Sukanya Samriddhi Yojana or SSY is a government-backed savings scheme. It is also a part of the Beti Bachao, Beti Padhao Yojana for the well-being of a girl child. The scheme encourages parents or guardians to open up to two such accounts for two girl children. These come with a tenure of 21 years or until the girl gets married after 18 years. 

In this article, we will cover how to open a Sukanya Samriddhi account. So, let’s begin!

To open a Sukanya Samriddhi Yojana (SSY) account, consider the following eligibility criteria:

• A parent or legal guardian can open an SSY account on behalf of a girl child until she turns 10.

• The girl child must be a resident Indian.

• In a family, you can open two accounts for two girls.

• If twin girls are born, a third SSY account can be opened.

Here are the documents one needs to submit to open a Sukanya Samriddhi account:

• The girl child’s birth certificate.

• Guardian's identity and address proof.

• Medical certificate if multiple girl children are born in a single order of birth.

• Other KYC documents include an Aadhaar card, PAN card, etc.

• Any additional documents requested by the post office or banks.

You can open a Sukanya Samriddhi account via an authorised bank branch or a post office. However, you must know that at present, authorised bank branches or post offices do not allow the opening of a Sukanya Samriddhi Yojana account online.

Once you open the account after submitting all the necessary documents, you can easily set standing instructions online.

There are two different ways you can open an SSY account offline:

Opening a Sukanya Samriddhi Account at a Bank Branch

To open an account through a bank, simply follow the following steps:

Step 1: Visit the nearest branch of an authorised bank. 

Step 2: Fill out the Sukanya Samriddhi account form with the required details. 

Step 3: Provide supporting documents. These documents include the following:

• Identity proof of the parent or legal guardian of the girl child

• Proof of residence of the parent or legal guardian

• Photograph of the parent/legal guardian

• Birth certificate of the child

Step 4: Now, you must pay the first deposit, ranging from ₹250 to ₹1.5 lakhs. This payment can be made in cash, demand draft, or cheque. 

Step 5: The bank shall now process your application and payment.

Your SSY account will be opened as soon as the application is processed. Furthermore, a passbook is issued, thereby marking the initiation of your Sukanya Samriddhi account.

Opening Sukanya Samriddhi Account at a Post Office

You can also take the other route and open a Sukanya Samriddhi account via a post office. Just follow these steps:

Step 1: Visit your nearest post office branch.

Step 2: Fill out the post office account opening form. This is an exhaustive form, so allow us to elaborate on it:

• Begin filling out this form by entering the name of the post office branch. 

• Mention the corresponding account number if you already have a savings account with this post office.

• Name the post office branch and postal address details under the option ‘To The Postmaster.’

• On the right, paste the applicant’s photograph.

• Now, you will find an option named ‘I/We.’ Here, enter the applicant's name and mention ‘Sukanya Samriddhi Yojana’ in the following space.

• You need to skip the content box as it only applies to opening a PO savings account.

• Tick the type of account under the section ‘Account Holder Type.’ In case of queries or doubts, feel free to seek help from personnel at the post office.

• You must now mention the amount you will deposit into this account once it is active. Remember to write this amount in words as well as figures.

• Now, select a mode of payment: cash, demand draft, or cheque. You must write the date and number mentioned for a demand draft or cheque.

• At this point, you must enter some details in the table, such as the applicant’s name, gender, address, Aadhaar number, and PAN.

• The applicant is required to sign at the end of Page 1 to authorise the information furnished so far.

• Turn to Page 2, Section (5) to set standing instructions to pay for your Sukanya Samriddhi Yojana account. Here, you are required to check the square box adjacent to SSA stating that no other accounts are opened under the name of this depositor.

• Now, provide nomination details, mention the date, place, and sign at the end of this section.

• If the applicant is illiterate, you must get the signatures of 2 witnesses.

Step 3: Attach supporting documents and proofs with this Sukanya Samriddhi account form. 

Step 4: Pay the initial deposit in cash or via a cheque or demand draft.

The post office will assess the application and issue a passbook when opening the account.

Following are some of the benefits of Sukanya Samriddhi Yojana: 

• Minimum Deposit Requirement

To maintain an SSY account, you only need to deposit ₹250 per fiscal year, with the flexibility to deposit up to ₹1.5 lakh per fiscal year. This makes it affordable for people from all income levels. If you miss a year, there is a penalty of ₹50 on the missed payment, but the account stays active.

• Interest Rate Advantage

SSY currently offers an 8.2% compounded interest rate per annum, among the highest for small savings schemes.

• Tax Benefits

Under Section 80C of the Income Tax Act, you enjoy a full tax deduction on the invested principal amount up to ₹1.5 lakh per year. Both the interest and maturity amounts are tax-free.

• Educational Expenses Coverage

Upon providing admission proof, you can withdraw 50% of the account balance from the previous financial year's end to cover your daughter's educational expenses.

• Long Tenure

SSY offers a 21-year maturity period or until your daughter's marriage after she turns 18, whichever comes earlier, ensuring her future security.

• Assured Returns

As a government-backed scheme, SSY provides guaranteed returns upon maturity.

• Transfer Conveniently

You can quickly transfer the SSY account from a post office to a bank anywhere in India.

Interest for the SSY account is computed based on the lowest balance during the calendar month, from the fifth day to month-end. It is credited annually at the end of each financial year.

You can use the formula below to estimate the interest earned - 

A = P(1+r/n)^nt

Here is what each variable stands for:

P = Initial Deposit

r = Interest Rate

n = Number of times interest is compounded per year

t = Number of years

A = Maturity Amount

Since SSY interest compounds annually, the manual calculation might be complex. Instead, you can utilise the Digit Sukanya Samriddhi Yojana calculator, entering details like yearly investment amount, girl child's age, and account start year to determine the maturity amount.

You can pay in the Sukanya Samruddhi Yojana Account easily in a few easy steps:

Step 1: Download the India Post Payments Bank (IPPB) and mobile banking app.

Step 2: Transfer the desired amount to the IPPB account via UPI/NEFT.

Step 3: You can move the money to the Sukanya Samruddhi Yojana Account after successfully transferring it.

The Sukanya Samruddhi Yojana scheme allows only one account in the name of a girl child. A family can have a maximum of two individual accounts for separate girls. However, if twins or triplets are born, more than two accounts can be opened bt that family.

There are no restrictions on how often you can deposit money into the Sukanya Samruddhi Yojana account. You can invest from ₹250 to ₹1,50,000 monthly and multiples of ₹100.

The maturity period for an SSY account is 21 years from the date of opening or upon marriage after 18 years. The scheme also allows parents/guardians to withdraw 50% of their money for educational purposes.

The withdrawal rules for Sukanya Samriddhi Yojana are as follows:

• Once the SSY account matures, the girl child can withdraw the entire sum, including the accrued interest.

• To withdraw from the Sukanya Samriddhi Yojana account, you need the following documents:

  • Withdrawal application form.

  • Proof of identification and address.

  • Citizenship documents.

• All necessary documents and fee receipts are required for admission.

• Withdrawal for higher education is allowed if the girl child is at least 18 years old and has completed the 10th standard. However, the withdrawn amount should be used specifically for admission fees.

• The maximum withdrawal amount allowed is 50% of the previous year's balance. This withdrawal can be made in 5 instalments or as a lump sum.

The premature withdrawal rules for Sukanya Samriddhi Yojana are as follows:

• If the girl is close to 18 years of age and about to marry, premature withdrawal is allowed. However, an application must be submitted at least 1 month before the wedding and within 3 months after the wedding.

• When the girl becomes a non-resident or non-citizen, the SSY account will be considered closed. Notification of this status change must be provided within one month.

• In the unfortunate event of the girl's demise, the guardian can withdraw the balance by submitting the death certificate.

• The account can also be closed for other reasons, with the interest earned equivalent to the rates offered by post offices.

The tax benefits for Sukanya Samriddhi Yojana include:

• Contributions made towards the scheme are eligible for tax benefits of up to ₹1.5 lakh under Section 80C of the Income Tax Act, 1961.

• The interest earned on the investment is also tax-exempt.

• Additionally, tax benefits are available for the maturity amount or the withdrawn sum.

As discussed earlier, you can open an account at a post office or an authorised bank branch. If you are looking for an answer to the question ‘how to open a Sukanya Samriddhi account online,’ you would be disappointed to know that there isn’t a provision. 

However, which bank should you opt for when opening a Sukanya Samriddhi Yojana account?

The Reserve Bank of India authorises several banks to open a Sukanya Samriddhi account and you can take a pick from the following:

• Axis Bank Sukanya Samriddhi Yojana
• Allahabad Bank Sukanya Samriddhi Yojana
• State Bank of India Sukanya Samriddhi Yojana
• Andhra Bank Sukanya Samriddhi Yojana
• Bank of India Sukanya Samriddhi Yojana
• Union Bank of India Sukanya Samriddhi Yojana
• Punjab National Bank Sukanya Samriddhi Yojana
• IDBI Bank Sukanya Samriddhi Yojana
• ICICI Bank Sukanya Samriddhi Yojana
• Syndicate Bank Sukanya Samriddhi Yojana
• Bank of Baroda Sukanya Samriddhi Yojana
• Vijaya Bank Sukanya Samriddhi Yojana
• Indian Overseas Bank Sukanya Samriddhi Yojana
• Punjab & Sind Bank Sukanya Samriddhi Yojana
• Oriental Bank of Commerce Sukanya Samriddhi Yojana
• Corporation Bank Sukanya Samriddhi Yojana
• Canara Bank Sukanya Samriddhi Yojana
• United Bank of India Sukanya Samriddhi Yojana
• State Bank of Mysore Sukanya Samriddhi Yojana
• Bank of Maharashtra Sukanya Samriddhi Yojana
• Indian Bank Sukanya Samriddhi Yojana
• UCO Bank Sukanya Samriddhi Yojana
• State Bank of Travancore Sukanya Samriddhi Yojana
• State Bank of Bikaner & Jaipur Sukanya Samriddhi Yojana
• Dena Bank Sukanya Samriddhi Yojana
• State Bank of Hyderabad Sukanya Samriddhi Yojana
• Central Bank of India Sukanya Samriddhi Yojana
• State Bank of Patiala Sukanya Samriddhi Yojana