Sukanya Samriddhi Yojana 2026: Interest Rate, Rules and ₹1,000

Sukanya Samriddhi Yojana 2026: Interest Rate, Rules and ₹1,000 Monthly Savings

Information checked: 2 November 2026

Sukanya Samriddhi Yojana is a government savings scheme for a girl child. A parent or legal guardian can open the account before the girl turns 10, make deposits for 15 years and normally receive the maturity amount after 21 years from opening. India Post currently lists the interest rate as 8.2% a year.

The two questions that cause the most confusion are simple: do you pay for 15 years or 21, and how much can ₹1,000 a month become? This guide explains both, along with the account rules, documents, withdrawals and tax points that affect your plan.

If you already know the scheme and want to try a deposit amount, use the Sukanya Samriddhi Yojana calculator. Its current calculation uses yearly deposits, so check the monthly-versus-yearly examples below before comparing results.

Rate note: 8.2% is the rate displayed by India Post when checked on 2 November 2026. The government reviews small savings rates quarterly. A rate shown today is not a promise that it will stay the same for your account’s full term. See the current official rate.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana, often called SSY, helps families set money aside for a daughter’s future. The account is opened in her name. A guardian manages it while she is a minor; after she turns 18, she operates it herself after providing the required documents.

The scheme was launched on 22 January 2015. You can open an account at a participating post office or an authorised bank. This is a deposit account, not a mutual fund or an insurance policy. You do not buy units or pay an insurance premium.

There is no single deposit amount that suits every family. A smaller amount you can keep paying is often more useful for planning than a large amount that leaves you short of money for regular bills.

SSY rules at a glance

Point	Rule
Age when opening	The girl must be below 10 years old.
Who opens it	A parent or legal guardian, in the girl’s name.
Minimum deposit	₹250 in a financial year during the deposit period.
Maximum deposit	₹1,50,000 per account in a financial year.
Deposit period	15 years from the account opening date.
Normal maturity	21 years from the account opening date.
Interest	Calculated using monthly eligible balances and credited yearly.
Accounts per child	One SSY account.
Family limit	Normally accounts for two girls, with limited multiple-birth exceptions.

A financial year runs from 1 April to 31 March. The minimum is yearly, not ₹250 every month. You may split deposits through the year, subject to scheme limits and the accepted deposit amounts.

Who can open an SSY account in 2026?

The girl must be under 10 when the account is opened. The account opening declaration also requires the guardian and the girl to be resident Indian citizens. Ask the account office for guidance if either person’s citizenship or residence changes later.

Only one account is allowed for the same girl across banks and post offices. A mother and father cannot each open a separate SSY account for the same daughter.

The usual family limit is two girls. Twins or triplets can qualify for exceptions, but the birth order and scheme conditions matter. The family may need an affidavit and birth certificates. Do not assume that every family with three daughters can open three accounts.

Can I open it on my daughter’s 10th birthday?

The rule says she must not have reached age 10 on the opening date. Plan to complete the process before the birthday. A calculator accepting the number 10 does not change that rule.

How many years do you need to pay?

Fresh deposits are allowed for 15 years from account opening. Normal maturity is after 21 years. During the remaining six years, the balance can keep earning the applicable interest without new deposits.

These periods refer to the account’s age. They do not mean you stop paying when your daughter turns 15 or receive the full maturity amount when she turns 21.

For example, if an account opens when a girl is five, its normal maturity is around her 26th birthday. If her college course starts at 18, the account will not yet have reached normal maturity. You would need to check the education-withdrawal rules and plan for any remaining cost separately.

How SSY interest is calculated

For each month, interest is based on the lowest balance between the close of the fifth day and the end of that month. The year’s interest is added at the end of the financial year. Once added, that interest can earn interest too.

If a planned payment reaches the account after the fifth, it generally will not earn interest for that month. Making the transfer earlier gives you more time to notice a failed payment or a delay in credit.

A yearly payment made early in April has more time to earn interest than the same total spread across 12 months. That does not make monthly saving a bad choice. It means you should compare results using the payment schedule you can actually follow.

What happens if you deposit ₹1,000 per month?

At ₹1,000 a month, the yearly total is ₹12,000. If you continue for 15 years, the total amount you pay is ₹1,80,000.

Our monthly-deposit example reaches about ₹5,54,613 after 21 years, including about ₹3,74,613 in interest. It assumes:

The account opens at the start of April.
₹1,000 is credited by the fifth of every month for 15 years.
The rate stays at 8.2% throughout the 21 years.
Interest is credited and rounded to the nearest rupee once each financial year.
There are no missed payments or withdrawals.

Actual rates and deposit dates will differ for many accounts. Treat this as a worked example, not an official maturity quote.

Why do some calculators show about ₹5.75 lakh?

They may treat the ₹12,000 yearly total as one payment made early every year. Using that assumption at a constant 8.2% gives about ₹5,74,570. The money spends more time in the account than it does under 12 separate ₹1,000 payments.

The current MagicalToolz calculator uses this simplified yearly-deposit approach. Enter ₹12,000 for a ₹1,000 monthly budget, but remember that its result is not an exact monthly-payment projection.

Monthly deposit examples: ₹500 to ₹12,500

The following examples use the same monthly-payment assumptions as the ₹1,000 example above. Deposits stop after 15 years, and the balance remains until the end of year 21.

Monthly deposit	Yearly total	Total deposits in 15 years	Estimated value after 21 years
₹500	₹6,000	₹90,000	₹2,77,306
₹1,000	₹12,000	₹1,80,000	₹5,54,613
₹2,000	₹24,000	₹3,60,000	₹11,09,218
₹3,000	₹36,000	₹5,40,000	₹16,63,837
₹5,000	₹60,000	₹9,00,000	₹27,73,058
₹10,000	₹1,20,000	₹18,00,000	₹55,46,117
₹12,500	₹1,50,000	₹22,50,000	₹69,32,655

The last row uses the full yearly deposit limit. If you also make an extra lump-sum payment in that financial year, check that the total does not exceed ₹1.5 lakh. These figures are our calculations, not a government-issued returns table.

How to open an SSY account at a post office or bank

Check eligibility. Confirm the girl’s age, the one-account rule and the family limit.
Choose an account office. Contact a participating post office or authorised bank about its current opening process.
Collect the form and KYC documents. Match names and dates with the birth certificate and identity records.
Submit the application and opening deposit. The minimum opening deposit is ₹250.
Keep the account details. Check the name, date of birth, opening date and deposit in the passbook or account record.

The scheme does not offer a higher government-notified rate simply because you choose a bank instead of a post office. Compare ease of depositing, statement access and branch service rather than expecting a different SSY rate.

Documents to keep ready

The completed account opening form.
The girl’s birth certificate.
The guardian’s identity and address documents required for KYC.
Aadhaar details and PAN or Form 60, as applicable under current rules.
Photographs and any other items the account office asks for.
Extra birth records and an affidavit if claiming a multiple-birth exception.

Take originals for checking and copies if requested. Ask the office for its current checklist before visiting, especially where Aadhaar enrolment, PAN details or names in different records need attention.

Can you apply for Sukanya Samriddhi Yojana online?

Check with your chosen bank or post office. Online account opening, downloading a form, checking a balance and making an online deposit are different services.

India Post’s banking page lists online deposits into SSY accounts through its banking services. That does not, by itself, mean you can open a new SSY account fully online without completing the required checks.

Use the provider’s own website or app. MagicalToolz is a calculator website and does not collect SSY applications, identity documents or account deposits.

What if you miss payments for three years?

Missing a monthly payment does not automatically create a default. The important test is whether at least ₹250 was deposited in the financial year during the deposit period.

If that yearly minimum is not met, the account is treated as in default. The 2019 scheme allows it to be regularised before the 15-year deposit period ends by paying ₹50 for each default year plus the minimum deposit for each missed year.

For three full default years with no qualifying deposits, that works out to ₹750 in missed minimum deposits plus ₹150 in default fees, or ₹900. This example does not include the current year’s deposit or any amount you choose to add beyond the minimum. Ask the account office to check the actual default years.

Can you withdraw money for education?

Education withdrawal is allowed after the girl turns 18 or passes Class 10, whichever happens earlier. The limit is up to 50% of the balance at the end of the financial year before the application year, and the withdrawal must meet the scheme’s education-cost conditions.

For example, suppose the previous financial year’s closing balance was ₹4 lakh. Half is ₹2 lakh. If the supported education cost is ₹1.4 lakh, you cannot assume that the whole ₹2 lakh will be approved. The actual supported fee requirement matters.

You need documents such as an admission offer or a fee slip. The scheme permits a lump sum or instalments, limited to one withdrawal in a year for up to five years, within the allowed ceiling. Apply through the account office rather than treating an online estimate as permission to withdraw.

When can the account be closed early?

Early closure is allowed only under specified conditions. These include the account holder’s death and certain serious hardship cases. The five-year minimum applies to the specified compassionate-ground closure provision; it should not be read as a ban on every type of closure during the first five years.

There is also a marriage-related closure route after the account holder reaches 18. The application must meet the rule’s evidence and timing conditions: no earlier than one month before the marriage and no later than three months afterwards.

An ordinary cash shortage does not give the account the same withdrawal freedom as a savings bank account. Keep money for urgent bills somewhere you can access it when needed.

SSY tax benefits: what “tax-free” does and does not mean

Interest and qualifying SSY payouts receive tax exemption under the applicable tax rules. A deduction for eligible deposits is a separate benefit, and it depends on the tax regime you use.

For tax years starting from 1 April 2026, section 123 and Schedule XV of the Income-tax Act, 2025 cover the eligible savings deduction. Older guides call this the section 80C benefit under the 1961 Act. The Income Tax Department says the shared ₹1.5 lakh deduction limit remains, and that this deduction is not allowed under the new tax regime.

You do not get another ₹1.5 lakh deduction just because you open a second daughter’s account. Eligible savings share the relevant overall limit. If other qualifying payments already use your limit, an SSY deposit may not reduce your taxable income further.

Also, a ₹12,000 deduction is not a ₹12,000 tax refund. It reduces eligible taxable income; the effect on tax depends on your circumstances. Confirm the rules for the tax year you are filing before claiming anything.

Benefits and limits to weigh before you start

SSY gives a family a separate place to save for a daughter, a low yearly minimum and government-notified interest. You can adjust deposits within the allowed range instead of committing to one fixed monthly amount for the full term.

The trade-off is access. The account has a long term, education withdrawals come with conditions, and the interest rate can change. The final amount is also measured in future rupees. A college course costing ₹5 lakh today may cost more by the time your daughter enrols.

Use the scheme as one part of your plan. Before choosing a deposit amount, write down your regular bills, emergency needs and expected education dates. That makes it easier to see how much can stay in a long-term account.

Frequently asked questions

When should I start SSY for my daughter?

You can start after birth and before her 10th birthday. Opening earlier moves the normal maturity date earlier in her life. Choose an amount your family can manage; do not wait just because you cannot pay the maximum.

Can both parents open an account for the same child?

No. One girl can have only one SSY account, including accounts held at different banks or post offices.

Who is not eligible for a new account?

A girl who has already turned 10 does not meet the normal opening age rule. A duplicate account for the same child is also not allowed. Residence, citizenship and family-limit conditions must be met.

Can I deposit after 15 years?

No fresh deposits are allowed once the 15-year deposit period from account opening is complete. The existing balance can continue earning the applicable interest until normal maturity.

Is ₹1,000 a month compulsory?

No. ₹1,000 is a common example, not a required payment. The minimum is ₹250 per financial year during the deposit period, within the scheme’s deposit rules.

Does maturity happen when my daughter turns 21?

No. Normal maturity is 21 years after the account was opened. Her age at opening determines how old she will be then.

Is the SSY rate different at SBI and the post office?

The scheme uses the government-notified rate. Confirm that the rate information you compare refers to the same period, as older bank pages can still show past rates.

Is the calculator’s tax-saving figure my actual refund?

No. It is not a tax return calculation. The current tool uses a fixed tax assumption, while your real benefit depends on your regime, available deduction and taxable income.

Can I use the maturity estimate for college fees at age 18?

Check the account’s opening date first. It may not mature by age 18, and the education-withdrawal route has its own limit and proof requirements. Plan any gap separately.

Try your own savings amount

Start with a yearly amount you could keep paying even in a tight year. Use the MagicalToolz SSY calculator, compare a few rates and save the estimate for your records. Before opening an account, check the latest official rules and ask the bank or post office about anything that affects your family.

This guide explains the scheme and includes planning examples. It is not an account opening service, a maturity guarantee or personal financial or tax advice.

Sources and calculation notes

Monthly examples were calculated by adding each deposit to the eligible monthly balance, applying 8.2% ÷ 12 for that month, and crediting the rounded yearly interest at the financial year-end. Deposits run for 15 full years; growth continues for six more years. The separate yearly examples follow the current calculator’s early yearly-deposit formula. Rates are held constant only to make the examples comparable.