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A deep dive into Sukanya Samriddhi Yojana (SSY)

9 Aug, 2023

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Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India that encourages parents to save for their daughters' future education and marriage expenses. If you're a parent looking to secure your daughter's financial future, SSY can be an excellent investment option.

Sukanya Samriddhi Yojana Details

Here's a table on Sukanya Samriddhi Yojana details to help you understand the financial benefits of SSY:




Minimum deposit amount

Rs. 250

Maximum deposit amount

Rs. 1.5 lakhs per financial year

Interest rate

8% per annum as of April 2023


21 years

Partial withdrawal facility

Allowed after the girl child attains the age of 18 years/passes 10th Standard


Entry to the scheme Only for girls below 10 years of age (up to 2 girls per household)

Where to open an account

Banks and post offices

Tax benefit

Deduction can be claimed under section 80C of the income tax act.

Tax on maturity

The maturity amount is non-taxable.

Sukanya Samriddhi Yojana Lock-in period

As you can see from the table, Sukanya Samriddhi Yojana (SSY) has a lock-in period of 21 years, which means that you can only withdraw the funds after the completion of the lock-in period.

However, the scheme does offer partial withdrawal facilities after the girl child attains the age of 18 years or passes the 10th Standard.

To be eligible for SSY, the girl child should be below 10 years of age at the time of account opening. A maximum of 2 girl child accounts per household is allowed, with exceptions for twins or triplets depending on the family situation.

The Sukanya Samriddhi Yojana interest rate is 8% per annum. However, the interest rate is changeable on a quarterly basis. A minimum of INR 250/- is to be deposited annually to avoid penalty and a maximum of Rs. 1.5 lacs per annum per child can be invested.

Is the Sukanya Samriddhi Yojana plan taxable?

The maturity amount of the Sukanya Samriddhi Yojana plan is not taxable. Investment in Sukanya Samriddhi Yojana is eligible for tax deduction under section 80C. Deduction up to 1.5L is allowed.

Also, the non-taxable aspect of the maturity amount makes the Sukanya Samriddhi Yojana plan even more attractive. So, the interest earned from the scheme is added as the account holder’s tax-free benefit.

What are Sukanya Samriddhi Yojana Documents?

SSY accounts can be opened at any authorized bank or post office. To open an account, you will need to submit the girl child's birth certificate and proof of identity and residence of the guardian.

Photographs of the legal guardian/parents along with identity proof, address proof, etc are required for KYC.

In conclusion, Sukanya Samriddhi Yojana is a great investment option for parents looking to secure their daughter's financial future. With attractive interest rates, tax benefits at both investment and maturity stages, and long tenure, the scheme offers a secure and reliable way to save for a girl child's education and marriage expenses.

Don't miss this opportunity to invest in your daughter's future. Download the Sukanya Samriddhi Yojana Application

If you enjoyed this article, you may also read about Mahila Samman Saving Certificate.

The lock-in period for Sukanya Samriddhi Yojana is 21 years.

Yes, partial withdrawal is allowed after the girl child attains the age of 18 years or passed the 10th Standard.

Only girl child below the age of 10 years.

After 21 years, the account will mature, and the funds can be withdrawn.

Yes, the deposit qualifies for deduction under Sec—80C of the Income Tax Act.

The current rate of interest is 8% as of April 2023 at the post office.

A maximum of 2 girl child accounts are allowed per household. Exception in case of Twins / Triplets.

Sukanya Samriddhi Yojana accounts can be opened at designated public and private sector banks and post offices. 

Download Sukanya Samriddhi Opening Form Here

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