How to Open a Sukanya Samriddhi Yojana Account in HDFC ?

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:

• Visit the bank or post office branch where you would like to open the account.
• Fill up the application form (Form-1) with relevant details and provide supporting documents.
• 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.
• The bank or post office will process your application and payment.
• Upon processing, your SSY account will be opened. A passbook will be issued for this account marking the initiation of the account.

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

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

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

1. Obtain a form mand mention the corresponding account number, if you have any.
2. Under ‘To The Postmaster’, mention the Post Office branch and postal address details.
3. Next to ‘I/We’, mention the applicant’s name and in the following space, mention Sukanya Samridddhi Yojana.
4. Under ‘Account Holder Type’, tick the relevant type of account. Seek the Post Office personnel’s help to determine this.
5. Further, mention the amount you are going to deposit to the SSY account once it is created. 
6. Tick the mode of payment, whether cash, cheque or DD.
7. Enter the details, such as the name of the applicant, gender, Aadhaar number, PAN, address, and others enquired for in the table.
8. The applicant(s) should make signatures at the end of Page 1 to authorise all the information written so far.
9. Next, add the date and make the signature.
10. Fill in the nomination details.

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

You can open a Sukanya Samriddhi Yojana account either with a participating bank or a Post Office branch. Some of 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

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 / Services tab and choose the Sukanya Samriddhi Yojana account.
Step 3: Enter your SSY account number and the 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.

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

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

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
• Medical certificate for proof of birth of multiple girl children on a single order of birth
• Other KYC documents, such as Aadhaar card, Voters ID, etc.
• Any other documents as required by the post office or banks

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.

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.

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.

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.

Only the girl child, in whose name the account is opened, can withdraw the money from her SSY account upon maturity. 

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.

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

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

In order to transfer the SSY account from a post office to a bank, follow these instructions:

• 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.
• Inform the PO executive about your intent to transfer the SSY account.
• Submit the duly filled account transfer form and KYC documents. The executive will verify the details and transfer the account on your request.
• Now, visit the bank branch where you would like to maintain the SSY account.
• 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.
• Once the bank executive processes your request, a new passbook will be provided.

The balance in the SSY can be transferred anywhere in India – from or to post offices, from or to banks, and between post offices and banks free of cost. This can be done upon furnishing proof of a change of residence of either the guardian or the girl child. Under any other circumstance, such a transfer can be made by paying a fee of Rs 100.

• Low Minimum Deposit: The minimum deposit required to be made in a SSY account is Rs.250 per financial 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 society. Even if you happen to miss out on paying for a year, a penal charge of mere Rs. 50 will be levied on the missed minimum payment of Rs.250 and the account will be made normal again.
• Attractive Interest Rate: SSY accounts enjoys an 8.2% per annum compounded interest rate (for the period January 1 2024 to June 30 2024) - one of the highest among small savings schemes.
• Tax Benefits: You can enjoy full tax deduction on principal invested up to ₹1.5 lakh per year under Section 80C of the Income Tax Act. Both interest and maturity amount are tax-free.
• Long Tenure: Secure your daughter's future with a 21-year maturity period or until her marriage after 18 years (whichever is earlier).
• Educational Expenses Covered: You can withdraw 50% of the account balance as of the previous financial year’s end to meet the educational expenses of your girl child. This can be availed by submitting proof of admission only after girl child has attained 18 years of age or has passed tenth standard.
• Guaranteed Returns: Since SSY is a government-backed scheme, there is a guarantee of returns upon its maturity.
• Convenient Transfer: The SSY account can be transferred from any post office to a bank or vice-versa anywhere in India.

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.

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.

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.

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