Imagine saving for your daughter’s education and wedding, earning a decent interest rate, and getting tax benefits too. The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that offers all this and more.
For the financial year 2026-27, the government has announced an interest rate of 7.6% per annum on SSY accounts. This applies to deposits made between April 1, 2026, and March 31, 2027.
How to Calculate SSY Returns
Let’s say you deposit Rs. 10,000 into an SSY account each year for 10 years. At an interest rate of 7.6%, your total deposit would be Rs. 1 lakh. But, your total interest earned would be around Rs. 1.33 lakh, making your total corpus around Rs. 2.33 lakh.
As for tax benefits, the SSY scheme is exempt from income tax under Section 80C of the Income Tax Act. This means you can claim a tax deduction of up to Rs. 1.5 lakh on your annual deposits.
Now, let’s talk about eligibility and account opening. The SSY scheme is open to girls from birth to 10 years of age. You can open an SSY account in the name of your daughter at any post office or designated bank branch.