Sukanya Samriddhi Calculator. 15 years in, 21 years growing.

A parent or legal guardian opens the account in the name of a girl child who has not yet turned 10 on the date of opening. Only one account is permitted per girl, and a family may hold a maximum of two accounts, one each for two daughters. That two-account limit is relaxed for multiple births: if the second delivery produces twins or triplets, or if the first delivery itself is a multiple birth, a third account is allowed on the strength of an affidavit and a birth certificate from the hospital. Accounts can be opened at any post office or authorised bank branch, and can be transferred anywhere in India free of cost if the family relocates.

The account needs ₹250 in a financial year to stay in good standing and will accept up to ₹1,50,000 in that year, in any number of instalments. Deposits are only taken during the first 15 years from opening; there is nothing to pay in years 16 to 21. Miss the ₹250 minimum in any year and the account is treated as in default. Reviving it costs a ₹50 penalty for each defaulted year plus the ₹250 minimum for each of those years, payable any time before the 15-year deposit window closes. A defaulted account that is never revived is not forfeited: it continues to earn the notified rate until maturity, you simply lose the missed contributions and their compounding.

Yes, but only once the girl turns 18 or passes class 10, whichever comes first, and only for her higher education. The withdrawal is capped at 50% of the balance standing at the end of the preceding financial year, and the application has to be backed by proof of admission such as an offer letter or an official fee schedule. The amount released cannot exceed the actual fees and other charges shown in that document. You can take it as a single lump sum or in up to five annual instalments. Anything withdrawn stops compounding, so the maturity figure drops by considerably more than the sum you took out.

There are three routes. Marriage: the account can be closed from one month before to three months after the girl marries, provided she is at least 18, on a declaration of her age. Compassionate grounds: the death of the account holder, the death of the guardian operating the account, or a life-threatening illness of the girl allows closure on production of the relevant medical or death certificate. Any other reason: permitted only after five years from opening, and the balance is then paid with interest at the Post Office Savings Account rate for the whole period rather than the far higher SSY rate, so this is an expensive exit.

It carries EEE status, the most favourable treatment available. Deposits of up to ₹1,50,000 a year are deductible under Section 80C, the interest credited each year is exempt, and the maturity or withdrawal proceeds are exempt under Section 10(11A). Two caveats matter in practice. The 80C deduction exists only under the old tax regime; if you have moved to the new regime under Section 115BAC you keep the tax-free interest and tax-free maturity but lose the deduction on deposits. And the ₹1.5 lakh 80C ceiling is shared with EPF, PPF, ELSS, life insurance premiums and home-loan principal, so a full SSY deposit consumes the entire limit by itself.