Neutral impactEconomy
Sukanya Samriddhi Yojana: Can you open an account if your daughter has turned 10?
Mint 15 hrs ago·30 Aug 2026, 5:42 am
The Sukanya Samriddhi Yojana (SSY) is a popular government-backed savings scheme designed for the financial security of a girl child. While the scheme is popular for its high interest rates and tax benefits, it has a strict eligibility rule regarding the age of the account holder. According to current regulations, the account can only be opened for a girl child up to the age of 10 years. This means that if your daughter has already turned 10, you cannot open a fresh SSY account in her name.
For investors, this rule is crucial because the SSY offers one of the highest interest rates among small savings instruments. The scheme also provides a tax deduction under Section 80C of the Income Tax Act and the maturity amount is tax-free. Since the account cannot be opened after the age of 10, parents must ensure they act within this window to secure these long-term benefits for their daughter's future.
What should you watch next? If you missed the deadline, you should explore other government-backed child investment options like the PPF or the National Savings Certificate. You can also look at mutual funds with a long-term horizon. It is important to remember that while the SSY has a fixed maturity period of 21 years, the interest rates are subject to revision by the government quarterly, so staying updated on these changes is key for maximizing returns.
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- Category: Economy.
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