How to Open Sukanya Samruddhi Yojana Account

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!

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.

How to open a Sukanya Samriddhi account at a bank branch

In order 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, which can range from Rs.250 to Rs.1.50 lakhs. This payment can be made by way of 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 successfully processed. Furthermore, a passbook is issued, thereby marking the initiation of your Sukanya Samriddhi account.

How to open a 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 up the post office account opening form. This is an exhaustive form, so allow us to elaborate on it:
  • Begin filling up this form by entering the post office branch name. 
  • Mention the corresponding account number if you already have a savings account with this post office.
  • Name the post office branch as well as 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 name of the applicant and mention ‘Sukanya Samriddhi Yojana’ in the following space.
  • You need to skip the content box as it is only applicable for 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 are now required to 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. For a demand draft or cheque, you must write the date and number mentioned on it.
  • At this point, you must enter some details, such as the applicant’s name, gender, address, Aadhaar number, and PAN, among others, in the table.
  • In order to authorise the information furnished so far, the applicant is required to sign at the end of Page 1.
  • Turn to Page 2 Section (5) if you wish 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.
  • In the case of the applicant being illiterate, you must get the signatures of 2 witnesses.
• Attach supporting documents and proofs with this Sukanya Samriddhi account form. 
• 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 the account is opened.

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

If you are planning to open a Sukanya Samriddhi account, we believe that you must be familiar with the specifics of this scheme. Therefore, here are some points to keep in mind before you invest in Sukanya Samriddhi Yojana:

• A biological or legal guardian of a girl child can open an SSY account in her name till she attains the age of 10 years.
• A parent or legal guardian can only open a maximum of two accounts for two different children. However, the scheme permits opening a third account if the first birth results in three children or in the case of twin girls as a second birth.
• This scheme is authorised by the Ministry of Finance.
• SSY calls for a minimum investment of Rs.250 and a maximum investment of Rs.1,50,000 in a given financial year.
• The rate of interest offered on an SSY account was 7.6% per annum till December 2023 and got updated for the first quarter of 2024 to 8.2% per annum (this rate is subject to change by the Government of India).
• The scheme comes with a lock-in period of 21 years from the date of opening a Sukanya Samriddhi account. Furthermore, on maturity, the girl child receives the balance, including the interest, on submitting an application alongside relevant documents, such as identity proof, and proof of residence as well as citizenship.
• Account holders are required to make deposits till the completion of a period of 15 years, starting from the date of opening their SSY account. Moreover, there are no limits to the number of deposits to be made in a month or a financial year.
• Sukanya Samriddhi Yojana extends partial withdrawal facility but only after the girl child attains 18 years of age.
• One can avail of tax benefits by way of deduction up to Rs.1,50,000 under Section 80C of the Income Tax Act, 1961. Additionally, the interest accrued against an SSY account and the proceeds received upon maturity/withdrawal are exempt from income tax.
• If a depositor fails to deposit a minimum of Rs.250 into his/her SSY account every year, the account will be discontinued. Additionally, this account can only be recovered by way of a penalty of Rs.50 per year alongside the minimum amount required for deposit.
• Premature closure of a Sukanya Samriddhi account can be done when the girl attains the age of 18 years and only for the purpose of her higher education or marriage expenses. Additionally, premature closures are allowed after completing 5 years of account opening and for any of the following reasons:
  • The account holder suffers from a life-threatening disease.
  • Death of the account holder.
  • Death of the guardian who operated the SSY account.

And that sums up everything you needed to know on how to open a Sukanya Samriddhi account. Now that you are well-versed with its ins and outs, opening an SSY account should be an easy undertaking.