Sukanya Samriddhi Account Scheme

What is it?

Sukanya Samriddhi is a small savings deposit account opened by a parent or guardian in a girl child's name before she turns ten. It is designed as a disciplined savings vehicle for her education and marriage, with a fixed interest rate reset periodically by the government.

Deposits can be made for fifteen years from opening, but the account keeps earning interest until it matures at twenty-one years. The minimum yearly deposit is small and there is a cap on how much can go in each financial year. A missed year does not kill the account; it can be regularised later with a modest penalty.

The girl herself takes over operating the account at eighteen. Money can be drawn earlier for her higher education, and the account can be closed early if she marries after turning eighteen. Deposits qualify for a Section 80-C deduction and the interest is exempt from income tax.

Potential benefit

₹250 – ₹1,50,000 deposit per financial year

Interest of 8.2 per cent per annum, applicable for the period 1 January 2024 to 30 September 2026. Minimum deposit Rs 250 and maximum Rs 1,50,000 in a financial year, in multiples of Rs 50. Deposits qualify for a Section 80-C deduction and the interest is exempt from income tax. This is a savings account, not a grant.

Who can apply?

• The account is held by a girl child

  Where this comes from

  'account holder' means a girl child in whose name the account is held

  Official source ↗
• The girl child is under ten years old

  Where this comes from

  The account may be opened by one of the guardian in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account.

  Official source ↗

Other conditions stated by the government

• The account must be opened before the girl child turns ten.
• A family may open accounts for at most two girl children, with an exception for twins or triplets born in the first two birth orders.
• Each girl child may hold only one account.
• There is no income limit, caste rule, rural or urban rule, or occupation rule in the scheme.

Eligibility information is provided for informational purposes only. Final eligibility and approval are determined by the relevant government authority.

Documents you will need

• Form-1 account opening application
• Birth certificate of the girl child
• Identity documents of the parent or guardian
• For twins or triplets, an affidavit plus their birth certificates

How to apply

A parent or guardian opens the account in person at a post office or an authorised bank, submitting Form-1 with the girl's birth certificate and the guardian's identity documents, together with an opening deposit of at least Rs 250. Deposits continue for fifteen years from opening. The guardian operates the account until the girl turns eighteen, after which she operates it herself.

Where to apply: offline and bank

Deadline

No fixed deadline. Applications are accepted on a rolling basis.