Sukanya Samriddhi Yojana: A Decade of Transforming Lives

IN NEWS — Sukanya Samriddhi Yojana: A Decade of Transforming Lives

ANALYSIS

1. Background and Completion of 10 Years

1. Sukanya Samriddhi Yojana (SSY) was launched on 22 January 2015 under the Beti Bachao, Beti Padhao campaign.
2. On 22 January 2025, the scheme completed 10 years, marking a decade of promoting financial security and empowerment for girl children.
3. Over 4.1 crore SSY accounts have been opened as of November 2024, indicating widespread acceptance and impact.

2. Objectives and Core Purpose

1. Ensure long-term financial security for girl children.
2. Promote education over early marriage by encouraging planned savings.
3. Create social awareness around valuing daughters and enabling a culture of empowerment.

3. Eligibility and Account Opening Provisions

1. Account can be opened from birth till the girl turns 10 years.
2. The girl child must remain a resident Indian until account maturity/closure.
3. Only one account per girl child; maximum two accounts per family, except in cases of twins or triplets.
4. Required documents:
   • SSY Account Opening Form
   • Birth certificate
   • Identity proof (RBI KYC compliant)
   • Address proof (RBI KYC compliant)
5. Account can be transferred anywhere in India.

4. Deposit Rules

1. Minimum annual deposit: ₹250; deposits must be in multiples of ₹50.
2. Maximum annual deposit: ₹1,50,000; excess amount earns no interest.
3. Deposits can be made for 15 years from account opening.
4. Account can be opened in any post office or designated bank.

5. Account Operation

1. Managed by the guardian until the girl turns 18.
2. After 18, the girl can operate the account herself upon submission of required documents.

6. Interest Calculation Mechanism

1. Interest is calculated monthly based on the lowest balance between the 5th day and end of the month.
2. Credited annually at the end of the financial year.
3. Fraction rounding:
   • ≥50 paisa → rounded up
   • <50 paisa → ignored
4. Interest credited irrespective of office transfers.

7. Maturity and Early Closure Rules

1. Account matures 21 years from the date of opening.
2. Early closure permitted only if the girl intends to marry after turning 18.
3. Required for early closure:
   • Application + declaration on non-judicial stamp paper
   • Proof of age (≥18 at marriage)
4. Closure window:
   • Within 1 month before marriage
   • Up to 3 months after marriage
5. Payout includes outstanding balance + applicable interest.

8. Withdrawal Rules for Education

1. Up to 50% of the balance from the preceding financial year can be withdrawn.
2. Conditions:
   • Girl must be 18 years OR
   • Must have completed 10th standard
3. Purpose: Educational expenses only.
4. Documentation required:
   • Admission offer letter
   • Institutional fee slip
5. Withdrawal can be lump sum or in instalments (max 1 per year for 5 years).

9. Premature Closure on Special Grounds

1. In case of death of the account holder, the account can be closed immediately.
2. Required: Application + death certificate.
3. Guardian receives full balance + accrued interest up to date of death.
4. Post-death interest is calculated at Post Office Savings Account rate.
5. Premature closure also allowed on compassionate grounds, such as:
   • Life-threatening medical conditions of the girl
   • Death of the guardian
6. No premature closure allowed within first 5 years except on death.

10. Overall Assessment

1. SSY has emerged as one of India’s most impactful small savings schemes for girl children.
2. It supports long-term planning for education, empowerment, and financial independence.
3. High participation (4.1 crore accounts) reflects trust, awareness, and behavioural change.
4. Acts as a social and financial safety net, complementing national goals of gender equity.

NECESSARY STATIC PART

1. SSY is a part of the National Small Savings Schemes.
2. Implemented under the Ministry of Women and Child Development + Ministry of Finance (DFS).
3. Scheme interest rate is notified quarterly by the Government of India.
4. Premature closure principles align with Post Office Savings Scheme Rules.
5. SSY offers E–E–E tax benefit under Section 80C (up to ₹1.5 lakh).

Updated – 21 Jan 2025 ; 04:00 PM | PIB | News Source: PIB (https://www.pib.gov.in/PressReleasePage.aspx?PRID=2094807)