Post Office Sukanya Samriddhi Yojana Apply Online | SSY Account Opening Form | Post Office Sukanya Samriddhi Yojana Interest Rate
The Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings program. It’s also part of the Beti Bachao, Beti Padhao Yojana, which aims to improve the well-being of girls. The program encourages parents or guardians to open two such accounts for each of their two daughters. These are for a period of 21 years or until the girl marries at the age of 18.
Sukanya Samriddhi Yojana Eligibility
- Any time before the girl child reaches the age of ten years, her parents or legal guardians can open a Sukanya Samriddhi Yojana account in her name.
- Per girl child, just one account is permitted.
- A natural or legal guardian can only open an account for two girl children.
- On provision of a certificate from relevant medical authorities, a third account can only be formed in the event of twin girls as a second birth or if the first birth resulted in three female offspring.
- At the time of account opening, the account holder must be an Indian citizen and resident in India, and must remain so until the account matures or is closed.
Benefits of Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana, which was launched as part of the Beti Bachao, Beti Padhao Yojana project, offers a variety of incentives to investors. The following are some of the scheme’s main advantages:
- High Interest Rate- When compared to other government-backed tax saving plans like PPF, SSY offers a higher fixed rate of return (currently 7.6% per annum for Q3 FY 2020-21).
- Guaranteed Returns- Because SSY is backed by the government, it offers guaranteed returns.
- SSY gives tax deduction benefits up to Rs. 1.5 lakh per year under Section 80C.
- Compounding Benefits- The Sukanya Samriddhi Yojana (SSY) is a fantastic long-term investment strategy since it offers annual compounding. As a result, even tiny investments will yield large profits in the long run.
- In the event that a parent or guardian operating the Sukanya Samriddhi Account transfers, the SSY account can be freely transferred from one area of the country to another (bank/post office).
- Flexible Investment- A minimum investment of Rs. 250 and a maximum deposit of Rs. 1.5 lakh can be made in a single year. This ensures that people of all financial backgrounds can participate in the scheme.
SSY Interest Rates 2021
The government publishes Sukanya Samriddhi Yojana Interest Rates on a quarterly basis. Interest rates have been fixed at 7.6% p.a. for Q3 (October-December) FY 2021-22.
Deposit Limits for Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Account has a minimum annual contribution of Rs. 250 and a maximum contribution of Rs. 1.5 lakh every financial year. From the date of account opening, you must invest at least the minimum amount every year for up to 15 years. Following that, the account will continue to receive interest until it reaches maturity.
Tenure/Maturity Period of Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana lasts until the girl child reaches the age of 21 or until she marries after reaching the age of 18. Contributions, on the other hand, only need to be given for a period of 15 years. Even if no deposits are made into the account after then, it will continue to accrue interest until maturity.
Documents Required to Open SSY Account
- SSY Account Opening form
- Photograph of the parent/ legal guardian of the girl child
- KYC Documents (Identity & Address Proof) of the parent/ guardian.
- Birth Certificate of the girl child, having the child’s name on it
- For the list of KYC documents, click hereFor the list of KYC documents.
Procedure for Opening a Sukanya Samriddhi Yojana Account
A Sukanya Samriddhi Account can be opened at any authorized bank branch or post office. However, you should be aware that creating a Sukanya Samriddhi Yojana account online is currently not possible at authorized bank branches or post offices. You may quickly create standing instructions online once you’ve opened an account and submitted all of the required documentation.
Opening SSY Account at Bank Branch
Simply follow the steps below to open an account with a bank:
- Go to an authorised bank’s nearest branch.
- Fill in the required information on the Sukanya Samriddhi account form.
- Please provide any supporting documents. The following documents are required:
- Identity proof of the girl child’s parent or legal guardian
- Proof of the parent’s or legal guardian’s residence
- A photograph of the parent or legal guardian is required.
- The child’s birth certificate
- The first deposit, which can range from Rs.250 to Rs.1.50 lakhs, is required to pay. Cash, demand draught, or check can be used to make this payment.
- Your application and payment will now be processed by the bank.
- As soon as your application is approved, your SSY account will be created. A passbook is also provided, which signifies the start of your Sukanya Samriddhi account.
Procedure for Opening a Sukanya Samriddhi Account Account at a Post Office
You can also open a Sukanya Samriddhi account at a post office if you choose. Simply follow the steps below:
- Go to the post office located near you.
- Complete the post office account application.
- Start filling out this form by entering the name of the post office branch.
- If you already have a savings account with this post office, mention the account number.
- Under the ‘To The Postmaster’ option, specify the post office branch as well as the postal address.
- Place the applicant’s photo on the right.
- You’ll now see an option labelled ‘I/We.’ Fill in the applicant’s name and the words “Sukanya Samriddhi Yojana” in the next box.
- The content box can be skipped because it is only used to start a PO savings account.
- Under the section ‘Account Holder Type,’ select the account type. If you have any questions or concerns, feel free to ask the post office staff for assistance.
- You must now specify the amount you intend to put into this account once it is operational. Remember to write this amount in both words and numbers.
- Choose a payment method: cash, demand draught, or check. You must handwrite the date and number on a demand draught or a cheque.
- You must now fill out the table with information such as the applicant’s name, gender, residence, Aadhaar number, and PAN, among other things.
- The applicant must sign at the bottom of Page 1 to authorise the information provided thus far.
- If you want to set up standing instructions for your Sukanya Samriddhi Yojana account, go to Page 2 Section (5). You must check the square box next to SSA, stating that no additional accounts have been opened in this depositor’s name.
- Now fill in the nomination details, including the date and location, and sign at the bottom of the page.
- You must obtain the signatures of two witnesses if the applicant is illiterate.
- With this Sukanya Samriddhi account form, you can attach supporting documents and proofs.
- Pay the first deposit in cash, by check, or by demand draught.
- When the account is opened, the post office will evaluate the application and issue a passbook.
What Are the Locations Where You Can Open A Sukanya Samriddhi Account?
You can open an account at a post office or an authorized bank branch, as previously mentioned. If you’re looking for a solution to the topic of “how to register a Sukanya Samriddhi account online,” you’ll be dismayed to learn that there isn’t one.
When it comes to opening a Sukanya Samriddhi Yojana account, though, which bank should you choose?
Several banks have been authorized by the Reserve Bank of India to open Sukanya Samriddhi accounts, and you can choose from the following:
- Axis Bank
- Andhra Bank
- Bank of India
- Allahabad Bank
- ICICI Bank
- Syndicate Bank
- Bank of Baroda
- Vijaya Bank .State Bank of India
- Union Bank of India
- Punjab National Bank
- Corporation Bank
- Canara Bank
- United Bank of India
- State Bank of Mysore
- Bank of Maharashtra
- IDBI Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Oriental Bank of Commerce
- Indian Bank
- UCO Bank
- State Bank of Travancore
- State Bank of Bikaner & Jaipur
- Dena Bank
- State Bank of Hyderabad
- Central Bank of India
- State Bank of Patiala
Things to Know Before Investing in Sukanya Samriddhi Yojana
If you intend to open a Sukanya Samriddhi account, we believe you should be aware of the scheme’s specifics. As a result, here are some things to consider before investing in the Sukanya Samriddhi Yojana:
- A girl child’s biological or legal guardian can open an SSY account in her name until she reaches the age of ten.
- A parent or legal guardian can only have two accounts, one for each of their children. However, if the first delivery results in three children or if twin girls are born as a second birth, the system allows for the formation of a third account.
- The Ministry of Finance has approved this scheme.
- In a given financial year, SSY requires a minimum investment of Rs.250 and a maximum investment of Rs.1,50,000.
- The annual interest rate on an SSY account is 7.6%. (This rate is subject to change by the Government of India).
- From the date of creating a Sukanya Samriddhi account, the scheme has a 21-year lock-in term. Furthermore, upon reaching adulthood, the girl child receives the balance, including interest, after completing an application with the necessary documentation, such as identity proof, proof of residency, and proof of citizenship.
- Account holders are expected to make deposits for a period of 15 years, beginning on the date their SSY account was opened. Furthermore, there are no restrictions on the quantity of deposits that can be made in a given month or fiscal year.
- Sukanya Samriddhi Yojana allows for partial withdrawals after the girl child reaches the age of eighteen.
- Section 80C of the Income Tax Act, 1961 allows for a deduction of up to Rs.1,50,000 in tax advantages. In addition, the interest earned on an SSY account, as well as the funds paid upon maturity/withdrawal, are tax-free.
- If a depositor does to make a minimum annual deposit of Rs.250 into his or her SSY account, the account will be closed. Furthermore, this account can only be retrieved by paying a penalty of Rs.50 per year in addition to the minimum deposit amount.
- When a girl reaches the age of 18, she can close her Sukanya Samriddhi account early if she needs the money for higher education or marriage expenditures. Premature closures are also permitted after the account has been open for five years and for any of the following reasons:
- The account holder is afflicted with a terminal illness.
- Account holder has died.
- The guardian who was in charge of the SSY account died.