SBI Sukanya Samriddhi Yojana (SSY) Scheme Benefits, Features and Interest Rate, 2025

The Indian government initiates several schemes in the country to encourage and promote the growth of girl child. Sukanya Samriddhi Yojana (SSY) by SBI is one such example of a government-backed scheme that has been introduced exclusively for the girl child in India. Here we learn all about this scheme, SBI account opening documents for the scheme, the interest rate offered by SBI, and the benefits under the plan for the investor. Keep reading to know more.

Sukanya Samriddhi Yojana SBI

The whole idea behind the initiation of this scheme by the SBI or State Bank of India was to encourage the parent(s) of a girl child towards incorporating the habit of savings in everyday life. Savings help build a corpus of wealth for the daughter(s) helping them to secure their future financially, whether for good higher education, study abroad, or marriage. These savings can be used to cover the expenses in all these areas for girls.

The SSY is an initiation by the Indian government in the direction of the “Beti Bachao, Beti Padhao” campaign in the country.

How Does SBI Sukanya Samriddhi Yojana Work?

Under the SSY, the parent or legal guardian of a girl child (below 10 years of age) is authorized by SBI to open an account in the name of the child. Once the account is opened, the parent or guardian can deposit a certain amount of money as savings into it to use for the girl child in the future (for the latter’s education or marriage purposes).

The scheme also provides tax benefits to the account holder under Section 80C of the Income Tax Act, 1961. The Act entitles the account holder for a deduction up to Rs. 1.5 lakh. Besides, the rate of interest offered under the scheme is also relatively higher than other small-savings schemes run by the government.

Let us take a detailed look at the key features of SBI Sukanya Samriddhi Yojana (SSY) Scheme below.

Key Features of Sukanya Yojana SBI Scheme

Criteria for SSY SBI	Key Features
Eligibility for the plan	Scheme open only for girl child who is an Indian resident; NRI girls not covered under SSY
Opening of SSY account	Account for the girl child can be opened at a post office/bank either by her biological parents or a legal guardian; minimum deposit of Rs. 1,000 required for account opening
Partial withdrawal facility	50% of the deposited funds are allowed for withdrawal from the account for her higher studies/marriage once the girl is 18 years old
Deposit of funds	Starting deposit of Rs. 250 p.a. can be made and maximum deposit of Rs. 1.5 lakh p.a. permissible; fund deposits via cash/cheque
Reactivation of account	For the account to keep running, a minimum of Rs. 250 deposit every year for 14 years required; failure to do so would result in account deactivation; for revival – Rs. 50 charged with min. deposit
Age permissible	The account can be opened for a girl child right at the time of her birth until she is 10 years old
Term of the plan	21 years or until the girl gets married after the age of 18; account can remain active for max 21 years from the date of opening, after which no interest is earned from the account

Benefits of SBI Sukanya Samriddhi Yojana

There are several benefits of the SSY scheme. Some of them are listed below:

1. The amount to be deposited every month into the scheme is fairly reasonable and can be easily afforded by all sections of the society.
2. The interest rate offered by SBI for the SSY scheme is relatively higher than other banks. Every year, 7.6% per annum is compounded and credited into the SSY account. This has been in effect since 2020.
3. Discounts and exemptions on tax are permissible under the scheme as per Section 80C of the ITA, 1961.
4. Add-on interest is also offered under the scheme in case the account holder does not wish to withdraw the amount after the maturity of the term at 21 years. The compound interest would continue to be credited to the account at the rate of interest stated in the plan.
5. The account is transferable to another authorized bank branch or post office if the depositor or account holder relocates to a new location. The entire transfer process is extremely smooth and hassle-free.

How to Open Sukanya Samriddhi Account Online in SBI

Here are the simple steps to open a Sukanya Samriddhi Yojana SBI online:

1. Visit the nearest post office/authorized bank branch. Ask for a form to open the account and duly fill it out with all the required details for account opening.
2. Submit the required documents along with the filled form and latest photographs. You would need to provide a valid photo ID and proof of residence (Aadhar card, ration card, passport, PAN card) of the biological parents/legal guardian of the child. In addition, the child’s birth certificate as well as her photograph and that of the parent/guardian also needs to be submitted.
3. Make a minimum cash deposit of Rs. 1,000 for opening the account.
4. Your account is now opened and you can make subsequent deposits via cash/cheque/DD/online.