• The government launched the Sukanya Samriddhi Account (SSA) scheme along with the ‘Beti Bachao, Beti Padhao’ scheme on January 22, 2015. 

• The year marks the completion of 10 years of the scheme that encourages families to invest in the bright futures of their daughters, fostering a culture of inclusion and progress.

• This scheme weaves together the threads of financial security and social empowerment. 

Highlights of the scheme

• Despite being a small savings scheme, the Sukanya Samriddhi Account has the potential to have a phenomenal impact on the lives and self esteem of young girls in the country. 

• The scheme aims to ensure a bright future for the girl children by facilitating their education and marriage expenses.

• As of November 2024, over 4.10 crore accounts have been opened under the scheme.

• Under the scheme, a parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years. 

• The account can be opened in any post office branch and designated public sector banks.

• The minimum deposit that needs to be every year is Rs 250 (earlier it was Rs 1,000), and the maximum amount that can be deposited in a year is Rs 150,000. 

• The account is managed by the guardian until the girl child reaches the age of 18. This allows the guardian to oversee the savings and ensure that the funds are utilised effectively for the child’s education and future needs. Upon turning 18, the account holder can take control of the account herself by submitting the necessary documents.

• The account shall mature after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier. 

• Deposits can be made up to 15 years from the date of opening of the account. After this period the account will only earn interest as per applicable rates.

• In case the required minimum annual deposit is not made by a parent or a guardian, the account will cease to be active. 

• Premature withdrawal – withdrawing money before the completion of the maturity period of 21 years – can only be made by the girl child in whose name the account has been opened after she attains the age of 18 years. 

• This withdrawal will also be limited to 50 per cent of the balance standing at the end of the preceding financial year, and will only be allowed for the purpose of higher education or if the girl intends to get married. 

• Tax exemption is one of the greatest advantages of the Sukanya Samriddhi Account programme. The deposits made to the account, and also the proceeds and maturity amount would be fully exempted from tax under section 80C of the Income Tax Act.

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