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 22nd January 2015 to uplift the lives of young girls of the country. The scheme helps ensure the long-term security of every girl child in the country.  

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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 government of India itself made the scheme’s rules and regulations, thereby increasing reliability. Under this, individuals deposit money for a certain period to receive interest rates higher than a standard fixed deposit account.

The interest rate of the Sukanya Samriddhi Yojana scheme is subject to changes every quarter of the year. Currently, the Kotak Bank Sukanya Samriddhi Account has an applied interest rate of 7.6%. 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. However, the plan comes with some regulations which need to be followed to open an account. 

Paperwork and legal formalities are crucial if any individual is thinking of availing of 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. Authentic documents must be presented to complete the process. If the bank suspects any foul play, it shall not compromise with re-verification and background checks.

  • Guardian or Parents: The guardians or parents can open a Kotak Bank Sukanya Samriddhi Account for 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 has made it easy with its online services and helpline services 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. However, one can only deposit for the first 15 years instead of for the entire policy tenure. 

  • Investment: As mentioned earlier, the investment tenure is for the first 15 years of the scheme. The minimum amount you can invest for every financial year is Rs.250, and the maximum amount is Rs.1.5 lakhs. 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 minimal 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 its high-interest rate than most of the deposit and the savings account. Further, the central government implemented a new rule which reduced the annual deposition amount from Rs.1,000 to Rs.250. These have by far become the most enticing features of the account because of their ability to maximize one's money to its fullest and affordability, respectively. 

Other essential features of the account are:

  1. 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.

  2. Closure of the Account

     In cases of extreme direness, like the depositor's death or the girl child suffering from a critical illness, the account can be appealed for premature closure. The money invested thus far along with the applicable interest amount will be paid to the beneficiary on premature closure. 

    However, legal documents like a death certificate or medical records must be presented to proceed with the closure process.

  3. Maintenance 

    To keep the account in force and continue getting the scheme’s benefits, account operators must deposit the minimum annual amount. However, if the account lapses, the account holders can revive it by paying a minimum penalty. 

    The Kotak Bank Sukanya Samriddhi Account can be revived within 15 years from the date of opening by paying a penalty charge of Rs.50.

  4. 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.

  5. 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 should not be a problem here. The government-authorized Kotak Bank is equally trustworthy.

  6. 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 for educational or matrimonial purposes once the girl child reaches the age of 18. 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 offers the same benefits to every individual who wants to protect their girl's future irrespective of 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 a Kotak Bank Sukanya Samriddhi Account, the individuals get triple tax benefits.

  • Up to the maximum annual investment, deposits are eligible for deduction under Section 80C of the Income Tax Act.

  • The interest amount earned on the investment is tax-free.

  • The total maturity value will be tax-free.

  • This policy offers an interest rate of 7.6% per annum.

Process of Opening a 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 – ADHAAR Card, Passport, Voter Card, and utility bills.


Kotak Bank Sukanya Samriddhi Account does not entitle the account holders to avail of loans. However, account transfer to a different branch is possible. This feature helps in case the girl child moves out from the given residency for educational reasons.


  • Q1. Are there any limitations to the number of Kotak Bank SSY Accounts for each family?

    Ans: Yes, each family is allowed up to 2 Kotak Bank SSY Accounts. However, if the family has twins, then the family is eligible for up to a maximum of 3 accounts.
  • Q2. Is the conversion of the regular deposit account to the Kotak Bank SSY account allowed?

    Ans: No, presently, converting a regular deposit account to an SSY account is not allowed.
  • Q3. Who can avail themselves of the Tax Benefits under the Kotak Bank SSY account?

    Ans: Only the account operator will be eligible for tax benefits. The parent who is the annual depositor of the account will derive the tax benefits under Section 80C of the Income Tax Act.
  • Q4. Can I check my SSY account balance online?

    Ans: Yes, the Kotak Bank SSY account provides its clients with a domain of efficient online services. An individual can quickly check the balance of their Kotak Bank SSY account through the online method.
  • Q5. Will the bank issue a passbook for SSY accounts?

    Ans: Yes, SSY account holders will be issued a passbook. Investors can update their passbooks to check their account balances.
  • Q6. What are the online paying options for Kotak Bank SSY accounts?

    Ans: Kotak Bank SSY account gives its investors the opportunity of paying online. The investors can make the annual deposit amount through online payments (like NEFT, instapay, and debit cards), cash, and DD.

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