What this scheme offers
SSY currently offers 8.2% annual interest (Q2 FY2026-27), compounded yearly — higher than most bank fixed deposits. Parents can deposit between ₹250 and ₹1.5 lakh per year. The account matures 21 years after opening, though partial withdrawal is allowed for the girl's higher education once she turns 18, and the account can be closed early for her marriage after 18. The scheme carries EEE (Exempt-Exempt-Exempt) tax status — deposits, interest and the maturity amount are all tax-free.
Who is eligible
- Account is opened for a girl child, from birth until she turns 10 years old.
- Can only be opened by a natural parent or a court-appointed legal guardian — grandparents cannot open the account unless they hold legal guardianship.
- The girl child must be a resident Indian at the time the account is opened; interest stops accruing if residency status changes later.
- A family may open the account for at most two girl children (with an exception for twins/triplets in the second birth).
Documents required
- Girl child's birth certificate
- Identity and address proof of the parent/guardian (Aadhaar, PAN, etc.)
- Passport-size photograph of the girl child
- Initial deposit (minimum ₹250)
How to open an account
- Visit a post office or an authorised bank branch (SSY cannot be opened fully online at most banks, though HDFC, Axis and India Post Payments Bank allow it for existing customers).
- Collect and fill out the SSY account opening form.
- Submit the form along with the girl child's birth certificate and the guardian's KYC documents.
- Make the initial deposit (minimum ₹250) to activate the account.
- Once opened, deposits and balance checks can be managed via net banking or the India Post Payments Bank app.