What are the benefits of SSY (Sukanya Samriddhi Yojana)?

The benefits of Sukanya Samriddhi Yojana (SSY) will motivate you to invest money in this scheme for your girl child. It'll help to overcome your fears of financial expenses regarding your female child. The benefits are:

1. The Sukanya Samriddhi Account (SSA) can be opened in any of your nearest post offices. The account can also be opened in a private or public bank.

2. Under the SSY, you can make your money in instalments either at one time or at a slightly lower rate. There is no limit on the number of deposits, this means that you can deposit the amount in the SSY every month or quarterly or whenever you have money.

3. If the daughter is 18 and needs money for her studies or marriage, you can withdraw up to 50% of the deposit.

4. The Sukanya Samriddhi Yojana involves investing in the account from the day it opens to 14 years. But the account is matured on completion of 21 years. Since the completion of 14 years, it will continue to add up to 21 years to the rate of interest that was then decided.

5. You will have to deposit a minimum of Rs. 250 and maximum of Rs. 1.50 lakhs annually in the Suraksha Samriddhi Account (SSA).

6. If you forget to deposit the minimum amount in the SSA for a year, your account will be closed. But the account can be revived with a penalty fee of Rs. 50. With Rs. 50 penalty fee, the account holder has to deposit the amount to which he has opened an account.

7. There is also an option for premature withdrawal in cases of marriage, illness, education and any other case.

8. Sukanya Samriddhi Yojana also offers tax benefits under Section 80C of the Income Tax Act, 1961 and the maximum limit of tax exemption which can be availed is Rs. 1,50,000.

9. You can close this scheme on completion of your daughter's age of 21 years. Then she will mature and will be paid to the girl in whose name the account has been opened.

10. The account can be opened for the two daughters of less than 10 years of age. In the case of twins or triplets, parents can open a third account only by giving proof of the twin. 

11. The SSA can be transferred anywhere in the country. The condition is that the daughter on whose name the Sukanya Samriddhi Account is opened is shifting from one place to another.

12. The interest rate is higher in this scheme as compared to other saving schemes of this kind which is 8.0% for FY 01/04/2023 to 30/06/2023, and it is revised every quarter in a year. The history of Interest Rates of Sukanya Samriddhi Yojana is given below:

● Sukanya Samriddhi Yojana Interest Rate in the year, 2014-15: 9.1%

● Sukanya Samriddhi Yojana Interest Rate in the year, 2015-16: 9.2%


● Sukanya Samriddhi Yojana Interest Rate in the year, 2016-17:

1. April – September 2016: 8.6%

2. October – December 2016: 8.5%

3. January – March 2017: 8.5%


● Sukanya Samriddhi Yojana Interest Rate in the year, 2017-18:

1. April – June 2017: 8.4%

2. July – December 2017: 8.3%

3. January – March 2018: 8.1%


● Sukanya Samriddhi Yojana Interest Rate in the year, 2018-19:

1. April – September 2018: 8.1%

2. October – December 2018: 8.5%

3. January – March 2019: 8.5%


● Sukanya Samriddhi Yojana Interest Rate in the year, 2019-20 :

1. April – June 2019: 8.5%

2. July – December 2019: 8.4%

3. January – March 2020: 8.4%


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