Sukanya Samriddhi was created by the Indian government to assist the girl child and currently has a 7.6% interest rate. You can review your SSY account balance at your leisure using the account passbook, which is available both online and offline and contains a list of your transaction history.
Over 25 banks also provide the service of opening a Sukanya Samriddhi Yojana account, and after a satisfactory account opening process is completed, the bank/post office can immediately issue a passbook. The passbook can be updated on a daily basis to check the balance of the Sukanya Samriddhi Yojana account.
It is now possible to check SSY account balance check online as well as via account statements, given the rise of digital transformation. And this is what we’re going to see about.
As previously stated, more than 25 banks have the option of opening a Sukanya Samriddhi Yojana account. When a person opens an SSY account with one of these banks, they are given a passbook for the account. The Sukanya Samriddhi Yojana balance check can be determined by updating the passbook regularly.
The Sukanya Samriddhi Yojana online balance can now be reviewed digitally as well as by account statements. To find out how much money is in your SSY account, follow the steps below:
Step 1 –
Apply for an SSY account and obtain the SSY login credentials from the appropriate bank. However, it should be noted that not all banks have yet begun to provide this service. As a result, you will only be able to use this service if the bank provides it.
Step 2 –
These authentication credentials can be used to access the bank’s online banking site.
Step 3 –
You will verify your balance after signing in to your account by going to the homepage. It may show up on the account’s dashboard as well.
Step 4 –
It’s important to remember that this step can only allow you access to the balance. This portal would not allow you to conduct any transactions.
Sukanya Samriddhi Yojana is the only saving scheme under section 80C that is triple exempt. It guarantees that in this system, deposits, proceeds, the value of the accrual interest rate, and the amount of maturity are all tax-free.
The scheme’s only drawback is that accounts can only be opened up to a maximum of Rs 1.5 lakh.
Sukanya Samriddhi Account holders may move funds from one bank to another or from one post office to another. Your account can be moved from one post office to another or from one bank to another within the RBI’s reach.
The following are the steps to transferring a new Sukanya Samriddhi account:
The Sukanya Samriddhi Account can be transferred anywhere in India if there is relocation or the need to transfer from one bank/post office. The procedure is simple, and here are the steps mentioned below:
Step 1: You need to visit the post office that holds your account with the updated passbook and KYC documents.
Step 2: Submit the KYC documents and surrender the SSY account passbook. You need to tell the executive that you are closing your account in that post office and you want it to be transferred to a bank.
Step 3: The executive will close your account and give you the application of transfer to be given at the bank. The executive would brief you on the needed documents for the transfer.
Step 4: Visit the bank that you want your account to be transferred and submit the transfer application given to you by the post office executive.
Step 5: For the proof of identification and address, you need to submit your KYC.
Step 6: The bank will then give you a new passbook that will state the outstanding balance from the old account.
Step 7: The bank will activate your account within the due time. From there, you can continue the process of making contributions for the welfare and future of the child.
As of now, there is no option to avail of a loan on SSY. But, a guardian could make a partial withdrawal from the account after the age of 18 for the girl child.
Q1. Can I get loan facilities against the SSY Scheme?
No. It is not possible for an individual to avail of a loan on the scheme.
Q2. After how many years will the Scheme mature?
The scheme will mature after 21 years from the time the account was opened.
Q3. Can I close the scheme before the account matures?
Yes. You can close the account before it matures if the holder is getting married, and the girl must be over the age of 18.
Q4. Can partial withdrawal be made from the account?
Yes. You can partially withdraw from the account once the girl child has turned 18 years of age.
Q5. Can an individual transfer their SSY account?
Yes. An individual can transfer their SSY accounts from post offices to banks and vice versa.