The central government of India launched the Sukanya Samriddhi Yojana (SSY) 2024-25. To provide a savings account to all the parents of India who have a girl child the Government of India introduced the Sukanya Samriddhi Yojana (SSY). With the help of this scheme, the parents of a girl child can deposit their money to get higher without a lot of risk. The minimum deposit of INR 250 can be submitted by the parents of the girl child. All the citizens of India who cleared the eligibility criteria must visit the official website and fill out the application form online.
Objective of Sukanya Samriddhi Yojana
The main objective of launching the Sukanya Samriddhi Yojana is to secure the futures of female children in India. All the parents who want to avail the benefits of this scheme must open up an account under this Sukanya Samriddhi Scheme before their girl child reaches the age of 10 years. The maximum amount to be deposited under the scheme is INR 1.5 Lakh. The interest rate under the scheme is comparatively higher than the rest that is 8.2%. To open up an account the parents can also visit the nearest post offices and concerned Bank branches.
Also Read: Post Office Scheme for Women
Key Highlights of Sukanya Samriddhi Yojana
| Name of the scheme | Sukanya Samriddhi Yojana |
| Introduced by | Government of India |
| Objective | Provide saving account |
| Beneficiaries | Parents who have a girl child |
| Official website | |
| Interest rate | 8.2 % |
| Maximum amount | INR 1.5 Lakh |
| Minimum amount | INR 250 |
Eligibility Criteria
- The girl child’s parents must open up an account before their girl child reaches the age of 10.
- Only one account per girl child can be opened.
- Only two SSY accounts can be opened by a family, i.e. one for each girl child.
Benefits of Sukanya Samriddhi Scheme
- No tax deduction: Under this scheme, both the interest and maturity amount are tax-free. The beneficiaries did not have to pay anything as tax.
- Higher interest rate: The Government of India is providing interest rates higher than the market. The beneficiaries are eligible to receive an interest rate of 8.2% per annum.
- Long-term investment: Since the maturity period of the scheme is 21 years the parents can invest their money for the long term.
- Lower risk: The Sukanya Samriddhi Yojana is a government official scheme so there is almost zero risk in investing under the scheme.
- Affordable minimum deposit: With the help of the minimum deposit of INR 250 under the scheme, any citizen of India can deposit their money.
Maturity Period
- The maturity period under the Sukanya Samriddhi Yojana (SSY) 2024-25 is 21 years.
Sukanya Samriddhi Yojana Interest Rates
| Year | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar |
| 2024-2025 | 8.2 | 8.2 | – | – |
| 2023-2024 | 8.0 | 8.0 | 8.0 | 8.2 |
| 2022-2023 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2021-2022 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2020-2021 | 7.6 | 7.6 | 7.6 | 7.6 |
| 2019-2020 | 8.5 | 8.4 | 8.4 | 8.4 |
| 2018-2019 | 8.1 | 8.1 | 8.5 | 8.5 |
| 2017-2018 | 8.4 | 8.3 | 8.3 | 8.1 |
Minimum and Annual Contribution
- The minimum amount under the Sukanya Samriddhi Yojana in a financial year is INR 250.
- The maximum amount under the Sukanya Samriddhi Yojana in a financial year is INR 1.5 lakh.
Withdrawal and Maturity Rules
- If the female child has reached the age of 18 the parents can make an early withdrawal to use the money for education or the marriage of the female child.
- If the female child unfortunately dies the parents can close the account prematurely.
- If the girl child changes her citizenship from one country to another the parents are eligible to close the account prematurely.
Sukanya Samriddhi Yojana Calculator 2024
- To calculate the return under the Sukanya Samriddhi Yojana the parents can use the formula, A = P(1+r/n)^nt whereas:
- P = Initial Deposit
- r = Rate of interest
- n = Number of years the interest compounds
- t = Number of years
- A = Amount at maturity
How much will you get if you deposit ₹1000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 12, 000/- |
| Total amount deposited in 15 years | INR 1,80,000/- |
| Total interest on the amount deposited for 21 years | INR 3,29,000/- |
| Total amount received on maturity | INR 5,09,212/- |
How much will you get if you deposit ₹2000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 24,000/- |
| Total amount deposited in 15 years | INR 3,60,000/- |
| Total interest on the amount deposited for 21 years | INR 6,58,425/- |
| Total amount received on maturity | INR 10,18,425/ |
How much will you get if you deposit ₹5000 in Sukanya Samriddhi Yojana?
| The total amount in 1 year | INR 60,000/- |
| Total amount deposited in 15 years | INR 9,00,000/- |
| Total interest on the amount deposited for 21 years | INR 16,46,062/- |
| Total amount received on maturity | INR 25,46,062/- |
How much will you get if you deposit ₹10000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 1,20,000/- |
| Total amount deposited in 15 years | INR 18,00,000/- |
| Total interest on the amount deposited for 21 years | INR 33,30,307/- |
| Total amount received on maturity | INR 51,03,707/- |
How much will you get if you deposit ₹12000 in Sukanya Samriddhi Yojana?
| Total amount in 1 year | INR 1,44,000/- |
| Total amount deposited in 15 years | INR 21,60,000/- |
| Total interest on the amount deposited for 21 years | INR 39,50,549/- |
| Total amount received on maturity | INR 61,10,549/- |
Tax Exemption under Sukanya Samriddhi
- The parents of the female child did not have to pay any tax on the maturity or interest amount under the scheme Sukanya Samriddhi Yojana.
How to Get Sukanya Samriddhi Yojana Benefits?
STEP 1: All the parents who want to open an account under the scheme can visit the nearest post office or Bank branch.
STEP 2: After reaching the post office or concerned Bank branch app the parents of the girl child must consult with the official.
STEP 3: After Consulting with the official the the parents of the girl child must take the application form and start filling it.
STEP 4: The parents of the girl child must enter all the details that are asked and attach all the necessary documents.
STEP 5: After entering all the details they can submit the application form back to the concerned official.
FAQs
What is the interest rate under the Sukanya Samriddhi Yojana (SSY) 2024-25?
The interest rate under the Sukanya Samriddhi Yojana (SSY) 2024-25 is 8.2% per annum.
What is the maximum amount to be submitted under the Sukanya Samriddhi Yojana (SSY) 2024-25?
The maximum amount to be submitted under the Sukanya Samriddhi Yojana (SSY) 2024-25 is INR 1.5 Lakh.
Who is eligible to avail the benefits of Sukanya Samriddhi Yojana (SSY) 2024-25?
All permanent residence of India who have a girl child below the age of 10 years are eligible to open up our account under the Sukanya Samriddhi Yojana (SSY) 2024-25.