1. What is the Sukanya Samriddhi Yojana?

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. The 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.


2. 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.

3. 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

4. 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

(i) Birth certificate of the girl child

(ii) Photo ID of parents or legal guardian

(iii)Address proof of parents or legal guardian

(iv) Photograph of the child and parent

Step by Step Process

(i) Fill up the form

(ii) Submit the documents along with photos

(iii) Deposit cash (Minimum of Rs 1,000)

(iv) After opening the account, one can make deposits by cash, cheque or demand draft.

Maximum number of accounts Up to two girl children or three in case of twin girls
The minimum and the maximum amount of deposit Min amount is Rs 1,000 for initial deposit with an annual ceiling of Rs 1,50,000 in a financial year
Tenure of the deposit 21 years from the date of opening of the account
Interest Rate 8.4% w.e.f 1st Oct 2019
Tax deduction Under 80C of the IT Act, 1961


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