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All You Need to Know About the Meaning, Benefits and Interest Rates of Sukanya Samriddhi Yojana

Personal Finance

Do you wish to have some savings for a bright future for your daughter? If yes, then Sukanya Samriddhi Yojana is the right scheme for you. This deposit scheme is a part of the Beti Bachao, Beti Padhao campaign of Prime Minister Narendra Modi. The movement is now gaining much popularity among families with a girl child. 

The Sukanya Samriddhi Yojana can be quite helpful for families with a girl child. The scheme’s main aim is to secure the child’s future. The scheme provides incentives for saving purposes. It also has a wide range of tax benefits.

Read further to know more about the Sukanya Samriddhi Yojana details. 

What is Sukanya Samriddhi Yojana? 

You must apply for the scheme if you wish your daughter to have a secure financial future. The government backs the program under the Beti Bachao Beti Padhao scheme. Both schemes aim to ensure the welfare of girls. The interest rate for the scheme is 7.6%. Furthermore, it offers tax benefits under the 80C of the Income-tax Act, 1961. 

As per the policy, the parents can open accounts for their daughters. If the parents have two daughters, they can open up two accounts. However, if they have more than two daughters, the parents will be restricted from opening a third or fourth account. The Sukanya Samriddhi Yojana accounts will be valid for 21 years or till the age of 18 years of the girl or even marriage. 

Your savings under the account can help you sponsor the child’s marriage or education. You need to visit the post office or bank to open the account. Furthermore, you will also be able to receive further Sukanya Samriddhi Yojana details at the respective offices. 

Interest Rates for Sukanya Samriddhi Yojana

The interest rate on Sukanya Samriddhi Yojana is 7.6% p.a. Before April 1, 2020, the interest rate was 8.4% p.a. Parents who had deposited the amount between December 12, 2019, to March 31, 2020, will still be eligible for 8.4% per annum. Nonetheless, there are certain conditions that you will need to consider. 

  • You will be eligible for early payable interest. 
  • The government will decide what the interest rate is. Furthermore, they will also be eligible for change across every quarter. 
  • The interest rate will be credited only at the financial year’s end. 
  • If the daughter becomes an NRI, they won’t be eligible for the interest rate. 

Since its inception, the interest rate for the Sukanya Samriddhi Yojana has constantly changed. To understand more about it, you can refer to the table given below:

April 2020 – Present7.6% p.a.
1 January 2019 – 31 March 20198.5% p.a.
1 October 2018 – 31 December 20188.5% p.a.
1 July 2018 – 30 September 20188.1% p.a.
1 April 2018 – 30 June 20188.1% p.a.
1 January 2018 – 31 March 20188.1% p.a.
1 July 2017 – 31 December 20178.3% p.a.
1 October 2016 – 31 December 20168.5% p.a.
1 July 2016 – 30 September 20168.6% p.a.
1 April 2016 – 30 June 20168.6% p.a.
1 April 2015 – March 31 20169.2% p.a.
3 December 2014 – March 31 20159.1% p.a.

Sukanya Samriddhi Yojana eligibility

To open a Sukanya Samriddhi Yojana for your child, you must be familiar with the eligibility rules. Given below are the eligibility criteria:

  • The legal or natural guardian of the girl child will open the account under their name till the time the girl attains ten years of age. 
  • Under the name of the girl child, the depositor will be able to operate only one account. 
  • The parent will be eligible for only two accounts for their daughters. 
  • The parent can only open a third account for their daughter if the children are twins. 
  • The girl should be an Indian resident. If the child turns into an NRI, they will no longer be eligible for the scheme. 

Documents required for Sukanya Samriddhi Yojana

You should submit the right documents. This is a government-backed scheme. So you must check the criteria thoroughly. Mentioned below are the documents that you need to open a Sukanya Samriddhi Yojana account:

  • The parent must fill out the SSY accounting form. 
  • Submit the birth certificate of the girl child when opening the bank account. 
  • The parent must submit a personal certificate if multiple children are born within one birth order. 
  • The depositor or parent must submit the ID and address proof when opening the Sukanya Samriddhi Yojana account. 
  • The bank or document will also request certain records you must submit when opening the account.

Benefits of Sukanya Samriddhi Yojana

Opening a Sukanya Samriddhi Yojana account is beneficial. Some of the common benefits include the following:

  • The interest amount that is generated will have an exemption from tax. 
  • You will be eligible for the tax benefits on the maturity amount. 
  • The tax benefits will be up to Rs 1.5 lakh within Section 80C of the Income Tax Act, 1961. This is concerning the contributions that you made towards the scheme. 

How to open Sukanya Samriddhi Yojana account?

To open the Sukanya Samriddhi Yojana, you must visit a bank or post office. However, given below are the steps you must follow to open the account:

  • Fill the Sukanya Samriddhi Yojana form. 
  • Submit the form to an authorized bank or nearby India Post Office. 
  • Attach all the supporting documents for KYC purposes. 
  • You can deposit between Rs 250 and 1.5 lakhs to open the account. 

After opening the account, you will get the passbook to keep a track record of the account and transactions. 


Sukanya Samriddhi Yojana is a government scheme. It offers interest rates of up to 7.6% on fixed deposits. This scheme is designed to help the poor save and achieve financial independence for their child. As parents, you need to ensure that you are following the guidelines given by the government.

Before opening a bank account, you might as well visit the bank account to understand the eligibility criteria. Once you are eligible, you can open a fixed deposit account with the government and enjoy this scheme’s benefits.

To understand the Sukanya Samriddhi Yojana details, you can reach out to experts at Piramal Finance