Sukanya Samriddhi Yojana 2024: Benefits, Required Documents, Eligibility, Bank List

Sukanya Samriddhi Yojana (SSY). It’s a savings plan started by the Indian government in 2015 to help secure a bright future for girls. If you have a daughter under 10 years old, you can open an SSY account for her at certain banks or post offices.

In this article, I’ll give you all the important details about the Sukanya Samriddhi Yojana for 2024. We’ll talk about the benefits, what papers you need to open an account, who is eligible, and which banks offer it. I’ll also walk you through the steps to open an SSY account and share some other helpful information. Let’s dive in and learn how this scheme can help your little girl!

What Makes SSY Special?

The Sukanya Samriddhi Yojana has many great features that make it a smart way to invest in your daughter’s future. These features help keep your money safe, make it grow, and give you some flexibility and tax benefits.

  • SSY is backed by the government, so you can trust that your investments are secure and will give you good returns.
  • The scheme offers high interest rates, which are usually better than other tax-saving options.
  • With SSY, you can put in as little as ₹250 or as much as ₹1.5 lakh each year – it’s up to you!
  • The interest you earn on your SSY deposits adds up every year, so your savings can grow a lot over time.
  • When you invest in SSY, you can get tax deductions up to ₹1.5 lakh under Section 80C, and the returns are tax-free.

Who Can Open an SSY Account?

To open a Sukanya Samriddhi Yojana account for your daughter, you need to meet these rules set by the government:

  • Your daughter should be under 10 years old when you open the account.
  • Only parents or legal guardians can open the SSY account for the girl child.
  • You can only open one account per girl, and a family can have a maximum of two accounts.
  • If you have twins or triplets, you can open more than two accounts if you have the right papers.

Papers You Need to Open an SSY Account

To open an SSY account, you’ll need to give these documents at the bank or post office:

  • Your daughter’s birth certificate to prove her age and who she is.
  • Your identity proof and address proof as the parent or guardian opening the account.
  • A recent photo of your daughter for the account opening form and records.
  • Aadhaar card and PAN card of your daughter and you, as the government now asks for these.

How Much Can You Put In?

When you invest in the Sukanya Samriddhi Yojana, it’s important to know the smallest and biggest amounts you can put in, as set by the government.

To keep your SSY account active, you need to put in at least ₹250 every year. The most you can invest in one financial year is ₹1.5 lakh. You have to make deposits for 15 years from when you open the account, and the account will mature after 21 years.

How Much Interest Will You Get?

The government decides the interest rates for Sukanya Samriddhi Yojana, and they can change every three months. Right now, for April to June of the financial year 2024-25, the interest rate is 8.2% per year, and it compounds annually.

Here’s a table showing the interest rates for SSY accounts since the scheme started:

Financial YearInterest Rate

Tax Benefits You Get

One of the best things about the Sukanya Samriddhi Yojana is that it gives you three types of tax benefits.

  • If you put in up to ₹1.5 lakh in a financial year, you can deduct that amount from your taxable income under Section 80C of the Income Tax Act.
  • The interest you earn on your SSY deposits is completely tax-free, so your savings can grow without any tax worries.
  • When your account matures, the whole amount you get from your SSY account is tax-free, which is a big financial help for your daughter’s future.

Steps to Open an SSY Account

Opening a Sukanya Samriddhi Yojana account is easy. Just follow these simple steps to secure your daughter’s financial future:

  1. Go to your nearest post office or participating bank branch and ask for an SSY account opening form.
  2. Fill out the form carefully with the correct information about your daughter and yourself as the parent or legal guardian.
  3. Collect and attach all the documents listed in the checklist that comes with the form.
  4. Give the completed form, the required documents, and the first deposit amount at the post office or bank branch.

You can open an SSY account at any designated post office or authorized bank branch in India. The process is the same no matter which place you choose.

Banks That Offer SSY Accounts

Besides post offices, many big banks in India offer Sukanya Samriddhi accounts. Some of these banks are:

  • State Bank of India (SBI)
  • Punjab National Bank (PNB)
  • ICICI Bank
  • Axis Bank
  • Canara Bank

To see a full list of banks offering SSY accounts, you can visit the official website of the scheme at

Managing Your Account and Taking Money Out Early

The parent or legal guardian takes care of the Sukanya Samriddhi Yojana account until the girl turns 18. After that, she can manage the account herself. If something unexpected happens and you need money for the girl’s education or marriage, you can take money out of the account early.

Closing the Account

If the girl sadly passes away, the SSY account can be closed early. The account may also be closed for very serious reasons, but the authorities will decide if it’s allowed. Usually, the account closes when it matures, which is 21 years after it was opened.

Calculating Your SSY Returns

To help you understand how much money you can get back from investing in the Sukanya Samriddhi Yojana, let’s look at an example using an SSY calculator.

Let’s say you decide to put ₹5,000 per month in your daughter’s SSY account for 15 years. With the current interest rate of 8.2% per year, which compounds annually, your total investment of ₹9 lakh (₹5,000 × 12 months × 15 years) would grow to about ₹27.73 lakh at the end of the 21-year maturity period. This shows how powerful compounding can be and the big returns you can expect by investing in the Sukanya Samriddhi Yojana.

Final Thoughts

The Sukanya Samriddhi Yojana is a great investment choice for parents who want to secure their daughter’s financial future. With its high interest rates, tax benefits, and government support, SSY offers a reliable and rewarding way to save for your girl child’s education and marriage expenses.

The scheme’s flexibility in investment amounts, long-term maturity period, and the choice to take money out early in case of emergencies make it a good option for families from different financial situations. By investing in the Sukanya Samriddhi Yojana, you can make sure your daughter has the money she needs to follow her dreams and live a life of dignity and independence.

To find out more about the Sukanya Samriddhi Yojana and start investing in your daughter’s future, visit the official website of the National Savings Institute at

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