How To Open An Sukanya Samriddhi Yojana (SSY) Account With The State Bank Of India?

What is the Sukanya Samriddhi Account?

The Sukanya Samriddhi Yojana has brought out the Sukanya Samriddhi Account as a unique savings account backed by the Indian Government to promote women empowerment. This scheme aims to improve the chances of women in securing a brighter future by making it easier for their parents to save for their education. The scheme, much like the name suggests, is meant only for girls and is a great initiative undertaken by the Government of India, to make things a little easier for women all over the country. Such financial support, which helps women achieve their dreams of higher education can go a long way in helping women overcome the hurdles in their path to equality. The Sukanya Samriddhi Yojana comes under the “Beti Bachao – Beti Padhao” initiative of the Central Government. The government, through the RBI, has allowed 28 banks in India to operate such Sukanya Samriddhi Accounts since 2014.

Features of Sukanya Samriddhi Account

• The account may be opened by either the biological parents or legal guardians of the girl child.
• An initial deposit of INR 1000 must be made on opening a new account.
• One girl child is only allowed to have one SSY account under her name, while a family can have a maximum of three such SSY accounts.
• A minimum deposit of INR 1000 must be made annually, while the maximum deposit which can be made is INR 1.5 Lakhs, via either cash or cheques.
• A guardian or parent may operate the account until the child reaches the age of 10. Following this, the child may become the sole operator of the account, while the parents or the guardian may remain as an active depositor.
• The account lasts for 21 years. After this tenure, the deposit matures and will be released from the SSY account.
• Once the girl reaches the age of 18, they may withdraw 50% of their deposit to pursue higher studies.
• Every year, a minimum deposit of INR 1000 must be made, for at least 14 years, to keep the account active.
• If the account is discontinued, it may be revived by paying INR 1050.
• A guardian is allowed to open only two SSY accounts at a time. A third one may be opened only if the first two were for twins because in that case, it is considered as the first birth. Furthermore, a guardian can have three SSY accounts if they have triplets with them.

Why Opt for A Sukanya Samriddhi Account?:

• 1. Offer a high-interest rate of 8.6% p.a as compound interest, as of 2017
• 2. In case the money is not withdrawn after 21 years, the amount remains in the bank, and continues to accumulate interest at the same rate
• 3. Since the scheme is aimed at lower-income families, it has a very minimal deposit of just INR 1000, making it accessible and possible for many families all over India
• 4. The SSY account is also easily transferable and hence, even if the family shifts places, the operator can get the account transferred to a bank near them with ease
• 5. Furthermore, the money deposited in an SSY account is exempt from taxation as per Section 80C. Also, the maturity gained as a result of this account is also exempted from taxation.

Documents required to open an SSY Account

• Birth Certificate of the child
• Proof of address of guardian/parent/child
• Proof of identity of guardian/parent/child
• Photographs of both the child and parent

Who can open a Sukanya Samridha Account?

• 1. A natural or legal guardian of a child can open this account (girl’s age should be less than 10 years)
• 2. Only 1 account can be opened in the name of a girl.
• 3. Natural or legal guardians of a girl child are allowed to open the account for two girl children only.

How to open a Sukanya Samriddhi Yojana account?

• 1. Visit your nearest State Bank of India office
• 2. Ask an SBI representative for the SSY account details form
• 3. Fill out the SSY account opening form
• 4. Submit the SSY account opening form along with the required supporting documents
• 5. Once the documents are verified, deposit the initial INR 1000 to open the account
• 6. You are allowed to open an SSY account in SBI, even if you do not have any other accounts in SBI
• 7. In case you do not make annual deposits amounting to a minimum of INR 1000, you will be fined INR 50

Sukanya Samridhi Yojana at a Glance