Girl Child Finance Kit
Smart SSY Planner 👧
Calculate exact 21-year maturity value and tax-free interest for Sukanya Samriddhi Yojana.
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Total Invested
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Wealth Gained (8.2%)
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Maturity Value
Maturity Year: - (Age -)
Status: 100% Tax-Free (EEE)
21-Year SSY Growth Ledger
| Year | Child's Age | Annual Deposit | Interest (8.2%) | Closing Balance |
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*Note: Deposits are required only for first 15 years. Interest continues to compound until maturity at 21 years.
SSY Scheme Rules & Conditions
Eligibility Criteria
Parents or legal guardians can open an account for a girl child aged under 10 years. Maximum two accounts per family are permitted.
Deposit Limits
Minimum annual deposit is ₹250. Maximum allowable deposit is ₹1.5 Lakh per financial year. Excess deposits earn zero interest.
Lock-In Period
Deposits must be made for 15 consecutive years. Account reaches full maturity 21 years after opening date.
Early Withdrawal
Up to 50% of balance can be withdrawn for higher education once she turns 18 or passes 10th standard.
Marriage Closure
Account can be closed prematurely if she marries after attaining 18 years of age. Full amount is paid out.
Tax Benefits (EEE)
Deposits qualify for 80C deductions. Accrued interest and final maturity amount are completely exempt from income tax.
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in Bharat designed to secure education and marriage of a girl child. OTechy's SSY Planner applies exact 15-year deposit window and 21-year maturity horizon with latest 8.2% tax-free interest rate to provide institutional-grade accuracy.
How SSY Calculator Works
15-Year Horizon: You only deposit money for first 15 years. Our calculator automatically stops adding deposits in Year 16.
21-Year Horizon: Although you stop paying after 15 years, account continues to earn compound interest until it matures after 21 years.
Max Cap Enforcement: If you enter an amount higher than ₹1.5 Lakh, our tool automatically adjusts it down to match Indian tax law limits.
Sukanya Samriddhi Yojana (SSY) FAQs
What is Sukanya Samriddhi Yojana (SSY) and why was it introduced? Sukanya Samriddhi Yojana stands as a government-backed savings scheme exclusively created for girl children. It aims to encourage parents to build a fund for future education and marriage expenses of their daughters.
Who is eligible to open an SSY account? Biological parents or legal guardians can open this account on behalf of a girl child. This child must be an Indian resident and under ten years old at account opening.
What is maximum age limit to open this account? A girl child must not have crossed her tenth birthday to be eligible. You can open it anytime from her birth until she completes ten years of age.
How many accounts can a family open? A family can open a maximum of two accounts, strictly one for each daughter. Exceptions exist only if a family has twin or triplet girls during a second birth.
What happens if a family has twin girls? In cases involving twin or triplet daughters, authorities allow opening more than two accounts. You must provide medical certificates to prove multiple births to avail this exception.
What is minimum annual deposit required to keep an account active? You must deposit at least ₹250 every financial year to maintain an active status. Failure to make this minimum payment results in an inactive or defaulted account state.
What is maximum annual deposit allowed in an SSY account? Government rules cap maximum deposits at ₹1.5 Lakh per financial year. Any amount deposited beyond this limit will not earn interest and does not qualify for tax deductions.
What occurs if I miss making my yearly minimum deposit? Missing a yearly payment turns your account into a defaulted state. You can revive it by paying a ₹50 penalty for each defaulted year, along with all pending minimum deposits.
For how many years must I deposit money? You are required to make deposits for exactly fifteen years from your account opening date. After fifteen years, you stop paying, but your corpus continues earning interest.
When does an SSY account reach full maturity? Full maturity occurs exactly twenty-one years after your account opening date. It does not depend on your daughter reaching twenty-one years of age.
What is current interest rate offered on SSY? As of recent updates, this scheme offers a highly attractive 8.2% annual interest rate. Officials review and compound this interest yearly, adding it directly to your principal balance.
Are there any tax benefits associated with SSY deposits? Yes, deposits qualify for tax deductions under Section 80C of Indian Income Tax Act. You can claim deductions up to ₹1.5 Lakh every financial year to reduce taxable income.
Is interest earned subject to income tax? No, interest earned remains completely exempt from income tax. This scheme falls under an Exempt-Exempt-Exempt (EEE) category, ensuring totally tax-free returns.
Is final maturity amount taxable? Final maturity proceeds are entirely tax-free. When you withdraw total corpus after twenty-one years, you owe zero taxes to income tax authorities.
Can I withdraw funds for my daughter's education? Yes, you can withdraw up to fifty percent of your previous year's closing balance. This withdrawal becomes available only after she turns eighteen or completes her tenth standard education.
Are premature closures allowed for marriage? You can prematurely close an account if your daughter intends to marry after turning eighteen. You must submit a wedding application within one month before or three months after her marriage.
Can Non-Resident Indians (NRIs) open an SSY account? No, NRIs do not hold eligibility to open new accounts under this scheme. Only resident Indian citizens can initiate and maintain these specific girl child savings plans.
What if our citizenship changes to NRI after opening? If a girl child becomes an NRI, you must inform your bank or post office within one month. Authorities will close her account and return accumulated funds without further SSY interest.
Can I transfer this account to another city or bank? Yes, transferability is fully supported across India. You can shift an account from a post office to an authorized bank, or between different bank branches without any hassle.
Who operates an account in its early years? A designated parent or legal guardian handles all operations initially. This guardian holds responsibility for making deposits and managing records during her childhood.
When can a girl child operate her own account? Once she reaches eighteen years of age, she can take full independent control. She must submit necessary KYC documents to her bank to authorize this operational transition.
Are loans available against an SSY balance? Unlike Public Provident Fund accounts, Sukanya Samriddhi Yojana does not offer loan facilities. You cannot pledge this corpus as collateral to secure any personal or educational loans.
Can grandparents open an account for their granddaughter? Grandparents cannot open this account unless they hold official legal guardianship of said child. Normally, only biological parents hold authorization to act as primary depositors.
Can I make online deposits into an SSY account? Yes, most authorized banks and post offices support digital transfers. You can easily set up standing instructions or use digital payment apps to ensure timely yearly investments.
What happens if account holder passes away? In unfortunate cases of death, authorities will immediately close said account. They will hand over total accumulated balance plus interest to her parent or registered legal guardian.