{"id":4542,"date":"2023-05-12T19:50:51","date_gmt":"2023-05-12T14:20:51","guid":{"rendered":"https:\/\/fatakpay.com\/blog\/?p=4542"},"modified":"2026-01-23T16:53:29","modified_gmt":"2026-01-23T11:23:29","slug":"what-is-sukanya-samriddhi-yojana","status":"publish","type":"post","link":"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/","title":{"rendered":"What is Sukanya Samriddhi Yojana?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Introduction_to_Sukanya_Samriddhi_Yojana\" >Introduction to Sukanya Samriddhi Yojana:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Sukanya_Samriddhi_Yojana_account_and_maturity_period\" >Sukanya Samriddhi Yojana account and maturity period:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Setting_up_an_SSY_account\" >Setting up an SSY account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Maturity_period_of_SSY\" >Maturity period of SSY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Some_more_details\" >Some more details:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Benefits_of_Sukanya_Samriddhi_Yojana\" >Benefits of Sukanya Samriddhi Yojana<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Affordable_Payments\" >Affordable Payments:&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Tax_Benefits_on_Sukanya_Samriddhi_Yojna\" >Tax Benefits on Sukanya Samriddhi Yojna:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Sukanya_Samriddhi_Yojana_interest_rate_2023\" >Sukanya Samriddhi Yojana interest rate 2023<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#SSY_vs_PPF\" >SSY vs PPF:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#About_FatakPay\" >About FatakPay:&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.fatakpay.com\/blog\/learn-finance\/what-is-sukanya-samriddhi-yojana\/#Explore_More\" >Explore More:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_to_Sukanya_Samriddhi_Yojana\"><\/span>Introduction to Sukanya Samriddhi Yojana:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Government of India began a social effort on January 22, 2015, to address the issue of the dropping child sex ratio in our nation. The Beti Bachao Beti Padhao (BBBP) movement promotes the idea that females should be educated and saved. <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">Sukanya Samriddhi Yojana<\/mark> (SSY) attempts to address education and marriage, two significant issues affecting girl children.<\/p>\n\n\n\n<p>The Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">Ministry of Human Resource Development<\/mark> are jointly in charge of this national effort.<\/p>\n\n\n\n<p>The BBBP seeks to accomplish the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>End the practise of sex determination and gender discrimination against minors.<\/li>\n\n\n\n<li>Guarantee the girls&#8217; survival and protection.<\/li>\n\n\n\n<li>Make sure that more girls participate in education and other activities.<\/li>\n<\/ul>\n\n\n\n<p>By assisting the parents of a girl child in creating a fund for their kid&#8217;s good education and worry-free marriage expenditures, it aims to secure a bright <strong>future for girl children in India.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sukanya_Samriddhi_Yojana_account_and_maturity_period\"><\/span>Sukanya Samriddhi Yojana account and maturity period:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Setting_up_an_SSY_account\"><\/span><strong>Setting up an SSY account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There can be only one SSY account per girl child. Any authorised commercial bank branch or post office can open SSY accounts. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maturity_period_of_SSY\"><\/span><strong>Maturity period of SSY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The maturity period of SSY is <strong>21 years<\/strong> from the account opening or upon her marriage after attaining <strong>18 years<\/strong>. However, contributions have to be there for 15 years. Thereafter, the SSY account will continue to earn interest until maturity even when no deposits are made into it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_more_details\"><\/span>Some more details:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Beneficiary of SSY<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Any girl child who resides in India is a beneficiary under the SSY.<\/li>\n<\/ul>\n\n\n\n<p><strong>Deposits under SSY<\/strong><\/p>\n\n\n\n<p>Until the girl child turns 18 years old, the guardian may deposit money and manage the account. After turning 18 years old, the girl child will have to handle the SSY account by law. <\/p>\n\n\n\n<p>The minimum deposit amount for an SSY account is Rs. 250 (formerly Rs. 1,000), with subsequent deposits in multiples of Rs. 50, and the maximum deposit amount is Rs. 1,50,000 every fiscal year for a period of up to 15 years. Cash, checks, demand draughts, and online transfers are all acceptable forms of deposit.<\/p>\n\n\n\n<p><strong>Interest on deposits<\/strong><\/p>\n\n\n\n<p>For the first quarter of FY 2023-2024, which runs from 1 April 2023 to 31 June 2023, the interest rate is 8% p.a. <\/p>\n\n\n\n<p>No interest is payable after the completion of tenure of the SSY, i.e after 21 years from account opening. No interest accrues after the girl child becomes a non-citizen or a non-resident of India. Any deposit placed in excess of the annual maximum cap, which is Rs. 1,50,000, will not earn interest and may be withdrawn at any time by the depositor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_Sukanya_Samriddhi_Yojana\"><\/span>Benefits of Sukanya Samriddhi Yojana<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Affordable_Payments\"><\/span><strong>Affordable Payments:&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A Rs. 250 minimum deposit is needed each fiscal year to maintain an SSY account. Up to Rs. 1.5 lakh can be deposited at your convenience per fiscal year. Everyone in the society appears to be able to make the payments.<\/p>\n\n\n\n<p>Educational Expenses covered: You may withdraw 50% of the account balance as of the end of the preceding <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">financial year<\/mark> to cover your girl child&#8217;s schooling costs. This can be obtained by providing admissions documentation.<\/p>\n\n\n\n<p>Attractive Interest Rates: In comparison to other government-backed programmes, the interest rate that applies to SSY accounts has always been high. The rate is currently 8% every year.<\/p>\n\n\n\n<p>Returns Are Guaranteed: Since SSY is a government-backed programme, returns are assured when it matures.<\/p>\n\n\n\n<p>Convenient Transfer: The SSY account can be moved effortlessly from any Indian post office to any Indian bank, and vice versa.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefits_on_Sukanya_Samriddhi_Yojna\"><\/span>Tax Benefits on Sukanya Samriddhi Yojna:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Section 80C allows for deductions for investments made in the SSY plan, up to a maximum of Rs 1.5 lakh.<\/p>\n\n\n\n<p>According to Section 10 of the Income <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/blog\/tax-planning-for-financial-wellness\/\" target=\"_blank\" rel=\"noopener\">Tax<\/a><\/mark> Act, the interest that is accrued on this account and is compounded annually is also not subject to taxation.<\/p>\n\n\n\n<p>Taxes are not applied to the proceeds that are received upon maturity or withdrawal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sukanya_Samriddhi_Yojana_interest_rate_2023\"><\/span>Sukanya Samriddhi Yojana interest rate 2023<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The interest rate has increased to 8% for the first quarter of FY 2023-2024, or from 1 April 2023 to 31 June 2023.<\/p>\n\n\n\n<p>The interest rate for the fourth quarter of the fiscal year 2022\u20132023\u2014that is, from 1 January 2023 to 31 March 2023\u2014was 7.6%.<\/p>\n\n\n\n<p>For the first quarter of FY 2022\u20132023, from 1 April 2022 to 30 June 2022, the interest rate was 7.6%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SSY_vs_PPF\"><\/span>SSY vs PPF:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Parameters<\/td><td>Public Provident Fund (PPF)<\/td><td>Sukanya Samriddhi Yojana (SSY)<\/td><\/tr><tr><td>Minimum Deposit per Financial Year<\/td><td>Rs.500<\/td><td>Rs.250<\/td><\/tr><tr><td>Maximum Deposit per Financial Year<\/td><td>Rs.1.5 lakh<\/td><td>Rs.1.5 lakh<\/td><\/tr><tr><td>Eligibility Criteria<\/td><td>Any single adult who is a resident Indian<\/td><td>Girl child below the age of 10 years<\/td><\/tr><tr><td>Maturity Period<\/td><td>15 Years<\/td><td>21 Years<\/td><\/tr><tr><td>Payment Period<\/td><td>15 Years<\/td><td>15 Years<\/td><\/tr><tr><td>Interest Rate<\/td><td>7.1% p.a. (Q1 of FY 2023-24); Compounded yearly<\/td><td>8% p.a. (Q1 of FY 2023-24); Compounded yearly<\/td><\/tr><tr><td>Tax Benefits<\/td><td>EEE Benefit<\/td><td>EEE Benefit<\/td><\/tr><tr><td>Premature Withdrawal<\/td><td>5 years completion<\/td><td>Upon the girl child attaining 18 years for marriage or higher education<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The <strong>Sukanya Samriddhi Scheme is a programme<\/strong> specifically designed to empower girls and ensure their futures. This programme should be looked into by every parent because it also serves as an excellent tax-saving tool.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_FatakPay\"><\/span>About FatakPay:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>FatakPay<\/strong> provides <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">virtual credit<\/mark> facilities for all. It&#8217;s available on your phone and caters to your everyday needs in both online and offline formats. . The solution provides an almost zero cost, free, quick, transparent and secure way to transact in a multilingual format with a Scan Now, Pay Later facility and easy repayment options.<\/p>\n\n\n\n<p><strong>Plan Smart. Save Early. Empower Her Future.<\/strong><br>Government schemes like Sukanya Samriddhi Yojana help you secure your daughter\u2019s tomorrow and smart digital tools like <a href=\"https:\/\/fatakpay.com\/\" target=\"_blank\" rel=\"noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"><strong>FatakPay<\/strong><\/mark><\/a> help you manage today.<br><a href=\"https:\/\/link.ftkp.in\/2uSI\/dkasgvnf\" target=\"_blank\" rel=\"noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\"><strong>Download the FatakPay App<\/strong><\/mark><\/a> to access instant credit, manage your expenses easily, and stay financially ready for your family\u2019s future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Explore_More\"><\/span><strong>Explore More:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For further insights into investment and financial planning, check out our additional resources. These blogs provide valuable information to help you make informed decisions about your financial future:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/fatakpay.com\/blog\/what-is-nps\/\" target=\"_blank\" rel=\"noopener\">What is NPS?<\/a><\/strong> \u2013 Learn about the National Pension System and how it can secure your retirement.<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/fatakpay.com\/blog\/what-is-national-savings-certificate\/\" target=\"_blank\" rel=\"noopener\">What is National Savings Certificate?<\/a><\/strong> \u2013 Discover the benefits of investing in National Savings Certificates for guaranteed returns.<\/li>\n<\/ul>\n\n\n<p><\/p>\n\n\n<p><\/p>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"BlogPosting\",\n  \"headline\": \"What is Sukanya Samriddhi Yojana?\",\n  \"description\": \"Learn about the Sukanya Samriddhi Yojana scheme \u2014 its features, benefits, and eligibility criteria for securing your daughter\u2019s financial future.\",\n  \"image\": \"https:\/\/fatakpay.com\/blog\/wp-content\/uploads\/2023\/05\/What-is-Sukanya-Samriddhi-Yojana-1.jpg\",\n  \"datePublished\": \"2023-05-12\",\n  \"dateModified\": \"2023-05-12\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/fatakpay.com\/blog\/what-is-sukanya-samriddhi-yojana\/\"\n  },\n  \"author\": {\n    \"@type\": \"Organization\",\n    \"name\": \"FatakPay Digital Pvt. Ltd.\",\n    \"url\": \"https:\/\/fatakpay.com\"\n  },\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"FatakPay Digital Pvt. Ltd.\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/fatakpay.com\/assets\/images\/logo\/Logo.svg\"\n    }\n  }\n}\n<\/script>\n\n","protected":false},"excerpt":{"rendered":"<p>Introduction to Sukanya Samriddhi Yojana: The Government of India began a social effort on January 22, 2015, to address the issue of the dropping child sex ratio in our nation. The Beti Bachao Beti Padhao (BBBP) movement promotes the idea that females should be educated and saved. Sukanya Samriddhi Yojana (SSY) attempts to address education<\/p>\n","protected":false},"author":1,"featured_media":6756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[97,95,103,136],"class_list":{"0":"post-4542","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-learn-finance","8":"tag-fatakpay","9":"tag-financial-wellness","10":"tag-investments","11":"tag-sukanya-samriddhi-yojana"},"_links":{"self":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/comments?post=4542"}],"version-history":[{"count":8,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4542\/revisions"}],"predecessor-version":[{"id":7442,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4542\/revisions\/7442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media\/6756"}],"wp:attachment":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media?parent=4542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/categories?post=4542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/tags?post=4542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}