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Sukanya Samriddhi Yojana: What is it?

The Sukanya Samriddhi Yojana (SSY) program encourages guardians or parents to save aside money for their female children’s future education and marriage costs. It is a component of the government of India’s “Beti Bachao – Beti Padhao“ (BBB) initiative. It is admirable that the government is making efforts to alter the way that people view girls.

Post offices and some banks with specialized designations are places where the SSY account can be opened. In addition, an SSY account provides income tax advantages through Section 80C deductions for up to Rs 1.5 lakh, as well as a greater interest rate compared to other small savings plans.

 

Who Can Open a Sukanya Samriddhi Account?

• From the time a girl child is born until she turns 10 years old, her natural or legal guardian may open an SSY account in her name.
• Only in the name of the girl child may a depositor open an account.
• A girl child’s natural or legal caregiver is permitted to open two accounts for a maximum of two girls.
• In the event of the birth of twin girls, as a second birth, or if the first birth results in three girl children, one may open a third account in the name of a girl child.

Characteristics of a Sukanya Samriddhi Account

• An SSY account offers an annual interest rate of 7.6 percent (effective July 1, 2024, and ending September 30, 2024).
• The SSY account’s minimal deposit is Rs. 250.
• The most that can be placed into each SSY account in a single year is Rs. 1.5 lakh.
• The total quantity of deposits is unrestricted, both monthly and annually.
• Under Section 80C, tax benefits are available for annual deposits up to Rs. 1.5 lakh.
• Till the end of the 15-year period beginning on the account’s opening date, deposits could be made in the SSY account.
• However, After the account’s 21-year term is over, it reaches maturity. The girl child receives the remaining amount in the SSY, along with interest, upon filing an application and documentation of her identity, residency, and citizenship.

Documents Required to Open an SSY account

• Birth certificate of the girl child
• Photo ID of parents or legal guardian
• Address proof of parents or legal guardian
• Photograph of the child and parent

Process in Steps

• Firstly, Complete the form.
• Send in the documents and photographs.
• Thirdly, Deposit money (Minimum of Rs 1,000).
• Deposits can be made after the account has been opened using cash, checks, or demand drafts.

Maximum number of accounts	Up to two girl children or three in case of twin girls
The minimum and the maximum amount of deposit	Min amount is Rs 1,000 for the initial deposit with an annual ceiling of Rs 1,50,000 in a financial year
Tenure of the deposit	21 years from the date of opening of the account
Interest Rate	7.6% for Q2 of FY 2024-22
Tax deduction	Under 80C of the IT Act, 1961

IMPORTANT GOVERNMENT SCHEMES

How To Open a Sukanya Samriddhi Account?

A Sukanya Samriddhi Yojana (SSY) account can be opened at a Post Office branch or a bank that is a participant in the program.

To open the account, you must complete the steps below.

• Firstly, Go to the branch of the bank or post office where you want to open the account.
• With this in mind, Complete the application form with the necessary information, and attach any supporting documents.
• Then, Pay the initial deposit in cash, by check, or by demand draft. The sum may range from Rs. 250 to Rs. 1.5 lakh.
• Your application and payment will be processed by the bank or Post Office.
• Thereafter, Your SSY account will be opened following processing. For this account, a passbook will be produced to signify the start of the account.

How to fill the Post Office SSY form?

You can use these steps to fill out the form:

• Firstly Type the name of the postal branch.
• Secondly Mention the account number for any savings accounts you may already have with the Post Office.
• Include the Post Office branch and postal address information under “To The Postmaster.”
• Fourthly The applicant(s)’ picture+ should be pasted to the right.
• Write the applicant’s name below “I/We” and Sukanya Samriddhi Yojana in the space after that.
• However Skip the information in the box because it only applies to new PO savings accounts.
• Tick the appropriate account type in the “Account Holder Type” box.
• Ask the Post Office staff for assistance in determining this.
• The “Account Type” field is no different.
• Additionally, indicate how much money you intend to put in the newly created SSY account. Put the amount in both words and figures.
• Select the payment method, such as cash, check, or DD. Note the number and date that are listed on any checks or demand drafts.
• Then Fill out the table with the information requested, including the applicant’s name, gender, Aadhaar number, PAN, address, and other information.
• At the bottom of Page 1, the applicant(s) should sign their names to confirm that they have read and approved the entire document.
• However If you would like to set up standing instructions to pay for the SSY account, provide details in section 5 on page 2.
• To confirm that no further SSY accounts have been formed in the depositor’s name, check the square box next to SSA.
• Make the signature after adding the date.
• Complete the nomination information.
• If the applicant is illiterate, seek the signature of two witnesses.
• Finally At the conclusion of the nomination section, include the date, the location, and the signer’s name.

How to Open Sukanya Samriddhi Account Online?

As of now, there is no online application or account opening process for the Sukanya Samriddhi Yojana.

Where can I Register for the Sukanya Samriddhi Yojana?

A Sukanya Samriddhi Yojana account can be opened at a Post Office branch or a bank that is a participant in the program.

The banks taking part are:

• State Bank of India
• Allahabad Bank
• Andhra Bank
• Punjab and Sind Bank
• Bank of Baroda
• Canara Bank
• Bank of India
• Bank of Maharashtra
• Corporation Bank
• Central Bank of India
• Indian Overseas Bank
• Dena Bank
• Indian Bank
• UCO Bank
• Syndicate Bank
• United Bank of India
• Punjab National Bank
• Union Bank of India
• Oriental Bank of Commerce
• IDBI Bank
• Vijaya Bank
• Axis Bank
• ICICI Bank

How to Pay for the Online Sukanya Samriddhi Yojana?

To make online payments to your SSY account, first download the IPPB app to your smartphone. We can set up recurring instructions through this app to have a certain amount deposited online to your SSY account.

Here is the detailed process:

• Firstly Transfer money from your bank account to the IPPB account.
• Secondly On the IPPB app, select the Sukanya Samriddhi Yojana account under DOP Products.
• Following that, Type in the DOP customer ID and your SSY account number.
• Now Select the duration of the installments and the payment amount.
• Then IPPB will notify you, Once the payment routine is successfully set up.
• Finally You will receive a notification each time the app sends money.

How to submit Sukanya Samriddhi Yojana proof:

Firstly, To provide the supporting documents and proofs, you must personally go to the Post Office or a bank location where you submitted your SSY application.

A physical copy of the following documents must be submitted:

• Girl child’s birth certificate
• The guardian’s evidence of identity and address.
• A medical certificate is required in the event when numerous girl children are born in the same birth order.
• Lastly any other documentation that the post office or banks may demand.

IMPORTANT GOVERNMENT SCHEMES