When a daughter is born, parents begin to feel a deep sense of responsibility. They start planning for her future needs, including education and marriage.
If you’re a father and your daughter is under 10 years old, it’s a great idea to start investing in her name through the Sukanya Samriddhi Yojana (SSY).
This scheme allows you to deposit a minimum of ₹250 and a maximum of ₹1.5 lakh every year. Right now, it offers an attractive interest rate of 8.2%.
You need to invest for 15 years, and the scheme matures after 21 years. So, if you begin saving from your daughter’s birth, by the time she turns 21, she can have a large amount of money in her name.
This can help cover her higher education or marriage expenses with ease.
How your daughter can receive ₹69,27,578
If you invest the maximum limit of ₹1.5 lakh annually in the Sukanya Samriddhi Account, that means saving ₹12,500 every month.
Over 15 years, your total investment will be ₹22,50,000. At the current 8.2% interest rate, you would earn ₹46,77,578 in interest by the end of the 21-year term.
That adds up to a total maturity amount of ₹69,27,578 — nearly ₹70 lakh — in your daughter’s name.
Only two daughters can have SSY accounts
The interest rate for Sukanya Samriddhi Yojana is reviewed every three months. The scheme also provides tax benefits under Section 80C of the Income Tax Act, up to ₹1.5 lakh. However, you can open the SSY account for only two daughters.
If you have more than two, you won’t be able to open accounts for the others — unless your second birth results in twins or triplets, in which case exceptions are allowed. If you begin investing in 2025, the account will mature in 2046.
How to open an SSY account
To open a Sukanya Samriddhi Yojana account, go to the official website of a bank or post office and download the form. Print and fill it, attaching required documents such as:
The daughter’s birth certificate
A passport-sized photo
ID proof of the guardian (like Aadhaar or PAN card)
Visit your nearest bank or post office branch with the completed form, the documents, and their original copies for verification.
Once the documents are checked and approved, the account will be opened in your daughter’s name. After that, you can manage many of the account services online.
