The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme exclusively for the girl child, launched under the Beti Bachao Beti Padhao initiative. It offers one of the highest guaranteed interest rates among small savings schemes (currently 8.2% p.a.) and complete EEE tax exemption. The SSY calculator helps parents estimate the maturity amount for their daughter's education or marriage.
SSY Eligibility and Account Rules
An SSY account can be opened for a girl child below 10 years of age. A family can open a maximum of 2 accounts (one per girl child; triplets/twins are exceptions). The account matures 21 years from opening, or on the girl's marriage after age 18. Contributions must be made annually for 15 years — no deposits are required in the remaining 6 years until maturity.
SSY Deposit Limits and Interest
Minimum annual deposit: ₹250. Maximum annual deposit: ₹1.5 lakh. The current interest rate is 8.2% per annum (Q1 FY 2024-25), compounded annually. Like PPF, deposits should be made before the 5th of each month to earn interest for that full month.
Partial Withdrawal for Higher Education
After the girl child turns 18, up to 50% of the balance as of the end of the previous financial year can be withdrawn for higher education expenses. This can be taken in one instalment or in instalments over 5 years. The remaining balance continues to earn interest until maturity.
Frequently Asked Questions
What is the maturity period for SSY?
The SSY account matures 21 years from the date of opening. It can also be closed upon the girl's marriage after she turns 18.
Is the SSY interest rate fixed?
No. Like PPF, the SSY rate is set by the government every quarter. The current rate is 8.2% p.a. (Q1 FY 2024-25). Historically, SSY has offered 0.5–0.75% more than PPF.
Can I open an SSY account online?
SSY accounts can be opened at post offices, public sector banks, and authorised private banks. Some banks allow online account opening via internet banking, though physical KYC documents are still required.
What happens if I miss annual deposits?
Missing the minimum ₹250 makes the account inactive. Reactivate it by paying ₹50 penalty per missed year plus the minimum deposit for each lapsed year.
Is SSY better than FD for a girl child?
Generally yes. SSY offers a higher interest rate (8.2%) than most bank FDs, complete EEE tax exemption, and sovereign backing — making it the preferred choice for long-term savings for a daughter.