New Delhi marks a significant milestone as the Sukanya Samriddhi Yojana (SSY), a flagship government initiative, completes 11 years on Thursday. Launched under the Beti Bachao Beti Padhao campaign on January 22, 2015, this low-risk savings scheme has revolutionized financial planning for girl children across India.
The scheme guarantees principal protection with quarterly compounded interest currently at 8.2%. Parents or guardians can open an account for their daughter anytime from birth until she turns 10, at post offices, public sector banks, or select private banks like HDFC, Axis, ICICI, and IDBI. Each girl qualifies for one account, with families limited to two, except in cases of twins or triplets with proper documentation.
Designed to fund higher education and marriage expenses, SSY promotes economic independence and self-reliance. Accounts remain under parental control until the girl reaches 18, ensuring disciplined savings for her future needs. Post-18, she can take full control with necessary documents. Transferable anywhere in India, the scheme offers flexibility for mobile families.
Government data reveals over 4.53 crore accounts opened, with deposits exceeding ₹3.33 lakh crore. This massive uptake underscores SSY’s role in bridging gender gaps in financial security.
Complementing SSY, the Beti Bachao Beti Padhao campaign, also launched by PM Narendra Modi on the same day, combats female foeticide, boosts school enrollment, and fosters positive societal attitudes toward girls. Jointly run by Women & Child Development, Education, and Health Ministries, it has driven improvements in sex ratios and girl child empowerment.
As SSY enters its second decade, it stands as a beacon of hope, securing brighter tomorrows for millions of Indian daughters while advancing the nation’s vision of gender parity and self-dependent women.