Modi Govt Raises Sukanya Samriddhi Yojana Interest Rate 8.2%

On 30 December the central government increased the interest rate of the Sukanya Samriddhi Yojana 8 to 8.2%. The scheme. This is a government-backed savings scheme designed to secure the future of your daughter. The main objective of Sukanya Samriddhi Yojana or SSY is to create funds for girl child education and marriage expenses.In this scheme the parents or guardians of the girl child can invest regularly and on maturity they get back the original investment with interest. Whatever money you earn in SSY, you do not have to pay any tax on it. That means risk-free, tax-free savings for your daughter! SSY account opening date matures after 21 years.

History OF Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi on 22 January 2015 under the Beti Bachao Beti Padhao campaign.between 2018 and 2021, 1.43 crore Sukanya Samriddhi accounts have been opened.

Eligibility Criteria

  • At the time of opening the account, the age of the account holder i.e. girl should be less than 10 years. This means this account can be opened only after 10 years of birth.
  • Only one account can be created in the name of a girl child. And a maximum of 2 accounts can be opened in a family, one for each girl child.
  • There is an exception if you have twin daughters after one girl, then you can open an account in SSY for your three children.
  • If you have the legal documents for adopting a daughter, then you can also open an account in SSY.


  • A minimum of Rs 250 and a maximum of Rs 1.5 lakh per year can be invested in this scheme.
  • The date of account opening up to 15 years, you need to invest Rs 250 every year in this scheme. After that, your investment will continue to earn interest till maturity.
  • the date of opening of the maturity of the SSY account is after 21 years.
  • In some cases, you can withdraw the amount from the SSY account even before maturity.For eg, if your daughter has turned 18 or has passed class 10, you can withdraw up to 50% of the balance at the end of the previous financial year for higher education.
  • One more important thing, you also get a sovereign guarantee in the SSY scheme.

That is the post office branch or bank with which you have opened your account, even if it closes, your investment and your daughter’s future will be safe.

How To Open SSY Account

To apply for Sukanya Samriddhi Yojana you can apply at any post office, or you can visit some specially designated public or private banks, where the government has permitted to offer the scheme. Currently, there is no online process to open an SSY account, one has to visit your bank or post office to open the account.

  • Visit your nearest bank or post office, and fill out Form SSY-1 there. If you want, give this form to RBI, India Post, or download and fill it out from the website of participating private and public banks.
  • Along with the form you have to submit some documents like the birth certificate of your daughter, identity proof of parent or guardian like PAN and Aadhaar card, and proof of address like electricity bill.
  • After submitting the documents and forms you will need to make your first deposit. You can transfer it by cash, cheque, demand draft, or online.
  • The post office or bank will process your application and open the SSY account, and also issue a passbook.
  • SSY account can be easily transferred from one post office or bank to another post office or bank.