By Okbima 04 Jan 2024 105

Sukanya Samriddhi Yojana - Interest Rate 2024


Sukanya Samriddhi Yojana Scheme is a government-backed savings scheme in India aimed at promoting the welfare of the girl child. It was launched as part of the 'Beti Bachao Beti Padhao' campaign and offers high-interest rates, tax benefits, and a safe investment opportunity for parents to secure their daughter's future.


Sukanya Samriddhi Yojana Interest Rate 2024

Sukanya Samriddhi Yojana Scheme offers an interest rate of 8% per annum and is a government-backed savings scheme in India for the welfare of the girl child. 

Interest rate (2024)

8% per annum

Investment value

Minimum value – Rs.250 and Maximum value – Rs.1.5 lakh per annum

Maturity value

Depends on the value invested

Maturity duration

21 years from the date of investment


What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana is a financial scheme introduced by the Government of India on 22 January 2015, with a focus on securing the future of the girl child and promoting long-term financial planning. The scheme aims to ensure financial stability for the girl's education and marriage expenses. Administered by the Ministry of Finance, SSY provides attractive interest rates and tax benefits, contributing to the broader goal of empowering young girls and promoting their overall well-being.


Benefits of the Sukanya Samriddhi Yojana Scheme

The Sukanya Samriddhi Yojana Scheme offers several benefits such as tax benefits, fixed tenure, and flexible deposit options.

• Financial Security for Girl Child: SSY promotes long-term savings for the girl child, ensuring financial security for her future education and marriage expenses.

• Tax Benefits: Contributions made to SSY are eligible for tax deductions under Section 80C of the Income Tax Act, providing parents with a tax advantage while securing their child's future.

• Fixed Tenure: The scheme has a fixed maturity period, usually 21 years from the date of account opening, ensuring that the funds are available when needed for the girl child's life.

• Flexible Deposit Options: Parents or legal guardians can make flexible deposits into the SSY account, allowing them to contribute based on their financial capability.

• Account Transferability: In case of the girl child's relocation, the SSY account can be transferred to any authorized bank or post office across India without any hassle.

• Partial Withdrawals: SSY allows partial withdrawals for specific purposes such as the girl's education after she turns 18, ensuring that the funds are utilized for her benefit.

• Low-Risk Investment: As a government-backed savings scheme, SSY is considered a low-risk investment option, providing a secure saving option for parents for their daughter's future needs.


Best Banks to Open Sukanya Samriddhi Yojana Account

When it comes to opening a Sukanya Samriddhi Yojana account, finding the best bank is crucial. Below is the list of the top 5 banks to open a Sukanya Samriddhi Yojana Account.



Interest Rate (Jan 2024)

Minimum Investment/Year

Maximum Investment/Year

State Bank of India (SBI)



Rs.1.5 lakh




Rs.1.5 lakh

Axis Bank



Rs.1.5 lakh




Rs.1.5 lakh

Post Office Savings Account



Rs.1.5 lakh


Tax Benefits of Sukanya Samriddhi Yojana Scheme 

The Sukanya Samriddhi Yojana Scheme offers tax benefits to encourage parents or legal guardians to invest in the financial well-being of their girl child. 

• Section 80C Deduction: Contributions made towards the Sukanya Samriddhi Yojana are eligible for a deduction under Section 80C of the Income Tax Act. The maximum limit for this deduction is ?1.5 lakh per financial year (subject to any revisions in tax laws).

• Tax-Free Interest Earnings: The interest earned on the SSY account is not only tax-free at the time of withdrawal but is also exempt from income tax.

• Exempt Maturity Proceeds: The maturity amount, including the principal and the earned interest, is tax-free when the account matures after 21 years or when the girl child gets married after attaining the age of 18. 


How to Open Sukanya Samriddhi Yojana Account in the Post Office?

Opening a Sukanya Samriddhi Yojana Account in the post office is a simple and hassle-free process. Here are the simple easy steps to follow.

• Visit the Post Office: Go to the nearest Post Office branch where Sukanya Samriddhi Yojana accounts are offered, and collect application form (Form-1):

• Fill up the Application Form: Complete the application form with relevant details about the girl child and the guardian (parent or legal guardian).

• Submit Supporting Documents: Attach the necessary supporting documents, such as the Birth certificate of the girl child, Identity and address proof of the parent or legal guardian.

• Pay the Initial Deposit: Make the first deposit in the form of cash, cheque, or demand draft. The initial deposit amount can range from Rs. 250 up to Rs. 1.5 lakhs.

• Account Opening and Passbook Issuance: Once the application is processed and verified, the Sukanya Samriddhi Yojana account will be opened. 


Documents Required to Open Sukanya Samriddhi Yojana Account

To open a Sukanya Samriddhi Yojana account, you typically need to submit the mentioned documents. 

• Birth Certificate: A certified copy of the birth certificate of the girl child is usually required as proof of her age and identity.

• Identity and Address Proof: The guardian (parent or legal guardian) opening the SSY account needs to provide valid identity and address proof such as an Aadhaar card, PAN card, passport, voter ID, or driving license.

• Medical Certificate (if applicable): If you are applying for a third SSY account due to the birth of twin or triplet girls, you may need to submit a medical certificate as proof of the multiple births in a single order.

• KYC Documents: Additional Know Your Customer (KYC) documents may be required such as an Aadhaar card, Voter ID, Passport, and Utility bills (as address proof).

• SSY Application Form: The completed and signed Sukanya Samriddhi Yojana application form must be submitted.


Eligibility to Open Sukanya Samriddhi Yojana Scheme 

The eligibility criteria for opening a Sukanya Samriddhi Yojana account are mentioned that you should know.

• Account Opener: Only parents or legal guardians of a girl child are eligible to open an SSY account.

• Age of the Girl Child: The girl child must be a resident Indian, and below the age of 10 at the time of opening the account.

• Number of Accounts: Only one SSY account can be opened for a single girl child.

• Family Limit: Only two SSY accounts can be opened by a family, i.e., one account for each girl child.


Withdrawal Rules of Sukanya Samriddhi Yojana Scheme 

The withdrawal rules for the Sukanya Samriddhi Yojana Scheme are subject to certain conditions such as upon maturity, for higher education, and withdrawal limit

1. Upon Maturity

• Once the duration of the SSY account has been completed (generally 21 years from the date of opening the account), the entire amount, including the accrued interest, can be withdrawn by the girl child. 

• The required documents must be submitted such as an application form for withdrawal, ID proof, address proof, and citizenship documents.


2. For Higher Education

• Withdrawal is allowed for higher education if the girl child has completed the age of 18 years and has completed the 10th standard.

• The withdrawn funds must be used specifically for paying the fees or any other charges levied at the time of admission to an educational institution.

• Documents such as admission confirmation to the university or college and the fee receipt must be submitted when applying for withdrawal.


3. Withdrawal Limit

• The maximum amount that can be withdrawn is 50% of the amount available in the previous financial year.

• The withdrawal can be done in 5 installments or as a lump sum.


How to Do Online Payment for the Sukanya Samriddhi Yojana Scheme?

To make online payments toward your SSY account, you must download the IPPB application on your smartphone. The IPPB app allows you to set up standing instructions to transfer a specific amount online to your account. 

• Transfer Money to IPPB Account: Transfer money from your bank account to your India Post Payments Bank (IPPB) account. 

• Navigate to DOP Products: Open the IPPB app, navigate to the section related to Department of Posts (DOP) Products, and choose the Sukanya Samriddhi Yojana Account.

• Enter Account Details: Enter your SSY account number along with the DOP customer ID.

• Set Payment Details: Choose the amount you wish to pay and specify the installment duration if applicable.

• Confirm and set payment: Confirm the payment details and set up the payment routine. This may include specifying the frequency of payments.

• Notification of Success: Once the payment routine is successfully set up, IPPB will notify you of the confirmation.

• Transaction Notifications: Each time the IPPB app initiates a money transfer as per the set routine, you will receive notifications confirming the transaction.


How to Transfer the Sukanya Samriddhi Yojana Account From the Post Office to the Bank?

If you have a Sukanya Samriddhi Yojana account in the post office and wish to transfer it to a bank, you can do so by following a few simple steps. This transfer can be done to any authorized bank of your choice. 

The process to transfer SSY Account from Post Office to Bank:

  1. Visit the Post Office: Go to the Post Office branch where the Sukanya Samriddhi Yojana account is currently held. The girl child need not be present; the guardian can complete the transfer process.

  2. Submit Transfer Request: Complete and submit the duly filled account transfer form provided by the Post Office. Include the passbook and any KYC documents required for the transfer. The Post Office executive will discontinue the account based on your request.

  3. Visit the Bank: Visit the bank branch where you want to transfer and maintain the SSY account.

  4. Submit KYC Documents: Provide the self-attested KYC documents along with any additional paperwork that the Post Office executive might have given you during the transfer request.

  5. Process Request at the Bank: The bank executive will process your request for transferring the SSY account from the Post Office. Upon completion, a new passbook for the SSY account will be provided.

  6. Transfer of Account Balance: The balance in the SSY account can be transferred anywhere in India, whether between post offices, between banks, or from a post office to a bank, and vice versa. 

  7. Proof of Change of Residence: If the transfer is due to a change of residence of either the guardian or the girl child, proof of the change of residence must be submitted.

  8. Transfer Fee: If the transfer is not due to a change of residence, a transfer fee of Rs 100 may be applicable.



Sukanya Samriddhi Yojana, a government-backed savings scheme for the girl child, was launched to promote the financial well-being and education of girls, the scheme offers attractive interest rates and tax benefits. It has successfully encouraged parents to secure their daughters' futures through disciplined savings. With a fixed maturity period and the flexibility to make contributions, the scheme has gained popularity for its simplicity and effectiveness. 


Leave a Reply

Recent Post


Can Health Insurance Company Reject Claim? Top 20 Reasons

14 Jun 2024
can life insurance policy be used as collateral

Can Life Insurance Policy Be Used As Collateral?

14 Jun 2024

TVS Ronin: On-Road Price, Specifications, Features & Expert Review

13 Jun 2024

popular Post


Best Time to Visit Goa India 2024: Avoid Crowds

12 Mar 2024

Best Mileage Cars in India 2024

20 Feb 2024

Best 200cc Bikes in India 2024

30 Dec 2023