Sukanya Samriddhi Yojana (SSY) Calculator

What is Sukanya Samriddhi Yojana (SSY)?

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched by the Government of India in January 2015 under the "Beti Bachao, Beti Padhao" campaign. It is specifically designed to encourage parents and guardians to build a financial corpus for the future education and marriage expenses of their girl child. SSY accounts can be opened at any India Post office or authorized bank in India, including SBI, PNB, Bank of Baroda, and most other nationalized and private sector banks.

The scheme has a 21-year maturity period from the date of opening the account. However, deposits are required only for the first 15 years. After that, the accumulated balance continues to earn compound interest at the prevailing SSY rate for the remaining 6 years without any additional deposits. The minimum annual deposit is Rs 250 and the maximum is Rs 1,50,000. As of FY 2025-26, the SSY interest rate is 8.2% per annum, which is higher than the PPF rate of 7.1%, making it one of the most attractive small savings schemes in India.

SSY Eligibility & Account Opening Rules

A Sukanya Samriddhi account can be opened by a parent or legal guardian for a girl child who is below 10 years of age at the time of account opening. A maximum of two SSY accounts can be opened per family (one per girl child), with an exception for twins or triplets. The account is opened in the name of the girl child, with the parent or guardian as the operator until the girl turns 18. After she turns 18, the girl can operate the account herself.

To open an SSY account, you need the girl child's birth certificate, identity proof and address proof of the parent/guardian, and an initial deposit of at least Rs 250. The account can be transferred from one post office or bank to another anywhere in India free of cost. If the minimum deposit of Rs 250 is not made in any financial year, a penalty of Rs 50 per defaulted year is charged, and the account must be regularized before maturity.

SSY Tax Benefits — EEE Status

SSY enjoys the coveted EEE (Exempt-Exempt-Exempt) tax status under the Income Tax Act, making it one of the most tax-efficient investment options in India. This triple exemption means: (1) annual deposits up to Rs 1.5 lakh qualify for tax deduction under Section 80C; (2) the interest earned each year is completely tax-free; and (3) the maturity amount is fully exempt from income tax. For a taxpayer in the 30% bracket, investing the maximum Rs 1.5 lakh per year saves approximately Rs 46,800 in taxes annually (including 4% cess), totaling over Rs 7 lakh in tax savings over the 15-year deposit period.

SSY vs PPF — Which is Better?

Both SSY and PPF are government-backed EEE schemes, but they differ in key aspects. SSY offers a higher interest rate (8.2% vs 7.1% for PPF), making it more lucrative for pure returns. However, SSY is available only for girl children under 10, while PPF is open to all Indian residents. SSY has a fixed 21-year maturity with no extension option, whereas PPF has a 15-year lock-in extendable in 5-year blocks up to 30 years. PPF allows partial withdrawals from year 7 and loans from years 3-6, while SSY permits a 50% withdrawal only when the girl turns 18. For families with a girl child, opening both an SSY and a PPF account allows maximizing the combined Section 80C benefit and diversifying across two sovereign-guaranteed instruments.

Partial Withdrawal & Premature Closure Rules

SSY allows a one-time partial withdrawal of up to 50% of the balance at the end of the previous financial year once the girl child turns 18 years of age. This withdrawal can be used for higher education expenses (admission fee, hostel charges, etc.) upon submission of relevant documents. Premature closure is permitted under specific circumstances: (1) the account holder's marriage after turning 18; (2) death of the account holder (full balance paid to guardian with interest); or (3) compassionate grounds such as life-threatening illness. In case of premature closure for marriage, the account can be closed from 6 months before the girl's 18th birthday. Normal closure happens when the account completes 21 years from the date of opening, or upon the girl's marriage after age 18, whichever is earlier.