Are you a parent of a girl who’s looking for a smart and secure way to save for your daughter’s future education and marriage expenses? What if we tell you that there’s a scheme that will fully secure your daughter’s future? The scheme name is Sukanya Samriddhi Yojana.
Under this scheme, a girl’s parents or guardian can open an account on a behalf of the girl at any post office or authorized bank in India. The account can only be opened on a behalf of the girl when the girl’s age is below 10 years. The bank will provide interest and tax benefits on this account.
With the help of this scheme, parents don’t have to worry about their daughter’s future. When a girl reaches the age of 18 years, the parents or guardian can withdraw 50% amount from the account for their daughter’s studies. Now that you’ve made up your mind to enroll your daughter in this scheme, let’s move toward the application process.
Sukanya Samriddhi Yojana Scheme Benefits
Imagine being able to watch your daughter pursue her dreams without worrying about the financial burden of her education or marriage. Sukanya Samriddhi Yojana makes it possible. SSY is not just a saving scheme but it also provides attractive interest rates, tax benefits, and flexible withdrawal options. Here’s a list of all types of benefits you’ll get after applying for the Sukanya Samriddhi Yojana.
- The Sukanya Samriddhi Yojana’s latest interest rate is 8%, which will be applicable in the first quarter of FY 2023-24, and its applicable date is 01 April 2023.
- The parents or guardian can open an account with a minimum deposit of Rs. 250, and a maximum deposit of 1.5 Lakh per annum.
- If a mother gives birth to twin daughters at a time then they can open a Sukanya Samriddhi Yojana account on behalf of both daughters.
- Parents can withdraw 50% amount from the SSY account for the girl child’s education or marriage after she turns 18 years.
- The government will provide tax deductions under section 80C of income tax on this account.
- Parents of a guardian can claim around 1.5 Lakh tax deductions.
- If an account holder wants to close the account permanently then it can only be done when his/her daughter’s age is 18 years, or one month before the daughter’s marriage.
- The account will automatically be closed if the account holder won’t deposit a minimum of Rs.250 in that year. But if the account holder wants to regularize it again then it can be done by depositing Rs.50 penalty for each missing year.
- No tax will be charged on the interest.
- The account can be opened at any post office or authorized bank in India.
- if parents belong to Madhya Pradesh then can also avail of Ladli Behna Yojana and Ladli Laxmi Yojana Benefits benefits
Documents Required for SSY Scheme
The Sukanya Samriddhi yojana can be a future-securing scheme for all the girl children of India if a parent or a guardian applies for this scheme before she attains the age of 10 years. But before applying to this scheme, parents or guardian of a girl child needs to gather the list of documents that are given below.
- Birth Certificate of a girl child.
- Sukanya Samriddhi yojana account opening application form.
- Identity proof of parents/legal guardian.
- An affidavit will be needed as identity proof if a girl’s guardian wants to open the account.
- Address proof.
- Passport-size photo of a girl.
Note: When the account would successfully open at an authorized bank or any post office then the parent or legal guardian will get a passbook.
Sukanya Samriddhi Yojana Eligibility Criteria
Still don’t know whether your daughter is eligible for the SSY scheme or not? Don’t worry, by reading this article to the end, you’ll definitely know about the whole eligibility criteria for this scheme. With its simple criteria, any parent or legal guardian can invest in their daughter’s bright future by investing in this scheme.
- Only the girl’s parent or a legal guardian can open the Sukanya Samriddhi Yojana.
- The girl child and her parents must be a citizen of India.
- The girl child’s age must be less than 10 years at the account opening time.
- Only one account can be opened for one girl child.
- If a mother gave birth to twin children at a time
- The account will mature after 21 years, and parents can deposit the amount till 15 years after opening the account.
Sukanya Yojana Online Apply Through SBI Bank
SBI Bank is one of the authorized banks for this scheme where you can apply for this scheme, and the most beneficial thing is, you can apply online from the comfort of your home. You don’t need to wait in a long queue for completing the application process. Follow the process which is given below and apply for this scheme.
Type in the Google search bar SBI Net Banking, click on the link, and the SBI official website will appear on your screen.
Click on the Continue to Login button, and enter your credentials along with the captcha code to Login into the website. ( If you haven’t login yet then you click on the Register Here option that can be shown in the picture).
In the next window, the system will ask you to enter an OTP which will be received on your registered mobile number. Enter the OTP in the needed section, and click on the Submit button.
After successfully logging into the website, click on the menu option which will be on the top-left corner of the screen, and select the E-services option.
When you click on the said option, a list of options will appear on your screen. Scroll down a bit and select the SSA Account Opening option.
The SSY form will be displayed on the screen, fill out the form completely by providing all the correction details.
When you click on the submit button after filling out the application form completely, a success message will appear on your screen along with the reference number.
Save that Reference number, take a printout of the application form that you’ve filled out, and visit the branch which you’ve mentioned during the application process along with all the documents that are listed above.
Note: Make sure to visit the bank branch within 30 days after applying because the account opening form will be deleted after that.
How to Open Sukanya Samriddhi Account from the Post Office
Most parents in India are aware of the SSY scheme and want to enroll their daughters in this scheme but they’re unsure about how to apply. If you’re one of those parents then you’re at the right place and reading the right information because we’ll guide you about how you can apply for this scheme and secure your’s daughter’s future.
The steps which are given below will guide you about how you can apply for this scheme by visiting your nearest post office.
Visit your nearest post office and ask for the Sukanya Samriddhi Yojana application form.
Ask for the application form from the post office officer and fill up the form with all the required details.
After filling up the form correctly, attach all the supporting documents with it like a girl child passport size photo, birth certificate, etc.
After that, you need to pay the first deposit amount along with the application form in the form of cash, cheque, or demand draft. The payable amount can be anything between Rs. 250 to Rs. 150,000.
Submit the form and the deposit fee to the officer. Now the post office team will verify all of your documents and after the complete verification process, your account will be opened. Also, a passbook will be issued to the parents for this account marking the initiation of the account.
How to Open SSY Account from a Bank
Want to apply for the SSY scheme but can’t because of poor services of post office workers. Don’t worry, we’ve got you covered. There’s another option to apply for this scheme and that is, by visiting any authorized bank. Here are some steps that you can follow to apply for the Sukanya Yojana by visiting any authorized bank.
Visit any authorized bank and ask for the application form for opening an SSY account.
Fill out the form with all the required details and attach supporting documents. (List of supporting documents listed below).
Now you’ve to pay the first deposit in the form of cash, cheque, or demand draft along with the application form and supporting documents. The amount can be anything between Rs. 250 to Rs. 150,000.
The verification of your form will be started when you’d submit the form along with all the essential documents and after the complete verification process, your Sukanya Samriddhi Yojana account will be opened. Furthermore, a passbook will be issued to the parents for this account marking the initiation of the account.
Difference Between the SSY Scheme and Public Provident Fund (PPF)
|Parameters||SSY Scheme||Public Provident Fund|
|Purpose of scheme||To encourage parents to save money for the education and marriage expenses of their girl child||To encourage parents to save money for the education and marriage expenses of their girlchild|
|Maximum investment||Rs. 1.5 lakh per year||Rs. 1.5 lakh per year|
|Tenure||21 years from the date of opening the account||15 years (can be extended in blocks of 5 years)|
|Interest rate||Currently 8% per annum||Currently 7.1% per annum|
|Tax benefits||Contributions to SSY are eligible for deduction under Section 80C of the Income Tax Act, and the interest earned and maturity amount are tax-free||Contributions to PPF are eligible for deduction under Section 80C of the Income Tax Act, and the interest earned and maturity amount are tax-free|
|Premature withdrawal||Allowed in certain circumstances, such as medical emergencies or the death of the account holder or girl marriage||Allowed after completion of 5 years, subject to certain conditions|
Sukanya Samriddhi Account Balance Check
Those who’ve opened Sukanya Samriddhi account through the post office, can check the deposited amount within a few clicks. To do that, visit the official website of India Post which is indiapost.gov.in. After landing on the India Post official website, click on Banking & Remittance, and after clicking on the option, select ePassbook from the menu.
After clicking on the said options, the system will redirect you to the login page of India Post. Enter the registered mobile number and the captcha code. An OTP will be received on the registered mobile number, enter that OTP in the needed section and hit on the submit button.
On the next page, Select scheme type as Sukanya Samriddhi Account (SSA), enter your account number, and registered mobile number along with the captcha code, and hit on the continue button. Now again, the system will send an OTP to the registered mobile number. Enter that OTP in the required section and click on the verify button.
After implementing the said procedure, two options will be displayed on the screen. Now if you want to check, how much amount you’ve deposited in the SSY account then click on the Balance Enquiry button, or if you want to download the statement of those deposit amounts, then click on the Mini Statement option.
Sukanya Samriddhi Yojana Details
- The account will be matured after 21 years of opening.
- Parents of a guardian can deposit the amount in the account for 15 years after opening the account.
- The Sukanya Samriddhi Yojana’s current interest rate is 8%.
- Parents whose one child is already enrolled in the Sukanya scheme and they’ve got twin children on the second birth, so both twin daughters can be enrolled in this scheme.
- The SSY entry age for a girl child is before 10 years.
- A girl can only handle her own account after the age of 18 years.
- The account will be automatically closed if a parent or a guardian won’t deposit any amount for a financial year.
- The Uttar Pradesh government launched a scheme named Kanya Sumangala Yojana. This scheme will secure your daughter’s future. the government is providing cash assistance to parents of a girl child.
Sukanya Samriddhi Yojana Banks List
Here is a list of some authorized banks in India that provide Sukanya Samriddhi Yojana:
- State Bank of India (SBI)
- Bank of Baroda (BOB)
- Punjab National Bank (PNB)
- Canara Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Central Bank of India
- Indian Overseas Bank
- Punjab and Sind Bank
Private Sector Banks:
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- Yes Bank
- IndusInd Bank
- Federal Bank
- Karur Vysya Bank
- IDFC First Bank
- RBL Bank
The Sukanya Samriddhi Yojana scheme is designed to empower parents to secure their daughter’s futures. With its attractive interest rates, tax benefits, and flexibility, it’s the perfect investment option for parents looking to save for their daughters’ education and marriage expenses.
Whether you choose to apply through a post office or bank, the process is quick and easy, and with a minimum initial deposit of just Rs. 250, it’s accessible to all. By investing in Sukanya Samriddhi Yojana, parents can give their daughters the gift of financial security and help them achieve their dreams. Visit the official website and secure your daughter’s future with the help of this scheme.