How Sukanya Samriddhi Scheme became a key savings tool for parents as deposits cross ₹3.33 lakh crore

The SSY account matures after 21 years from the date of opening.

• Over 4.53 crore Sukanya Samriddhi Yojana accounts opened in 11 years
• SSY offers 8.2% annual interest, a top rate for girl child savings plans
• Parents can open SSY accounts for daughters under 10 with a minimum ₹250 deposit

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The Sukanya Samriddhi Yojana (SSY), launched on 22 January 2015 under the Beti Bachao, Beti Padhao campaign, was envisioned as more than just a savings initiative. It was designed as a bridge between financial security and social transformation. By encouraging families to plan early for their daughters’ education and well-being, SSY has helped instil a sense of confidence, inclusion, and long-term progress at the grassroots level.

As the SSY marks 11 years, over 4.53 crore accounts have been opened. Each account reflects a belief in a girl child’s potential, reinforcing the idea that empowering one girl strengthens families, communities, and ultimately the nation itself—making SSY a nationwide movement for equality and opportunity.

According to the PIB press release, the current interest rate in the SSY scheme of 8.2% per annum is among the highest for savings instruments dedicated to daughters. Total deposits in SSY accounts have exceeded ₹3,33,000 crore. The SSY Scheme is a low-risk deposit scheme, with the Government guaranteeing the principal amount and interest payments at rates determined each quarter and paid annually.

The scheme has both economic and social importance; it is not just a financial investment but also a catalyst for ensuring a bright and prosperous future for the girl child. It aims to cover the education and marriage expenses of a girl child.

What is an SSY account, and who can open it?

An SSY account is an account that holds the funds deposited towards the SSY scheme. Parents or legal guardians can open an account for their Indian girl child at any India Post office or at any branch of a Public Sector Bank or an authorised Private Sector Bank (HDFC Bank, Axis Bank, ICICI Bank, or IDBI Bank), per the press release.

The account may be opened at any time from the girl child's birth until she attains the age of 10 years.

Only one SSY account is permitted per girl child, and a family can open accounts for a maximum of two girl children. However, more than two accounts are allowed in cases of twins or triplets, subject to the submission of an affidavit along with the relevant birth certificates. The account is transferable to any location within India.

Notably, the account is managed by the parent/ guardian until the girl child reaches the age of eighteen. This allows the guardian to oversee the savings and ensure that the funds are utilised effectively for the child’s education and future needs. Upon turning eighteen, the account holder can take control of the account herself by submitting the necessary documents, per the press release.

Which documents are required for opening an account?

To open an SSY account, four key documents are required. Sukanya Samriddhi Account Opening Form, obtainable at banks or post offices; birth certificate of the girl child; Aadhaar Number issued by the Unique Identification Authority of India; and either a Permanent Account Number or Form 60 as per Income Tax Rules.

Parents and guardians can start with a minimum initial deposit of ₹250 in the SSY account, and subsequent deposits can be made in multiples of ₹50, provided that at least ₹250 is deposited in a financial year. The total annual deposit limit is capped at ₹1.5 lakh; any excess amount will not earn interest and will be returned, per the PIB press release.

How is interest calculation done?

Interest is calculated monthly and added to the account at the end of each financial year. Even if the account is transferred to another bank or post office during the year, the interest is still credited at the end of the financial year, ensuring steady, secure growth of the girl child's savings.

How does one withdraw money from the SSY account?

An account holder may withdraw up to 50% of the balance available at the end of the preceding financial year for educational purposes. This facility becomes available once the account holder attains the age of eighteen or passes the tenth standard, whichever occurs earlier. To apply, the account holder must submit a formal application supported by relevant documents, such as a confirmed admission offer or a fee slip issued by the educational institution specifying the required expenses.

The withdrawal may be taken either as a lump sum or in instalments, subject to a maximum of one withdrawal per year for up to 5 years. In all cases, the withdrawn amount must not exceed the actual fees and charges indicated in the submitted documents, per the press release.