Sukanya Samriddhi Yojana: Launched on 22nd January 2015 by Prime Minister Narendra Modi as part of the Beti Bachao, Beti Padhao campaign, the Sukanya Samriddhi Yojana (SSY) has emerged as a beacon of hope for millions of young girls in India. As the scheme marks its 10th anniversary on 22nd January 2025, it stands as a testament to the Government’s unwavering commitment to nurturing the dreams and aspirations of girl children, blending financial security with social empowerment.
Over the past decade, the scheme has revolutionized savings for families, encouraging them to invest in their daughters’ futures and fostering a culture of inclusion and progress. By November 2024, more than 4.1 crore Sukanya Samriddhi accounts have been opened, symbolizing a collective movement towards a brighter tomorrow for every girl child in the country.
How Sukanya Samriddhi Yojana Works
Opening the Account
It is opened immediately after the birth of a girl child until she is 10 years of age. A child is entitled to only one account, while two accounts are allowed per family; however, if there are twins or triplets, more than two accounts are allowed. The documents needed are the Sukanya Samriddhi Account Opening Form, birth certificate of the child, proof of identity, and residence proof as per RBI KYC.
Deposit Requirements
Accounts can be opened at any post office or designated bank branch with a minimum deposit of ₹250. Additional deposits must be in multiples of ₹50, with a yearly minimum deposit of ₹250 and a maximum cap of ₹1,50,000. Deposits can be made for 15 years from the account opening date.
Managing the Account
Until the girl turns 18, the account is managed by a guardian, ensuring funds are utilized for her education and future needs. After 18, the account holder can independently operate the account by submitting necessary documents.
Interest Calculation
Interest is calculated monthly and credited at the end of each financial year. Even if the account is transferred, the interest calculation remains consistent.
Maturity and Withdrawals
Maturity: The account matures 21 years after opening or earlier if the girl marries after turning 18. For early closure due to marriage, a declaration on non-judicial stamp paper and proof of age are required.
Withdrawals: Up to 50% of the balance can be withdrawn for educational expenses once the account holder turns 18 or completes the 10th standard. This can be done in installments over five years, ensuring it matches actual educational costs.
Premature Closure
In cases like the account holder’s death or life-threatening medical issues, the account can be closed prematurely, but not within the first five years. Supporting documentation is mandatory.
A Decade of Progress and Hope
More than just a financial scheme, the Sukanya Samriddhi Yojana is a transformative initiative that emphasizes education, empowerment, and social progress. Its popularity constitutes how the nation believes in the guarantee of gender equity and the empowerment of young girls. As India celebrates a decade of SSY, it also reaffirms its belief in the immense potential of every girl by fostering an environment in which they can dream, achieve, and thrive.
