What is Sukanya Samriddhi Yojna

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India aimed at encouraging savings for the future education and marriage expenses of a girl child. It offers attractive interest rates and tax benefits.

Key Features of Sukanya Samriddhi Yojana:

1. Eligibility:The account can be opened only for a girl child.The girl must be below 10 years of age at the time of account opening.

Only one account per girl child is allowed.

A maximum of two accounts per family is allowed (exceptions in the case of twins/triplets).

2. Account Opening: Can be opened in post offices or authorized banks.Requires the girl child’s birth certificate and parent/guardian ID proof.

3. Deposit Details: Minimum deposit: ₹250 per year.Maximum deposit: ₹1.5 lakh per year.Deposits can be made for 15 years from the date of account opening.

4. Interest Rate: Interest is revised quarterly by the government.As of recent rates (subject to change), it is around 8% per annum, compounded annually.

5. Maturity: Account matures after 21 years from the date of opening.Can be closed early if the girl gets married after age 18.

6. Tax Benefits: This scheme is tax free