Outlook Money
Sukanya Samriddhi Yojana SSY is a government supported scheme that is extended to Indian parents to financially secure their daughter’s future for marriage or studies purposes.
SSY can be opened by the parents or the guardian of a girl child below 10 years old. Accounts for each family is limited to 2 daughters except if there are twins during second birth.
Documents such as SSY form, birth certificate of the daughter(s), guardian or the parents’ ID proof as well as an address proof of the parent(s) or guardian(s).
The rate of interest for the 1st quarter of FY 2025-2026, i.e. 1 April 2025 to 30 June 2025, is 8.2 per cent p.a. The interest earned is tax-free.
The parents can make an initial contribution of more than Rs 250 along with the form and necessary documents and photos.
A contribution ranging between Rs. 250 to Rs 1.5 lakh can be made by the parents per year. The Maximum annual cap of contribution is 1.5 lakh.
The account matures when the daughter turns 21 or on marriage at any age above 18 years.
The contributions can only be made in the first 15 years while the last 6 years still attract interest on the accumulated amount.
In case you miss contributions, the account is classified as defaulted. You can reactivate the account by paying a Rs 50 fine for each missed year.