resident.

Any such change in status must be reported within a month of the change in status by the guardian or the girl child.

The guardian can withdraw the account’s available balance if the girl child passes away. But you must submit the death certificate.

If the account has been open for 5 years or more and the bank or post office believes that the account’s continuation is causing difficulties for the female child, the guardian or girl child may request that the account be closed prematurely.

However, the interest earned on the contributions will be the same as the interest rates offered by post offices. Account closure permission will be granted for a variety of reasons.

How to transfer Sukanya Samriddhi’s account from the Post Office to the Bank?

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

Go to the post office where the recipient has an account and tell the PO executive that you intend to transfer the account, then hand over the properly filled-out account transfer form.

Submit the transfer form together with the passbook and KYC documents.

After receiving a beneficiary request, the PO executive will close the account.

Visit the bank branch where the beneficiary wishes to have their account transferred.

Including the self-attested KYC documents, and submit all proper documents.

After the transfer request is completed, a new passbook will be provided.


  • The girl child does not have to go to the PO branch to get her transfer request processed.
  • The guardian can handle all of the formalities.
  • It is free to transfer funds between SSY accounts, whether they are located inside or outside of post offices or banks.
  • By submitting documentation of the beneficiary’s or their guardian’s new address, the Sukanya Samriddhi account can be transferred.
  • Any other circumstances would demand paying Rs. 100 to change your Sukanya Samriddhi account.

The formula for Calculating the Returns of SSY:

To compute our corpus, we must first calculate the interest that will be added. Apply the below formula to determine your interest in the Sukanya Samriddhi Yojana Scheme.

I = P(1+R/100) ^N

I = Interest
P= Principal Invested
R= Rate of Return
N= Number of Years

Every year, the SSY account’s compound interest is calculated. Calculate SSY Online for Free.

Application Process:

You can get the application form from the websites of the RBI, Indian Post, and participating public and private banks. Key information about the girl child and her parent or legal guardian should be entered into the form. The important fields that must be filled out on the SSY form are listed below.

  • Primary Account Holder: Girl Child’s Name
  • Joint Holder: Parent or Guardian’s Name
  • Initial Deposit Sum
  • Date and Cheque Number for the Initial Deposit
  • Date of Birth and other information from the girl’s birth certificate
  • Identity of the parent or guardian, such as a driving license or an Aadhaar number
  • Permanent and Current Addresses (as per the ID document of the parent or legal guardian)
  • Details of further KYC proofs, including PAN card and voter ID card


The SSY scheme is part of the Beti Bachao Beti Padhao scheme, which is risk-free and provides tax benefits. It is an excellent long-term investment opportunity.

Now that you know everything about the SSY plan, you may take the necessary steps to secure your daughter’s future. You can build up a large corpus to pay for your daughter’s future marriage or further education by making regular deposits into an SSY account.

Just keep in mind that educating a girl today could work wonders tomorrow. Save The Girls! Get Girls Educated!


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