The Reserve Bank of India has authorized the following banks for the interested candidate who wants to open Sukanya Samriddhi Savings accounts (SSA) for their daughters-
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BOB)
- Bank of India (BOI)
- Bank of Maharashtra (BOM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab & Sind Bank (PSB)
- State Bank of India (SBI)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Apart from the banks listed above, you can also open the Sukanya Samriddhi Yojana Account in the Post Office.
Eligibility of Sukanya Samriddhi Yojana Account
- The age of the girl child must be 10 years, a relaxation of one more is given when combined a total of 11 years of age of the child
- The account can be closed after the completion of 21 year
- You can open only one account for one child
- The minimum amount as well as the deposit amount to open Sukanya Samriddhi Yojana is Rs.250 and Maximum of Rs.1,50 lakhs.
- Parents or Guardian of the girl child can open the account for their daughter.
How to Open a Sukanya Samriddhi Yojana Account in the Bank?
Sukanya Samriddhi Yojana Account can be opened on any of the bank branches that are listed above. It is a very simple process and the bank employee will help you in the process. You need to submit the form with the right details along with the documents. After the submission of the documents deposit the amount and the account is successfully opened in the name of your girl child.
To keep the account operational you need to deposit the amount every year. If the amount is not deposited then the account can be revived with a penalty amount of Rs.50 per year along with the minimum amount required to continue the account for that year. The interest earned on the Sukanya Samriddhi Yojana Account is very high as compared to the other accounts, you can calculate the interest earned by using the Sukanya Samriddhi Yojana Calculator.
Document Required for Opening Sukanya Samriddhi Account
To open a SSY Account you need the following documents-
- Sukanya Samriddhi Account (SSA) Opening Form (Download from)
- Birth certificate of the girl child.
- Identity proof of the depositor.
- Address proof of the depositor
- Photograph of the child and parent
How to Open a Sukanya Samriddhi Yojana Account in the Post Office?
Account opening in the Post office is similar to the bank branch and there is no difference in the process of opening the form. When an account is opened in the post office then you cannot operate the online fund transfer as the post office does not support that. There are only a few banks that provide the online fund transfer which can be found out by contacting the bank branch. The interest earned on the post office or in the bank is the same as directed by the Government. The interest and maturity amount can be calculated with the help of Sukanya Samriddhi Yojana Excel Calculator which is available to download for free.
How to Transfer Sukanya Samriddhi Account?
The Sukanya Samriddhi Yojana Account is a transferable account and it can be done for free of cost. It can be transferred from one branch to another or from bank to bank/Post office.
- Visit the bank branch where you have an SSY account along with the Passbook
- Submit the transfer request form along with the passbook with a full address of the bank mentioned.
- Verification will be done of the request and the document will be provided or send by the bank to the new bank/Post Office branch with the DD of the outstanding balance.
- Visit the bank where you want to open the account and submit the document received along with KYC Document
- Fill the new account opening form and submit with the other documents