About Sukanya Samriddhi Yojana
SSY is a government-backed savings scheme for girls, available at post offices and authorised banks. It offers one of the highest rates among small savings schemes, and the interest and maturity amount are completely tax-free.
Key rules
- The account can be opened for a girl child below 10 years of age (up to two daughters per family; more for twins or triplets).
- Deposit between ₹250 and ₹1.5 lakh every financial year.
- Deposits are required for 15 years from opening; the account matures 21 years after opening.
- Interest is compounded yearly. The rate is set by the government every quarter (8.2% p.a. at the time of writing — check the current rate).
- Up to 50% can be withdrawn for higher education after she turns 18; the account can be closed early for her marriage after 18.
- Deposits qualify for deduction under section 80C (old tax regime).
Assumptions
The calculator assumes you deposit the full yearly amount at the start of each financial year (before 5 April), which earns the maximum interest. See SSY maturity for common deposits.