India’s Sukanya Samriddhi Account Scheme allows up to ₹1.5 lakh in annual deposits per account, enabling families with two eligible girls to save as much as ₹3 lakh combined each financial year.
The Government of India’s 2019 rules require an initial deposit of at least ₹250 and at least ₹250 in deposits to each account per financial year. Later contributions must be in multiples of ₹50. A guardian can open an account only while a girl is under 10 on the opening date. Usually, a family may hold accounts for two girls, with an exception in specified twin or triplet cases. India’s financial year runs from April 1 through March 31.
If an account misses its yearly minimum, it is considered in default. The holder can bring it back into good standing within 15 years of opening by paying the missed minimum contributions and a ₹50 penalty for each year in default. Any excess deposit accepted because of an accounting error must be returned and earns no interest.
Contributions are allowed during the account’s first 15 years. It reaches maturity 21 years after opening. The account’s annual interest rate is 8.2% for Oct. 1-Dec. 31, 2026, and interest is compounded annually. Indian Bank’s published rate table lists the Sukanya rate at 8.20%. The Department of Economic Affairs said small-savings rates for the quarter were unchanged from the previous one; rates are notified quarterly.
For education expenses, the account holder may withdraw up to half of the balance recorded at the end of the prior financial year after turning 18 or passing Class 10, whichever comes first. The rules require education documents and restrict the withdrawal to actual fees and charges. The amount may be drawn in installments, with no more than one withdrawal each year for up to five years.
The scheme launched on Jan. 22, 2015, under the Beti Bachao, Beti Padhao campaign, according to the government. A guardian manages the account until the girl turns 18; she can then take over by submitting the required documents.
