Why SSY is important Sukanya Samriddhi Yojana (SSY) is a government-sponsored saving scheme for girls under the "Beti Bachao, Beti Padhao" scheme. It gives one of the best interest rates among small savings schemes with tax-free maturity proceeds. Parents or legal guardians can open an SSY for a girl below 10 years, and it's a fantastic vehicle for building a long-term marriage or education corpus with regular payments.
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Who can open it You can open an SSY in a post office or select banks like SBI, HDFC, or ICICI. The girl must be under 10 and have a valid birth certificate. You’ll need your KYC documents—PAN or Form 60, and proof of address like Aadhaar. A guardian (usually a parent) must operate the account until the girl turns 18. Only two SSY accounts are allowed per girl, per family.
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How to open the account Fill in the SSY application form at the post office or branch and provide the birth certificate, ID, and address proofs. The opening deposit should be a minimum of ₹250, and you can deposit a maximum of ₹1.5 lakh in a year in various instalments. The account must be functional with at least one deposit every year for 15 years; otherwise, the account will expire and won't be eligible for interest.
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Contributions and maturity details You can deposit ₹250 to ₹1.5 lakh in a year. The smallest of the 5th and the last date of every month is taken for calculating interest. The account will mature after 21 years from date or girl's marriage (after 18 years, if girl gets married one year earlier). Withdrawal can be done for marriage or education after 18 years.
Tax benefits and returns Contributions to SSY are eligible for a deduction under Section 80C up to ₹1.5 lakh per year. Interest and maturity benefits are tax-free, which distinguishes SSY from other long-term savings products. The tax efficiency, coupled with an attractive rate of interest (8.2% for FY 2025), facilitates a decent corpus buildup in twenty years.
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How to operate the account You can view your SSY balance by passbook of the bank or internet banking facility if available. To deposit, visit the branch, post office, or use online banking. Late? You’re allowed one year’s grace after maturity to regularize deposits and resume interest. Before your daughter turns 18, switch the account to her name so she can operate it independently. Opening an SSY account is a smart way to ensure your daughter’s future financial security. Having low risk, high return, and beneficial tax benefits, it's one of the first preferences for long-term goals.
