The Sukanya Samriddhi Yojana (SSY) shines as a beacon of financial empowerment and hope for young girls across India. Introduced on 22nd January 2015 by Prime Minister Narendra Modi under the Beti Bachao, Beti Padhao initiative, this scheme blends financial planning with social change. As we celebrate 10 years of SSY on 22nd January 2025, the program continues to inspire families to secure their daughters’ futures, reinforcing the values of equality and advancement.

With over 4.1 crore Sukanya Samriddhi accounts opened as of November 2024, this initiative is more than just a savings plan—it’s a nationwide movement advocating for the upliftment and empowerment of the girl child. It serves as a powerful reminder that when we invest in our daughters, we build a stronger, brighter society for everyone.

How Does Sukanya Samriddhi Yojana Work?

Account Opening Process

Parents or legal guardians can open an SSY account for a girl child from birth until she turns 10 years old. The child must be a resident Indian at the time of account opening and remain so until maturity. Each child is eligible for one SSY account, and a family can open up to two accounts, with an exception for twins or triplets.

The account can be opened at any post office or authorized commercial bank, and it’s transferable across India. Required documents include:

• SSY Account Opening Form
  
  
• Birth Certificate of the girl child
  
  
• Identity Proof (as per RBI KYC norms)
  
  
• Address Proof (as per RBI KYC norms)
  
  

 Minimum and Maximum Deposits

You can open an account with just ₹250, making it accessible to families from all financial backgrounds. Deposits must be in multiples of ₹50, with a minimum yearly deposit of ₹250 required to keep the account active. The maximum deposit limit per year is ₹1,50,000.

Deposits are accepted for 15 years from the account opening date. Any excess amount beyond ₹1.5 lakh annually will be returned and won’t earn interest.

Account Management

Until the girl turns 18, her parent or guardian manages the account. After 18, she can take over account operations by providing valid documents, ensuring she becomes financially independent and informed.

How Interest is Calculated

Interest on SSY accounts is compounded annually and credited at the end of each financial year. It’s calculated monthly on the lowest balance between the 5th and last day of each month. Amounts are rounded off to the nearest rupee—50 paise and above are rounded up, while smaller fractions are ignored.

Even if the account is transferred from one branch to another, the interest is credited without disruption, ensuring seamless financial growth.

 Account Maturity Details

The SSY account matures 21 years after it is opened. Early closure is allowed if the girl is planning to get married after the age of 18. To do so, she must apply with an attested declaration on non-judicial stamp paper and submit proof of age.

This process must be completed within one month before and up to three months after the marriage. After approval, the remaining balance along with interest is paid out, supporting her in beginning a new phase of life.

Withdrawals for Education

Once the account holder reaches 18 years of age or completes her 10th standard, she is eligible to withdraw up to 50% of the balance from the previous financial year. This withdrawal must be for education expenses, and the following documents are required:

• Application for withdrawal
  
  
• Admission letter or fee receipt from an educational institution
  
  

Withdrawals can be made in a lump sum or through installments—but only once per year for up to five years, and the amount withdrawn must align with actual educational costs.

Premature Closure Conditions

In unfortunate events such as the death of the account holder, the SSY account can be closed by submitting the death certificate. The balance and accrued interest are paid to the guardian. Interest from the date of death till closure is calculated at Post Office Savings Account rates.

Additionally, premature closure may be permitted on compassionate grounds such as:

• Life-threatening illness of the girl child
  
  
• Death of the guardian
  However, no premature closure is allowed within the first five years from the account opening date, except in the case of the girl’s death.

The Sukanya Samriddhi Yojana is not just a savings scheme—it’s a symbol of transformation, promoting financial discipline and placing girls at the heart of India’s development journey. With rising awareness and over 4 crore accounts opened, it’s evident that families are increasingly investing in their daughters’ futures.

As India moves toward greater gender equality and inclusive growth, SSY stands as a solid foundation to help every girl child dream big, achieve her goals, and thrive in a world that recognizes her worth.