Sukanya Samriddhi Yojana (SSY): Girl Child Savings
Sukanya Samriddhi Yojana (SSY) is a Government of India small savings scheme launched in 2015 under Beti Bachao Beti Padhao initiative, targeted at parents/guardians of girl children below 10 years, offering EEE tax treatment.
Eligibility and limits: account opened by parent/guardian for a girl child below 10 years of age. Maximum two SSY accounts per family (one per girl child); third allowed only in case of twins/triplets at second birth. Minimum ₹250 per FY, maximum ₹1,50,000 per FY (combined across all SSY accounts of the family). Contributions allowed for first 15 years from account opening.
Interest and tenure: rate set quarterly by Ministry of Finance, currently among the highest in small savings — 8.2% (FY 2024-25), 8.0% (FY 2023-24). Compounded annually. Account matures after 21 years from date of opening, OR upon marriage of the girl child after 18 years. Partial withdrawal up to 50% of preceding year-end balance allowed for higher education (after age 18 / 10th class) or marriage (after 18).
Tax treatment (EEE): contributions deductible under Section 80C up to ₹1.5 lakh per FY (old regime). Interest accrued is fully exempt. Maturity proceeds tax-free. Account opened at any post office or authorised bank (SBI, PNB, Canara, BoB, ICICI, Axis, HDFC). Non-resident Indians (NRIs) cannot open SSY; if account holder becomes NRI, account must be closed within 30 days of status change.
SSY's combination of high government-set rate (8.2%) + EEE tax treatment makes it one of the most attractive guaranteed-return instruments for eligible families. Compounding for 21 years on ₹1.5 lakh annual contribution at 8.2% can build a corpus of ₹65-70 lakh+. The rate is reset quarterly but has stayed in 8-8.6% range historically.
