The Sukanya Samriddhi Yojana (SSY) account, a small-savings scheme backed by the Government of India exclusively for the Indian girl child, is part of the government’s Beti Bachao Beti Padhao initiative.

A Sukanya Samriddhi Yojana (SSY) account can be opened in post office and certain specifically designated banks.

The government’s objective behind launching this small savings scheme was to encourage parents to open accounts in their daughter’s names so that they can start saving for their education and marriage early on.

The scheme is a part of the government’s “Beti Bachao – Beti Padhao” initiative.

Key features of opening a Sukanya Samriddhi Yojana account are:

- Current rate of interest on Sukanya Samriddhi Yojana is 8.1% yearly

- Minimum deposit in a Sukanya Samriddhi Yojana account is Rs 1,000

- Maximum amount that can be deposited in a Sukanya Samriddhi Yojana in a year is Rs. 1.5 lakh per Sukanya Samriddhi Yojana account

- There is no limit to the number of deposits a depositor can make either in a month or in a financial year.

- A depositor can enjoy tax benefits under Section 80C of the Income Tax Act, 1961

- A depositor can continue to deposit in the SSY account till the completion of 14 years starting from the date of opening of the accounts

- The Sukanya Samriddhi Yojana account matures after the completion of the tenure- 21 years. The balance in the Sukanya Samriddhi Yojana, including the interest, is paid to the girl child on submitting an application and proof of identity, residence and citizenship documents