How to withdraw from Sukanya Samriddhi Yojana a/c

The government launched Sukanya samriddhi yojana to promote the wellbeing of the girl child by offering financial support during key life events like marriage and schooling. The Beti Bachao Beti Padhao campaign’s Sukanya Samriddhi Yojana programme was introduced on December 2, 2014.

How is interest calculated

The account will earn interest that has been established and announced by the Ministry of Finance. The interest will be calculated for the calendar month based on the account’s lowest balance between the fifth day’s close and the end of the month. At the end of each fiscal year, interest will be credited to the account.

Interest rate

Interest rate for this quarter January – March 2023 is 7.6%.

Tax benefits

SSY offers the maximum tax-free return with sovereign guarantee and has the EEE (exempt-exempt-exempt) classification. The annual contribution (contributions) is eligible for a Section 80C deduction, and the maturity benefits are tax-free.

According to the SBI website, “As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.”

Revival of account

In case of irregular payment or revival of account by paying a penalty of Rs. 50 each year in addition to the minimum amount required annually.

Premature closure

If the account holder passes away, the account will be immediately closed, and the remaining balance, along with any accrued interest, will be paid to the account holder’s guardian. From the date of death until the account is closed, the amount maintained in Sukanya Samriddhi Account will earn interest at the same rate as post office savings accounts.


After 21 years from the account’s opening Or when a girl child reaches the age of 18 years old and marries. (1 month before or 3 month after date of marriage).


According to India Post website, below are the conditions when you can withdraw amount from SSY

(i) Withdrawal may be taken from account after girl child attains age of 18 or passed 10th standard.

(ii) withdrawal may be taken up to 50% of balance available at the end of preceding F.Y.

(iii) withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.

You must submit a withdrawal application form, evidence of identification, proof of citizenship, and proof of domicile. If the balance is not withdrawn after 21 years, the amount receives no interest.


Guardians can set standing instructions at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .

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