Bank of India Sukanya Samriddhi Account

A Bank of India Sukanya Samriddhi Account can be opened by any parent/guardian of a gild child. It is a government-backed scheme that was started in the year 2015.The scheme is now considered as one of the key measures introduced by the GoI to secure the futures of girl children. It allows the parents of a girl child to save for their higher education or marriage. 

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With this scheme, parents can deposit a maximum amount of Rs. 1,50,000 in a year. It also offers tax benefits up to the amount mentioned. An important point to note here is that only one account can be opened per child. 

The parents or legal guardians can operate the account until the girl attains 18 years. At 18, the girl can make partial withdrawal up to 50% of the total amount deposited as a lump sum or in five installments. 

Eligibility Criteria of Bank of India Sukanya Samriddhi Yojana

The eligibility criteria to avail of the scheme benefits have been put forth below.

  1. Eligibility of the Beneficiary

    The beneficiary of the Bank of India Sukanya Samriddhi Account must be a girl of age less than 10 years. The account matures on the completion of 21 years from the date of its opening. However, the beneficiary must be at least 18 years old to make partial withdrawal up to 50% from the account.

  2. Eligibility of the Account Operator

    Bank of India Sukanya Samriddhi Account operator will be parents or the child's legal guardians till she attains 18 years. The parents or legal guardians must be a citizen of India. Only one parent or legal guardian from a family can get investment benefits from the account.

  3. The Amount to Invest

    Opening a Bank of India Sukanya Samriddhi Account requires a minimum of Rs.250 and a maximum of Rs.1,50,000. The account gives the provision to increase the investment amount in multiples of Rs.50. 

Salient Features of BOI SSY

The key features of a BOI SSY account that help India's girl children create better financial provisions for future expenses are detailed below.  

  1. Opening of Account

    A Bank of India Sukanya Samriddhi Account can be opened for girl children of India whose age is less than 10 years. The parents or legal guardians of these children can open the account on behalf of the child. The girl child can manage the account once she turns 18 years old. Further, she can withdraw the money deposited in the account and its interest when the scheme matures after completing 21 years. 

  2. Number of Beneficiaries

    One girl child can have only one account. A family can buy a maximum of two plans for each of the two girl children. However, the family can buy more than two in case of triplets or twins as applicable. 

  3. Citizenship

    Bank of India Sukanya Samriddhi Account benefits apply only to the girl child of India. It does not apply to a girl child who has gained NRI status. If the account holder changes its citizenship status to NRI, the scheme would not allow paying further deposits. However, it will offer benefits to depositors on a non-repatriation basis once it matures. 

  4. Deposit Payment

    The necessary amount can be deposited in the account through cheque, cash, online transfer, or bank forms. Deposits can only be made for 15 years since the opening of the account. 

  5. Deposit Payment Terms

    The beneficiary can deposit a minimum amount of Rs.250 and a maximum of Rs.1,50,000. They can increase the deposits in multiples of Rs.50. However, if an amount over Rs.1,50,000 is deposited, the additional money will not earn interest.

  6. Rate of Interest

    The scheme offers 7.6% interest annually. The rate of interest changes based on the market scenario. 

  7. Transferability

    Bank of India Sukanya Samriddhi Account can be transferred from any branch of the bank to other branches across the country. If the account is kept in the post office, it can be transferred to the Bank of India and vice versa. However, the ownership of the account cannot be transferred.

  8. Operating the Account

    The girl child can operate the account once she attains 18 years. Before that, the parents or legal guardians of the child shall manage the account.

Benefits/Advantages of the Scheme

Bank of India Sukanya Samriddhi Account offers the following key benefits and advantages to the beneficiary/nominees.

Tax Benefits: The scheme offers tax benefits as per Section 80C of the Income Tax Act 1961. The tax benefits apply to the maximum amount of Rs.1,50,000. The tax benefits will be offered to one parent or legal guardian of the child.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

  1. Interest Rates

    The scheme has an interest rate much higher than other government-backed savings accounts. It offers a 7.6% interest rate to the money invested. 

  2. Flexibility

    The policy offers flexibility to choose the deposit amount from a minimum of Rs.250 to a maximum of Rs.1,50,000. The policy operators can increase the amount of money invested annually in multiple Rs.50. Even if they fail to deposit the required amount on the due date, they can continue the policy by paying a penalty of Rs.50.

  3. Transferability

    The policy can be transferred from one branch of the Bank of India to another as required. Further, the beneficiary can transfer the Account from the bank to the post office and vice versa. However, the benefits and rates applicable to the policy will not change due to any transfer.

  4. Partial Withdrawal Facility

    The policy offers a partial withdrawal facility. Once the girl child attains 18 years, she can withdraw up to 50% of the funds deposited for marriage and education purposes. The partial withdrawal can be made in lump-sum or five installments as applicable. Once the policy matures, the beneficiary can withdraw the full amount deposited with interest. 

  5. Benefits to the Nominee

    The policy offers nominees to withdraw the deposited amount on the death of the insured child. 

The process to Purchase the Scheme

Interested individuals can collect details of the scheme from the nearest Bank of India branch or its website. They can also access the scheme details from the RBI website or Post Offices. They must read all the information mentioned in the document and decide if they can continue with the scheme until its maturity.

The individuals are required to fill up the application form by providing the necessary documents to the Bank of India branch to purchase the scheme successfully. They can make payments through the digital or offline platform. It is important to note that they must continue to deposit the amount required to get the estimated benefits.

Documents Required

The parents or the legal guardians of the girl child must submit the following documents to help operate the account successfully.

  1. Account Application Form

    To apply for the Bank of India Sukanya Samriddhi Account, the interested individuals must fill up and submit the scheme's application form successfully. They can get the application form from the Bank of India website or the nearest branch of the bank.

  2. Date-of-Birth Certificate

    The proof of date of birth of the girl child must be provided. The applicable certificates are Voter ID, Aadhar Card, Passport, etc.

  3. KYC Documents

    The bank authority is required to operate the KYC process of the account holder. The account holders are required to submit documents such as Voter’s ID, Aadhar Card, Passport, License, etc., to help the bank to complete the process successfully. 

  4. Photograph

    The individuals must submit a passport-sized photo of the account holder along with the documents to open a Bank of India Sukanya Samriddhi Account.

  5. Education or Marriage Certificates

    For partial withdrawal, once the child attains 18 years, the account holders must submit an educational certificate or marriage certificate to validate the reason for withdrawal.

Terms and Conditions

The account holders or their parents/legal guardians must read all the clauses mentioned under terms and conditions before buying the policy. As per the terms and conditions of the scheme, the Bank of India Sukanya Samriddhi Account is closed by default on the account holder's death. The nominee of the account will get the interest and the entire deposited amount. However, they must produce the death certificate of the account holder to claim the benefits. 

Cessation of the Account

The account holders can close the account if they suffer from any terminal illnesses or death. In case of the beneficiary's death, the balance with interest up to the date of death will be offered to the guardian or the parents. The interest rate on the amount between the date of death and the date of closure will be applicable at the Post Office Savings Account interest rate. 

Key Exclusions

  • Bank of India Sukanya Samriddhi Account does not offer any loan or similar investment facility. 

  • A girl child of age more than 10 years cannot apply for the scheme. 

  • If the money deposited crosses the maximum limit of Rs.1,50,000, the scheme will not offer any tax benefits on the additional amount per Section 80C of the Income Tax Act 1961.


  • Q1. How much is the minimum deposit amount applicable to open an account?

    A1. The account holders can deposit a minimum of Rs.250 annually to open the account. They can increase the deposited amount in multiples of Rs.50.
  • Q2. What is the minimum age to open a Bank of India Sukanya Samriddhi Account?

    A2. The age of the girl child must be less than 10 years to open the account.
  • Q3. When can the beneficiary operate the account?

    A3. The girl child can operate the account when she attains 18 years. They can make a partial withdrawal from the account at that time. However, they can completely withdraw the money deposited and interest earned from the account once the policy matures on the completion of 21 years.
  • Q4. When will the account mature?

    A4. The account matures on the completion of 21 years from the date of opening the account.
  • Q5. How many accounts can I purchase for my daughter?

    A5. One account can be purchased for one girl child. However, a family can purchase up to two accounts for two girl children. But, in the case of twins or triplets, they can purchase up to three accounts for each child.
  • Q6. What is the difference between the benefits offered in the account under the Bank of India and other private banks or post offices?

    A6. The scheme is a government-backed policy. Therefore, it offers the same benefits across all other banks. Further, the benefits do not vary even if it is purchased from a post office or private bank.
  • Q7. How can the interest rate of the scheme change over time?

    A7. At present, the scheme offers a 7.6% interest rate. However, in the initial year, i.e., in 2014, the policy used to offer a 9.1% interest rate. The interest rate of the scheme can change as the government makes changes in its rate or other service offerings.
  • Q8. What is the due date of deposit for the Bank of India Sukanya Samriddhi Account?

    A8. There is no specific due date mentioned in the scheme details. However, as the scheme offers tax benefits, the due date is considered the standard tax filing date to facilitate taxation.
  • Q9. What does happen if the account holder changes her citizenship before the scheme matures?

    A9. The scheme applies to girls with Indian citizenship only. However, if the account holder becomes NRI during the scheme's tenure, she can continue paying deposits until it matures. The account holder will not get any interest. However, the benefits of the scheme will be offered on a non-repatriation basis.
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