Sukanya Samriddhi Yojana (SSY) is a small savings scheme from the Government of India for the education and marriage of a girl child. It's backed by the government, offers one of the higher small-savings interest rates, and is tax-free at every stage.
Who can open an account
- A parent or legal guardian, for a daughter below 10 years of age
- One account per girl, and up to two girls per family (with exceptions for twins or triplets)
- At any post office or authorised bank
Deposits
- Minimum ₹250 and maximum ₹1.5 lakh in a financial year
- Deposits are made for 15 years from the date of opening
- Miss the minimum in a year and the account becomes irregular; it can be revived with a small penalty
Maturity and withdrawals
- The account matures 21 years from the date of opening — not when the girl turns 21
- After she turns 18 (or passes Class 10), up to 50% of the balance can be withdrawn for higher education
- The account can be closed early for her marriage after she turns 18
How the interest works
The government sets the SSY interest rate every quarter. Interest is compounded yearly and credited to the account; each period's rate applies to that period, so your balance reflects a mix of past rates. In the old tax regime, deposits qualify for the section 80C deduction, and both the interest and the maturity amount are tax-free.
Tracking SSY in Welthr
Because the rate changes, SSY is hard to value in a spreadsheet. In Welthr you only enter your deposits — the official rates are synced from National Savings Institute (NSI) and applied period by period, so your balance and expected maturity stay accurate. The free Sukanya Samriddhi calculator projects the maturity value for a yearly deposit.