The Sukanya Samriddhi Yojana (SSY) is a dedicated savings initiative established by the Ministry of Finance exclusively for girls.
The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of ten years as of the date of opening of the account.
The minimum investment is Rs 250 per annum; The maximum investment is Rs 1,50,000 per annum.
The maturity period is 21 years.
At present, SSY has several tax benefits and the highest rate of interest among all the small savings schemes i.e. 8.0% (for the period October 1, 2023-December 31, 2023).
The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt under Section 80C.
The account can be transferred anywhere in India from one post office/bank to another.
A premature withdrawal of up to 50% of investment is allowed after the child reaches the age of 18 years even if she is not getting married.
Withdrawal shall be allowed for the purpose of higher education of the account holder to meet education expenses.
The account can be prematurely closed in case of marriage of a girl child after her attaining the age of 18 years.