Sukanya Samriddhi Yojana is a scheme introduced to provide a savings scheme specifically for a girl child. The parents or guardians of the girl child contribute a certain amount each year until the maturity age of 21 years is reached.
The savings your deposit in the account also earns an interest rate like typical savings account only difference being you get high-interest rates than any other type of account.
This account can be opened in a designated Bank or Post Office and for depositing the funds, you also get tax benefits under the Income-tax Act, Section 80C up to 1.5 lakh.
One such bank that offers the facility to open an SSY account is the State Bank of India. In this article, we will discuss how to open Sukanya Samriddhi Yojana Account in SBI, documents required, eligibility criteria, etc.
Table of Contents
Eligibility for Sukanya Samriddhi Yojana
The following are the eligibility criteria for Sukanya Samriddhi Yojana Account-
- This account is only offered to a girl child and the parents or guardians of the girl child can enroll their daughter into this savings scheme
- Only two girl children from a family will be allowed to open SSY account with exception of twins in the second birth and triplets in the first birth of the child
- The account for every individual gild child will be separate meaning one account for one account holder and one account operator, however, you have an option to transfer SSY Account from Post office to SBI
Documents Required for SSY
The following are the documents required for the SSY account-
- Photograph of the Girl Child
- Birth details of the girl child
- Address details of the Parents- Utility bills, Electricity bill, voter card, Aadhaar Card, etc.
- Identification Card for parents or legal guardian- PAN Card, Aadhaar Card, Passport, etc.
How to open an SSY Account in SBI?
You can use the following methods to open the Sukanya Samriddhi Yojana Account in the State bank of India-
- Visit your nearest SBI Bank branch and ask for the Sukanya Samriddhi Yojana Account opening form
- After getting the form, fill the form with correct details like name, address, relationship with the girl child, age of the child, etc.
- After filling the form, attach the documents mentioned below and the initial deposit amount along with the application form and submit the form to the bank representative
- The bank representative will review your application and provide you with confirmation for the account opening process
- After the verification has started, you’ll be notified when your account is fully verified and your SSY with SBI will be functional
- You’ll also be provided with an SSY account number and passbook using which you can maintain your Sukanya Samriddhi Yojana Account
FAQ
You can find the SSY account balance by updating your passbook. You can visit the bank branch and either use the passbook update machine or seek help from a bank representative for a passbook update.
The minimum amount that is required to be invested is Rs.250/- each year and the maximum amount for investment is Rs.1.50 Lakhs each year.
The maximum number of accounts that you can open for a girl child is one. The account of more than one will be deemed illegal and only the latest account opened will be considered for interest earning and the oldest account funds collected will be returned without interest.
No, you can only open an SSY Account for two daughters as there is a cap on two accounts per family, however, there is an exception if a twin is born in second birth or triplets were born in the first birth.
When the girl child attains the age of 21 years, the account will be matured and a lump-sum amount will be provided to her. This fund can be used to finance the education of the girl child or can be used for marriage purposes.
No, you cannot prematurely withdraw from SSY Account, however, there are exceptions like in the case of the death of the gild child, or any terminal illness and money required for operation/medication.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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