As the Sukanya Samriddhi Yojana (SSY) marks its 10th year in 2025, it remains a top choice for families looking to secure their daughters’ future through disciplined savings. Introduced in January 2015 under the ‘Beti Bachao, Beti Padhao’ campaign, the scheme encourages long-term savings while providing tax benefits. By November 2024, over 4.1 crore SSY accounts had been opened across India, highlighting its popularity.
Eligibility and Account Management
SSY accounts can be opened by a legal guardian for a girl child up to the age of 10. The guardian maintains control of the account until the girl turns 18, after which she can assume management by submitting the necessary documents. This ensures that savings are properly managed and directed toward education or other future needs of the girl child.
Key Features of Sukanya Samriddhi Yojana
The SSY scheme comes with several important features:
- Minimum annual deposit: Rs 250; maximum annual deposit: Rs 1.5 lakh.
- Only one account per girl child is permitted. Any duplicate accounts created by relatives will be closed and managed by the legal guardian.
- Accounts can be opened at post offices or authorized banks, including SBI, HDFC Bank, and ICICI Bank.
- Maturity period: 21 years from the date of account opening. Withdrawals are allowed for higher education, and premature closure is permitted if the girl marries after turning 18.
- Deposits qualify for tax deduction under Section 80C, while interest earned is tax-free under Section 10.
Required Documents to Open an SSY Account
To open an account, the guardian must submit Form 1 along with:
- Birth certificate of the girl child
- Aadhaar card and PAN card of the guardian for identity and address proof
How Many Accounts Can a Family Open?
A family can open SSY accounts for a maximum of two daughters. Exceptions apply in cases of multiple births:
- If the second birth results in twins or triplets (all girls), separate accounts can be opened for each child.
- If the first birth already included girl twins or triplets, no additional accounts can be opened for subsequent daughters.
In simpler terms:
- One girl child initially and twins/triplets as second birth → accounts for all daughters allowed.
- First birth already twins/triplets (girls) → no more accounts for later-born daughters.
SSY Accounts and Expected Growth
| Feature | Details |
|---|---|
| Minimum Annual Deposit | Rs 250 |
| Maximum Annual Deposit | Rs 1.5 lakh |
| Account Maturity | 21 years |
| Eligible for Tax Benefits | Yes, under Section 80C and Section 10 |
| Number of Accounts per Family | Maximum 2 daughters (exceptions for twins/triplets) |
| Premature Closure | Allowed if girl marries after 18 |
| Withdrawal for Education | Permitted |
Importance of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana continues to be a highly reliable savings scheme for securing a girl child’s financial future. It combines government-backed security with attractive tax incentives, making it an ideal option for families who want long-term savings with minimal risk.
