How to Open an SSY Account with State Bank of India?

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The Sukanya Samriddhi Yojana (SSY) is a small savings scheme backed by the Government of India exclusively for the girl child. As per this scheme, a parent or legal guardian can open an account in the name of a girl child until she attains the age of ten years.

What is the Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana (SSY) scheme is aimed at encouraging the parents or guardians to build a fund for the future education and marriage expenses of their female child. It is part of the “Beti Bachao – Beti Padhao” initiative of the Government of India, also known as BBB. It is commendable that the government is taking steps to change the mindset of people towards the girl child.

The SSY account can be opened in post offices and some specifically designated banks. An SSY account also offers income tax benefits by way of deductions under Section 80C for up to Rs 1.5 lakh along with a higher interest rate compared to other small savings schemes.

Who can open an SSY account?

  • An SSY account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years.
  • The account can be opened by a depositor only in the name of the girl child.
  • A natural or legal guardian of a girl child is allowed to open two accounts for up to two girls.
  • One can open a third account in the name of a girl child in a scenario of birth of twin girls, as a second birth, or if the first birth itself results into three girl children.

Key features of an SSY account

  • The interest rate offered on an SSY account is 8.4 per cent (w.e.f 1st Oct 2019 on a yearly basis.
  • Minimum deposit in an SSY account is Rs.250
  • The maximum amount that can be deposited in a year is Rs. 1.5 lakh per SSY account.
  • There is no limit to the number of deposits either in a month or in a financial year.
  • An annual deposit of up to Rs. 1.5 lakh qualifies for tax benefits under Section 80C.
  • One can continue to deposit in the SSY account till the completion of 15 years starting from the date of opening of the account
  • The account matures after the completion of the tenure which is 21 years. The balance in the SSY, including the interest, is paid to the girl child on submitting an application and proof of identity, residence and citizenship documents

How to open a Sukanya Samriddhi Yojana account in SBI?

SBI allows the opening of an SSY account in an easy and hassle-free way.
Individuals who do not have an account with SBI can open an SSY account by submitting the following documents:

Documents required to open an SSY account in SBI

  • Birth certificate of the girl child
  • Photo ID of parents or legal guardian
  • Address proof of parents or legal guardian
  • Photograph of the child and parent

Step by Step Process

  • Fill up the form
  • Submit the documents along with photos
  • Deposit cash (Minimum of Rs 1,000)
  • After opening the account, one can make deposits by cash, cheque or demand draft.
Maximum number of accountsUp to two girl children or three in case of twin girls
The minimum and the maximum amount of depositMin amount is Rs 1,000 for initial deposit with an annual ceiling of Rs 1,50,000 in a financial year
Tenure of the deposit21 years from the date of opening of the account
Interest Rate7.6% for Q1 of FY 2021-22
Tax deductionUnder 80C of the IT Act, 1961

How to open a Sukanya Samriddhi Yojana Account?

You can open a Sukanya Samriddhi Yojana (SSY) account with a participating bank or a Post Office branch. You need to follow the below procedure to open the account.

  1. Visit the bank or Post Office branch where you would like to open the account.
  2. Fill up the application form with relevant details and provide supporting documents.
  3. Pay the first deposit in the form of cash, cheque, or demand draft. The amount can be anything from Rs.250 up to Rs.1.5 lakh.
  4. The bank or Post Office will process your application and payment.
  5. Upon processing, your SSY account will be opened. A passbook will be issued for this account marking the initiation of the account.

Which ministry handles the Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana comes under the Ministry of Women and Child Development.

Which section covers the tax deduction for sukanya samriddhi yojana contributions?

Contributions made towards Sukanya Samridhhi Yojana can be considered for income tax deduction under Section 80C of the Income Tax Act, 1961.

How to fill the Sukanya Samriddhi Yojana form for the Post Office?

Here is how the Post Office account opening form looks like:

postoofice

In order to fill the form, you can follow these steps:

  1. Enter the Post Office branch name.
  2. If you already have a savings account with the Post Office, mention the corresponding account number.
  3. Under ‘To The Postmaster’, mention the Post Office branch and postal address details.
  4. Paste the applicant(s) photograph to the right.
  5. Next to ‘I/We’, mention the applicant’s name and in the following space, mention Sukanya Samridddhi Yojana.
  6. Skip the content in the box as it is applicable only for opening PO savings accounts.
  7. Under ‘Account Holder Type’, tick the relevant type of account. Seek the Post Office personnel’s help to determine this.
  8. The same goes for the ‘Account Type’ field.
  9. Further, mention the amount you are going to deposit to the SSY account once it is created. Write the amount in both figure and words.
  10. Tick the mode of payment, whether cash, cheque or DD. In the case of a cheque or DD, write down the number and date mentioned on it.
  11. Enter the details, such as the name of the applicant, gender, Aadhaar number, PAN, address, and others enquired for in the table.
  12. The applicant(s) should make signatures at the end of Page 1 to authorise all the information written so far.
  13. In Page 2 section (5), mention details if you would like to set standing instructions to pay for the SSY account.
  14. Check the square box next to SSA to state that no other SSY accounts have been opened under the name of the depositor.
  15. Next, add the date and make the signature.
  16. Fill in the nomination details.
  17. Get the signature of two witnesses if the applicant is illiterate.
  18. Further, add the date, place, and signature at the end of the nomination section.

How to apply for sukanya samriddhi yojana online?

As of now, there is no way you can apply for or open a Sukanya Samriddhi Yojana account online.

Where to open an account under sukanya samriddhi yojana?

You can open a Sukanya Samriddhi Yojana account either with a participating bank or a Post Office branch. The participating banks are:

  • State Bank of India
  • Allahabad Bank
  • Andhra Bank
  • Punjab and Sind Bank
  • Bank of Baroda
  • Canara Bank
  • Bank of India
  • Bank of Maharashtra
  • Corporation Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Dena Bank
  • Indian Bank
  • UCO Bank
  • Syndicate Bank
  • United Bank of India
  • Punjab National Bank
  • Union Bank of India
  • Oriental Bank of Commerce
  • IDBI Bank
  • Vijaya Bank
  • Axis Bank
  • ICICI Bank

How to pay for sukanya samriddhi yojana online?

You have to download the IPPB app on your smartphone to make online payments towards your SSY account. Through this app, you can set standing instructions so that a specified amount will be transferred online to your SSY account. Here is the step-by-step procedure:

Step 1: Transfer money from your bank account to the IPPB account.

Step 2: On the IPPB app, go to DOP Products and choose the Sukanya Samriddhi Yojana account.

Step 3: Enter your SSY account number and the DOP customer ID.

Step 4: Choose the amount you would like to pay and the instalment duration.

Step 5: IPPB will notify you of the success of setting up the payment routine.

Step 6: Each time the app makes the money transfer, you will be notified of the same.

When was sukanya samriddhi yojana launched?

Sukanya Samriddhi Yojana was launched by Prime Minister Narendra Modi on 22 January 2015 in Panipat, Haryana.

Which bank is the best to open a sukanya samriddhi yojana account?

You can open an SSY account at any of the participating banks. It is more convenient for you to open the SSY account with the bank where you already hold a savings account if it is one of the participating banks. The participating banks are:

  • State Bank of India
  • Allahabad Bank
  • Andhra Bank
  • Punjab and Sind Bank
  • Bank of Baroda
  • Canara Bank
  • Bank of India
  • Bank of Maharashtra
  • Corporation Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Dena Bank
  • Indian Bank
  • UCO Bank
  • Syndicate Bank
  • United Bank of India
  • Punjab National Bank
  • Union Bank of India
  • Oriental Bank of Commerce
  • IDBI Bank
  • Vijaya Bank
  • Axis Bank
  • ICICI Bank

How to submit proof for sukanya samriddhi yojana?

You have to walk down to the Post Office or a bank branch where you have submitted the SSY application to submit the documents and proofs. You need to submit a physical copy of the following documents:

  • Birth certificate of the girl child
  • Identity and address proof of the guardian
  • In the case of birth multiple girl children in a single order of birth, medical certificate for proof on the same
  • Any other documents as required by the post office or banks

How to calculate sukanya samriddhi yojana interest?

The interest for the SSY account is calculated on the lowest balance for the calendar month, i.e. between the fifth day of the month and the end of the month. The interest will be credited once, at the end of each financial year.

Generally, you can use the below formula to calculate the interest earned on an SSY account:
A = P(1+r/n)^nt
Here
P = Initial Deposit
r = Rate of interest
n = Number of years the interest compounds
t = Number of years
A = Amount at maturity

Since the interest accrued on an SSY account is compounded on a yearly basis, it may not be a simple task to manually calculate the interest. Instead, you can use our Sukanya Samriddhi Yojana Calculator to arrive at the maturity amount upon entering the details, such as probable investment amount per year, the age of the girl child, and the account commencement year.

What is the frequency of investment allowed under sukanya samriddhi yojana?

You can deposit money in an SSY account either once per financial year or in smaller, regular instalments. However, you need to make a minimum payment of Rs.250 per financial year to keep the account active and running and follow this criterion for a minimum payment period of 15 years.

If you choose to make deposits in instalments, the interval between the instalments can be anything as per your convenience. There is no restriction on the number of deposits you can make in a month or in a financial year.

How to claim/withdraw sukanya samriddhi yojana?

You must submit the duly filled withdrawal form along with the SSY account passbook to the bank or Post Office branch where the account is maintained.

In order to claim or withdraw prematurely, you need to satisfy some conditions, such as for marriage expenses or for the higher education of the girl child.

Upon maturity of the account, the amount will be paid to the girl child holding the account.

In another case, you may prematurely close the account and claim the deposit amount only after completing five years of account opening, for the following reasons:

  • On the death of the account holder.
  • A life-threatening disease of a/c holder.
  • Death of the guardian who operated the account.

How many accounts opened in sukanya samriddhi yojana?

Only one account can be opened per girl child, either in Post Office or in any bank. This account can be opened for a maximum of two girl children in a family. Only in the case of twins or triplets girls’ birth, more than two accounts can be opened in a family.

Who can withdraw money from sukanya samriddhi yojana?

Only the girl child, in whose name the account is opened, can withdraw the money from her SSY account upon maturity. The guardian can withdraw the money if the girl child has not attained the age of 18 years.

How to open sukanya samriddhi yojana in the post office?

  1. Visit the nearest Post Office branch.
  2. Fill up the application form with relevant information.
  3. Attach the supporting documents and proofs along with the application form.
  4. Pay the initial deposit as cash, cheque, or demand draft.
  5. The Post Office will process your application and payment. Once your SSY account is opened a passbook will be issued.

How much should I invest in sukanya samriddhi yojana?

You can invest any amount from Rs.250 up to Rs.1.5 lakh per financial year in the SSY account.

What is the age limit for sukanya samriddhi yojana?

The SSY account must be opened from the time of girl childbirth but before the girl child attains the age of 10 years.

How to transfer sukanya samriddhi yojana?

In order to transfer SSY account from Post Office (PO) to a bank, follow these instructions:

  1. Visit the PO branch where the account is held. The girl child need not visit the PO branch as the guardian can complete the process.
  2. Inform the PO executive about your intent to transfer the SSY account.
  3. Submit the duly filled account transfer form, the passbook, and KYC documents. The executive will discontinue the account on your request.
  4. Now, visit the bank branch where you would like to maintain the SSY account.
  5. Submit the self-attested KYC documents and any other paperwork provided to you by the PO executive while requesting to maintain the account with them.
  6. Once the bank executive processes your request, a new passbook will be provided.

What is the duration of the sukanya samriddhi yojana account?

The payment period for SSY accounts is 15 years, while the maturity period of the account is a minimum of 21 years.

Which is better? PPF or sukanya samriddhi yojana?

PPF is a government-backed retirement saving scheme whereas, SSY is a government-backed small savings scheme dedicated to girl child development. Both accounts provide tax benefits. While a PPF account can be opened by anybody, an SSY account can only be opened in the name of a girl child before she attains the age of 10 years. PPF balance can be liquidated to a certain extent, while the same may not be true for the SSY account.

Both schemes are designed for different purposes and therefore, picking a better option between the two schemes is tough. Here is a table that gives a comparative picture of both schemes.

Parameters Public Provident Fund (PPF) Sukanya Samriddhi Yojana (SSY)
Minimum Deposit per Financial Year Rs.500 Rs.250
Maximum Deposit per Financial Year Rs.1.5 lakh Rs.1.5 lakh
Eligibility Criteria Any single adult who is a resident Indian Girl child below the age of 10 years
Maturity Period 15 years 21 years
Payment Period 15 years 15 years
Interest Rate 7.1% p.a. (Q4 of FY 2020-21); Compounded yearly 7.6% p.a. (Q4 of FY 2020-21); Compounded yearly
Tax Benefits EEE benefit EEE benefit
Premature Withdrawal Upon completing five financial years Upon the girl child attaining 18 years

What are the benefits of sukanya samriddhi yojana?

  • Affordable Payments: The minimum deposit required to maintain an SSY account is Rs.250 per fiscal year. You can make deposits as per your convenience up to Rs.1.5 lakh per fiscal year. The payments seem very affordable for people from all sections of the society.
    Even if you happen to miss out paying for a year, a penal charge of Rs.50 will be levied on the missed minimum payment of Rs.250 but the account will be continued.
  • Educational Expenses Covered: You can withdraw 50% of the account balance as of the previous financial year end to meet the educational expenses of your girl child. This can be availed on submitting the proof of admission.
  • Tax Benefits: You can claim tax benefits on the deposits you make towards the account, i.e. up to Rs.1.5 lakh per fiscal year under Section 80C of the Income Tax Act, 1961. The interest earned through this account is exempt from tax. Also, the maturity amount is also tax-exempt.
  • Attractive Interest Rates: The interest rate applicable to SSY accounts has always been high as compared to other government-backed schemes. Currently, the rate is at 7.6% p.a.

How much amount will I get in sukanya samriddhi yojana?

The maturity amount of an SSY account depends on the contributions you make every year. Further, you can prematurely withdraw 50% of the deposit amount once the girl child attains 18 years of age either for educational purpose or for marriage expenses.

How to check sukanya samriddhi yojana account balance?

A passbook will be issued upon opening the SSY account with a bank or Post Office. You can visit the bank or PO branch where the account is held and get the updated information regarding the account balance printed on the passbook.

How to download the sukanya samriddhi yojana statement?

Not all banks allow you to access SSY account details online. Check if the bank your account is held with provides this service. If it does, request the bank executive to provide login ID and password to access your SSY account online.

  1. Log into the bank’s internet banking portal using the credentials given by the bank executive.
  2. On the homepage/dashboard, the account balance will be displayed.

What is the minimum amount required to open an account under sukanya samriddhi yojana?

The minimum amount required to open an account under SSY scheme is Rs.250.

Which is better? LIC or sukanya samriddhi yojana?

Life Insurance Corporation (LIC) is known for providing life insurance products to its customers. One of its products, LIC Kanyadan, is comparable with the benefits offered by SSY. Both the schemes offer financial protection for girl children and look to cover education and marriage expenses for them.

One thing to note here is that an SSY account can only be accessed by the girl child once she attains 18 years of age, while LIC Kanyadan does not provide access to the girl child at all until the father’s death.

Here are a few more differences between the LIC Kanyadan scheme and SSY.

Parameters LIC Kanyadan Scheme SSY
Account/Policy Ownership Policy is to be purchased in the name of the father of the girl child Account is to be opened in the name of the girl child, maintained by the guardian until she reaches 18 years of age
Eligible Nationality Any father of a girl child Resident Indians only
Age Eligibility Father: 18 years to 50 years Daughter: minimum of 1 year Before the girl child attains 10 years of age
Loan Facility Can be availed after making premium payments for three consecutive years Not available
Premium/Deposit Limit No maximum limit Minimum Rs.250 up to Rs.1.5 lakh per fiscal year
Maturity Amount Minimum Rs.1 lakh with no maximum limit Based on the deposits made

Who introduced sukanya samriddhi yojana?

Prime Minister Narendra Modi introduced Sukanya Samriddhi Yojana.

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