Sukanya Samriddhi Yojana (SSY) is a long-term savings scheme introduced under the “Beti Bachao, Beti Padhao” initiative. It offers attractive interest rates (currently 8.2% p.a.*), triple tax exemption benefits under Section 80C, and is backed by the Government of India. ICICI Bank is an authorised institution where you can open an SSY account.

The account can be opened in the name of a girl child by a parent or legal guardian. The girl must be below 10 years of age at the time of opening. A maximum of two SSY accounts can be opened per family, one for each girl child. In the case of twins or triplets, exceptions apply.

To open an SSY account, visit any ICICI Bank branch with the required documents – girl child’s birth certificate, identity and address proof of the parent/guardian, and the SSY application form. A minimum deposit of ₹250 is required to start the account. The passbook will be issued after successful account creation.

Deposits must be made for 15 years from the date of opening, but the account matures after 21 years. You can contribute any amount from ₹250 to ₹1.5 lakh per financial year. There are no penalties for not depositing monthly, as long as the annual minimum is met. Partial withdrawal (up to 50%) is allowed after the girl turns 18 for education or marriage purposes.

SSY is a government savings scheme for the girl child. A parent or legal guardian can open it for a girl below 10 years of age. A maximum of two accounts is allowed per family.

You can invest between ₹250 and ₹1.5 lakh per financial year. Deposits can be made in one lump sum or multiple instalments, with no monthly obligation.

SSY offers triple tax exemption—deposits qualify under Section 80C, the interest earned is tax-free, and the maturity amount is also exempt from tax.

Yes, but only in specific cases—on the girl’s marriage after 18, her death, or extreme financial hardship. Proper documentation must be submitted to process premature closure.

You can open an SSY account at any ICICI Bank branch by submitting the required documents and a minimum deposit of ₹250.