The right step to help her climb heights of success.

Opt for Sukanya Samriddhi Yojana and get multiple benefits.

  • Benefits
  • Features
  • Documents Required
  • Most Important Terms and Conditions (MITC)

Sukanya Samriddhi Yojana : Features

  • Withdrawal of upto a maximum of fifty per cent of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder, Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
  • Account holders can earn 8.2% interest ( ROI is subject to change quarterly).
  • Yearly interest credited in the account at the end of Financial Year.

Who can open the account?

Parent of a girl child on behalf of the beneficiary can open the account any time after the birth of the girl child until she turns ten. At most, two account can be opened for up to 2 girl children each and three accounts in an exceptional case where girl children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family. The beneficiary should be an Indian resident citizen.

Who can make the deposit?

Legal guardians or parents of the beneficiary can make the deposit until the beneficiary turns 18.

When can the beneficiary operate the account?

After she turns 18, she can operate the account.

How much is the minimum compulsory deposit to be made each year?

The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to a minimum of two hundred and fifty rupees deposit in a financial year in one account. The total amount deposited in an account shall not exceed one lakh fifty thousand rupees in a financial year.

What happens if account is not maintained?

If deposit is not made each year, the account goes under default, which can be regularized by paying a small fine of Rs. 50 for each year of default along with the minimum annual deposit in respect of the defaulted years.

Does the beneficiary receive the amount on maturity?

Yes, once the account matures, the beneficiary can collect the interest accrued along with the balance on providing the following documents:

  1. SSA withdrawal application
  2. Proof of identity
  3. Proof of residence and citizenship
  4. Proof of age

Is the account transferable?

Yes. It can be transferred to any branch/Post Office within India, once the beneficiary provides proof of change of residence.

Sukanya Samriddhi Yojana : Documents Required

Where can you open this account?

Sukanya Samriddhi Yojana accounts can be opened with authorized commercial bank branches. These accounts can be opened, for example, at any of the Bank of Baroda’s branches. All you need to do is walk into a BOB branch with the following documents:

Legal guardians or parents of the beneficiary can make the deposit until the beneficiary turns 18.

  • Filled up Sukanya Samriddhi Registration Form
  • Birth certificate of the girl child
  • ID proof of the depositor
  • Residential proof of the depositor
  • Stamp sized photos

  • Important:

    As per Government Savings Promotion General (Amendment) Rules, 2023 dated 03.04.2023 submission of Aadhaar Card and Pan Card/FORM 60 is mandatory for New & Existing Customers.

Sukanya Samriddhi Yojana : Most Important Terms and Conditions (MITC)

  • A minimum of Rs 250/- is to be contributed in the SSY account every year
  • Premature closure is allowed under following conditions:
    1. On account of death of the account holder
    2. After having maintained the account payment for 5 years from opening of account in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
    3. After attaining the legal age of 18, if the girl child enters a wed lock, the account can be prematurely closed. The beneficiary will have to show related documents that girl will be not less than 18 years of age on the date of marriage.

Frequently Asked Questions (FAQs)

  • What is Sukanya Samriddhi Yojana?

    Sukanya Samriddhi account is a savings scheme devised by the Government of India is to aid a girl child’s financial stability for education and marriage. The scheme encourages every girl child’s parent to deposit and create a corpus for her beneficial future.

  • How much amount will I get in Sukanya Samriddhi Yojana?

    Maturity amount entirely depends on the yearly contributions made to Sukanya Samriddhi Account. The interest earned on the account is 8.2%, but the Government of India decides Sukanya Samriddhi Yojana interest rate from time to time.

  • What are Sukanya Samriddhi Yojana rules?

    Sukanya Samriddhi Yojana Plan has a set of rules laid out by the Government of India. They include:

    • Minimum deposit of Rs. 250 per month and a maximum of 1.5 lakhs.
    • Rate of Interest- 8.2% p.a. (subject to change as per quarterly guidelines from GOI).
    • The account shall mature after completion of 21 years from the date of opening a Sukanya Samriddhi account.
    • Parents or a guardian will operate the account till the child completes 18 years of age.
  • What are Sukanya Samriddhi Yojana benefits?

    Under Sukanya Samriddhi Yojana Plan, a girl child’s parents can avail certain unique benefits, including – highest rate of interest amongst all savings schemes, gives financial security and stability to the child, and can reap tax benefits under section 80C of Income Tax Act, 1961.

  • How to open Sukanya Samriddhi account online?

    The modality of opening a Sukanya Samriddhi Yojana account through online mode is under development.

  • What is the eligibility of Sukanya Samriddhi account?

    A girl child who is a resident of India and ages between 0-10 years is eligible for opening Sukanya Samriddhi account.

  • How does Sukanya Samriddhi account work?

    Sukanya Samriddhi Account can be opened by any parent of a girl child between 0-10 years. It can be continued till maturity, I.e., 21 years post opening an account under Sukanya Samriddhi Yojna. Withdrawal of up to 50% deposit at the age of higher education is permitted. In the case of marriage, the account can be prematurely closed after attaining 18 years.

  • What documents required for opening Sukanya Samriddhi account?

    To open a Sukanya Samriddhi Account with any bank of post office, furnish documents including, account opening form, KYC complied documents of the parent of legal guardian, and birth certificate of the girl child.

  • What is the age limit for Sukanya Samriddhi Yojana (SSY)?

    The age limit is fixed by the National Savings Institution (NSI) which lies between 0-10 years.

  • What if I deposit more than 1.5 lakhs in Sukanya Samriddhi Yojana (SSY)?

    The SSY scheme will abstain deposit for one fiscal year if it crosses 1.5 lakhs.

  • For how many years can I deposit in Sukanya Samriddhi account?

    A parent or legal guardian can make deposits for 15 years from the date of opening Sukanya Samriddhi account.

  • How many times can I deposit money in Sukanya Yojana?

    The government of India has kept no cap on the frequency of deposits, except the payment amount in Sukanya Samriddhi yojana plan should be in multiples of Rs. 50.

  • What is the best time to deposit money in Sukanya Samriddhi Account?

    Ideally, a deposit can be made at any time in a month, but it would be more beneficial to the account holder if deposits in SSA are made before the 5th of every month. As interest shall be calculated for the calendar month on the lowest balance in the account, i.e., between the close of the fifth day and the end of that month.

  • When does an SSY account mature?

    At Bank of Baroda, Sukanya Samriddhi Yojana plan matures after the girl child completes 21 years of age.

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