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1. What is 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 a per this scheme, a parent or legal guardian can open an account in the name of the 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 for their female child. It is part of “Beti Bachao – Beti Padhao” initiative of Government of India also known as BBB.

It is commendable that the government is taking steps to change the mindset of people towards girl child. The SSY account can be opened in post office and some specific designated banks. An SSY account also offers income tax benefits by way of deduction under Section 80C upto Rs 1.5 lakhs along with a higher interest rate compared with other small savings schemes.

2. Who can open an SSY account?

A SSY 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 girl child. A natural or legal guardian of a girl child can be allowed to open two accounts for two girls only. One can open a third account in the name of the girl child in a scenario of birth of twin girls, as second birth or if the first birth itself results into three girl children.

3. Key features of SSY account

  • The interest rate offered on an SSY account is 8.1 percent on a yearly basis.
  • Minimum deposit in SSY account is Rs 1,000
  • 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 of up to Rs. 1.5 lakh qualifies for tax benefit under Section 80C.
  • On can continue to deposit in the account till the completion of 14 years starting from the date of opening of the account
  • Account matures after completion of tenure of 21 years and balance in SSY including interest is paid to girl child on submitting an application and proof of identity, residence and citizenship documents

4. How to open an SSY account in SBI?

SBI allows opening of an SSY account in an easy and hassle-free way. Individuals who are not having an account in SBI can also open the account, by submitting the documents.

Documents required to open in SBI

  1. Birth certificate of Girl child
  2. Photo ID of parents or legal guardian
  3. Address proof of parents or legal guardian
  4. Photograph of child and parent

Step by Step Process

  1. Fill up the form
  2. Submit the documents along with Photo
  3. Deposit Cash (Min of Rs 1000)
  4. After opening the account, one can deposit by Cash, Cheque or Demand Draft.
Maximum number of accounts Upto two girl children or three in case of twin girls
Minimum and Maximum Amount of Deposit Min amount is Rs 1,000 of 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 8.6%
Tax Rebate Under 80C of the IT Act, 1961

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