On World Savings Day, October 30, Sukanya Samriddhi Yojana (SSY) shines as a success story, promoting savings for the future of India’s daughters. As of September 2024, SSY has achieved substantial growth, with a total of Rs. 2.58 lakh crore saved across 4 crore accounts for girls nationwide. Notably, savings under the scheme in Gujarat reached Rs. 9,658 crore for 20.46 lakh girls, marking a remarkable 225% increase from Rs. 2,951 crore in 2020.
State-Wise SSY Deposits (Top Contributors)
- Uttar Pradesh: 44.84 lakh accounts, Rs. 28,094 crore
- Tamil Nadu: 37.09 lakh accounts, Rs. 26,127 crore
- Maharashtra: 36.90 lakh accounts, Rs. 24,642 crore
- Karnataka: 30.36 lakh accounts, Rs. 24,258 crore
- Andhra Pradesh: 18.41 lakh accounts, Rs. 14,616 crore
- Gujarat: 20.46 lakh accounts, Rs. 9,658 crore
Sukanya Samriddhi Yojana Overview
The SSY program is designed to help parents save for their daughters’ education and marriage, allowing investments from Rs. 250 up to Rs. 1.5 lakh per year for 15 years. Accounts mature 21 years from the opening date, with partial withdrawals allowed from 18 years for education.
Preference for Post Office Savings
SSY deposits show a preference for post office accounts, with Rs. 5,111 crore saved in post offices for 15.14 lakh girls in Gujarat, compared to Rs. 4,547 crore in banks for 5.32 lakh girls. Nationally, post offices hold Rs. 1.74 lakh crore, while banks account for Rs. 83,000 crore.