Sukanya Samriddhi Yojana
Open a Sukanya Samriddhi Yojana (SSY) account at a post office or bank for a girl child under 10, offering one of the highest government-backed interest rates with full tax exemption.
Required Documents
Step-by-Step Process
Visit a Post Office or Bank
Visit any post office or authorized bank branch offering SSY - the account can be opened for up to two girl children per family (three in case of twins).
Fill Form SSA-1
Complete Form SSA-1 with the girl child's and guardian's details.
Submit Birth Certificate and KYC
Submit the girl's birth certificate and the guardian's identity/address proof for verification.
Make the Initial Deposit
Deposit a minimum of Rs 250 to open the account; you can contribute up to Rs 1.5 lakh per financial year for 15 years.
Track Growth and Maturity
The account matures 21 years from opening, or can be partially withdrawn (up to 50%) once the girl turns 18 for education or marriage expenses.
Pro Tips & Warnings
- SSY typically offers a higher interest rate than PPF and most bank fixed deposits, revised quarterly by the government.
- The account must be opened before the girl turns 10; deposits are required for 15 years, but the account continues earning interest until maturity at 21 years.
- Like PPF, SSY enjoys EEE tax status - contributions, interest, and maturity proceeds are all exempt from income tax.