Sukanya Samriddhi Scheme was started in December 2014 is part of the Beti Bachao Beti Padhao scheme. It is a high return and zero risk investment product especially suitable for no-risk investors. Most importantly, there is no tax on the investment and the return amount.

Who can open a Sukanya Samriddhi Account?

The account can only be opened only for a girl child; whose age at the time of opening the account is below 10 years.

Can NRIs invest in this scheme?

This scheme is not available to Non-Resident Indians (NRIs).

What if a girl child becomes NRI after opening the accounts?

If the girl child becomes an NRI after opening the Sukanya Samriddhi Account, then the account will have to be closed. If you do not close the account in the event of the girl child becoming an NRI, then there will be no interest on the account (from the day of becoming an NRI).

What are the documents required to open a Sukanya Samriddhi Account?

Applicants will need to furnish following documents in the bank or post office:

• Filled Sukanya Samriddhi Account Form
• Birth Certificate of Daughter
• Identity Proof of Your (Parent / Guardian) (PAN Card, Ration Card, Driving License, Passport, Aadhar Card etc.)
• Address Proof of Your (Parent / Guardian) (Ration Card, Passport, Aadhar Card, Electricity Bill, Telephone Bill etc.)
• Banks may ask for additional documents such as PAN Card on a case to case basis.

When can you withdraw money from Sukanya Samriddhi Account?

Early withdraw before maturity is allowed in SSY but only in certain circumstances. Up to 50% of the amount deposited in the account at the end of the previous year for the daughter’s higher education is withdrawable, provided the girl is 18 years of age or have passed 10th class. But note that, investors cannot withdraw money greater than the fee written in the admission fee and card.

If I invest Rs. 10,000 per month from April 2024 onwards, how much would be the return amount?

As on Mar’24, the interest rate on Sukanya Samriddhi Account is 8.2%. So, a monthly investment of Rs. 10,000 i.e. Rs. 1,20,000 per year for 15 years, will fetch investor a maturity amount of INR 55,46,118 (Interest Earned: Rs. 37,46,118 + Investment Amount: Rs. 18,00,000)

Should parents invest in Sukanya Samriddhi Yojana?

The Sukanya Yojana account offers attractive (and guaranteed) tax-free interest which is higher than the PPF interest rate. So, undoubtedly SSY is a good investment option for your daughter’s education and marriage.

Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].