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Sukanya Samriddhi Yojana: Meaning, Benefits, Interest Rates, and More

Updated On Aug 25, 2023

Over the years, a number of investment schemes have been introduced for the welfare of a girl child, Sukanya Samriddhi Yojana being one of them. It is a government-initiated savings scheme that aims to ensure financial security for a girl child in India. Read further to know about its meaning, importance, eligibility, and more.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana: Meaning, Benefits, Interest Rates, and More

Sukanya Samriddhi Yojana or the SSY is a government-sponsored scheme that was launched under the ‘beti bachao beti padhao’ campaign. It was launched by the honourable prime minister Narendra Modi in the year 2015. The government of India introduced this scheme for the welfare of girl children and to secure their financial future. Under the Sukanya Samriddhi Yojana scheme, the legal guardians of the girl child can invest in their name with a fixed amount of money. So, parents who want to invest in a better future for their girl child can do so if she is below 10 years of age. 

Sukanya Samriddhi Yojana Details

Listed below are the certain things you need to know about the Sukanya Samriddhi Yojana scheme:

  • This account can only be opened by the guardians of the girl child
  • The age of the girl child while opening the account should be less than 10 years 
  • There can only be one Sukanya Samriddhi account for one girl child
  • A legal guardian can open a maximum of 2 Sukanya Samriddhi Yojana accounts in the same family
  • The interest rates of the Sukanya Samriddhi Yojana scheme can vary from one year to another
  • The minimum investment amount in this scheme can be as low as Rs. 250 and the maximum can go up to Rs. 1,50,000
  • The Sukanya Samriddhi account can be opened at the nearest post office or bank

Sukanya Samriddhi Yojana Interest Rate 2023

The interest rate for the Sukanya Samriddhi Yojana scheme is fixed by the government of India every year. The current interest rate for the scheme is 8% and the maturity period is 21 years. 

Here is a table that illustrates the previous interest rates of the Sukanya Samriddhi Yojana scheme:


Interest Rates

Apr - Jun (FY 2023-24)


Jan - Mar (FY 2022-23)


Oct - Dec (FY 2022-23)


Jul - Sep (FY 2022-23)


Benefits of the Sukanya Samriddhi Yojana Scheme

Some of the benefits of the Sukanya Samriddhi Yojana scheme are:

  • The SSY scheme is an affordable option and can be opened with a minimum investment amount of Rs. 250
  • This scheme also offers tax benefits under section 80C of the Income Tax Act. You can save tax of up to Rs. 1,50,000
  • The interest rates of the Sukanya Samriddhi Yojana scheme are higher as compared to other schemes
  • This scheme offers a definite amount upon maturity and is thus one of the best investment options available
  • The money generated out of this scheme can be beneficial in funding different needs of a girl child such as her education, marriage, and more. Moreover, as the maturity amount is directly paid to the girl child, investing in this scheme also ensures financial independence

How to Open Sukanya Samriddhi Yojana in the Post Office?

Here is how you can open Sukanya Samriddhi Yojana in post office:

  • Visit your nearest post office and get a post office savings bank form
  • Fill out the form and attach all the relevant documents such as aadhaar card, birth certificate of girl child, and more
  • Deposit the investment amount
  • Submit the form and wait for it to get processed
  • Once your form is processed, your Sukanya Samriddhi scheme will be opened 

How to Pay for Sukanya Samriddhi Yojana Online?

Listed below are the steps in which you can pay for Sukanya Samriddhi Yojana online:

  • First, download the IPPB or the Indian Post Payment Bank app
  • You need to transfer the investment amount from your current bank account to your IPPB account
  • Go to the DOP product and click on SSY
  • Next, enter the account number and customer ID
  • Enter the amount and the duration
  • Pay the amount after which you will get the confirmation for the payment

Documents Required to Invest in Sukanya Samriddhi Yojana 

There are a number of documents required to invest in the Sukanya Samriddhi Yojana scheme:

  • PAN card
  • Voter id
  • Photo ID of legal guardian
  • Birth certificate of girl child
  • Aadhaar card

Take Away

Thus in a nutshell it can be said that Sukanya Samriddhi Yojana is one of the best investment schemes that you can open for a girl child. So, visit your nearest post office or bank to open the Sukanya Samriddhi account.

Also read: Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) - Eligibility, Benefits, and How to Apply


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.