Sukanya Samriddhi Account

Women empowerment has been a sensitive issue since the post-colonial period. The government is trying its best to make women empowered and give them opportunities to grow. To grow women's financial independence and provide them security, the government of India has launcheda Sukanya Samriddhi account, under a similar name scheme, which is a savings scheme targeted for parents of a girl's child.

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This scheme is launched to encourage parents to build a fund for their girl child that can be useful for future education, marriage, or any other expenses. 

The scheme was launched on 22nd January 2015 as a part of the Beti Bachao Beti Padhao campaign. This scheme was launched to empower the girl and encourage the parents to take care of their girl child's education and other necessities.  

Salient Features of Sukanya Samriddhi Account

The interest rate on the Sukanya Samriddhi account is 7.6%.Along with the decent amount of interest rate, this scheme also provides benefits in tax savings. Investments made in this scheme are eligible for the tax deduction under section 80 C, subject to a maximum cap of Rs. 1.5 Lakh.

  • When policyholders invest in this scheme, they can be assured that amount is in safe hands.

By investing in this scheme, the present and future of policyholders are safe. This scheme provides many benefits to girls, but policyholders will have to follow some rules to avail of this scheme. Though the scheme is pretty easy to understand, all the policyholders are advised to read the complete terms and conditions before investing in the Sukanya Samriddhi account. Below are some rules and eligibility that policyholders need to consider before investing in the scheme.

  • The period of maturity:

This scheme matures along with your child. The scheme matures after the completion of 21 years from the date of opening the account. Policyholders will have to make deposits every year for 15 years from the opening of the account. The amount will be the same for 15 years. After 15 years, there is no need to deposit the amount; however, policyholders will collect the interest between 15 to 21 years until the account's maturity. 

Eligibility Criteria to Open SSY Account

The finance ministry has launched the Sukanya Samriddhi account to provide equal opportunities to girl children. This scheme offers diversity in premium options and also provides lucrative returns. This scheme has proved very useful to plan the expenses, whether it is higher education or marriage. This scheme can prove very useful in managing the finances and making girls financially independent.  

  1. Who can avail of the offer?

    The Sukanya Samriddhi accountis open to girls from birth to a maximum of 10 years of age. Girls cannot exceed the age of 10 years; however, the current age will be included, but it cannot exceed that. The withdrawal age of this scheme is 18 years.

  2. Guardian/Parents:

    All the guardians or parents of a child will have to take care of all the legal formalities to avail of the scheme. Make sure to go through the complete legalities before availing of the scheme.

    ? Policyholders are allowed to get one account for one child. The account can be opened for a maximum of 2 children in the family, including the adopted child. 

    Policyholders will have to remember that they must be legal/biological parents of a child. There will be no compromise on the rule. Also, this is just for a girl child, so this scheme will not be stretched for anyone else. 

  3. Investment:

    Under this scheme, policyholders can invest a minimum of Rs. 250 to a maximum of Rs. 1,50,000 in every financial year for upto 15 years. Multiples of 100, subject to the above cap. According to the rules, if there is a shortage of deposits, then Rs. 50 per default year will be charged. And if the deposit is excess, then the policyholder will not get any interest. 

Additional Features

One of the significant features that strike the attention of policyholders is that the minimum deposit has been significantly reduced from Rs. 1000 to Rs. 250. This new rule was applicable from June 2018 and is continuing since then.

?The Sukanya Samriddhi accountoffers an interest rate of 7.6 % higher than most savings accounts.

Along with interest, policyholders also get benefits in tax exemption. If the amount of deposit is per the rules, then policyholders will get the tax benefit under section 80 C.

  1. Withdrawal:

    Policyholders can withdraw the entire amount after maturity, that is, after 21 years. However, policyholders can withdraw half of the amount under some circumstances.

    Education/Matrimony: This scheme allows policyholders to take half of the balance just if it is required for matrimonial purposes or further education. However, a girl must be 18 years old. Before 18 years of age, cannot withdraw any amount. If the policyholder is getting married, then the account will be closed at the request. 

  2. Account:

    Tomaintain theaccount, policyholderswill have to make the payment of Rs. 250 per annum. If policyholders cannot do so, it will be considered a defaulter account and will have to pay Rs. 50 to reactivate the account. However, the account status will not affect the interest. 

  3. Closure before Maturity:

    Some conditions will allow policyholders to close the account before maturity. This will be applicable if the girl is suffering from any terminal disease and requires finance. In that case, an issue can be raised, and it will be resolved within a particular period. 

    Operation: The Sukanya Samriddhi Accountreaches maturity after 21 years of the opening of the account. However, the child is allowed to operate the account only when she reaches 18 years of age. In that case, policyholders will have to provide all the legal documents, and only then can the account be handed over. 

Benefits and Advantages of SSY Account

Everyone worries about the future and how to plan. It is essential to plan for the future in today's age, especially for girl children. The government offers Sukanya Samriddhi accountsto take care of girls' financial needs, higher education, and marriage. This scheme will give better returns and has an easy follow-up process. This scheme has catered to many people's requirements and continues to do so for many. This scheme also provides tax exemption on deposits and maturity. 

?High Rate of Interest 

Compared to most savings accounts in the market, this scheme offers a higher rate of interest. The higher rate of interest and affordable premiums can make any girl financially independent and plan their future. This scheme also allows premature closure, emergency funding, and tax exemption. 

The Process to Purchase SSY Scheme

One of the benefits of the scheme is that it has been specially designed to meet children's future needs. Everything can be disseminated quickly. 

?The first step is to keep all the documents ready for the fill-up. That entails every document that can substantiate the identity of the policyholder to proceed. 

The application for the account can be downloaded from the website. It is equally important to make sure to scan all the details after filling the form. Make sure to submit the form after checking it carefully. 

Documents Required

The Internet has made the procedure easier to procure the form. Policyholders need to go through a bunch of articles or documents to go through the process. Below are the forms required to apply for a Sukanya Samriddhi Account.

  1. SSA Form:

    SSA forms can be procured from the RBI website. Policyholders can get the form from the nearest branch or post office.

  2. DOB Certificate: 

    A birth certificate will prove the age of a child. The certificate should have the name and date of birth details of your child in clear writing. Keep in mind that the age of a child should not exceed 10 years when applying for the scheme.

  3. Photograph: 

    To apply for the scheme, it is essential to have Passport sized photographs attached to the file; else the application will be rejected. 

  4. KYC:

    Knowing your customer is the procedure to verify the client's identity. The set of documents will substantiate the information that is furnishing to the bank. They range from identity to personal information documents that include the following. 

    • An identity card such as voter ID card, AADHAAR card, or Passport
    • Residential address proof like Passport, AADHAAR card, license, voter ID, etc.

    It is preferred that policyholders choose an AADHAAR card for the identity and KYC as this will make the procedure easy. Along with these, policyholders will also need to attach a cheque, Demand a Draft of the deposit. The authorities will check the forms and documents at the end of the process.   

Additional Features

In broad terms, there is no difference betweenSukanya Samriddhi Accountand the savings account except for one thing that policyholders can save more and make the girls financially independent.

?On maturity, if policyholders don't withdraw the money, then interest won't be added. 

If the minimum amount is not deposited, the account will be deactivated though it can be reactivated by paying Rs. 50. This scheme is also applicable to adopted children.

Terms and Conditions

Before signing any document, it is essential to understand what is being offered and understand if it suits or not. Therefore it's wise to understand the offer, analyze and scan the rules; this will make the decision-making easy. 


Sukanya Samriddhi's Accountoffers closure of the account, and all the amount will be recuperated in case of the account holder's death.

?The nominee will be entitled to interest and amount

However, policyholders must have a legal death certificate to complete all the formalities. 

Cessation of Account:

Cessation of account is usually granted in case of medical emergencies. The management will consider an application for non-continuance of the account if policyholders cannot operate it. 

Key Exclusion

Under this scheme, policyholders are not entitled to take a loan in any category. However, policyholders have the option of transferring the account to any branch in India. It is another convenient feature of this lucrative scheme.


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