Kotak Bank Sukanya Samriddhi Account

Sukanya Samriddhi Yojana is a beneficial scheme launched by the Indian government under the campaign "Beti Bachao Beti Padhao" on the 22nd January 2015 to uplift girl child of the country.

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The scheme helps ensure the long-term security of every girl child in the country.

What Is Kotak Bank Sukanya Samriddhi Yojana?

The government has authorized a group of banks to execute the Sukanya Samriddhi Yojana scheme. Kotak Bank is one of the authorized banks that has been given the responsibility of processing the scheme and helping the applicants in every possible way. The scheme's rules and regulations are only set by the government, thereby increasing reliability. Under this, individuals deposit money for a certain period to receive interest rates higher than normal or fixed deposit accounts.

The interest rates of the Sukanya Samriddhi Yojana scheme apply to changes every quarter of the year. But the recent trend of the Kotak Bank Sukanya Samriddhi Account has an applied interest rate of 8.1% to 8.5%. This rate is much higher than those implemented in normal deposit accounts.

Eligibility Criteria For Opening Kotak Sukanya Samriddhi Account

The government introduced this scheme for empowering the girls and giving them an option towards a better future. But the scheme comes with some norms and regulations which need to be followed to open an account with any authorized bank. 

Paperwork and legal formalities are crucial if any individual is thinking of availing the scheme. Following are the eligibility requirements that the applicants must meet to open a Kotak Bank Sukanya Samriddhi Account:

  • Residential requirements: The girl child must be a resident of India on whose behalf the Kotak Bank Sukanya Samriddhi Account is to be opened.
  • Age requirements: The girl child must not be more than 10 years of age. If any girl child who is in her tenth year can proceed with the account opening process.  

Authentic documents must be presented to complete the process. If the bank suspects any foul play, the bank shall not compromise with re-verification and background check.

  • Guardian or Parents: The guardians or parents can open a Kotak Bank Sukanya Samriddhi Account on behalf of the girl child. However, they must be the legal guardians of that girl child with proper documents. The bank will be asking for any proof of guardianship to verify the authenticity. Parents who plan to open an account must be the girl child's biological parents, and lawful documents must be presented before the bank to proceed with the process.

Aspects of Kotak Bank Sukanya Samriddhi Account

It is essential to get an inclusive insight into the account and the way the account will work. Kotak Bank Sukanya Samriddhi account officials promise to help the applicants and account holders in every possible way. 

Understanding the terms and conditions of a government-implemented scheme can be tiresome, but Kotak Bank made it easy with their online services and helpline services which are accessible 24/7. 

Certain important aspects of the Samriddhi Account which must be kept in mind are:

  • Maturity Period: The Kotak Bank Sukanya Samriddhi Account has a tenure of 21 years and matures after 21 years of opening the account. So as it is clear, the maturity of the girl and the account goes simultaneously. However, it is only required to pay for the first 14 years instead of for the entire policy tenure. This is implemented by acknowledging the financial conditions of the majority of Indian citizens.
  • Investment: As mentioned earlier, the investment tenure is for the first 14 years of the scheme. The minimum amount of deposition is Rs. 250 annually, and the maximum amount is positioned at Rs. 1.5 lacs annually. If the minimum charge is not deposited, then the Kotak Bank Sukanya Samriddhi account will lapse. However, the account can be retrieved by paying a minimum charge along with the unpaid deposition.
  • Beneficiary: The girl child on whose behalf the Kotak Bank Sukanya Samriddhi Account has been opened, is the scheme’s beneficiary. However, a nominee can be selected who will receive policy benefits in case the policyholder does not survive the term.

Features of Kotak Bank Sukanya Samriddhi Account

The most attractive feature of Kotak Bank Sukanya Samriddhi Account is higher rates than most of the deposit and the savings account. The central government has implemented new rules which reduced the annual deposition amount from Rs. 1000 to Rs. 250 in July 2018. These have by far become the most enticing features of the account because of its ability to maximize one's money to its fullest and affordability, respectively. Other essential features of the account are:

  • Authority: When the girl child becomes 18 years old, she can claim the authority of the account, but documents to verify her age must be presented to participate in the process.
  • Closure of the Account: In cases of extreme direness, like the depositor's death or if the girl child is suffering from extreme illness, then the account can be appealed for premature closure. The money till then invested along with the applicable interest amount will be paid to the beneficiary on premature closure. However, legal documents like a death certificate or medical documents must be presented to proceed with the closure process.
  • Maintenance: To keep the account in force and continue getting the benefits of the scheme, the minimum annual amount must be deposited. However, if the account lapses, the account holders can revive it by paying a minimum penalty. A Kotak Bank Sukanya Samriddhi Account can be revived within 15 years.
  • Online Services: Kotak Bank Sukanya Samriddhi Account offers the investors efficient and user-friendly services. This digital feature of the SSY account is lucrative to many individuals, dependent on the tech-abled processes and methods.
  • Reliability: Kotak Bank has been serving reliable and credible services for a long time now. Since the government has presented the scheme with the state patronage as a helping hand, reliability is never a problem here. The government-authorized Kotak Bank is equally trustworthy.
  • Withdrawal: Complete withdrawal from the Kotak Bank Sukanya Samriddhi Account is only permitted at the time of maturity. Partial withdrawal of an amount not exceeding 50% of the total is allowed only during emergencies. The money can be withdrawn in case of educational purposes or matrimonial purposes. In matrimonial cases, documents for age verification must be presented to ensure the girl has attained 18 years lawfully.

Benefits of Kotak Bank SSY Account

Kotak Bank Sukanya Samriddhi Account has benefits that will apply to every individual who wants to protect their girl's future without regarding their financial plight. These benefits include:

  • A minimum amount of only Rs. 250 per year is required to keep the account in force. 
  • On opening Kotak Bank Sukanya Samriddhi Account, the individuals get triple tax benefits:
  • Deposits up to the maximum annual investment are eligible for deduction under Section 80C of the Income Tax Act
  • Interest amount earned on the investment is tax-free
  • Total maturity value will be tax-free

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

  • This policy offers interest rates as high as 8.5% per annum.

Process of Opening Kotak Bank SSY Account

To open a Kotak Bank Sukanya Samriddhi Account, the first crucial step that should be done on the applicants' side is to keep all the required legal documents prepared. 

The documents which are essential for opening this account are:

  • SSY Form: The enrollment form is available on the official RBI portal as well as the website of Kotak Bank. Individuals can also fetch the form from the nearest branch of Kotak Bank.
  • Birth Certificate: This document is essential for the process of age verification of the girl child.
  • Photograph: Along with all the paperwork, The applicant must submit a passport-sized photo to ensure the candidate's authenticity.
  • KYC Document: KYC Documents help the officials verify the residential requirements and background checking of the applicant. The KYC Documents can include – 
  • AADHAAR Card, Passport, Voter Card, for identity verification.
  • AADHAAR Card, Passport, Voter Card, utility bills, for residential verification.


Kotak Bank Sukanya Samriddhi Account does not entitle the account holders to loan options. However, account transfer to a different branch is eligible. This feature helps in cases of the girl child moving out from the given residency for educational reasons.


Written By: PolicyBazaar - Updated: 20 August 2021

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