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Invest Rs 10 thousand per month and get Rs 52 lakh at time of maturity: Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) is an Indian savings program with high interest and no tax for paying for girls' education and marriage.

In India, the Sukanya Samriddhi Yojana (SSY) is a savings program supported by the government that aims to assist parents in saving for the wedding and education of their daughters. The SSY, which was introduced in 2015, quickly gained popularity among parents who wanted to ensure their daughters’ financial future.

The Sukanya Samriddhi Yojana’s Benefits:

The high interest rate of the SSY is one of its main advantages. The annual interest rate that the SSY currently offers is 7.6%, which is significantly higher than the interest rates offered by the majority of other savings plans in India. This really intends that by putting just INR 10,000 every month in the SSY, a parent can collect over INR 52 lakhs over a time of 21 years.

The SSY comes with a lot more benefits than just a high interest rate. For instance, due to the SSY’s tax-free status, both the maturity amount and the earned interest are exempt from income tax. In the long run, this may assist parents in saving even more money.

The fact that the SSY can be opened at any time between the birth of a daughter and her tenth birthday is another benefit. Parents now have a decade to start saving for their daughters’ needs in the future. Parents can choose to keep their investments in the SSY for as long as they want, as long as their daughters are under the age of 21. The SSY also has a flexible investment tenure of 21 years.

Exemplifying with a case study:

Let’s take a look at a parent named Rohit who has a daughter named Pooja as an illustration of how the SSY works. Rohit decides to invest 10,000 INR per month in the SSY in order to begin saving for Pooja’s wedding and education costs. Rohit will have invested a total of INR 25.2 lakhs in the SSY over the course of 21 years.

Rohit’s investment will have a maturity value of INR 52 lakhs at an annual interest rate of 7.6%. As a result, Rohit will have received interest payments totaling INR 26.8 lakhs during the investment period.

Learn how to use:

Parents will need to fill out an application form at the nearest post office or bank that offers the SSY in order to apply for it. They will also need to provide evidence of their own identity and the age of their daughter. Parents are able to begin making investments in the SSY as soon as the application is approved.

Who is eligible to participate in the Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana (SSY) is open to anyone who meets the following requirements:

  1. Only a girl child under the age of 10 is eligible to open the SSY.
  2. The girl child’s natural or legally adopted parents are eligible to open the account.
  3. In India, the SSY account can be opened at any authorized bank or post office.
  4. Each family can open up to two SSY accounts at a time.
  5. The SSY requires a minimum annual investment of INR 250. There is no limit on how much you can invest.
  6. A single deposit of at least INR 1,000 is required to open an SSY account.
  7. The SSY account can be moved starting with one mail center or bank then onto the next if the singular moves to an alternate area.
  8. A child who is a citizen of India can open an SSY account in their name, regardless of where they were born or live.
  9. When the girl child turns 21 or gets married, whichever comes first, the SSY account must be closed.


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