Sukanya Samriddhi Yojana hikes rate in 2024

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India, specifically designed for the benefit of the girl child.

The scheme was launched by the Government of India as part of the Beti Bachao Beti Padhao campaign. Sukanya Samriddhi Yojana encourages parents to save for the future education and marriage expenses of their girl child.

Here are key features and details about Sukanya Samriddhi Yojana:

Eligibility for Sukanya Samriddhi Yojana (SSY) 

  1. Age of the Girl Child: A Sukanya Samriddhi Account can be opened for a girl child from her birth until she reaches the age of 10 years.
  2. Number of Accounts: Parents or legal guardians can open only one account for a girl child, and a maximum of two accounts for different girl children in a family.

Account Opening

  1. Authorized Banks/Post Offices: The account can be opened in authorized banks or post offices across India.
  2. Minimum Deposit: The account can be opened with a minimum deposit amount, and subsequent deposits can be made in multiples of this amount.

Deposit and Tenure

  1. Minimum and Maximum Deposit: The minimum annual deposit is relatively low, and the maximum deposit allowed in a financial year is subject to a specified limit.
  2. Tenure: The account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier.

Interest Rate

As of my last knowledge update in January 2022, I do not have the specific information regarding changes in small savings schemes’ interest rates for the fourth quarter of the financial year 2023-24.

Interest rates on small savings schemes in India, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and others, are generally reviewed and announced by the government on a quarterly basis.

To obtain the most accurate and up-to-date information on any changes in small savings schemes’ interest rates, I recommend checking the official website of the Ministry of Finance, Government of India, or contacting your nearest post office or bank where you hold the small savings scheme account.

Please note that interest rate changes can be influenced by various economic factors, and the rates may be subject to periodic revisions.

Always refer to official sources for the latest information on interest rates and any other updates related to small savings schemes.

  1. Interest Rate: The interest rate is declared by the government and is typically higher than that offered by regular savings accounts.
  2. Compounding Frequency: The interest is compounded annually.

PPF – 7.1%

SCSS – 8.2%

Sukanya Yojana – 8.2%

NSC – 7.7%

PO-Monthly Income Scheme – 7.4%

Kisan Vikas Patra – 7.5%

1-Year Deposit – 6.9%

2-Year Deposit – 7.0%

3-Year Deposit – 7.1%

5-Year Deposit – 7.5%

5-Year RD – 6.7%


Withdrawal and maturity rules for Sukanya Samriddhi Yojana (SSY) are designed to provide financial flexibility for specific purposes, such as education and marriage, while ensuring the long-term financial security of the girl child. Here are the key withdrawal and maturity rules for SSY:

1. Maturity Period:

  • The maturity period for a Sukanya Samriddhi Yojana account is 21 years from the date of opening or when the girl child gets married, whichever is earlier.

2. Partial Withdrawal:

  • Partial withdrawals are allowed when the girl child reaches the age of 18 years.
  • The withdrawal can be made for the purpose of higher education or marriage.
  • The withdrawal amount is limited to 50% of the balance at the end of the preceding financial year.

3. Documentation for Partial Withdrawal:

  • For withdrawal, the account holder (girl child) needs to provide documents confirming admission to an educational institution or a marriage certificate, as applicable.

4. Premature Closure in Case of Death:

  • In the unfortunate event of the death of the account holder (girl child), the account can be closed prematurely.
  • The balance amount will be paid to the legal heirs, and the account will be closed.

5. Premature Closure in Case of Exceptional Circumstances:

  • In certain exceptional circumstances, such as critical illness of the account holder, premature closure may be allowed. The decision is at the discretion of the government.

6. Account Continues After Maturity Until Withdrawn:

  • Even after the maturity period, the account can continue earning interest until it is fully withdrawn.

7. No Further Deposits After 15 Years:

  • After the completion of 15 years from the date of opening, no further deposits are allowed in the account.
  • However, the account will continue to earn interest until maturity.

8. Maturity Amount Payment:

  • The maturity amount, including the interest accrued, will be paid to the account holder (girl child) upon maturity.
  • The amount is intended to be utilized for the educational and marriage needs of the girl child.

9. Closure on Marriage:

  • The account can be closed on the marriage of the account holder after providing necessary documentation.

10. Interest on Unwithdrawn Amount After Maturity:

  • If the account is not closed after maturity, it continues to earn interest at the rate applicable to the scheme until the account is closed.

It’s important for account holders and their guardians to be aware of these rules and comply with the necessary documentation requirements when planning withdrawals.

Additionally, individuals should stay informed about any updates or changes in the rules, as government policies may evolve over time.

Consulting with the respective bank or post office where the SSY account is held can provide specific guidance on withdrawal procedures.

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

Tax Benefits

Sukanya Samriddhi Yojana (SSY) offers several benefits, making it an attractive savings scheme for parents or guardians looking to secure the financial future of their girl child. Here are some key benefits of SSY:

  1. High-Interest Rates: SSY typically offers higher interest rates compared to regular savings accounts. The interest rates are declared by the government and are subject to periodic revisions.
  2. Tax Benefits: Contributions made to Sukanya Samriddhi Yojana are eligible for tax benefits under Section 80C of the Income Tax Act, up to a specified limit. Additionally, the interest earned and the maturity amount are also tax-free.
  3. Long-Term Savings: The scheme has a long tenure, as the account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier. This long-term nature allows for substantial savings over time.
  4. Financial Security for Girl Child: SSY is specifically designed to meet the financial needs of the girl child, such as education and marriage expenses. The funds accumulated in the account can provide financial security and support for important life events.
  5. Flexible Deposit Options: While there is a minimum annual deposit requirement, contributors have the flexibility to deposit amounts based on their financial capacity. This makes it accessible for a wide range of income groups.
  6. Partial Withdrawals: The scheme allows for partial withdrawals when the girl child reaches the age of 18 for specific purposes like higher education or marriage. This feature provides liquidity for crucial expenses.
  7. No Risk of Market Fluctuations: Sukanya Samriddhi Yojana is a government-backed savings scheme, and the returns are not linked to market fluctuations. This feature ensures the safety of the invested capital.
  8. Limited Number of Accounts: A family can open only one account for a girl child and a maximum of two accounts for different girl children. This helps in ensuring that the benefits are spread across a larger section of the population.
  9. Ease of Account Management: SSY accounts can be opened in authorized banks and post offices, making it accessible to people across different geographical locations. The account can be managed locally, providing ease of operation.
  10. Exclusively for the Girl Child: The scheme is designed exclusively for the benefit of the girl child, promoting the welfare and empowerment of girls in the country.

It’s important to note that while Sukanya Samriddhi Yojana offers several advantages, individuals should carefully review the terms and conditions, as well as any changes in government policies, to stay informed about the latest features and benefits of the scheme.

Consulting with a financial advisor can also provide personalized insights based on individual financial goals and circumstances.


KYC Documents: The account can be opened with KYC documents of the girl child and the parent or legal guardian.


Sukanya Samriddhi Yojana is a long-term savings scheme that provides financial security for the future of the girl child.

It not only promotes the well-being of the girl child but also offers tax benefits to the contributors.

It’s advisable to check the latest rules and regulations and consult with a financial advisor for the most accurate and updated information.


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