How much will your daughter's SSY corpus be?

SSY is a government-backed savings scheme for girl children launched in 2015. It offers 8.2% tax-free interest, Section 80C benefits, and matures 21 years from opening. It's one of the best instruments for building a daughter's future corpus.

Parents or legal guardians of a girl child below 10 years of age. A maximum of two accounts can be opened per family. Accounts can be opened at post offices or authorized banks.

Minimum ₹250 per year. Maximum ₹1.5 lakh per year. Deposits must be made for 15 years. Any amount above ₹1.5L doesn't earn interest.

Current rate: 8.2% p.a. (Q4 FY 2024-25). Rates are reviewed quarterly by the government and have ranged between 7.6% and 9.2% since launch.

SSY matures 21 years from account opening. Deposits are only required for the first 15 years; the remaining 6 years continue to earn interest without new deposits.

Yes — SSY enjoys EEE (Exempt-Exempt-Exempt) status. Deposits qualify for Section 80C deduction, interest is tax-free, and maturity proceeds are entirely tax-free.

Partial withdrawal (up to 50%) is allowed after the girl turns 18 for education. Full withdrawal is only at maturity (21 years) or for marriage after age 18 (up to 50%). Premature closure is allowed only in exceptional cases.

If you miss a year's deposit, you can revive the account by paying a ₹50 penalty per missed year. Interest continues to accrue on the existing balance. Non-payment for multiple years may result in account discontinuation.

Normally no — max 2 accounts per family. But if the third girl child is from a multiple birth (twins/triplets), a third account can be opened with special approval.

SSY has a higher rate (8.2% vs 7.1%) and longer tenure (21 vs 15 years). Both are EEE. SSY is ideal for a daughter's long-term goal; PPF is more flexible for general savings.

Yes. SSY accounts can be transferred between post offices or banks if you relocate. The account remains linked to the girl child, not the location.

Birth certificate of the girl child, ID proof and address proof of parent/guardian, and photographs. Some banks may require additional documents — check with your bank or post office.

You can deposit up to ₹1.5L per financial year, in one lump sum or multiple installments. Depositing early in the financial year maximizes interest earned.

Interest is calculated on the lowest balance between the 5th and last day of each month, compounded annually. Deposit before the 5th of the month to maximize interest for that month.

NRIs cannot open new SSY accounts. However, existing accounts can continue if the family becomes NRI. Deposits can be made from NRE/NRO accounts. Check current RBI rules.

A ₹50 penalty per missed year is charged to revive the account. The minimum deposit for the missed year must also be paid. Interest continues to accrue on the existing balance even if you miss deposits.

Premature closure is allowed only in exceptional cases: death of the account holder, or medical emergency with documentary proof. Even then, interest may be forfeited and approval required.

After 18, the girl can operate the account herself. She can withdraw up to 50% for education. Deposits continue until 15 years from opening, regardless of her age.

Submit a withdrawal form at the post office or bank with proof of admission or fee receipt. The amount is limited to 50% of the balance at the end of the previous financial year. Can be withdrawn in installments over 5 years.

Yes. Both qualify for Section 80C, but the combined 80C limit is ₹1.5L. You can invest in both, but the tax deduction is capped at ₹1.5L total under 80C.

Yes — one of the best fixed-income instruments in India. 8.2% tax-free return is equivalent to ~11.7% pre-tax for a 30% taxpayer. Government backing, EEE status, and 21-year compounding make it excellent.

At 8.2% interest, depositing ₹1.5L/year for 15 years and letting it grow for 21 years produces approximately ₹1.1–1.2 crore (tax-free). The exact amount depends on the interest rate over the period.

Yes. You can deposit any amount between ₹250 and ₹1.5L each year. The amount doesn't have to be the same every year. Depositing more in earlier years is better due to compounding.

In case of the account holder's death, the account is closed and the balance (including interest) is paid to the nominee or legal heir. The nominee is usually the parent or guardian.

SSY is available at all post offices and authorized banks (SBI, PNB, HDFC, ICICI, etc.). Check with your bank if they offer the scheme. Post offices are the most common channel.

Maturity = sum of all deposits + compound interest earned over 21 years. Use this calculator to project it exactly. Deposits for 15 years, interest compounds for all 21 years.

Only a parent or legal guardian can open SSY. Grandparents or relatives cannot open it unless they are the legal guardian. The account is always in the girl's name with the parent as guardian.

SSY offers 8.2% tax-free vs FD at 6.5–7.5% taxable. SSY has a 21-year tenure vs FD's shorter term. SSY is EEE; FD interest is taxable. SSY is clearly better for long-term goals.

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