Sukanya Samriddhi Yojana: Eligibility, Benefits And How To Apply

Save & Invest

If you have a daughter, you can open a Sukanya Samriddhi Yojana account and put away anything from 1,000 to 1.5 million a year in her favor. These deposits are permitted for the first 15 years after the account is opened, after which the principal and any interest earned will be compounded annually. The savings can be used toward your daughter’s plans to attend college, start a company, or get married.

Highlights of the Sukanya Samriddhi Yojana (SSY)

The purpose of the Sukanya Samriddhi Yojana is to help parents of female children save money for their daughters’ futures, including for further education and a wedding. It’s important to double-check a few things before creating an account. Here’s a rundown of all of them:

Deposit LimitMinimum Deposit: Rs 250 (initial deposit), further deposits in multiples of 50Maximum deposit: Rs 1,50,000
Account holderIf a girl child is below the age of 10 years, then the account is handled by the parents/ guardian of the girl.A girl can take control of the account once she turns 18
Maturity 21 years after opening the account. You have to deposit for at least 15 to 16 years
Documents requiredBirth certificate of the girl child Form-1PAN/AADHAR of the parents/guardian
DepositsDeposits are made by:Online transferNEFTDDCashCheque


  • Open an account at any post office in India since the government has made the Sukanya Samriddhi Yojana available to all residents.
  • When the account is opened, the girl must be under 10. Until the girl’s kid is 21, she can use the account.
  • The minimum investment is $250, the yearly maximum is $150,000, and the minimum recurring investment is $100 for each item.
  • A girl child cannot open several Sukanya Samriddhi accounts. Each family unit is limited to two Sukanya Samriddhi Yojana accounts, one for each member.


  • The First One: It Got My Attention

Compared to other programs that help women save for the future, the Sukanya Samriddhi Account offers a more attractive interest rate. Interest on your investments is compounded annually, but the government only publishes the interest rate that will be in effect for the fiscal year once a year. You may expect your Sukanya Samriddhi Yojana savings to grow by a factor of two by the time you reach retirement age, all thanks to the power of compounding.

  • Important Tax Breaks

Sukanya Samriddhi Yojana investments are tax-deductible. As a result, contributions to the plan up to Rs 1.5 lakh qualify for tax benefits. Moreover, you may deduct the interest you earn and the money you cash out when the time comes. Among the most well-known EEE investment programs is the Sukanya Samriddhi Yojana, managed by the Department of Revenue (DOR).

  • Benefits Payable upon Expiration are Assured

At the age of majority, your daughter will get the whole amount of your Sukanya Samriddhi Yojana account, along with any interest she has earned (or policyholder). Your daughter will benefit from the training when she is of legal age; she will be better equipped to make decisions for herself financially. In addition, until the account holder cancels the account, the money invested in the Sukanya Samriddhi Yojana will continue to earn compound interest, even after the account’s maturity date.

When and Where do I need to Apply for the Sukanya Samriddhi Yojana?

Mail delivery

The procedure for establishing a Sukanya Samriddhi account is detailed below:

  1. Stop by a financial institution or postal service in your area.

To participate in the Sukanya Samriddhi Yojana, step 1 is to fill out the application. The official name for this form is SSA-1. When you go to a financial institution or post office, you will receive it from them.

  1. You can also fill out the form in advance.
  • Two forms of identification are required to create an account for a minor girl: a) the girl’s birth certificate and b) proof of parental or guardian status (AADHAR card, PAN card, Voter ID, etc.).
  • An address verification document, such as a driver’s license or a recent utility bill.
  • Put in your first money. The minimum first deposit is Rs 250. To the tune of one and a half million rupees ($27,000), you can open an account.
  • When the bank receives your complete application, they will process it.
  • After you’ve been verified, your Sukanya Samriddhi Yojana account will be activated. You’ll get a passbook to keep track of your transactions.

What to do at the Post Office to Sign-Up for the Sukanya Samriddhi Yojana

Step 1: Fill out the Post Office Savings Bank account application.

  • Include a copy of your photo ID, a utility bill showing your current residence, and any other papers you feel are relevant to your application.
  • Put down a deposit (it should be more than Rs 250).
  • Watch for the application to be reviewed.
  • Your passbook and account will be activated as soon as the paperwork is processed.
  • Submission Instructions for the Sukanya Samriddhi Yojana.
  • Many forms of identification are required before a Sukanya Samriddhi Account may be opened. The online submission of these forms is currently unavailable; please get in touch with your nearest bank or post office.

Step 2: The following forms of proof are required:

Female Child Identification Birth Certificate (Form SSA-1) Documents: The following are acceptable forms of identification and proof of residence to obtain a PAN or AADHAR card.

Despite these being the only documents necessary, the appropriate financial institution may request further paperwork.

Step 3: To whom should I direct questions regarding Sukanya Samriddhi Yojana Online Payments?

  • Download the IPPB (Indian Postal Payments Bank) app. The Indian Postal Service Board (IPPB) is one of its branches. Check out the link down below to access it.
  • You must first move funds to your IPPB account from your main bank account.
  • Find the “DOP Product” tab and click there. Choose the SSY account link.
  • Then, you’ll need to supply your DOP customer ID and SSY account number.
  • Decide how much you want to put into your Sukanya Samriddhi Yojana account and for how long.
  • Keep your fingers crossed for IPPB’s confirmation of a successful transfer.
  • Upon receipt of the payment confirmation, your payment is complete, and a repayment plan is established.

Visit Piramal Finance today to know more!