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Sukanya Samriddhi Yojana (SSY) Scheme

The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.

What are the eligibility criteria to open Sukanya Samriddhi Account? 

  1.     The account can be opened by a parent or legal guardian of the girl child
  2. The girl child must be below the age of 10 year
  3. Only one account is allowed for a girl child.
  4. A family can open only 2 SSY scheme account.

How to invest in Sukanya Samriddhi Yojana (SSY)?

Investors can apply for Sukanya Samriddhi Scheme through the post offices or participating public and private banks. Investors need to submit a few documents and follow the process listed below:

Sukanya Yojana Details : Documents required to open an account

  1. Birth certificate of the girl child
  2. Photo ID of applicant parent or legal guardian
  3. Address proof of applicant parent or legal guardian
  4. Other KYC proofs such as PAN, Voter ID.

Process of application

  1. Download the application form from either RBI website, Indian Post website, participating public sector and private bank’s official website
  2. Fill up the form with key details of the girl child and a parent or legal guardian. Following are the key mandatory fields to be filled in Sukanya Samriddhi Yojana, scheme form
  3. Primary Account Holder- Name of Girl Child
  4. Joint Holder- Name of A parent or legal guardian
  5. Initial deposit amount
  6. Cheque/DD Number and Date for the initial deposit
  7. Date of Birth of girl child along with Birth Certificate details
  8. Identity of Parent or legal guardian such as Driving License, Aadhaar, etc.
  9. Present and Permanent Address (as per ID document of the parent or legal guardian)
  10. Details of other KYC proofs such as PAN, Voter ID card, etc

How to Open the Scheme Offline?

A Sukanya Samriddhi Yojana (SSY) account can be opened at any participating bank or Post Office branch. To open the account, complete the steps outlined below.

  • Go to the bank or Post Office where you want to open the account.
  • Fill out the application form with the necessary information and attach any supporting papers.
  • Pay the first deposit in cash, check, or demand draught. The payment can range between Rs.250 and Rs.1.5 lakh.
  • Your application and payment will be processed by the bank or the Post Office.
  • After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening.

How to Open the Scheme Online?

To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You can use this app to set up standing instructions for a specific amount to be deposited online to your SSY account. Here’s how to do it step by step:

  • Money should be transferred from your bank account to the IPPB account.
  • Navigate to DOP Products on the IPPB app and choose the Sukanya Samriddhi Yojana account.
  • Enter your SSY account number as well as your DOP client ID.
  • Choose the amount you want to pay and the length of the instalment.
  • The IPPB will tell you when the payment procedure has been successfully set up.
  • You will be notified each time the app conducts a money transfer.

Sukanya Yojana interest rates

The interest rate on the Sukanya Samriddhi Yojana is fixed by the government and reviewed every quarter. The Sukanya Samriddhi Yojana interest rate for 2022 is 7.6%.

Tax Benefits of Sukanya Samriddhi Yojana (SSY)

The principal amount deposited, interest earned during the entire tenure and maturity benefits are tax-exempt. The principal amount is deductible under section 80C up to Rs 1.5 lakh.

Key Pointers related to Sukanya Samriddhi Account Scheme

  1. The account matures after 21 years of opening the account or in the event of the marriage of the girl child after she gains the age of 18 years
  2. A premature withdraw up to 50% of investment is allowed after the child gains the age of 18 years even if she is not getting married. 
  3. Duration of investment- 21 years
  4. Minimum Investment: Rs 1,000 per annum
  5. Maximum Investment: Rs 1.5 lakh per annum
  6. On Maturity of the account, the balance which is principal and interest earned is paid to the girl child on submitting an application along with proof of citizenship, residency and identity.

FAQs on Sukanya Samriddhi Yojana (SSY) Scheme

Q1. How much money should I put into the Sukanya Samriddhi Yojana?

The SSY account allows you to invest any amount between Rs.250 and Rs.1.5 lakh per fiscal year.

Q2. What is the eligibility age for the Sukanya Samriddhi Yojana?

The SSY account must be opened at the time of the girl child’s birth but before the girl child reaches the age of ten.

Q3. How many accounts have been opened in the Sukanya Samriddhi Yojana?

A single account can be opened for each girl child, either at the Post Office or at any bank. This account can only be registered for a household with a maximum of two female children. More than two accounts in a family can be opened only when twins or triplets girls are born.

Q4. Who is eligible to withdraw funds from the Sukanya Samriddhi Yojana?

Only the girl kid in whose name the account is opened will be able to withdraw money from her SSY account when it reaches maturity. If the girl kid is under the age of 18, the guardian may remove the funds.

Q5. How long will the sukanya samriddhi yojana account be active?

The payment duration for SSY accounts is 15 years, and the maturity period is at least 21 years.

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