Sukanya Samriddhi Yojana (SSY) is one of the National Savings Schemes offered by the Government of India under the aegis of the Ministry of Finance. SSY is a small-deposit scheme tailored specifically for the girl child. It offers one of the highest rates of interest among small-savings schemes backed by the Government of India. The rate of interest for Sukanya Samriddhi Yojana for the financial year 2023-2024 is 8.2% which is compounded annually. Sukanya Samriddhi Yojana was launched in the year 2015 under the Government of India's '' Beti Bachao Beti Padhao'' campaign which aimed to promote the education of girl children. It aims to build a fund of savings for the girl child with the interest accrued on maturity being exempt from income tax under Section 80C of the Income Tax Act. The SSY can be opened through Post Offices, public sector banks, and three private sector banks namely, HDFC Bank, ICICI Bank, and Axis Bank.
Banks that Offer SSY Account
• State Bank of India
• United Bank of India
• UCO Bank
• Punjab National Bank
• Oriental Bank of Commerce
• Indian Bank
• ICICI Bank
• Corporation Bank
• Canara Bank
• Bank of India
• Axis Bank
• Allahabad Bank
• Vijaya Bank
• Union Bank of India
• Syndicate Bank
• Punjab & Sind Bank
• Indian Overseas Bank
• IDBI Bank
• Dena Bank
• Central Bank of India
• Bank of Maharashtra
• Bank of Baroda
• Andhra Bank
Sukanya Samriddhi Yojana Eligibility
The parent or legal guardian can open an Sukanya Samriddhi Yojana account on behalf of a girl child until she reaches the age of 10.
The girl child must be a resident Indian.
In a family, up to two accounts can be opened for two girls.
A third SSY account can be opened only in case of twin girls.
Documents required to open an SSY account
• Sukanya Samriddhi Yojana account opening form.
• The birth certificate of the girl child which is to be submitted at the time of opening the account.
• The ID proof and address proof of the depositor, to be submitted at the time of opening the account.
• A medical certificate which has to be submitted in case multiple children are born under one order of birth.
• Any other documents that are requested by the bank or post office.
Steps To Open a Sukanya Samriddhi Account
Visit the nearest branch of the bank or post office and fill the application form.
Once you have filled in the form, submit it along with all the necessary documents.
Pay the first deposit amount which can range between Rs.250 and Rs.1 lakh.
The application form and payment will be verified by the bank or the post office and if all the details are correct, an SSY account will be opened in your name
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