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Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana is a flagship initiative under the 'Beti Bachao Beti Padhao' campaign launched by the Government of India in 2015. This girl-child prosperity account aims to secure the financial future of daughters across the nation. The SSY scheme provides parents and legal guardians with a structured savings platform that offers competitive interest rates and significant tax advantages.
What is Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana details: SSY is a small savings scheme designed exclusively for the girl child. Parents or legal guardians can open an SSY account in their daughter's name from her birth until she reaches 10 years of age. The scheme requires a minimum deposit of ₹250/- per year, with a maximum annual contribution limit of ₹1.5 lakh.
The Sukanya Samriddhi account matures after 21 years from the date of opening, though deposits are only required for the first 15 years.
Tax exemptions available for parents/guardians make this scheme particularly attractive under Section 80C of the Income Tax Act. The Sukanya Samriddhi account online facility has made it even more accessible to parents across India.
Competitive interest rates decided by the Government of India currently stand at 8.2% per annum (for FY 2025–26), which is significantly higher than many other savings options available in the market.
Features & Benefits
Product features
The Sukanya Yojana allows parents to open accounts for a maximum of two daughters per family. The account can be transferred anywhere in India,
Read MoreTax benefit
Under the Sukanya Samriddhi Yojana online facility, deposits up to ₹1.5 lakh annually qualify for tax deduction under Section 80C. Moreover,
Read MoreInterest rate
The interest rate for the Sukanya Samriddhi account is reviewed quarterly by the government. At 8.2% per annum,
Read MoreAccount operation
The account remains operational until the girl child turns 21 years old. Parents can make deposits through various modes
Read MoreWithdrawal from account
Partial withdrawal of up to 50% of the account balance is permitted after the girl child turns 18 years old,
Read MoreOther benefits
In case of unfortunate circumstances like the death of the account holder, the account can be prematurely closed, and the amount withdrawn by the guardian.
Read MoreHow It Works
How to invest in Sukanya Samriddhi Yojana (SSY)?
Investment in Sukanya Samriddhi can be made through authorised banks and post offices. Parents can deposit any amount from ₹250 to ₹1.5 lakh annually, with no limit on the frequency of deposits within a financial year. The scheme allows flexibility, ensuring parents can contribute based on their financial convenience, while also building a disciplined habit of saving for their daughter’s future.
Transfer SSY Account to Axis Bank
You can transfer an existing Sukanya Samriddhi Yojana account from other bank or post office, to Axis Bank, as per the process below:
- You need to submit SSY Transfer Request Form at existing bank/post office mentioning address of Axis Bank branch.
- The existing bank/ post office shall arrange to provide original documents such as a certified copy of the account opening application, specimen signature, certified copy of account statement or original updated passbook to Axis Bank branch address, along with the cheque / DD for outstanding balance in SSY account.
- Once the transfer documents are received at Axis Bank branch, you will be required to submit a new SSY Account opening form alongwith a fresh set of KYC documents for the account holder and parent/ guardian
Sukanya Samriddhi Yojana (SSY) tax benefits
Now that you know the Sukanya Samriddhi Yojana details, here's what you should know about its tax benefits.
Annual deposits qualify for Section 80C deductions, while both the interest earned and maturity amount remain completely tax-exempt. This triple tax benefit (investment, interest, and maturity) makes SSY one of the safest and most rewarding small savings schemes in India.
Few other investment schemes provide such comprehensive tax relief, giving parents the dual benefit of securing their daughter’s future while reducing annual tax liability. Over time, these savings compound into a sizeable corpus, which can help ease financial pressures at crucial life stages.
Eligibility for Sukanya Samriddhi Yojana
Required Documents:
Sukanya Samriddhi Yojana FAQs
Please check our list of FAQs for any queries pertaining to SSY. If you have any further queries, do visit our nearest branch and our representatives will be happy to help you.
The parent/ guardian needs to fill up the SSY account opening form on behalf of the minor girl child and submit all other required documents to Axis Bank branch. The documents include birth certificate of the girl child having her name on it, passport size photo of parent/ guardian, and the KYC (identity & address proof) documents of the parent/ guardian.
The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years. A depositor can open and operate only one account in the name of a girl child. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children.
Required documents include the girl child's birth certificate, guardian's identity and address proof, photographs, and KYC documents, including PAN and Aadhaar details. Some banks may also request a filled application form specific to SSY. Submitting originals along with photocopies is often required for verification.
The minimum deposit amount is ₹250 per financial year and the maximum amount is ₹1.5 lakhs per financial year.
A penalty of ₹50/- will be levied per year of default, if the customer does not deposit the minimum deposit amount of ₹250 in a financial year. The account can be regularized post payment of penalty.
No, loan facility cannot be availed.
No withdrawals are permitted till the account holder (girl child) reaches the age of 18. After the account holder reaches the age of 18, partial withdrawal up to 50% of the account balance is allowed, to meet education expenses only.
The SSY account can be prematurely closed in following circumstances:
- In the event of death of account holder.
- If the accounts officer is satisfied that continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death of guardian), it may allow pre-mature closure of the account.
- If the account holder attains NRI/ PIO status any time prior to the maturity of the account.
The tenure of the SSY account lasts until 21 years from the date of opening account; or till the account holder gets married, whichever is earlier.
- Fund transfer to SSY account can be done via cash/ cheque/ demand drafts at any Axis Bank branch.
- The parent/ guardian can also add the SSY account as a beneficiary on Internet banking (Other Axis Bank accounts> Transfer section) and transfer from his/her own account.
- The balance can be viewed by updating the Sukanya Samriddhi account passbook at any Axis Bank branch. This is issued free of charge.
The SSY scheme offers higher interest rates than many fixed deposits, complete tax exemption on both interest and the maturity amount, and is specifically designed to support girl's education and marriage needs. It also provides long-term financial security with a government-backed guarantee. Additionally, unlike many other schemes, it encourages disciplined savings with a 21-year lock-in period.
No, a maximum of two accounts can be opened per family. However, exceptions exist for twins and triplets born after the first child. It also provides long-term financial security with a government-backed guarantee. Families with adopted daughters can also benefit from the scheme.
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