How to Open Sukanya Samriddhi Account in SBI? Documents, Eligibility, etc.

Sukanya Samriddhi Yojana (SSY) is a savings scheme backed by the Government of India for the girl child. This scheme was launched by Prime Minister Narender Modi to encourage the parents or guardians of the girl child to save funds for future needs.

The scheme is designed in such a manner that the funds could be used for the education and/or marriage expenses of their girlchild.

It comes under the initiative of the Government “Beti Bacho, Beti Padho” which means “save girls, educate girls”, a very good initiate by the Government to educate and empower the society.

This account can be opened in the selected banks and the State Bank of India, which is the country’s biggest bank allows people to open SSY accounts.

Apart from this bank, you can open Sukanya Samriddhi Account in other banks as well.

In this article, we will discuss how to open Sukanya Samriddhi Account in SBI, documents required, eligibility, features, etc.

How to Open Sukanya Samriddhi Account in SBI Documents, Eligibility, etc.

Features of SSY Account

The following are the features for Sukanya Samridhi Yojana Account-

  • The Sukanya Samriddhi Account interest rate offered under this scheme varies year on year and the current interest rate is 7.6% p.a. applicable from July 2021 until 30 September 2022. You can calucate your account deposit and maturity amount by using Sukanya Samriddhi Account excel calculator
  • The minimum deposit amount is Rs.250 with Rs.1.5 lakhs as the maximum amount
  • There are no limits on the number of times the account can be debited with the amount, you can certainly make as many deposits as you like until the maximum cap for that year is met
  • The parents of the Girl Child will be eligible for tax benefits under section 80C of the Income Tax Act
  • You can continue to contribute to the account till 15 years from the date of the account opening. The account matures at the age of 21 years from the date of account opening

Documents Required for opening Sukanya Samriddhi Account

The following are the documents required for opening Sukanya Samridhhi Account-

  • Birth certificate of the girl child
  • Photo ID of parents or legal guardian- Aadhaar Card, Voter’s Card, etc.
  • Address proof of parents or legal guardian
  • Passport size photograph of the child and parent

How to apply for Sukanya Samriddhi Account in SBI?

The following are the step by step instructions for applying for an SSY account in SBI-

  • Visit your nearest SBI bank branch and ask for the Sukanya Samriddhi Yojana Account or Download and take a printout of the form online from the official SBI website
  • Now, fill the form with correct details like the name of the child, your name, address, date of birth, etc.
  • After filling in the details, attach the documents mentioned above and submit the application form and documents to the bank representative
  • He/She will review your form and documents and forwards them to further verification and processing. You also have to pay the initial deposit amount to the bank representative
  • After your form is processed, your account will be created and you’ll be notified about account opening,
  • You’ll also receive your SSY account number along with a passbook which you can use for payment and balance check

How to Pay for Sukanya Samriddhi Account?

The following are the payment process for the Sukanya Samriddhi Account which can be done both online or offline-

Offline payment for Sukanya Samriddhi Account

  • You can pay for the Sukanya Samriddhi Account by visiting the bank branch with your account number and passbook along with the deposit amount.
  • You can ask the bank representative for payment for the account after payment is processed your account will be charged with the deposited amount.
  • You should also update your bank passbook to keep track of your SSY account balance.

Online Payment for Sukanya Samriddhi Account

  • Visit the official website of the SBI Net Banking portal and login to your account using your login credentials
  • After logging in, navigate to the payment transfer tab and click on the add and manage beneficiary button
  • A new page will open, here you have to add your SSY Account name, the SSY account number, IFSC Code of the bank branch where the account is opened, into the respective fields and click on the add beneficiary button
  • Now, after adding the account, it’ll take some time to get activated
  • Once the adding beneficiary is activated, you have to initiate the payment process
  • Navigate to the payment transfer tab and click on the account of others within the SBI button
  • Now, select the beneficiary account i.e. SSY account, and enter the amount your want to transfer followed by entering Submit button
  • After clicking on the submit button, a preview page will appear where you have to preview and confirm the payment by clicking on the confirm button
  • Now, a password page will appear where you have to enter a High-security password sent on your registered mobile number followed by clicking on the confirm button
  • Your payment to the SSY account is successful, you can check your SSY account balance to confirm the payment of the amount

How to Check Sukanya Samriddhi Yojana Account Balance in SBI?

You can check the SSY account balance using the passbook update by visiting the bank branch where the account has been opened. Ask the bank representative to update the account or you can use the passbook update machine to update your bank passbook. There you’ll also find the bank balance along with the entire credit and debit history of the account.

How to claim/withdraw sukanya samriddhi yojana?

To prematurely withdraw Sukanya Samriddhi Yojana Account, the account holder must satisfy certain conditions such as higher education, marriage requirement.

You are required to submit a duly filled withdrawal form and submit the form along with your passbook to the bank. The bank will process your request and you’ll get the funds on your bank account or girl child bank account.

Upon maturity, the funds on the account will be transferable to the girl child account.

The other cases for premature withdrawal are-

  • Account holder’s death
  • A life-threatening disease of a/c holder
  • Death of the guardian who operated the account

FAQ

How many accounts can be opened in Sukanya Samriddhi Yojana Account?

Only one account can be opened for one girl child, if you have two daughters then you can open two separate accounts for both of your daughters.

How much can I invest in the Sukanya Samriddhi Account?

The minimum amount that you can deposit in the Sukanya Samriddhi Account is Rs.250/- and the maximum amount is Rs.1.50 Lakhs.

Can I transfer Bank Branch for my Sukanya Samriddhi Account?

Yes, you can transfer your bank branch for your Sukanya Samriddhi Account by visiting the bank branch and filling the transfer of the SSY account form, and submitting it along with the KYC documents. Your account will be transferred to the new bank branch once your form is processed.

What is the duration of the Sukanya Samriddhi Account?

The payment period of the Sukanya Samriddhi Account is 15 years while the maturity period of the account is 21 years of age from the date of account opening.

Is Sukanya Samriddhi Account a beneficial scheme for investments?

Yes, SSY is a beneficial scheme for your girl child and moreover, you get a tax benefit up to Rs.1.5 Lakhs. The interest rate offered under this scheme is not the greatest but, it is an extremely secured investment option that is guaranteed by the Government. So, this account is worth considering especially for parents of a girl child who wants to secure the future of the child financially. You can see a breakdown of the investment of Sukanya Samriddhi Account Chart year on year analysis.

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