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1. What is the Sukanya Samriddhi Yojana Scheme?

The Sukanya Samriddhi Yojana (SSY) is a small savings scheme declared by the Government of India exclusively for the girl child. According to this scheme, an account can be opened in the name of girl child by her parent 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 BBB. SSY focuses on encouraging the parents or guardians to build finances for the future education and marriage expenses for their female child. Govt of India has taken this praiseworthy initiative to change the mindset of people towards Girl Child. One can open an SSY account in post office and some specific designated banks. The major advantages of an SSY account include income tax benefits and a higher interest rate as compared with other small savings schemes.

2. Who can open an SSY account?

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

3. Important details of SSY account

  • The annual interest rate that one can benefit from an SSY account is 8.1 percent.
  • Sukanya Samriddhi Yojana requires you to make a minimum deposit of Rs. 1000.
  • 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 deposit made in the SSY account, you can claim a tax benefit under Section 80C of a deduction upto Rs 1.5 lakhs from your total income.
  • Commencing from the date of opening of the account, deposits in an account are allowed till the completion of 15 years.
  • Account matures after completion of tenure of 21 years and balance in SSA 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 HDFC?

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

  • Documents required to open an SSY account in HDFC

  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. Once the account is opened, the deposit is allowed through Cash, Cheque or Demand Draft.
  • Withdrawal Facility

  1. After the account holder turns 18, a partial withdrawal from the SSY account is allowed to meet the expenses related to education and marriage.
  2. The account needs to be closed in case the beneficiary is married before maturity of account.
Maximum number of accounts Upto accounts for two girl children or three accounts in case of twin girls.
Minimum and Maximum Amount of Deposit Min amount required as deposit to open an SSY account is Rs. 1000 with an annual limit of Rs. 150000 in a financial year.
Tenure of the Deposit The account lasts till 21 years from the date of opening.
Interest Rate 8.1%
Tax Rebate Under 80C of the IT Act, 1961.

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