Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a government-backed savings account for a girl child below 10 years. It earns one of the highest interest rates among small savings schemes, and the money is tax-free, which makes it a popular way to save for a daughter's education and marriage.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the Government of India, launched in January 2015 under the Beti Bachao Beti Padhao campaign. Parents or legal guardians open the account in the girl's name and deposit money every year. The government sets the interest rate every quarter.
Current interest rate
For the quarter October–December 2026, SSY earns 8.2% per year, compounded yearly. The rate has stayed at 8.2% since January 2024. It is reviewed every quarter by the Ministry of Finance.
Key rules at a glance
| Rule | Details |
|---|---|
| Who can open | Parent or legal guardian, for a girl child below 10 years of age |
| Number of accounts | One account per girl; maximum two per family (more allowed in case of twins or triplets) |
| Minimum deposit | ₹250 per financial year |
| Maximum deposit | ₹1,50,000 per financial year |
| Deposit period | 15 years from the date of opening |
| Maturity | 21 years from the date of opening |
| Where to open | Any post office or authorised bank |
How much can you save? (example)
If the interest rate stayed at 8.2% for the whole period, yearly deposits at the start of each year for 15 years would grow roughly like this by maturity (21 years). Try your own amount in our Sukanya Samriddhi calculator.
| Yearly deposit | Total you deposit | Approx. maturity amount |
|---|---|---|
| ₹12,000 (₹1,000/month) | ₹1.8 lakh | about ₹5.7 lakh |
| ₹60,000 (₹5,000/month) | ₹9 lakh | about ₹28.7 lakh |
| ₹1,50,000 (maximum) | ₹22.5 lakh | about ₹71.8 lakh |
This is only an illustration. The real amount depends on future interest rates, which change every quarter, and on when you deposit.
🧮Try your own yearly amount and see the year-by-year growth.
Withdrawal and closure
- For education: up to 50% of the balance (as at the end of the previous financial year) can be withdrawn once the girl turns 18 or passes Class 10, whichever is earlier. It can be taken in one go or yearly, for up to five years.
- For marriage: the account can be closed early for the girl's marriage after she turns 18, with an application made within one month before or three months after the marriage.
- Other early closure: allowed on the death of the account holder, or on compassionate grounds (such as a life-threatening illness of the girl or death of the guardian), but only after 5 years from opening.
- Maturity: the account matures 21 years after it was opened.
What if you miss a deposit?
If the minimum ₹250 is not deposited in a financial year, the account goes into default. You can revive it within the 15-year deposit period by paying the minimum deposit for each missed year plus a penalty of ₹50 per year of default.
Tax benefits
SSY has "exempt-exempt-exempt" status: deposits qualify for tax deduction up to ₹1.5 lakh a year under the old tax regime (the deduction commonly known as Section 80C), and both the interest and the maturity amount are tax-free. The deduction is not available under the new tax regime. Tax laws change, so check with a tax adviser for your situation.
Documents needed
- SSY account opening form (available at the post office or bank)
- Birth certificate of the girl child
- Identity and address proof of the parent or guardian (for example Aadhaar and PAN)
- Passport-size photographs
- First deposit (minimum ₹250)
How to open an account
- Visit your nearest post office or an authorised bank branch.
- Fill in the SSY account opening form.
- Submit it with the documents listed above and make the first deposit.
- You get a passbook. Some banks and India Post (IPPB) also let you deposit online later.
Frequently asked questions
What is the Sukanya Samriddhi interest rate now?
8.2% per year for October–December 2026. The government reviews it every quarter.
What is the maximum age to open an SSY account?
The girl must be below 10 years of age when the account is opened.
How long do I need to deposit money in SSY?
Deposits are made for 15 years from opening. The account then keeps earning interest until it matures at 21 years.
Can I withdraw money from SSY before maturity?
Yes, up to 50% of the balance for the girl's education after she turns 18 or passes Class 10. Early closure is also allowed for her marriage after 18 and in some special cases.
Is Sukanya Samriddhi interest taxable?
No. The interest and maturity amount are tax-free. Deposits also get a deduction up to ₹1.5 lakh a year under the old tax regime.
Sources
- India Post: Sukanya Samriddhi Account Scheme, 2019 (Gazette notification, PDF)
- National Savings Institute: Sukanya Samriddhi Account Scheme, 2019
- PIB: Empowering India's girls through Sukanya Samriddhi Yojana