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 Sukanya Samriddhi’s account balance online as well as via account statements, thanks to the rise of digital transformation. And this is what we’re going to see about.
An Overview of the Sukanya Samriddhi Scheme
The process to Check Sukanya Samriddhi Account Balance
How to Check Sukanya Account Balance Offline:
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 account balance can be determined by updating the passbook regularly.
How to Check SSY Account Balance Online:
The SSY 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 account’s 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.
Taxation on SSY
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.
How to Transfer the SSY account?
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:
- To begin, go to the post office where your account is maintained with your updated passbook and KYC documents. During the transition, the girl child is not expected to be present.
- Submit your Sukanya Samriddhi account passbook to the bank or post office, along with your KYC papers. Notify the bank or post office that you are closing your account and that you would like to move your account to another post office or bank.
- After that, the manager will close your account and issue you a transfer request to apply to the bank. He or she will also inquire about the paperwork that must be submitted.
- Visit the branch where you want to move your deposit and turn in the transfer letter you sent from the post office.
- Submit your KYC records, which will serve as evidence of identity and address.
- The bank employee will then give you a new passbook, which will display the remaining balance of your previous account.
- The bank will then trigger/enable your account in due time. From that account, you can begin the process of making investments in your girl’s welfare and future.
SSY Account Balance Check – FAQs
Q1. Can I get loan facilities against the SSY Scheme?
No. It is not possible for an individual to avail 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.