How to Open Sukanya Samriddhi Account in Indian Bank? Documents Required, Eligibility, etc.

Sukanya Samriddhi Yojana Account is a savings account backed by the Government of India to help the parents of the girl child financially.

 In this scheme, the parents start depositing the funds in the account till 15 years, and then at 21 the account gets matured and now the adult girl can use the fund in marriage as well as education.

You’ll also get an attractive interest rate of more than 7% in this scheme, which is the highest amongst any savings scheme.

In this column, we will discuss how to open Sukanya Samriddhi Account in an Indian bank? documents required, eligibility, etc.

How to Open Sukanya Samriddhi Account in Indian Bank Documents Required, Eligibility, etc.

Eligibility Criteria for Sukanya Samriddhi Account

The following are the eligibility criteria for Sukanya Samriddhi Account-

  • This account is only available for the girl child
  • The maximum age limit for opening the Sukanya Samriddhi Account is 10 years of age

Benefits of Sukanya Samriddhi Yojana Account

The following are the benefits of the Sukanya Samriddhi Yojana Account-

  • The account has the highest interest rate provided by any savings account
  • To encourage people, this account comes with tax benefit with a status of EEE which provides exemption on maturity amount, interest earned, and Principle amount.
  • The parent of the girl child paying the premium would also get a tax benefits while filing ITR up to Rs.1.5 Lakhs
  • You can also maintain the account after the maturity and you’ll be earning interest until the closure of the account
  • The minimum deposit amount is Rs.1000 per year with a maximum amount of Rs.1.5 Lakhs

Documents Required for Sukanya Samriddhi Yojana Account

The following are the documents required for Sukanya Samriddhi Account-

  • Birth certificate of the girl child
  • Photo ID of parents or legal guardian- Aadhaar Card, Voter’s Card, etc.
  • Address proof of parents or legal guardian
  • Passport size photograph of the child and parent

How to Open Sukanya Samriddhi Yojana Account in Indian Bank?

You can follow these steps to open Sukanya Samriddhi Yojana Account in Indian Bank-

  1. Visit the Bank branch

    Visit the nearest Indian Bank branch and ask the bank official for the Sukanya Samriddhi Yojana Account opening form

  2. Fill the form with correct details

    After getting the form, fill the form with correct details like name, child name, relationship, etc.

  3. Attach the documents mentioned and Submit it

    Now, attach the form and documents mentioned below and submit them to the bank official along with the initial deposit amount

  4. The bank will process your request

    After submitting, the bank official will process your account opening request and after processing your account, he/she will forward your request to the other department of the bank

  5. You’ll be notified about the status of the account

    After processing of your request is completed, you’ll be notified about the status of the account via SMS

  6. You can now access your SSY Account

    Now, you can use your SSY account details sent to access your account easily

FAQ

How many times we can deposit money in Sukanya Yojana in a year?

The minimum amount that every account holder must deposit in a year is Rs.1000/- and thereafter you can add funds in multiples of 100. The maximum amount is Rs.1.5 lakhs.
In a financial year, the account holder is allowed to deposit funds 12 times with an option of monthly, quarterly, or yearly deposit

Is premature withdrawal allowed in the Sukanya Samriddhi Yojana Account before maturity?

Yes, you can prematurely withdraw the funds from the account after 18 years under certain circumstances only i.e. marriage, education, etc.

Can Sukanya Samriddhi Account be transferred?

You can transfer your SSY account from one bank to another or even the post office.

What is the maturity period of the Sukanya Samriddhi Account?

The maturity period of the SSY account is 21 years of age with a partial withdrawal after 18 years of age. The account holder also has an option to continue the account even after maturity.

Can I open two SSY accounts?

No, one account per girl child is allowed also, only two girl children of a family are allowed by taking part in the SSY account. The third girl child account will not be considered for the SSY account. However, if the second birth of the girl is twins or triplets then there is an exception and you’ll be able to open the account for them as well.  

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