How to Apply Sukanya samriddhi yojana 2022 & SSY Interest

Sukanya Samriddhi Yojana was introduced in 2014 by the Prime Minister.

It is a welfare scheme launched by the government. Its rate of interest is revamped every quarter.

The objective of Sukanya samriddhi yojana is to give financial protection to a girl until she gets married.

The Sukanya Samriddhi Yojana Account is to be opened only for girls who are under 10 years of age. 

If you wish to apply for Sukanya Samriddhi Yojana and dig up more information on the same, continue to read this post till the end. 

Sukanya Samriddhi Yojana interest rate 2022-23

Sukanya Samriddhi interest rate is decided based on the Government Security Gains.

The Indian Government revises the Sukanya Samriddhi scheme every quarter but the SSY interest rate 2020-21 was 7.6% throughout all the quarters.

The interest is compounded annually and is sent to the subscribers’ accounts. Subscribers can choose a monthly interest if they want.

If calculated monthly then it is based on the minimum amount that is there in the account of the subscriber between the period of the 10th and the last day of the month. 

The Government has assured that the Sukanya Samriddhi yojana rate of interest is profitable so the parents are incentivized to invest for the security of the future of their girl child.

The rate of interest in 2019-2020, between the period of 1 January – 31st March 2020 was 8.40%. 

The parents get an attractive interest rate on the Sukanya Samriddhi Yojana Account, along with tax exemption as per the Section 80C, Income Tax Act,1961.

This is an example of an exclusive deposit scheme in India under which such a high-interest rate, financial security of girl child, and tax exemption are given. 

Quick Comparison 

There’s a short comparison of the interest rate of Sukanya Samriddhi yojana Interest Rate 2020-21 with other famous savings instruments in the financial year 2020-2021.

  • Sukanya Samriddhi Yojana Interest Rate 2020-21- 7.60% p.a. 
  • Public Provident Fund (PPF)- 7.10%
  • Fixed Deposit- 3.50%-8.00%
  • Recurring Deposit interest rate- 5.75% – 8.05% p.a. 

How to subscribe to the Sukanya Samriddhi Account?

  • Legal guardians or the parents can get the account opened maximum for two girls only. In the case of triplets or twins, an exemption is given on the accruement of a certificate from legitimate medical institutions.
  • The parents can get an account opened until the girl child attains the age of 10 years.
  • The account can only be in the girl child’s name, the parent or any legal guardian could deposit the money on her behalf.
  • This account can be subscribed to either in the bank branches or any Post office across India.

Also read – Complete Guide Child Investment Plans & Best Policy 2022

How to Calculate Sukanya Samriddhi Interest Rate?

After all the necessary details have been provided, the calculator infers the value which will be given on maturity.

To carry out the process efficiently, a minimum of one contribution annually for 14 years is compulsory.

From the 15th to the 21st year, no deposits are needed to be made.

And, the Sukanya Samriddhi Interest rate is computed based on the contributions made earlier during the SSY scheme period. 

The sukanya samriddhi yojana interest rate 2020-21 was 7.6%. 

The formula that is used to compound the related amount is-


In this formula,

A= Compound Interest

P=Principal Amount

r=Interest rate 

n=how many times the interest rate is compounded within a year. 

t=number of years

Case 1

If the amount is given to the subscriber after completion of 21 years scheme.

Suppose the amount is 1000 after 14 years it will be 14000, the interest rate is 8.4% then the maturity amount will be 46,821. 

Case 2

If the amount frequency is annually done then the interest of Rs. 84 on 1000 will be added to the account. Rs. 1084 is taken to the next year and then interest is going to be given on Rs. 2084. 

Documents Required for Sukanya Samriddhi Scheme

It is asserted that the individual water droplets make an ocean. Each of the water droplets has its importance.

Similarly, the small investment schemes are like droplets, each of them making a difference in your total savings, creating wealth and assets for the future.

Sukanya Samriddhi Yojana is one such risk-free small investment scheme that was launched exclusively to help and financially support the girl child.

While the government schemes may look the same and easy on paper, their practicality lies in how Convenient it is to open the account and use the scheme.

Sukanya Samriddhi Yojana is also one such scheme that is very simple to comprehend and execute

On 23 July 2018, the norms for the minimum yearly deposit for the Sukanya Samriddhi Yojana account were modified to Rs.250 from the previous amount of Rs.1,000.

Also, the interest rate for the third quarter (FY 2021-22) is 7.6%.

Those who want to subscribe to a Sukanya Samriddhi Yojana for their daughters must submit the below-mentioned documents.

Documents Required

  • Birth certificate 

The legal guardian or the parents have to give evidence of the birth of the girl child to the accountable authorities.

This birth certificate is to be collected from the government agencies or from the hospital wherein the girl child took birth.

In case one is unable to get the birth certificate then the certificate of domicile that is given by the government officials can be submitted.

In case even this is also not possible, a birth certificate issued by the school principal in which the child studies can be obtained. 

  • Proof of Address of the parents 

The person who will be subscribing to the account, guardian, or the parents, have to provide their address proof.

For the evidence, any document of the address proof can be submitted like Aadhar card, driving license, passport, telephone or electricity bill, ration card, etc.

  • Identity proof of person in charge

The application will only be processed if the parents who wish to open a Sukanya Samriddhi Account would submit a government valid Identity proof.

This can be any ID card like passport, driving license, Voter card, or Aadhar card.

The correct name of the child must be mentioned on the certificate as she will be eligible to withdraw money on the maturity of the scheme based on this document.

If any differences are found in the details then that would cause complications and uncertainties in the future.

A passbook will be issued by the bank that will contain all the details of the girl child.

It needs to be revised every time a contribution is made. It is also needed at the time of withdrawal

Benefits of opening a Sukanya Samriddhi Account

Subscribing to the scheme of Sukanya Samriddhi Yojana is beneficial and risk-free also.

A few of the advantages that one can take are mentioned below.

  1. Convenient to open: Some necessary documentation and easy paperwork are required. The account can be easily opened with no hassle as there is no confusing procedure. The entire procedure is a piece of cake. 
  1. Deposit amount: The minimum amount that needs to be deposited when opening an account is also very less, that is only Rs 250. There’s a choice to increment the amount in the number of 100s. The amount has been kept low so that maintaining the account doesn’t become a burden on the family. Rs.1,50,000 is the maximum amount that can be deposited annually as per this scheme.
  1. Sukanya Samriddhi Yojana Interest Rate 2022-23: The account gets an interest rate of 7.6% per annum. The interest rate is compounded and then added to the account annually, and hence the benefit is reaped at maturity.
  1. Deposit modes: The deposit modes are quite flexible as the amount can be added to the account either through demand draft, cheque or cash. 
  1. Account operation: The child gets the freedom to operate her account once she reaches the age of 10 years. This gives her a chance to choose for herself.

Also read – ICICI Car Loan & Reviews 2022

Sukanya Samriddhi Yojana Bank list 

The Central Bank Of India, Reserve Bank of India approves the banks to have Sukanya Samriddhi Savings accounts (SSA).

The following is the prevailing Sukanya Samriddhi Yojana Bank List: 

  •  Axis Bank Sukanya Samriddhi Yojana
  •  Andhra Bank Sukanya Samriddhi Yojana
  •  Allahabad Bank Sukanya Samriddhi Yojana
  •  State Bank of India Sukanya Samriddhi Yojana
  •  Bank of Maharashtra Sukanya Samriddhi Yojana
  •  Bank of Baroda Sukanya Samriddhi Yojana
  •  Vijaya Bank Sukanya Samriddhi Yojana
  •  Indian Overseas Bank Sukanya Samriddhi Yojana
  •  Indian Bank Sukanya Samriddhi Yojana
  •  IDBI Bank Sukanya Samriddhi Yojana
  •  United Bank of India Sukanya Samriddhi Yojana
  •  Union Bank of India Sukanya Samriddhi Yojana
  •  UCO Bank Sukanya Samriddhi Yojana
  •  Punjab & Sind Bank Sukanya Samriddhi Yojana
  •  Different branches of SBI. 

The account can be opened either in these branches or in the Post office.

Sukanya Samriddhi Account or Systematic Investment Plan?

Since the period of investment for the Sukanya Samriddhi Account and Systematic Investment Plan (SIP) are long, many discussions have been there about which one is the better investment scheme to get maximum advantage in the future.

A systematic Investment Plan is a way to invest in the stock market. One can invest with the help of mutual funds regularly.

The money invested here is fully based on debt. When once invested in the market for an extensive duration of time that is more than 14 years, data from the past indicates that the returns are large.

These returns help to balance the inflation level alongside the money also grows. Though, these investments are prone to market risks.

If we look at the debt-based investment tool such as Sukanya Samriddhi Account, the rate of interest is flexible.

However, the aspect of risk in such debt-based investment is negligible. 

So, those who are not willing to take the risk can choose this method of investment. It is the perfect way to avoid stock market risks. 


This welfare scheme for the girl child was introduced by the government keeping in mind the financial security of the girl child, it comes with various perks that one gets.

Triple Tax benefits can be availed, it also helps to save a girl’s educational expenses, you need to contribute to the account only for 15 years since the opening of the account and additionally, premature withdrawal is also possible under exceptional circumstances. 

The account can be closed prematurely only in some specific cases like in the case of the demise of the holder of the account.

The amount in the account then is paid to the guardian along with the interest till a month before the premature closure of the account.

The minimum amount has also been kept low so there is no financial burden on the family.

Freedom to choose is given to the girl child after 10 years of age which empowers the girls to utilize the fund effectively once they are mature enough. 

Frequently Asked Questions(FAQ) 

Can we close the Sukanya Samriddhi account before it gets matured?

No, you can’t consider closing down your Sukanya Samriddhi account before its maturity.

Can we take a loan on the Sukanya Samriddhi Account?

No, you can’t avail of any loan on an SSY account as a loan facility is not available.

Will there be any penalties imposed if the subscriber stops depositing money in the account?

Yes, Rs.50 penalty is charged if the guardian fails to submit the minimum deposit in a financial year.

When does the SSY account mature?

After 21 years from the time, it was opened.  

Can we transfer the account from one bank to another?

Yes, the transfer of an account from a post office to a bank and vice versa is possible.

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