Sukanya Samriddhi Yojana maturity rule: If you start investing ₹1.5 lakh at 10 years of age, when will you get ₹72 lakh?

Sukanya Samriddhi Yojana is one of the most popular small savings investment schemes for securing the future of a girl child, especially because it has tax benefits and is backed by the government.

The minimum investment in this scheme is ₹250 per year, while the maximum ceiling is ₹1.5 lakh per year. SSY's interest rate is currently 8.2% per annum.

An SSY account can be opened for any girl child until she is 10 years old. However, parents often ask: if one starts investing at 10, when will the SSY account mature?

What are the maturity rules of the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana has a maturity period of 21 years. It does not take into account the girl's age when it matures. This means if a parent opens an SSY account for their daughter at age zero, the same will mature when she turns 21. Similarly, if an SSY account is opened when the girl is 10 years of age, the account will mature after 21 years, which is when she turns 31.

Key things to know about Sukanya Samriddhi Yojana

• Launched on 22 January 2015 under the Beti Bachao, Beti Padhao campaign, the scheme was envisioned as more than just a savings initiative. It was designed as a bridge between financial security and social transformation. The Sukanya Samriddhi Yojana encourages families to plan early for their daughters’ education and well-being. It is meant to meet the education and marriage expenses of a girl child.
• The SSY account may be opened anytime from the birth of the girl child until she attains the age of 10 years.
• Only one SSY account is permitted per girl child, and a family can open accounts for a maximum of two girl children.
• However, more than two accounts are allowed in cases of twins or triplets, subject to the submission of an affidavit along with the relevant birth certificates.
• The account is transferable to any location within India.
• SSY account is managed by the parent/ guardian until the girl child reaches the age of 18. This allows the guardian to oversee the savings and ensure that the funds are utilised effectively for the child’s education and future needs.
• Upon turning 18, the account holder can take control of the account herself by submitting the necessary documents.

What are the key documents required for opening SSY account?

• Sukanya Samriddhi Account Opening Form, available at banks/ post-office
• Birth certificate of a girl child
• Aadhaar Number issued by the Unique Identification Authority of India
• Permanent Account Number or Form 60 as defined in the Income Tax Rules

How to earn ₹72 lakh using Sukanya Samriddhi Yojana?

Before learning how to earn ₹72 lakh using the Sukanya Samriddhi Yojana, it must be kept in mind that you only need to deposit for 15 years.

For example, if you invest ₹1.5 lakh every year for 15 years, the total contribution comes to ₹22.5 lakh. The total interest however, will be earned over a full 21-year period.

The total interest earned over the 21 years will be ₹49,32,119. Thus, the total amount on maturity will be ₹71,82,119.