Sukanya Samriddhi Yojana(SSY) – Interest Rate 2023, Benefits

Investment AmountMinimum Rs 250 and Maximum Rs 150000 in one financial year.
Present Interest Rate8% Per Annum
Maturity ValueMaturity Value varies depending on the amount you invest. You can check using our Sukanya Samriddhi Yojana Calculator.
Maturity Duration21 years from the date of investment( You need to invest only 15 years)

Benefits of Sukanya Samriddhi Yojana: Nurturing Dreams with Financial Security

Sukanya Samriddhi Yojana is more than just a savings scheme; it’s a steadfast commitment towards your daughter’s financial independence. Here, the benefits are multi-faceted, encompassing not only financial growth but also safeguarding her dreams:

Attractive Interest Rates: The scheme offers interest rates higher than many traditional savings avenues, contributing to substantial corpus growth over time.

Tax Benefits: SSY deposits enjoy the privilege of tax deduction under Section 80-C, reducing your taxable income and fostering a culture of systematic savings.

Secured Future: SSY nurtures a long-term financial cushion, catering to your girl child’s educational aspirations, marriage plans, and more.

Flexible Contributions: The scheme accommodates varying financial capacities, enabling you to contribute any amount between ₹250 and ₹1.5 lakh per annum.

Empowerment through Compounding: The magic of compounding amplifies the growth of your investments, ensuring a secure future for your daughter.

Tax Benefits of SSY: A Dual Advantage for Savvy Investors

One of the most compelling aspects of Sukanya Samriddhi Yojana is its tax benefits, designed to empower families and encourage meaningful savings:

Tax Deduction under Section 80-C: The deposits made towards SSY are eligible for tax deduction, reducing your taxable income by the invested amount.

Earnings Exempt from Tax: The interest earned on your SSY investment is exempt from income tax, enhancing your overall returns.

Dual Tax Benefit: The combination of deduction on deposits and tax exemption on interest creates a dual advantage, easing the financial burden.

SSY Account Eligibility: Enabling a Brighter Future for Your Girl Child

The SSY account is a bridge to a secure future for your girl child, with eligibility criteria that foster inclusivity:

Age Limit: The account can be opened for a girl child aged below 10 years, ensuring a long-term growth trajectory.

Single Account: Only one SSY account can be opened for a girl child, maintaining focus and efficiency in financial planning.

Parental Authority: Parents or guardians can open the account, channeling their commitment towards their daughter’s financial well-being.

Documents Required for SSY: Laying the Foundation for a Secure Future

Opening an SSY account requires specific documentation, ensuring a smooth and transparent process:

Birth Certificate: A valid birth certificate serves as proof of the girl child’s age and is crucial for account initiation.

Identity Proof: The parent or guardian’s identity proof, such as PAN card, Aadhaar card, or passport, is necessary for authentication.

Residence Proof: A document verifying the parent or guardian’s residential address is essential for establishing credibility.

Passport-size Photographs: Passport-size photographs of the girl child and the parent/guardian are necessary for account registration.

As you embark on this journey with Sukanya Samriddhi Yojana, remember that it’s not just a financial investment; it’s an investment in your daughter’s dreams, aspirations, and a secure future. Through the benefits, tax advantages, eligibility criteria, and required documents, SSY becomes a powerful tool to shape a bright financial future for your beloved girl child.