Sukanya Samriddhi Yojana: Interest Rate, Eligibility, Benefits and Rules
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a government-backed small savings scheme for the welfare of a girl child, run through post offices and authorised banks. A parent or legal guardian can open an account in the name of the girl child, make regular deposits over fifteen years from the date of opening, and earn interest until the account matures after twenty one years.The scheme helps parents build long-term savings for their daughter’s higher education and marriage expenses.
Sukanya Samriddhi Yojana Interest Rate
The interest rate on Sukanya Samriddhi Yojana is set by the Ministry of Finance every quarter, in line with other small savings schemes. For the October–December 2026 quarter, the interest rate is 8.2% per annum, compounded annually. The rate applies to the running balance and gets credited each financial year, so earlier deposits benefit from a longer compounding period than deposits made closer to maturity.
Eligibility for Sukanya Samriddhi Yojana
The eligibility criteria for opening a Sukanya Samriddhi Yojana account are as follows:
- A legal guardian or parent can open the account for a girl child who has not attained 10 years of age on the date the account is opened and meets the scheme’s applicable requirements.
- A family can generally open an account for up to two daughters, with one account permitted per girl.
- Exceptions apply to specified multiple-birth cases under the scheme rules. An exception allows a third account where the second birth results in twins or triplets, provided the guardian submits an affidavit along with birth certificates confirming the multiple birth.
- The girl’s birth certificate and the prescribed documents of the parent or legal guardian are needed to open an account. Additional KYC and other documents may be required by the concerned bank or post office.
Deposit Limits and Account Rules
An account holder must deposit a minimum of ₹250 and a maximum of ₹1.5 lakh in a financial year, and any amount beyond the minimum must be in multiples of ₹50. Deposits are required for the first fifteen years from the date the account was opened, after which the balance continues to earn interest for the remaining years without further contributions being mandatory.
If the minimum annual deposit is not made, the account can generally be regularised by paying a default fee of ₹50 for each year of default, along with the minimum deposit due for those years.
Maturity and Withdrawal Rules
The Sukanya Samriddhi Yojana account has specific rules for maturity, partial withdrawals, premature closure and closure in the event of the account holder’s death.
Account Maturity and Partial Withdrawal
The account matures 21 years after the date of opening. However, is can be closed before maturity for the account holder’s intended marriage after she turns 18 years of age, subject to the prescribed declaration and proof of age. Such closure is not permitted earlier than one month before the intended marriage or later than three months after the marriage
Partial withdrawal is allowed once the girl turns eighteen or has passed her tenth standard examination, whichever happens earlier, and is restricted to funding higher education.
A withdrawal of up to 50% of the balance at the end of the preceding financial year may be allowed for higher education after the girl turns 18 or passes Class 10, whichever occurs earlier. The application must include the required documentary evidence of admission or the institution’s fee requirements. The amount may be withdrawn either as a lump sum or in instalments. Instalments are restricted to a maximum of one withdrawal per year for up to five years.
Premature Closure Under Special Circumstances
Premature closure on extreme compassionate grounds may be permitted in specified cases, including medical treatment for a life-threatening illness of the account holder or the death of the guardian, where continuing the account causes undue hardship. The decision requires supporting documentation and approval by the accounts office. Such closure is not permitted five years from the date of opening.
Account Closure in the Event of Death
If the account holder dies, the account is closed on application and submission of the death certificate. The balance and interest due under the scheme up to the date of death are paid to the guardian. Interest for the period between the date of death and the date of closure is paid at the applicable Post Office Savings Account rate.
Tax Benefits under Sukanya Samriddhi Yojana
Eligible SSY deposits may qualify for a deduction under Section 123 read with Schedule XV of the Income-tax Act, 2025, within the aggregate deduction limit of ₹1.5 lakh, subject to the applicable conditions. The deduction is unavailable under the new tax regime.
Payments from an eligible Sukanya Samriddhi Account are exempt under the applicable provisions of the Income-tax Act, 2025. Eligible deposits may also qualify for a deduction under the applicable savings-deduction provisions, subject to the taxpayer’s eligibility and chosen tax regime.
Using a Sukanya Samriddhi Yojana Calculator
A Sukanya Samriddhi Yojana calculator helps a guardian estimate the maturity value for a chosen deposit amount well before the account actually matures. Entering the annual deposit, deposit timing, account-opening date and assumed interest rate gives an estimate of the maturity balance. The result depends on the calculator’s assumptions about future rates and deposits.
An SSY calculator is particularly useful for comparing different deposit levels, such as the minimum ₹250 against a larger annual contribution, to understand how different contribution amounts can affect the eventual maturity value. Since the interest rate is revised quarterly, any calculator result should be treated as an estimate based on the assumed interest rate rather than a guaranteed figure for the entire tenure.
Conclusion
Sukanya Samriddhi Yojana combines a government guarantee, a comparatively high interest rate and full tax exemption on both interest and maturity proceeds, which makes it one of the more straightforward long-term savings options for a girl child’s education or marriage expenses. Working through the deposit limits, the fifteen-year contribution window and the conditions for partial withdrawal before opening an account helps a guardian plan contributions that fit their own finances over the full twenty-one-year period.
Frequently Asked Questions (FAQs)
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme designed to help parents and legal guardians build a financial corpus for their daughter’s future education and marriage expenses. An account can be opened for a girl child below 10 years of age.
When was Sukanya Samriddhi Yojana started in India?
Sukanya Samriddhi Yojana was launched on 22 January 2015 as part of the Beti Bachao, Beti Padhao campaign. The scheme aims to encourage long-term savings for the financial security, education and future needs of girl children.
How to start investing in Sukanya Samriddhi Yojana?
To start investing in Sukanya Samriddhi Yojana, open an account for an eligible girl child through an authorised bank or post office. The minimum annual deposit is ₹250, while the maximum is ₹1.5 lakh in a financial year. Deposits can be made in a lump sum or in multiple instalments, subject to the annual limit. Contributions are required for the first 15 years from the date of account opening.
Can we open a Sukanya Samriddhi Yojana account online?
Some authorised banks provide online facilities to initiate or access SSY account services, but a completely digital account opening may not be available across all banks. Generally, parents or guardians need to complete the prescribed application and verification process through an authorised bank or post office. Check the specific institution’s requirements before applying.
How many years does Sukanya Samriddhi Yojana run, and when does the account mature?
A Sukanya Samriddhi Yojana account matures after 21 years from the date of opening. Deposits are required only for the first 15 years, while the remaining period allows the accumulated savings to earn interest.
What is the current Sukanya Samriddhi Yojana interest rate?
Sukanya Samriddhi Yojana interest rate for October-December 2026 is 8.2% p.a. The Ministry of Finance reviews the rates of interest on small savings every quarter and interest on SSY is compounded yearly.
Who can open a Sukanya Samriddhi Yojana account?
A girl child below the age of 10 years may have an account opened by his/her parent or legal guardian, subject to the terms of the plan. Generally a family can open accounts for up to two female children, with some allowances for multiple births.
How to calculate Sukanya Samriddhi Yojana returns?
You can calculate Sukanya Samriddhi Yojana returns using an Religare Broking’s SSY calculator by entering the girl’s age, annual investment amount and applicable interest rate. The calculator estimates the maturity amount based on the scheme’s compounding rules, deposit period and maturity period. Since the government reviews the interest rate periodically, the actual maturity amount may vary.
How to check the balance and pay money online in a Sukanya Samriddhi account?
You can check your Sukanya Samriddhi account balance through your bank’s internet banking or mobile banking facility, if available. Online deposits can also be made through supported banking channels by selecting the SSY account as the payment destination or using the prescribed transfer details.
Can money be withdrawn from the account before maturity?
In case the girl turns 18 years of age or passes Class 10, whichever is earlier, you may be allowed to take 50% of the amount at the end of the last financial year for higher study subject to the prescribed documentation and eligible educational expenses.
