Sukanya Samriddhi Yojana offers up to Rs 72 lakh on maturity for girl child

Key facts

• Sukanya Samriddhi Yojana (SSY) was introduced on 22 January 2015 under the Beti Bachao, Beti Padhao campaign.
• SSY is a government-backed small savings scheme aimed at securing the financial future of the girl child.
• The current interest rate under SSY is 8.2% compounded annually.
• Interest is calculated every month and added to the principal at the end of each financial year.
• Deposits qualify for deduction under Section 80C of the Income Tax Act, 1961, and interest earned is tax-free.
• Minimum annual deposit is Rs 250 and maximum is Rs 1.50 lakh, either lump sum or in multiple instalments.
• Deposits can be made till completion of 15 years from account opening, and the account matures after 21 years.
• Investing Rs 1.50 lakh annually for 15 years yields a maturity value of approximately Rs 71.83 lakh at 8.2% interest.
• Early closure is allowed only under specific conditions such as marriage after age 18 or death of the account holder.
• Up to 50% of the balance can be withdrawn for the girl’s higher education once she turns 18 or passes class 10.