Over 4.1 crore Sukanya Samriddhi accounts have been opened as of November 2024, symbolizing not just a number, but a movement towards building an equitable and promising tomorrow for every girl child in India.
The Sukanya Samriddhi Yojana (SSY) stands as a ray of hope and empowerment for millions of young girls across India, encapsulating the Government’s unwavering commitment to nurturing their dreams and aspirations. Launched on 22nd January 2015 by Prime Minister Narendra Modi as part of the Beti Bachao, Beti Padhao Campaign, this visionary scheme weaves together the threads of financial security and social empowerment. This year, 22nd January 2025, marks the 10th anniversary of Sukanya Samriddhi Yojana, encouraging families to invest in the bright futures of their daughters, fostering a culture of inclusion and progress.
The Growth of Sukanya Samriddhi Yojana
As a testament to its impact, over 4.1 crore Sukanya Samriddhi accounts have been opened as of November 2024, symbolizing not just a number, but a movement towards building an equitable and promising tomorrow for every girl child in India. Through this initiative, the nation celebrates the immense potential of its daughters, reaffirming the belief that empowering one girl strengthens the foundation of society.
How Sukanya Samriddhi Yojana Works
Opening the Account
Parents or guardians can open a Sukanya Samriddhi account for their daughter at any post office or designated commercial bank branch immediately after her birth, up until she reaches the age of 10 years. The girl child must be a resident Indian from the time the account is opened until its maturity. One account is allowed per child, and parents can open a maximum of two accounts. However, in case of twins or triplets, additional accounts are permitted. The account is transferrable to any post office or branch in India.
Documents required for opening an account include:
- Sukanya Samriddhi Account Opening Form
- Birth certificate of the girl child
- Identity proof and residence proof as per RBI KYC guidelines
Deposit Requirements
The scheme allows parents to open a Sukanya Samriddhi account with a minimum initial deposit of ₹250, with subsequent deposits in multiples of ₹50, ensuring at least ₹250 is deposited in a financial year. The annual deposit limit is capped at ₹1,50,000, and any excess will be returned without earning interest. The deposits can be made for a period of up to 15 years from the date the account is opened.
Managing the Account
The guardian manages the account until the girl child turns 18. Afterward, the girl can take control of the account by submitting the necessary documents. This system ensures that the funds are utilized effectively for the child’s education and future needs.
Interest Calculation and Maturity
Interest on the account is calculated monthly based on the lowest balance between the 5th and the end of the month, with any fractional amounts rounded up. At the end of each financial year, the interest is credited to the account. The account matures when the girl turns 21 years old, although early closure is allowed under certain conditions, such as marriage, provided the account holder is at least 18 years old on the marriage date.
Withdrawals
Once the account holder reaches 18 or completes the 10th standard, she can withdraw up to 50% of the balance at the end of the preceding financial year, specifically for educational purposes. Withdrawals can be made in lump sums or installments, with a maximum of one withdrawal per year for up to five years. The amount withdrawn must not exceed the actual fees and charges.
Premature Closure
In the unfortunate event of the account holder’s death, the account can be closed immediately, with the remaining balance and accrued interest being paid to the guardian. In cases of extreme compassionate grounds, such as life-threatening medical issues or the death of the guardian, the account may be closed early, provided thorough documentation is submitted. However, no premature closure is allowed within the first five years.
The Sukanya Samriddhi Yojana embodies a transformative initiative aimed at securing the future of young girls in India. By fostering financial discipline among families and prioritizing education and empowerment, the scheme has emerged as a powerful catalyst for social progress. The steady growth in account openings reflects the growing awareness and acceptance of this visionary program. As the nation continues its journey towards gender equity and inclusion, the Sukanya Samriddhi Yojana ensures that every girl has the opportunity to dream, achieve, and thrive in a supportive and empowered environment.
This decade-long journey of Sukanya Samriddhi Yojana has been nothing short of remarkable, strengthening the foundation of a brighter, more equal future for the daughters of India.
