IPPB Sukanya Samriddhi Yojana

India Post Payments Bank Sukanya Samriddhi Yojana is a small scheme backed by the government which will help the parents of the baby girl in securing her future. The scheme saving account can be opened in all post offices easily and some other designated public or private banks through the form for savings accounts under a girl child's name.

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Like most other government schemes, the rate of interest for Sukanya Samriddhi Yojana is decided quarterly.

Sukanya Samriddhi Yojana Calculator
Latest SSY interest rates: 8.20%
You can invest a maximum amount up to ₹1,50,000
Yearly ₹
  • ₹250
  • ₹1,50,000
Govt. allows maximum age of enrollment to 10 years
Years
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Investment term is 21 years
Year
Total investment
₹1.5 Lakh
Total interest
₹3.3 Lakh
Maturity year
2047
Maturity value
₹4.8 Lakh
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Eligibility

India Post Payments Bank Sukanya Samriddhi Yojana eligibility is as mentioned below:

  • The savings account for the Sukanya Samriddhi Yojana needs to be opened only by her legal guardians or biological parents for the baby girl.

  • Legal guardians or parents can open up to a maximum of 2 saving accounts for the baby girl under this scheme.

  • As per the information provided by the government, if there are twins or triplets, legal guardians or parents can open up to a maximum of 3 accounts if they have the required legal proof that needs to be submitted along with the form.

Sukanya Samriddhi Yojana eligibility for girl child:

  • The baby girl under which the Yojana needs to be a citizen of India. The girl must stay in India during the opening of the account and must remain in India until the closure or maturity of this account.

  • The parents can open the Sukanya Samriddhi Yojana account until the age of 10 years from the birth of the baby girl.

  • An extended period of one year is given as the grace time. So, India Post Payments Bank Sukanya Samriddhi Yojana may be created for the child when she turns ten years of age.

  • The age proof of the account holder is essential while applying for the Sukanya scheme bank account.

  • The India Post Payments Bank Sukanya Samriddhi Yojana benefits can only be obtained by a girl child. It is not applicable to any other gender.

  • Only two girls' savings accounts can be opened by her legal guardian.

  • The legal guardian or parents can open a single account for every girl child.

People also read: Child Education Plan

Policy Features

The features of India Post Payments Bank Sukanya Samriddhi Yojana is giving are as mentioned below:-

  • The money invested in the savings account under no circumstances can be withdrawn till the account holder reaches 18 years of age. At this time, up to 50% of the account would get withdrawn.

  • This facility for applying for a savings account under this scheme is for the family that has a daughter who is less than 10 years old.

  • This interest rate saving account under Sukanya Samriddhi Yojana is determined quarterly by the government of India.

  • Parents need to ensure that they deposit at least Rs. 250 in this scheme saving account per year.

  • In this scheme, the amount which needs to be invested is as low as Rs. 250, while the maximum amount is high as Rs. 1.5 lakhs.

  • The parents can invest in this savings account up to 14 years from the initial date of the first investment.

  • Post this initial investment, the upcoming investments need to be in multiples of Rs. 100.

  • A legal guardian or parent can create a maximum of 2 Sukanya Samriddhi Savings Accounts for two female children. But if there are twins or triplets, legal guardians or parents can open at most three accounts if they have the required legal proof that needs to be submitted along with the form.

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Benefits 

India Post Payments Bank Sukanya Samriddhi Yojana benefits are:

  • Sukanya Samriddhi Yojana matures after the child completes twenty-one years from the opening date. If the girl child gets married in twenty-one years of her age, the SSY account gets suspended after marriage. 

  • Withdrawal Facility

    • To meet the financial requirements of the girl child for further education or/and her marriage, the girl may use the partial withdrawal facility after reaching 18 years of age.

    • On the marriage of the girl, the SSY account must be closed permanently.

  • Under India Post Payments Bank Sukanya Samridhhi Yojana, the investment needs to be done for 14 years. 

  • In this scheme, a passbook would be given at no extra to the customers.

  • A person may get a reduction in tax of around Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961.

How To Purchase the Policy?

The process to open an India Post Payments Sukanya Samriddhi Yojana is precisely the same that is followed in post offices or banks. It is as listed below:

  • To open a new account, the SSY Account application form needs to be filled.

  • The next step is submitting the necessary documents.

  • Then one needs to pay a deposit amount. It can be any sum ranging from Rs 250 minimum to a maximum of Rs 1.5 lakhs.

  • The applicant then can either give any instruction to the post office branch or the bank, or he can opt for setting up a credit that is automatic for the above SSY account, thereby using the process of net banking.

To open an India Post Payments Bank Sukanya Samriddhi Yojana, there are two options which are listed below:-

  1. Offline 

    • If a person wishes for an SSY account offline, he must physically go to the nearest India Post Payments bank branch. 

    • After going to the branch, he has to collect an SSY account application form, fill in all the required details correctly, and duly sign it. 

    • At this point, one has to submit all the required documents that are asked for along with the application form. One also has to deposit an amount anything from Rs 250 -Rs 1.5 lakhs through Cash, Cheque, or DD.

    • When all these submitted documents are duly and verified by the India Post Payments Bank, it instantly follows the account's opening. 

  2. Online 

    • If someone wishes for an India Post Payments Bank Sukanya Samriddhi Yojana account by going through online mode, he is required to go to the official website of India Post Payments Bank. 

    • Once opening the homepage of the website, one has to go to the SSY page. There the applicant can click on the button ''Apply Online''. 

    • Then, one needs to fill the form provided there and thereby attach digital copies of all the necessary documents correctly. 

    • In the next step, one is required to do an online transaction.

    • After the completion of the entire verification process, it is opened instantly. Suppose a person is already an account holder with India Post Payments Bank. In that case, he or she can log in and therein apply for the SSY account after paying the above-mentioned amount directly.

People also read: Sukanya Samriddhi Yojana Calculator

Documents Required

For opening an India Post Payments Sukanya Samriddhi Yojana account, the documents required are:

  • A document with the child's name and birth date, such as a Birth Certificate, AADHAAR Card, etc., with the issue date and certificate number

  • ID proof of the Parent/Guardian such as Driving License, Voter Id Card, PAN Card, AADHAAR Card, etc.

  • Cheque/DD 

  • Documents showing present address and permanent address of the girl child 

  • Parents/guardian’s KYC documents 

  • Child and her parents’ photograph

The documents mentioned above, along with the photocopies, need to be attached with the form of the SSY account. Post verification, the scheme account will be made active by the post office.

Terms and Conditions

Some of the required terms and conditions are met for an India Post Payments Bank Sukanya Samriddhi Yojana account. 

Unfortunately, if the policyholder dies, then the SSY account closes immediately, and the nominee will get the accumulated amount on showing the death certificate and after proper investigation. 

For medical emergencies, if the girl's parents/account holder cannot operate, the SSY account can file to the post office for non-continuance of the savings account. 

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Policy Exclusions

Exclusions for India Post Payments Bank Sukanya Samriddhi Yojana are as follows:

  • If parents are NRI, such people are not eligible to open a savings account.

  • The baby girl should be an Indian resident and should remain an Indian citizen until the scheme completes.

  • Under this scheme, no loan is offered.

FAQ's

  • If the SSY account is deactivated, then under what time period can it be activated again?

    If the SSY account is deactivated, then it can be reactivated in a time period of fifteen years.

  • In case parents are unable to make deposits every year, then what happens?

    If the parents forget to make deposits every year, then it will go under the default category.

  • Are adopted girls eligible for the SSY scheme?

    Yes, all adopted girls are eligible for the India Post Payments Bank Sukanya Samriddhi Yojana account.

  • What is the scenario if the SSY account is under default?

    If the Sukanya Samriddhi Yojana is under default, then the benefits will no longer be given to the baby girl on the maturity of the account.

  • Can a girl with an SSY account with an NRI get a benefit?

    No, a girl with an NRI cannot get maturity benefits under the SSY account. In such cases, the account closes. 

  • How can one get an update on their SSY account balance?

    One can check the status of their SSY account balance online by visiting the post office website or by updating the passbook.

  • Can a girl, before attaining eighteen years, be allowed to withdraw money?

    No, a girl before attaining eighteen years will not be allowed to withdraw money from the account.

  • How many penalties will be charged for reactivating India Post Payments Bank Sukanya Samriddhi Yojana Account?

    A penalty of Rs 50 would be charged for reactivating the India Post Payments Bank Sukanya Samriddhi Yojana account. 

  • Is a transfer of an SSY account possible from one post office to another?

    Yes, it is possible to transfer an SSY account from one post office to another one.

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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