Planning for your daughter’s education and marriage can feel overwhelming. But what if there was a simple, government-backed savings plan that could help you build a solid financial foundation for her future? That’s exactly what Sukanya Samriddhi Yojana offers. This scheme is designed specifically for girl children, offering attractive interest rates and valuable tax benefits. Let’s break down everything you need to know about this popular savings plan.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a special savings scheme launched by the Government of India. It’s part of the “Beti Bachao, Beti Padhao” campaign aimed at securing the financial future of girl children. Think of it as a long-term savings account that grows your money while providing tax benefits. Parents or guardians can open this account for their daughter and contribute regularly until she turns 21.
Key highlights:
- Backed by the Government of India
- Higher interest rates than regular savings accounts
- Triple tax benefits (on deposit, interest, and maturity)
- Available at post offices and authorized banks nationwide
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Who Can Open a Sukanya Samriddhi Account?
Parents or legal guardians can open this account for a girl child. Here are the simple rules:
- The girl must be below 10 years of age when opening the account
- Each girl child can have only one account in her name
- A family can open accounts for a maximum of two daughters
What about twins or triplets?
If you have twins or triplets, you can open more than two accounts. You’ll need to submit an affidavit along with birth certificates showing multiple births in the first or second delivery.
How Much Money Do You Need to Invest?
One of the best things about Sukanya Samriddhi Yojana is its flexibility. You can start small and increase deposits as your income grows.
Minimum and Maximum Deposit Limits
| Deposit Type | Amount |
| Minimum to open account | Rs 250 |
| Minimum per year | Rs 250 |
| Maximum per year | Rs 1,50,000 |
| Deposit multiples | Rs 50 |
You can make deposits for 15 years from the date of opening. After that, the account continues to earn interest until maturity, even without additional deposits.
Important: If you don’t deposit the minimum Rs 250 in any year, the account becomes inactive. You can reactivate it by paying a penalty of Rs 50 per year plus the missed minimum deposits.
What is the Current Interest Rate for Sukanya Samriddhi Yojana?
The interest rate for Sukanya Samriddhi Yojana is announced by the government every quarter. Currently, the scheme offers 7.6% per annum interest, which is significantly higher than regular savings accounts.
How is Interest Calculated?
Interest is calculated monthly but credited annually. Here’s how it works:
The government looks at the lowest balance in your account between the 5th day and the end of each month. This amount is used to calculate that month’s interest. At the end of the financial year (March 31), all the interest is added to your account.
Example: If you deposit Rs 1,00,000 on April 10, the interest for April will be zero (since the deposit came after the 5th). But from May onwards, you’ll earn interest on the full amount.
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Where Can You Open a Sukanya Samriddhi Account?
Opening an account is easy. You have two options:
- Post Office: Any post office across India
- Authorized Banks: Selected branches of public and private sector banks
The account is portable, meaning you can transfer it from one post office to another or from a bank to a post office anywhere in India. This is helpful if you relocate to a different city.
How Can You Use a Sukanya Samriddhi Calculator?
A Sukanya Samriddhi calculator is a simple online tool that helps you estimate how much money will accumulate in your daughter’s account by maturity.
What you need to enter:
- Amount you plan to deposit annually
- Your daughter’s current age
- Current interest rate
The calculator shows you the maturity amount after 21 years. This helps you plan better and set realistic savings goals.
For instance, if you invest Rs 1,00,000 every year for 15 years at 7.6% interest, your total investment will be Rs 15,00,000. But the maturity amount could be around Rs 45-48 lakhs (depending on the interest rate remaining constant).
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When Can You Withdraw Money from the Account?
Sukanya Samriddhi Yojana isn’t just a locked savings box. It offers withdrawal options when needed.
For Education Purposes
Once your daughter turns 18 or passes 10th standard (whichever is earlier), you can withdraw up to 50% of the previous year’s balance for her higher education.
Requirements:
- Admission confirmation letter from the institution
- Fee slip showing the actual expense
You can make this withdrawal in one go or in up to 5 yearly installments.
For Marriage
The account matures after 21 years from opening. However, you can close it early for your daughter’s marriage once she turns 18.
Timeline: The account can be closed one month before the marriage date or up to three months after marriage.
When Does the Account Mature?
The Sukanya Samriddhi account reaches maturity after 21 years from the date of opening.
Maturity Timeline Overview
| Year Range | Activity |
| Year 1-15 | Make deposits (minimum Rs 250/year) |
| Year 16-21 | No deposits needed; interest continues |
| Year 21 | Account matures; full withdrawal allowed |
After maturity, you receive the entire balance including all accumulated interest. This money is completely tax-free.
What Are the Tax Benefits of Sukanya Samriddhi Scheme?
Sukanya Samriddhi Yojana offers triple tax benefits, making it one of the most tax-efficient savings options available.
Triple Tax Advantage
- Tax deduction on deposits: Claim up to Rs 1.5 lakh deduction under Section 80C of the Income Tax Act
- Tax-free interest: The interest earned is completely exempt from tax
- Tax-free maturity amount: The final amount you receive is also tax-free
This means every rupee you invest and earn remains yours without any tax liability.
Can You Close the Account Early?
While the scheme is designed for long-term savings, there are provisions for premature closure in specific situations.
When Premature Closure is Allowed?
1. Death of account holder: The account closes immediately, and the balance with interest is paid to the guardian.
2. Extreme compassionate grounds: In cases like life-threatening medical conditions or death of the guardian, the account can be closed after 5 years with proper documentation.
The authorities review each case individually before approving premature closure.
What Documents Do You Need for Sukanya Samriddhi Yojana?
Opening a Sukanya Samriddhi account is straightforward. Here’s what you need:
For the girl child:
– Birth certificate (from municipal authority or authorized office)
– Passport-size photograph
For the guardian:
– Identity proof (Aadhaar, PAN card, passport, etc.)
– Address proof
– Passport-size photograph
You’ll need to fill Form-1 with these documents at the post office or bank.
Why Choose Sukanya Samriddhi Yojana?
This scheme stands out for several reasons:
- Government guarantee: Your money is completely safe
- Higher returns: Better than fixed deposits and regular savings
- Tax benefits: Save tax while building your daughter’s future
- Flexible deposits: Start with just Rs 250
- Nationwide access: Available at post offices and banks everywhere
Whether you’re planning for your daughter’s education, marriage, or simply want to create a financial cushion for her, Sukanya Samriddhi Yojana is designed to help you achieve these goals.
Start Today, Secure Tomorrow
The best time to open a Sukanya Samriddhi account is now. The earlier you start, the more time your money has to grow through compound interest.
Even small, regular contributions can build into a significant corpus over 21 years. This scheme combines the safety of government backing with attractive returns and unbeatable tax benefits.
Visit your nearest post office or authorized bank branch with the required documents and take the first step toward securing your daughter’s dreams.
Frequently Asked Questions (FAQs)
1. Can I open a Sukanya Samriddhi account for my daughter who is 11 years old?
No, the account can only be opened for girls below 10 years of age. If your daughter is already 11, you won’t be able to open this account.
2. What happens if I don’t deposit money for one year?
Your account becomes inactive or “in default.” You can reactivate it later by paying a Rs 50 penalty for each year you missed, plus the minimum deposit amount for those years. You can do this anytime within the first 15 years.
3. Can I have accounts for three daughters?
Generally, only two accounts per family are allowed. However, if you have twins or triplets in your first or second delivery, you can open accounts for all of them by submitting an affidavit and birth certificates.
4. Is the interest rate fixed for 21 years?
No, the government reviews and announces the interest rate every quarter. The rate can change, but any changes apply to all accounts uniformly.
5. Can my daughter operate the account herself?
Yes, once your daughter turns 18, she can operate the account on her own. Until then, the parent or guardian manages the account.
