The Sukanya Samriddhi Yojana (SSY) is one of India’s first government savings schemes, launched with the aim of securing a bright future for daughters. The government launched it under the “Save the Daughter, Educate the Daughter” campaign, and since its inception, the scheme has received overwhelming support from parents across the country. Today, over 40 million Sukanya accounts have been opened in the country, with deposits exceeding Rs 3.25 lakh crore. This figure clearly demonstrates the deep faith people place in the scheme.
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The unique feature of the Sukanya Yojana is that the compound interest earned under it transforms even small savings into a substantial fund over the years. The current interest rate is 8.2 per cent, fixed quarterly. Interest is calculated on the monthly minimum balance and credited to the account at the end of the year, allowing the corpus to grow rapidly. This is why investing in this scheme over a long period of time creates a strong corpus.
If a family deposits ₹1.5 lakh annually for their daughter for 15 years, the corpus reaches approximately ₹72 lakh by the 21st year of maturity. The total deposit during this period is ₹22.5 lakh, with the remaining amount accruing through compound interest. This benefit is possible because, despite the 15-year investment period, the account remains active for 21 years, earning steady interest during the final six years.
This scheme is designed for families from all economic backgrounds. A minimum annual deposit of ₹250 is required to open an account, while the maximum limit is ₹1.5 lakh. Parents can open an account in their daughter’s name from birth until she reaches the age of ten. Accounts can be opened for two daughters in a family, and a third account is also permitted if there are twins.
Tax benefits are another major feature of this scheme. Sukanya Samriddhi Yojana is completely tax-free. Investments are eligible for Section 80C deductions, interest is tax-free, and the maturity amount is also completely tax-free. This makes it one of the most popular schemes in the EEE category.
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Government guarantees, risk-free returns, and long-term compound interest make it an ideal plan for securing the future of daughters. Even low-income families can start with a small amount and build a substantial corpus over time. This is the biggest reason for the scheme’s success and popularity.