Central Bank of India Sukanya Samriddhi Yojana

The Central Bank of India, which has the distinction of becoming India's first commercial bank, continues to have a persistent presence in both urban and rural areas of the world today. The Sukanya Samriddhi scheme is another government-led initiative for which the government uses various public and private banks as facilitators.

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The Sukanya Samriddhi Account can significantly affect the lives and welfare of young girls in the country, even though it is a small savings scheme.

The Central Bank of India Sukanya Samriddhi Yojana is one of the most beneficial investment opportunities on the market that allows one to secure the financial future of the girl child while also providing tax benefits. Let us continue reading to learn more about the Sukanya Samriddhi Yojana.

Eligibility Criteria for Central Bank of India Sukanya Samriddhi Yojana

The Central Bank of India Sukanya Samriddhi Yojana provides a wide range of premium options and attractive returns. The Central Bank of India is a good choice due to its strong market presence in India. The eligibility criteria for opening a Central Bank of India Sukanya Samriddhi account is as follows:

  • A girl child's parent or legal guardian will open the account on her behalf before she reaches the age of ten.

  • A resident Indian girl child is eligible.

  • Up to two accounts for two girls can be opened per family.

  • In the case of twin girls, a third SSY account may be opened.

Suppose a girl child obtains non-resident Indian status after opening a Central Bank of India Sukanya Samriddhi Yojana account. In that case, her parents/legal guardians must notify the respective Central Bank of India branch within one month of the transition, after which the account will be closed.

Salient Features of CBI SSY

The following are the key features of the Central Bank of India Sukanya Samriddhi Scheme:

  1. Account Opening

    A Central Bank of India Sukanya Samriddhi Yojana account may be opened with a minimum deposit of Rs.250 by either parents or the legal guardians of the girl child. 

    A family can have up to two accounts for two girl children and a maximum of three accounts if they have twins or triplets.

  2. Tenure

    An SSY account is valid till the marriage of the girl child after she turns 18 or for 21 years. The account remains in force for a maximum of 21 years post the account activation date. After this time frame, the Central Bank of India's Sukanya Samriddhi account earns no interest.

  3. Age

    The Central Bank SSY account can be opened when a girl child is born until she reaches ten years.

  4. Minimum Deposit

    A Sukanya Samriddhi Yojana can be opened at the Central Bank of India with a minimum deposit of Rs. 250 per year. The maximum deposit is Rs.1.5 lakh per year. Cash and checks may be used to make deposits.

  5. Eligibility

    Only a girl child who is an Indian resident is eligible for this scheme. Girl children with NRI status cannot open an account in their names.

  6. Partial Withdrawal

    The girl child can withdraw 50% of her funds from her Central Bank of India Sukanya Samriddhi account for higher education or marriage if she attains 18 years of age.

  7. Account Resurrection

    Accounts closed can be resurrected by paying Rs.50 plus the sum due for that term.

  8. Withdrawal of Deposit

    When a girl child hits 18, she can withdraw half of her deposit for higher education or marriage.

  9. Deposit Duration

    A limit of 15 years is permitted for deposits in the condition that the minimum deposit amount is maintained every year.

  10. Deposit Mode

    Cheques, cash, and demand drafts can all be used to fund the account.

Core Benefits of the Scheme

The advantages mentioned below are the most compelling reasons people open a Central Bank of India Sukanya Samriddhi Account.

  1. Reasonable Deposit 

    Designed for all families, the annual deposits of Rs.250 are reasonable and easily affordable. They enable a depositor to continue the account contribution without difficulty.

  2. High-Interest Rate

    An annual interest rate of 7.6% will be compounded and credited to the account.

  3. Additional Interest

    If there is no withdrawal of money from the account after the 21-year maturity date, it will continue to collect compound interest at the scheme's rates.

  4. The Choice to Move the Account

    If the depositor wishes to change accounts or relocate, (s)he can apply for the same to any other post office or approved bank in the new area. 

  5. Tax Benefits

    According to the Income Tax Act, Section 80C, the funds deposited into this account are tax exempt.

  6. Child's Unique Advantage

    The girl child can only withdraw money deposited under this scheme for her marriage and education. 

  7. Affordable and Flexible Deposit Amount

    The minimum deposit is Rs.250, with subsequent deposits in multiples of Rs.50. Customers should take advantage of this volume because it is both economical and versatile.

  8. Transfer of Deposit Account

    Sukanya Samriddhi is a form of Account that can be moved from one financial institution to another. It covers all banks that have signed up for the program.

The Process to Purchase of the Plan

The process of opening a Sukanya Samriddhi Account in the Central Bank of India is mentioned below:

Step 1: Fill out the account opening form that was given to you by the branch.

Step 2: Along with the picture, you must send all of the relevant documents.

Step 3: Make a cash deposit.

Step 4: After opening the account, a person may make the minimum contribution in check, cash, or DD.

Documents Required

To open an account under this scheme, go to the Central Bank of India's website and follow the instructions. The following are the relevant documents required when opening an SSY account.

  • The girl child's birth certificate must be submitted.

  • The depositor must provide proof of identity and address.

  • If more than one child is born in the same order, a medical certificate must be submitted.

  • Any other documentation that the bank or post office can need.

The depositor will obtain a passbook after opening an SSY account. The date of account opening, the date of the child's birth, the account number, the account holder's name, address, and the amount deposited will all be listed on the passbook. When money is deposited into the bank account, and the interest is paid, the account will be closed, and the passbook must be submitted to the bank or post office.

Terms and Conditions

Before you sign something, make sure you understand what you're getting and consider your choices. Reading the bid, reviewing it, and looking up the rules is a good idea. 

  • Premature withdrawal from SSY is permitted after the girl reaches 18 and is engaged to be married. To be eligible for the benefit, an application must be submitted at least one month before the wedding and three months after the wedding. Documents establishing the girl's age must also be provided.

  • The account will be considered closed if the girl child becomes a non-citizen or non-resident. Any such status change must be recorded within one month of the change in status by the guardian or the girl child.

  • Permission to close the account for other purposes will also be granted, but the interest received on contributions will be the same as the interest rates offered by post offices.

Additional features

The following are the tax advantages of the Central Bank of India Sukanya Samriddhi Yojana:

  • Contributions to the scheme are eligible for Rs.1.5 lakh tax benefits under Section 80C of the Income Tax Act, 1961.

  • The amount of interest that is generated is also tax-free.

  • The maturity amount or the withdrawal amount is also eligible for tax benefits.

Rate of Interest

Sukanya account interest is compounded annually and has been set at 7.6% per annum for the September quarter. The government adjusts the rate under the scheme every year during the Union Budget. 

Key Exclusions

If the depositor wants to relocate, the account can be transferred to any other authorized bank or post office in the new region under the Central Bank of India's Sukanya Samriddhi Yojana. Any subsequent account tasks can be done locally without difficulty.


  • Q1. Is the Sukanya Samriddhi Scheme open to non-resident Indians?

    A1. There has been no official correspondence on this issue, and the Sukanya Samriddhi Scheme does not apply to such NRIs.
  • Q2. What happens if the depositor (girl child's guardian or parent) passes away?

    A2. The scheme is either closed, or the proceeds are given to the family of the girl child if the legal guardian or parent of the girl child dies. Alternatively, the scheme can be continued with the deposited sum before the maturity period expires. The deposited amount keeps earning interest.
  • Q3. Is Sukanya Samriddhi a scheme that is available all over India?

    A3. Yes, indeed. Sukanya Samriddhi is a central government system that is implemented in all states across the country.
  • Q4. Has the Sukanya Samriddhi Scheme's interest rate changed since its inception?

    A4. The average was 9.1% per year when first introduced in 2014-15, but it has been updated and raised to 9.2% per year in 2015-16. However, in FY 201.6-17, it fell to 8.6%. It is currently at 7.6% for this financial year.
  • Q5. Can both parents set the Sukanya Samriddhi deposit number for tax deduction under section 80C?

    A5. No, it's not true. For the sum deposited under Sukanya Samriddhi, only one parent or guardian can seek a tax rebate under Section 80C of the Income Tax Act.
  • Q6. Is it possible to convert my regular bank account to a Sukanya Samriddhi account?

    A6. No, it's not true. The ability to convert a savings account to a Sukanya Samriddhi Account is currently unavailable. Sukanya Samriddhi is a unique scheme aimed at improving the financial situation of women in the country, and account conversion is not permitted.
  • Q7. Is it permissible to close the Sukanya Samriddhi Yojana account early?

    A7. Yes, indeed. In certain circumstances, premature closure of the Sukanya account is permitted. The cause may be a terminal illness or the untimely death of the primary account holder, among other things. However, you can check with the bank to see if there are any special requirements.
  • Q8. Is there a deadline for applying for the Sukanya Samriddhi Scheme?

    A8. No. This service does not have an application deadline. Regular tax filing days, on the other hand, would apply to this scheme as well.
  • Q9. What does happen if I don't deposit into my SSY account?

    A9. If the minimum deposit of Rs.250 is not made in a year, the account will be deactivated. It can be resurrected, however, by paying a penalty charge of Rs.50. The terms of these schemes have been made highly flexible to enable citizens of all economic backgrounds to participate to the fullest extent possible.

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