Sukanya Samriddhi Yojana 2023: Eligibility, Interest Rates, Documents, Benefits & Calculator

Sukanya Samriddhi Yojana 2023: Prime Minister Narendra Modi announced the Sukanya Samriddhi Yojana initiative on January 22, 2015, in Panipat, Haryana. The accounts can be opened at any authorized commercial bank or India Post office. The interest rate was initially set at 9.1% for FY2015-16, but it was later revised to 9.2% in late March 2015. The interest rate has been increased to 7.6% for FY 2021-2022.

Sukanya Samriddhi Yojana 2023 Overview

The parent or guardian can open the Sukanya Samriddhi account at any time between the girl’s birth and the time she turns 10 years old. Each child is only allowed one account. Guardians can open a limit of two records for every one of their youngsters (exemption considered twins and trios). Any Indian address can be used to transfer money to the account.

The initial deposit into the Sukanya Samriddhi account must be at least 250rs. After that, deposits of any amount greater than Rs 100 are permitted. However, the maximum amount that can be put in is 150,000. A Rs50 fine will be imposed if the annual minimum deposit of 250Rs (originally 1000 rs) is not made.

When the girl reaches the age of 10, she is able to manage her Sukanya Samriddhi account. At the age of 18, the account allows for 50% withdrawals for higher education. The record arrives at development after time span of a long time from date of opening it.

Key Points of PM Sukanya Samriddhi Scheme 2023

The Sukanya Samriddhi Scheme can be deposited into until the account is 15 years old, which starts on the day the account is opened. The account will only earn the applicable rate of interest after this time. The account will not earn interest at the current rate if it is closed. Normal closure is permitted if the girl is married and over the age of 18.

Name of the Scheme Sukanya Samriddhi Yojana
Launch Year 2015
Launched by PM Narendra Modi
Sector Finance
Beneficiaries Girl Child and her family


Sukanya Samriddhi Yojana tax benefits

At the time of its PM Sukanya Samriddhi Yojana, only the account’s deposits were eligible for a tax deduction under Section 80C of the Income Tax Act, which was worth 150,000 between 2015 and 2016. However, Finance Minister Arun Jaitley announced, in the Union Budget of 2015, that withdrawals from the fund after maturity and interest from the account would be exempt from tax, emulating the benefits of the Public Provident Fund. Since April 1, 2015, these adjustments have been retroactively implemented. Each year, these benefits will be reevaluated. Twenty-one years after its opening, the Account will have reached its maturity date.

Sukanya Samriddhi Scheme Interest Rate 2023

Sukanya Samriddhi Yojana offers an attractive rate of interest to the account holders to facilitate and popularize the scheme. The current rate of interest offered by the government is 7.6% per annum. It was 9.1% when it was introduced in the financial year 2015-16.

SSY Time Period Rate of interest (%)
Oct to Dec 2021 (Q3 FY 2021-22) 7.6
Jul to Sep (Q2 FY 2021-22) 7.6
April to June (Q1 FY 2021-22) 7.6
June 2020 – March 2021 7.6
1 April 2020 – 30 June 2020 7.6
1 January 2020 – 31 March 2020 8.4
April to June 2019 8.50
Jan to March 2019 8.50
Oct to Dec 2018 8.50
Jul to Sep 2018 8.10
Apr to Jun 2018 8.10
Jan to March 2018 8.10
Oct to Dec 2017 8.30
Jul to Sep 2017 8.30
Apr to Jun 2017 8.40
Jan to March 2017 8.50
Oct to Dec 2016 8.50
Jul to Sep 2016 8.60
Apr to Jun 2016 8.60
From 1 April 2015 9.20
From 1 April 2014 9.10

PM Sukanya Samriddhi Yojana Calculator

Sr. No. Installment Amount (Yearly) Investment Amount (14 Years) Maturity Amount (21 Years)
1 1000 14000 46,821
2 2000 28000 93,643
3 5000 70000 2,34,107
4 10000 140000 4,68,215
5 20000 280000 9,36,429
6 50000 700000 23,41,073
7 100000 1400000 46,82,146
8 125000 1750000 58,52,683
9 150000 2100000 70,23,219


Sukanya Samriddhi Yojana Required Document

Following are the list of documents to be submitted along with the application form while opening Sukanya Samriddhi Yojana account.

  1. Birth certificate of girl child
  2. Identity proof of parents or legal guardians
  3. Address proof of parents or legal guardians
  4. Sukanya Yojana Account Opening Form
  5. Baby and parent photo

Benefits of Sukanya Samriddhi Yojana 2023

There are some amazing benefits of PM Sukanya Samriddhi Yojana launched by the PM Narendra Modi. Let us look into some of these features which aim to make this scheme popular and profitable.

  1. Sukanya Samriddhi scheme has been implemented to save the future of girls below the age of 10 years from financial crisis.
  2. PM Sukanya Samriddhi Yojana provides interest at the rate of 7.6% on the investment amount to the account holder which is tax free.
  3. In Sukanya Samriddhi scheme, Investor can invest a minimum of ₹ 250 and a maximum of ₹ 1.5 lakh every year according to his financial status.
  4. No middleman is required to lead you through the Sukanya Samriddhi account opening process.
  5. Under this scheme, tax exemption of up to ₹ 500000 is provided every year under Section 80C of the Income Tax Act.

Eligibility of Sukanya Samriddhi Scheme

  1. Sukanya Samriddhi account of the girl child can be opened only by the parent or legal guardian of the girl child.
  2. Under Sukanya Samriddhi Scheme, It is mandatory for the parent or guardian to be a permanent resident of India.
  3. Only a girl child below the age of 10 years can open an investment account under Sukanya Samriddhi scheme.
  4. Under this scheme, Only 2 girls from a family can open an investment account.

FAQs about Sukanya Samriddhi Scheme 2023

What is the minimum payment for Sukanya Samriddhi Account?

The minimum payment amount for Sukanya Samriddhi Yojana is ₹250 as per the new rules.

When did Sukanya Samriddhi Yojana start ?

PM Sukanya Samriddhi Yojana was launched by PM Narendra Modi on 4 December 2014.

How to open PM Sukanya Samriddhi Yojana account?

If a person wants to open an account of a girl child under this scheme, then he has to go to his nearest bank and submit the SSY form.

What is the maturity year of Sukanya Samriddhi Yojana account ?

An Sukanya Samriddhi Yojana account matures after 21 years from the date of opening of the account.

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