Sukanya Samriddhi Yojana (SSY)


Sukanya Samriddhi Yojana (SSY)

The government has taken up various measures in terms of education and financial freedom for the girl child. Sukanya Samriddhi Yojana is one such government back scheme to help parents save for the education and marriage of the girl child from the start itself.

Sukanya Samriddhi Yojana is a small saving scheme, which can be opened in post offices and designated private and public banks in the form of a savings account in the name of the baby girl. The interest rate is declared quarterly just like other post office schemes. The interest rate for Jan-Mar’19 (Q4, FY 2018-19) was 8.5%.

It is regarded as one of the most high-paying investment options in the fixed income segment. The following are the historic interest rates of this government scheme for the girl child.


  • Account can be opened in the name of a girl child till she attains the age of 10 years.
  • Only one account can be opened in the name of a girl child.
  • Account can be opened in Post office and branches of authorised banks.
  • Birth certificate of girl child in whose name the account is opened must be submitted.
  • Account can be opened with a minimum of Rs. 250/- and thereafter any amount in multiple of Rs. 100/- can be deposited. A minimum of Rs. 250/- must be deposited in a Financial year.
  • Maximum Rs. 1,50,000/- can be deposited in a financial year.
  • Interest @ as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
  • One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education expenses upto 50 % of the balance at the credit of preceding financial year.
  • The account can be transferred anywhere in India from one post office/bank to another.
  • The account shall mature on completion of 21 years from the date of opening of account or on the marriage of Account holder whichever is earlier.

Eligibility for Sukanya Samriddhi Yojana Account

  • The following are the key eligibility criteria for opening a Sukanya Samriddhi Yojana Account:
  • Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
  • The girl child should be less than 10 years at the time of account opening. The account can be operational till the girl reaches the age of 21 years.
  • The initial investment can start from Rs. 250 and a maximum of Rs. 1,50,000 annually with further deposits in the multiples of Rs. 100.
  • A single girl child cannot have multiple Sukanya Samridhhi accounts.
  • You can benefit from higher interest rates offered by company fixed deposit
  • Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.

Comparison between Child FD and Sukanya Samriddhi Yojana (SSY)

  • Sukanya Samriddhi Scheme is a long-term investment scheme while a fixed deposit can be used as a short-term as well as long-term investment scheme. FD with short tenor can help you safeguard your investment against inflation whereas FD with long tenor can help you accumulate corpus for future needs.
  • Let us see the key differences between an FD for a child and SSY scheme.
  • Any Indian national can open an FD, irrespective of their age or gender. Sukanya Samriddhi Account can only be opened for a girl child below the age of 10 years. Also, an FD can be opened in the name of the parent with the child as their nominee or beneficiary.
  • Fixed Deposits can be applied online. No online mode of operation/account opening is possible for Sukanya Samriddhi Account.
  • An individual can have more than one FD account in their name but in the case of Sukanya Yojana only one account can be opened for a girl child, with a cap of two accounts per family.
  • Fixed deposits require Rs. 100 of deposit amount per month to start with whereas Sukanya Yojana requires a minimum of Rs. 250.

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