How to Open a Sukanya Samriddhi Yojana Account in HDFC ?

Updated on: Jun 4th, 2024


17 min read

The Sukanya Samriddhi Yojana (SSY) is a small savings scheme declared by the Government of India, exclusively for the girl child.

What is the Sukanya Samriddhi Yojana Scheme?

According to Sukanya Samriddhi Yojana scheme, an account can be opened in the name of the girl child by her parents or legal guardian until she attains the age of ten years. The scheme is a fragment of GOI’s ‘Beti Bachao – Beti Padhao’ initiative, which is also referred to as the BBB campaign. SSY focuses on encouraging the parents or guardians of girls to build finances for the future, education and marriage expenses of their female child.

The Government of India has taken this praiseworthy initiative to change the mindset of people towards our girls. One can open an SSY account at the post office along with some designated banks. The major advantages of an SSY account include income tax benefits and a higher interest rate compared to other small savings schemes.

Who can open an SSY account?

The natural or legal guardian can open an SSY account in the name of a girl child from any time after her birth until the time she attains the age of 10 years. Also, you are allowed to open two accounts for two girls only. There are 2 cases in which you can also open a third SSY account. One, when twin girls are born in the first birth, and secondly, when twin girls are born at the time of the second birth. An SSY account can be opened only in the name of the girl child by a depositor.

Important details of the SSY account

  • The annual interest rate that one can benefit from an SSY account is 8%.
  • Sukanya Samriddhi Yojana requires you to make a minimum deposit of Rs. 1000. With effect from 5 July 2018, the government has reduced the minimum investment amount to Rs 250.
  • In each SSY account, the maximum deposit amount allowed is Rs. 1.5 lakh in a year.
  • However, one can make any number of deposits in a particular month or in a year.
  • To the extent of deposits made in the SSY account, you can claim tax benefits, a deduction of up to Rs 1.5 lakhs from your total income, under Section 80c.
  • Commencing from the date of opening the account, deposits in an account are allowed until the completion of 15 years.
  • The account matures after the completion of the tenure which is 21 years. The balance in the SSA, including the interest, is paid to the girl child on submitting an application and proof of identity, residence and citizenship documents.

How to Open an SSY account in HDFC?

The SSY account can be easily opened in a hassle-free way through HDFC Bank. In case you do not have an HDFC account, you can open an SSY account by submitting some mandatory documents.

Documents required to open an SSY account in HDFC

  • 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 the photos.
  • Deposit the cash (Min of Rs. 250).
  • Once the account is opened, the deposit is allowed through cash, cheque or a demand draft.

Withdrawal Facility

  • After the account holder turns 18, a partial withdrawal from the SSY account is allowed to meet the expenses related to education and marriage.
  • The account needs to be closed in case the beneficiary is married before the maturity of the account.
Maximum number of accountsUp to two accounts for two girl children or three accounts in case of twin girls
Minimum and Maximum Amount of DepositThe minimum amount required as a deposit to open an SSY account is Rs. 250, with an annual limit of Rs. 1,50,000 in a financial year
Tenure of the DepositThe account lasts till 21 years from the date of opening.
Interest Rate8% p.a.
Tax RebateUnder 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:


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.

1Where 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 

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.

ParametersPublic Provident Fund (PPF)Sukanya Samriddhi Yojana (SSY)
Minimum Deposit per Financial YearRs.500Rs.250
Maximum Deposit per Financial YearRs.1.5 lakhRs.1.5 lakh
Eligibility CriteriaAny single adult who is a resident IndianGirl child below the age of 10 years
Maturity Period15 years21 years
Payment Period15 years15 years
Interest Rate7.1% p.a. (Q1 of FY 2023-24); Compounded yearly8% p.a. (Q1 of FY 2023-24); Compounded yearly
Tax BenefitsEEE benefitEEE benefit
Premature WithdrawalUpon completing five financial yearsUpon 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 8% 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.

ParametersLIC Kanyadan SchemeSSY
Account/Policy OwnershipPolicy is to be purchased in the name of the father of the girl childAccount is to be opened in the name of the girl child, maintained by the guardian until she reaches 18 years of age
Eligible NationalityAny father of a girl childResident Indians only
Age EligibilityFather: 18 years to 50 years Daughter: minimum of 1 yearBefore the girl child attains 10 years of age
Loan FacilityCan be availed after making premium payments for three consecutive yearsNot available
Premium/Deposit LimitNo maximum limitMinimum Rs.250 up to Rs.1.5 lakh per fiscal year
Maturity AmountMinimum Rs.1 lakh with no maximum limitBased on the deposits made

Who introduced sukanya samriddhi yojana?

Prime Minister Narendra Modi introduced Sukanya Samriddhi Yojana.


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Quick Summary

Sukanya Samriddhi Yojana (SSY) is a savings scheme for girl child by the Government of India.The scheme's details, opening process, minimum deposit, deposit limit, tax benefits, and maturity criteria are explained. However, online application is not available. SSY can be opened in participating banks or Post Office branch. The scheme is compared with PPF and LIC Kanyadan. Prime Minister Narendra Modi launched it.

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