The government of India has launched Sukanya Samriddhi Yojana (SSY) savings scheme as part of the ‘Beti Bachao, Beti Padhao Yojana’. Anyone can open a Sukanya Samriddhi Yojana Account for their girl child in from an authorized bank branch or a post office branch.
Account can be opened in the name of a girl child till she attains the age of 10 years. A parent or a guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different girl children.
Document needs to open the Account
Birth certificate of girl child in whose name the account is opened must be submitted.
Account Opening Terms & Conditions and Benefits
- The account can be opened with a minimum of Rs. 250/- and thereafter any amount in multiples of Rs. 100/- can be deposited. A minimum of Rs. 250/- must be deposited in a Financial year.
- Maximum Rs. 1,50,000/- can be deposited in a financial year.
- Interest @ as may be notified by the government from time to time will be calculated on a yearly compounded basis and credited to the account. At present, SSY is offering interest at a rate of 7.6% per annum.
- One withdrawal shall be allowed on attaining the age of 18 years of the account holder to meet education expenses up to 50 % of the balance at the credit of the preceding financial year.
- The account can be transferred anywhere in India from one post office/bank to another.
- The account shall mature on completion of 21 years from the date of opening of the account or on the marriage of Account holder whichever is earlier.
At this time, neither authorized bank branches nor post offices allow for opening an SSY Account online.
An account can be opened from any Govt. authorized bank and post office and the account holder can check the Sukanya Samriddhi account balance from the post office/bank.
But After opening the account form any authorized bank branches/Post office, after submission of all the documents, you can set the standing instructions online.
Bank/Post office has issued a Passbook to the account holder (Parents of girl Child) after the account has been opened. You can also set the standing instructions either at the bank branch or set through internet banking for automatic credit to Sukanya Samriddhi Account.