Sukanya Samriddhi Yojana explained: Who can open an SSY account, deposits, withdrawals and key benefits

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

• SSY: One account per girl, max two per family; exceptions for twins/triplets
• Deposits range from ₹250 to ₹1.5 lakh yearly, with interest credited annually
• Partial withdrawals allowed for education after age 18 or Class 10 completion

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The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme aimed at securing the long-term financial future of a girl child. An SSY account holds funds deposited under the scheme and can be opened by parents or legal guardians for a girl child.

The account can be opened at any India Post office, Public Sector Bank branch, or authorised private banks such as HDFC Bank, Axis Bank, ICICI Bank and IDBI Bank.

An SSY account may be opened anytime from the birth of the girl child until she attains the age of 10 years.

How many SSY accounts can a family open?

Only one SSY account is allowed per girl child, and a family can open accounts for a maximum of two girl children. However, in cases of twins or triplets, more than two accounts may be permitted, subject to submission of an affidavit and relevant birth certificates.

The SSY account is transferable across India and can be shifted between banks or post offices without affecting interest accrual.

The account is managed by the parent or guardian until the girl child turns 18. After that, the account holder can operate the account independently upon submitting the required documents.

Documents required to open an SSY account

To open an SSY account, the following documents are mandatory:

Sukanya Samriddhi Account Opening Form (available at banks and post offices)

Birth certificate of the girl child

Aadhaar number issued by UIDAI

Permanent Account Number (PAN) or Form 60 as per Income Tax Rules

Minimum and maximum deposit limits

Parents or guardians can start an SSY account with a minimum initial deposit of ₹250. Subsequent deposits can be made in multiples of Rs 50, with a minimum contribution of ₹250 in a financial year.

The maximum annual deposit limit is capped at Rs 1.5 lakh. Any amount deposited beyond this limit does not earn interest and is returned to the depositor.

Deposits can be made for up to 15 years from the date of account opening.

Total deposits in SSY accounts have crossed Rs 3.33 lakh crore as of December 2025, highlighting growing participation in the scheme.

How is interest calculated on SSY accounts?

Interest on SSY accounts is calculated monthly and credited at the end of each financial year. Even if the account is transferred during the year, interest continues to accrue and is added annually, ensuring uninterrupted growth of savings.

The interest rate is notified periodically by the Ministry of Finance.

When and how can money be withdrawn?

An SSY account holder can withdraw up to 50% of the balance available at the end of the previous financial year for educational purposes. This facility becomes available once the girl child turns 18 or passes Class 10, whichever is earlier.

Withdrawals can be taken either as a lump sum or in instalments, with a maximum of one withdrawal per year for up to five years. The withdrawn amount must not exceed the actual education-related expenses mentioned in supporting documents such as admission letters or fee slips.

When does the SSY account mature?

The SSY account matures after 21 years from the date of opening. If the account is not closed after maturity, it continues to earn interest at the rate applicable to Post Office Savings Accounts.

When is early closure allowed?

Premature closure of an SSY account is allowed only under specific circumstances:

Marriage of the account holder: The account may be closed within one month before or three months after marriage, provided the girl is at least 18 years old. Supporting documents and a declaration on non-judicial stamp paper are required.

Death of the account holder: The account can be closed immediately upon submission of the death certificate, and the balance with applicable interest is paid to the guardian.

Premature closure is not permitted within the first five years of account opening.

Why Sukanya Samriddhi Yojana is considered a smart savings option

The SSY scheme offers several advantages aimed at building financial security for the girl child:

Attractive interest rates notified by the government

Tax benefits under Section 80C of the Income Tax Act, 1961

Flexible deposit range from Rs 250 to Rs 1.5 lakh annually

Partial withdrawal option for education

Continued interest even after maturity if the account is not closed

With its long-term focus, tax efficiency and government backing, the Sukanya Samriddhi Yojana remains one of the most popular savings options for parents planning their daughter’s education and future needs.