Sukanya Samriddhi Yojna is a small deposit scheme for the girl child which was launched as the Beti Bachao Beti Padhao campaign.

  • The Sukanya account can be opened for any girl child right from the time of her birth till the time she turns 10.
  • The minimum deposit if INR 1000 and the maximum is INR 1,50,000 in one financial year.
  • The interest rates keep changing every financial year. The current rate is 9.1%
  • The account will be operational for 21 years or till the time the girl gets married after 18.
  • To support the higher studies of the girl, 50% of the amount is eligible for withdrawal after 18.
  • There can be only one Sukanya account for a girl and it can be opened in any post office or authorized branches of commercial banks.
  •  Just a birth certificate of the girl is required and an identity proof for the depositor to open the account.
  • The account is operated by the guardian or the parents when it is opened and can be operated by the girl child when she turns 10.
  • The account can be permanently closed in the case of the death of the girl child. Considerations can also be given to the cases of extreme severity. If in needs of dire medical attention because of a life threatening disease, the account can be closed and the payments can be withdrawn.
  • An NRI girl child is not eligible to have a SSY account.
  • The annual deposit to SSY account qualifies for a deduction under Section 80C. The maturity benefits are also not taxable.

Source: Information has been collected from the Ministry of Finance notification and the RBI website. It is presented in manner that a lay reader can understand.

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