What is Sukanya Samriddhi Yojana (SSY)?
Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme launched under the "Beti Bachao Beti Padhao" campaign to encourage savings for a girl child's education and marriage. It offers one of the highest interest rates among fixed-income savings schemes with complete tax exemption.
Our SSY Calculator helps you estimate the maturity amount based on your yearly deposits and the current government interest rate. Plan your daughter's future with guaranteed, risk-free returns.
Key Features of SSY
- High Interest Rate: Currently 8.2% p.a. - highest among government small savings schemes
- EEE Tax Status: Exempt-Exempt-Exempt - deposits, interest, and maturity all tax-free
- 21-Year Tenure: Account matures when the girl turns 21 or on marriage after 18
- Minimum Investment: Rs 250 per year (Maximum Rs 1.5 lakh per year)
- Deposit Period: Deposits only required for first 15 years
- Partial Withdrawal: 50% withdrawal allowed after girl turns 18 for education
SSY Eligibility Criteria
- Girl's Age: Must be below 10 years at account opening
- Accounts per Family: Maximum 2 accounts (one per girl child, third allowed for twins)
- Opened by: Natural or legal guardian of the girl child
- Residence: Girl child must be resident of India
SSY Interest Rate History
- Q1 FY 2024-25: 8.2%
- Q4 FY 2023-24: 8.2%
- Q1 FY 2023-24: 8.0%
- FY 2020-21: 7.6%
- FY 2019-20: 8.4%
Example SSY Calculation
Scenario: Rs 1,00,000 yearly deposit, Girl's age 5 years, Interest rate 8.2%
- Deposit Period: 15 years (until girl is 20)
- Total Deposits: Rs 15,00,000
- Interest Earned: Rs 31,10,000 (approx)
- Maturity Amount: Rs 46,10,000 (when girl turns 26)
- Effective Return: 3x of invested amount!
Tax Benefits of SSY
- Section 80C: Deposits up to Rs 1.5 lakh qualify for deduction
- Interest Tax-Free: All interest earned is completely exempt from tax
- Maturity Tax-Free: Final payout has no tax liability
- Triple Tax Benefit: One of the few EEE status investments in India
Frequently Asked Questions
What is the minimum and maximum deposit in SSY?
The minimum yearly deposit is Rs 250, and the maximum is Rs 1,50,000 per financial year. There's no limit on the number of deposits in a year, but the total cannot exceed Rs 1.5 lakh.
When can I withdraw from SSY account?
Partial withdrawal (up to 50% of balance) is allowed after the girl turns 18 for higher education expenses. Full withdrawal is only at maturity (21 years) or on marriage after age 18.
What happens if I miss a year's deposit?
If you don't deposit the minimum Rs 250 in a year, the account becomes inactive. To reactivate, you need to pay Rs 50 penalty per year of default plus the minimum deposit for each defaulted year.
Can I open SSY account in any bank?
SSY accounts can be opened at any post office or authorized banks including SBI, ICICI, HDFC, Axis Bank, PNB, and others. The interest rate is the same regardless of where you open the account.
What happens to SSY if the girl marries before 21?
If the girl marries after turning 18 but before 21, the account can be closed prematurely and the full maturity amount (principal + interest) will be paid out. Marriage before 18 is not a valid reason for premature closure.
Is SSY better than PPF for girl child?
SSY offers higher interest (8.2% vs 7.1% for PPF) and is specifically designed for girl children. However, PPF has no age restrictions. For a girl child, SSY is generally the better choice due to higher returns and targeted benefits.