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Securing a Girl Child’s Future with Sukanya Samriddhi Yojana

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In a world that strives for gender equality, it is essential to secure a bright and empowered future for the girl child. In this pursuit, the Government of India introduced the Sukanya Samriddhi Yojana (SSY), a commendable initiative aimed at providing financial support and fostering the socio-economic development of young girls.

Launched as part of the ‘Beti Bachao, Beti Padhao’ campaign, this savings scheme has gained significant popularity since its inception. With its focus on long-term financial planning and high interest rates, the Sukanya Samriddhi Yojana offers a secure and prosperous future for young girls.

This article delves into the key features, benefits, eligibility criteria, and steps to open an account under this scheme, highlighting how it has become a transformative tool for nurturing the dreams and aspirations of the girl child in India.

A Backdrop of Beti Bachao, Beti Padhao Initiative

The main objectives of the ‘Beti Bachao, Beti Padhao’ campaign are as follows -

  • To eradicate gender bias against children and eradicate the practice of gender determination
  • To guarantee the safety and well-being of girls, ensuring their survival
  • To encourage greater engagement of girls in education and diverse fields

Features of Sukanya Samriddhi Yojana

Discussed below are the key features of Sukanya Samriddhi Yojana -

  • The account reaches maturity either post 21 years from opening the account or upon the girl’s marriage once she turns 18.
  • Once the girl child reaches the age of 18, she is eligible for a premature withdrawal of up to 50% of the investment - irrespective of her marital status.
  • The investment period for the Sukanya Samriddhi Yojana is 21 years.
  • The minimum annual investment required is Rs 1,000, while the maximum annual investment allowed is INR 1,50,000.
  • Upon maturity, the account balance, consisting of the principal amount and the accrued interest, is disbursed to the girl child upon submission of an application along with proof of citizenship, residency, and identity.

Benefits of Sukanya Samriddhi Yojana

Listed below are the major Sukanya Samriddhi Yojana benefits -

  • Affordable Payments: The Sukanya Samriddhi Yojana (SSY) requires a minimum annual deposit of INR 250, with the flexibility to contribute up to INR 1,50,000 per fiscal year. These payments are designed to be affordable for individuals across all sections of society. In case you miss a payment, a penal charge of INR 50 is levied on the minimum amount of INR 250, but your account will remain active.
  • Educational Expenses Covered: To support your girl child's education, you can withdraw 50% of the previous financial year's end account balance by providing admission proof. This ensures that their educational expenses can be met conveniently.
  • Attractive Interest Rates: The SSY offers high interest rates compared to other government-backed schemes, presently standing at 8% per annum. This makes it an appealing savings option for the account holders.
  • Guaranteed Returns: Being a government-backed scheme, the Sukanya Samriddhi Yojana provides assurance of returns upon maturity. This guarantee instils confidence in the scheme as a reliable investment avenue.
  • Convenient Transfer: The SSY account allows for easy transfer between post offices and banks, regardless of location within India. This flexibility ensures that account holders can conveniently manage their funds according to their preferences.

How to Apply for Sukanya Samriddhi Yojana?

To apply for the Sukanya Samriddhi Yojana, investors can choose either post offices or participating public and private banks. They would be required to submit specific documents and follow the process outlined below.

Application Form Decoded

As an investor, you would need to apply for the form in the following manner -

  • "To The Postmaster/Manager," - include the relevant Post Office/bank branch details and complete postal address.
  • Affix the applicant's photograph on the right-hand side.
  • In the space following 'I/We,' write the applicant's name and specify Sukanya Samriddhi Yojana.
  • Provide the deposit amount both in numeric and written form, and indicate the mode of payment (cash, cheque, or DD). If using a cheque or DD, record the number and date mentioned on it.
  • Enter the name of the depositor (i.e., the girl child) and her date of birth.
  • Include the name of the guardian, their date of birth, Aadhaar number, and PAN number.
  • Enter the address and contact details.
  • Specify the account type and provide details of the depositor's birth certificate.
  • Include details about the attached KYC documents.
  • Sign the document along with your printed name.
  • Provide the details of the nomination.
  • If the applicant is illiterate, obtain the signatures of two witnesses.
  • Conclude the nomination section by adding the date, place, and signature.

How to Open Sukanya Samriddhi Yojana Account Offline?

To initiate a Sukanya Samriddhi Yojana (SSY) account, you have the flexibility to choose any participating bank or Post Office branch. Follow the outlined steps below for a hassle-free account opening process:

  • Visit the bank or Post Office branch where you wish to open the account.
  • Complete the application form by providing all the necessary information and ensure you attach any required supporting documents.
  • Make the initial deposit payment in cash, check, or demand draft. The payment amount can vary between INR 250 and INR 1,50,000.
  • The concerned bank or Post Office will process your application and payment accordingly.
  • Once processed, your SSY account will be activated. To mark the account's opening, you will be provided with a passbook.

By following these simple steps, you can swiftly set up your SSY account and start securing a prosperous future for your child.

How to Open Sukanya Samriddhi Yojana Account Online?

The India Post Payments Bank (IPPB) app must first be downloaded to your smartphone to make payments via the internet to your Sukanya Samriddhi Yojana account. This programme allows you to set up recurring requests for a certain amount to be transferred online into your SSY account.

Here are the detailed instructions -

  • Transferring funds from your banking account to the IPPB account is necessary.
  • Select the Sukanya Samriddhi Yojana account under DOP Products on the IPPB app.
  • Both your DOP client ID and your Sukanya Samriddhi Yojana account number must be entered.
  • Select the instalment period and the payment amount that you want to use.
  • When the payment process has been successfully established, the IPPB will inform you regarding the same.
  • Every time the app sends money, you will receive a notification.

Documents Required to Open Sukanya Samriddhi Yojana Account

To provide the supporting documents and evidence, you must go to the post office or bank location where you submitted your Sukanya Samriddhi Yojana application in person. A printed copy of all of the following papers must be submitted -

  • Girl child's birth certificate
  • Identity and residence verification for the guardian
  • Medical documentation for girl infants born in the same birth order
  • Aadhaar cards, voter IDs, and other KYC credentials
  • Any further paperwork that the post office or banks may require

Eligibility Criteria to Fulfil for Opening Sukanya Samriddhi Yojana Account

Here are the eligibility criteria for opening a Sukanya Samriddhi Yojana account -

  • To open an SSY account, a girl child must have her parents or legal guardians present.
  • When opening an account, the daughter must be an Indian resident and under 10 years old.
  • A girl child is limited to opening one account.
  • A family can only open two SSY accounts (one for each girl kid) and they must be separate.
  • Sukanya Samridhi accounts may be opened for more than two girls in the following special cases - 
  1. A third account may be formed when a girl child is born first - whether it be before triplets or twin girls - or if the twins arrive first.
  2. A third SSY account cannot be formed when twin or triplet female births are followed by the birth of a girl child.

Banks That Offer Sukanya Samriddhi Yojana Account

A Sukanya Samriddhi Yojana account can be opened at a post office branch or a bank that is a participant in the programme. If your current bank is one of the cooperating banks, it will be easier for you to open a Sukanya Samriddhi Yojana account there.

The SSY Account Opening Application Form is available for download on the websites of the relevant banks. To open an SSY account, you must fill out the form and deliver it to the partnering bank.

Here is the list of the partnering banks -

  • State Bank of India (SBI)
  • Andhra Bank
  • Bank of Baroda
  • Bank of India
  • Corporation Bank
  • Indian Overseas Bank
  • Indian Bank
  • Syndicate Bank
  • Punjab National Bank (PNB)
  • Oriental Bank of Commerce (PBC)
  • Vijaya Bank
  • ICICI Bank
  • Allahabad Bank
  • Punjab and Sind Bank
  • Canara Bank
  • Bank of Maharashtra
  • Central Bank of India
  • Dena Bank
  • UCO Bank
  • United Bank of India
  • IDBI Bank
  • Axis Bank

Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana calculator is a simple online tool that aids in calculating the total maturity amount for the policyholder.

Provide the calculator with the following details -

  • Investment Annually - It refers to the sum that the depositor anticipates paying for their female child over the course of a fiscal year. 
  • Age - In this section, you should enter the girl's age under whose name the account has been opened (or will be). 
  • Start Year - The depositor must enter the investment's starting year in this section.
  • Maturity Year - The scheme's expected maturity year is highlighted in this area. In 21 years, the plan will come into being.
  • Maturity Amount - The person who deposits the money will be able to find out about the maturity amount that the girl kid is expected to accumulate upon reporting the aforementioned value.

Since the interest rate is set by the Indian government, the user won’t be required to enter any details related to it here.

Sukanya Samriddhi Yojana Withdrawal Rules

After the 15-year plan has been in place, the investor may withdraw the amount of their investment. The investor may take an early or partial withdrawal of the fund in case of a financial emergency or crisis.

Withdrawal of Investment on Maturity

When the investment matures, the investor has the right to withdraw both the principal and interest. To withdraw money, the investor must, however, produce the following paperwork -

  • The request form for a fund withdrawal
  • The application form must be filled out by the investor before it can be submitted for withdrawal.
  • Along with the withdrawal request form, the depositor must also provide proof of address and identity.
  • The girl child is permitted to withdraw from the SSY program in order to pursue further education. Thus, a girl who has reached the age of majority (18) and has finished the tenth grade of education is qualified to withdraw.
  • The depositor is required to provide documentation of the beneficiary of the scheme's acceptance to the institution where she is most likely to finish her remaining coursework. The fee receipt, the admittance card, or the student's ID card can all serve as proof of entry. 
  • The depositor has the option of withdrawing the entire amount at once or in five equal payments.

Premature Withdrawal of Fund

When the beneficiary, who has reached the age of 18, marries, an early withdrawal of the fund is permitted. Before a month has passed since the girl child's wedding, the depositor must complete the application and provide documentation of the beneficiary's age.

How to Transfer Sukanya Samriddhi Yojana Account from Post Office to Bank?

To shift the Sukanya Samriddhi Yojana account from the post office to the bank, the depositor must take the actions outlined below -

  • Notify the post office manager of your intended transfer at your closest post office and provide a properly completed form for the account transfer.
  • In addition to the transfer form, you must send your passbook and KYC paperwork.
  • Once done, the beneficiary can request the concerned post office executive to close the account.
  • To transfer the Sukanya Samriddhi Yojana account, the beneficiary must now visit the bank branch where she plans to get the account transferred.
  • The beneficiary must present the requisite paperwork in addition to the self-attested KYC records.
  • The new passbook will be given to the beneficiary post the transfer request is complete.

Have a look at what people are asking about the Sukanya Samriddhi Yojana in the FAQ section next - 

Frequently Asked Questions

Q1. How many Sukanya Samriddhi Yojana accounts can you open?

Ans: As per the guidelines, only one account can be opened per girl child - whether at the post office or any bank. There is a limit of two girl children per family who can have this account setup. More than two accounts can be formed in a household only in the event of the birth of twins or triplets of females.

Q2.When can parents withdraw funds from the Sukanya Samriddhi Yojana account?

Ans: When the covered girl child reaches the age of 18, the Sukanya Samriddhi Yojana account permits a 50% withdrawal of the deposited funds for higher education. However, the account matures once 21 years have passed since the account's opening.

Q3. Is the Sukanya Samriddhi Yojana account transferable as per location?

Ans: You can move your account under this scheme from a post office to a bank or from one approved bank to another. This is due to the possibility that a girl child may need to move at some point for academic or other reasons.

Q4. What happens to the account in case the depositor passes away?

Ans: The scheme is either ended and the earnings are given to the family or the female child in the event of the passing of a girl child's legal guardian or parent, or the programme may be continued with the initial deposit up until the maturity stage, and the initial deposit will continue to generate interest until the girl child is 21.

Q5. Can you open both Sukanya Samriddhi Yojana account and PPF schemes?

Ans: Yes, while PPF or Personal Provident Fund is meant to help people plan for retirement or longer tenures, Sukanya Samriddhi is a programme primarily for girl children. Both schemes can be used at the same time because they have different financial goals.

Q6. Are there any distinctions between the Sukanya Samriddhi Yojana scheme provided by public banks and the one provided by private banks?

Ans: There is unequivocally no distinction in features or benefits, regardless of whether it's private banks, public banks, or post offices. All authorised entities provide precisely identical features and benefits because the scheme is driven by the central government.

Q7. Do you get a passbook for your Sukanya Samriddhi Yojana account?

Ans: Indeed, every account holder of the Sukanya Samriddhi Yojana will receive a passbook that serves as a record of all their transactions. The passbook contains essential personal details such as the account holder's name, age, and address. This proves to be a valuable point of reference for depositors in various situations such as resolving disputes, transferring accounts between locations, or moving from a post office to an authorised bank.

Q8. What would happen if you do not deposit money in the Sukanya Samriddhi Yojana account?

Ans: If a deposit of less than INR 250 is not made, the account will be deactivated. Nevertheless, it is possible to restart the account by paying a penalty fee of INR 50. The terms of this program have been designed to be highly flexible in order to encourage the participation of individuals from diverse economic backgrounds.

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