Question 1

What is the current interest rate for Sukanya Samriddhi Yojana (SSY)?

Accepted Answer

As declared by the Government of India, the current SSY interest rate is 8.2% per annum (compounded annually). The interest rate is reviewed and notified quarterly by the Ministry of Finance.

Question 2

Who is eligible to open a Sukanya Samriddhi account?

Accepted Answer

A legal guardian or parent can open an SSY account for an Indian girl child from birth until she reaches 10 years of age. A maximum of two accounts can be opened per family (one for each girl), with an exception permitting a third account in the case of twin or triplet girls born after the first daughter.

Question 3

What are the minimum and maximum deposit limits in SSY?

Accepted Answer

The minimum initial deposit to open an account is ₹250. Subsequently, an account holder must deposit at least ₹250 and at most ₹1,50,000 per financial year in multiples of ₹50 or ₹100.

Question 4

What is the deposit tenure and maturity period of an SSY account?

Accepted Answer

Contributions to an SSY account must be made for 15 years from the date of opening. The account matures upon completing 21 years from the date of account opening, or when the girl child marries after attaining 18 years of age. During the remaining 6 years (years 16 to 21), interest continues to compound without requiring further deposits.

Question 5

Are SSY investments and maturity amounts tax-free?

Accepted Answer

Yes, Sukanya Samriddhi Yojana enjoys triple 'EEE' (Exempt-Exempt-Exempt) tax status under the Indian Income Tax Act. Annual contributions are tax-deductible up to ₹1.5 Lakh under Section 80C, annual interest accrued is completely tax-free, and the entire maturity corpus is exempt from income tax.

Question 6

Can I make partial withdrawals from an SSY account before maturity?

Accepted Answer

Yes, partial withdrawal of up to 50% of the balance at the end of the preceding financial year is permitted once the girl child turns 18 years of age or passes the 10th standard, specifically for financing her higher education.

Question 7

What happens if I miss the minimum deposit in a financial year?

Accepted Answer

If the minimum deposit of ₹250 is not made in any financial year, the account is classified as in default. It can be regularized before 15 years by paying a nominal penalty fee of ₹50 per year of default plus the minimum deposit of ₹250 for each lapsed year.

Question 8

Can an SSY account be transferred across India?

Accepted Answer

Yes, an SSY account can be transferred anywhere across India between post offices and authorized commercial banks (such as SBI, PNB, ICICI, HDFC, Axis Bank) free of charge upon providing proof of address change.

Parameter	Government Rule / Criteria
Eligible Age Limit	Girl child from birth until she completes 10 years of age.
Accounts Allowed	Maximum 2 accounts per family (1 per girl child). Exception: Up to 3 accounts allowed if twins/triplets are born after the first daughter.
Deposit Limits	Minimum ₹250 per financial year; Maximum ₹1,50,000 per financial year (in multiples of ₹50).
Current Interest Rate	8.2% p.a. (compounded annually; reviewed quarterly by the Ministry of Finance).
Deposit & Maturity Tenures	Deposits for 15 years; Full maturity after 21 years from opening date (or upon marriage after age 18).
Tax Treatment	Triple EEE Status: 80C deduction on deposit, tax-free annual interest, and 100% tax-free maturity payout.
Partial Withdrawal	Up to 50% of the preceding FY balance allowed after the girl turns 18 years old or clears Class 10 (for higher education fees).
Default Penalty	₹50 penalty per financial year of default + minimum ₹250 deposit to reactivate a lapsed account.

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