UCO Bank Sukanya Samriddhi Yojana

The Government of India is working continuously and tirelessly towards the empowerment of the fairer sex. Children are a country’s future, and it’s prudent for the government to realise this. The GOI has put substantial efforts into children's welfare schemes to secure our country's future. Especially in the case of the girl child, the government is focusing more on their independence, financial or mental or physical. The birth of a baby means that one must start saving now to not face financial problems in the future.

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This pressure to start cutting down on your expenditures and start investing in financial saving schemes is immense, especially if the child born is a girl.

A steep rise in inflation is the cause of reduced interest rates on traditional saving schemes. But a scheme like SSY (Sukanya Samriddhi Yojana) offers a respite to its customers. The UCO Bank Sukanya Samriddhi Yojana is a special scheme as it was explicitly launched for the female child. It is a welfare scheme and is also a part of “Beti Bachao, Beti Padhao Yojana", which was started in 2015 by GOI. The scheme allows the parents/guardians to open an account in the name of their girl child.

Eligibility Criteria for UCO Bank Sukanya Samriddhi Yojana

UCO Bank Sukanya Samriddhi Yojana allows several premium payment options to its customers. The Sukanya Samriddhi Yojana is a special scheme launched by the Government of India. The scheme offers remunerative returns with an interest rate of 7.6%, which is higher than most traditional saving schemes. With such lucrative rates of interest, the customer must not worry as much for their child's future. They can strategize their expenses regarding their child's marriage or education. Who can all avail of the offers and reap the benefits of this scheme?

  1. Beneficiary

     Any person can avail of the benefits of UCO Bank Sukanya Samriddhi Yojana. He must be a parent to a girl child, and he can open an account in the child’s name. The account under this scheme can be opened at any registered bank or any post office. There’s an upper limit of 10 years for the girl’s age at the time of account opening. The account can be opened even when the girl is in her 10th year but not after that.

  2. Guardian/Parent

    The customer must make sure to meet all the requirements to establish his guardianship in front of the bank officials if he’s appearing as the girl child’s parent/guardian. The requirement is that the customer must be the child’s legal or biological parent. Guardianship is the most important eligibility criteria that the customer must fulfil. The UCO Bank Sukanya Samriddhi Yojana can only be opened only in the name of the girl child. One girl can hold only one account. The SSY scheme allows at max only two accounts per family in case you have two girl children. The number of accounts can be increased to three in a unique case if you have twins as your first/second-born.

  3. Investment

    Under the UCO Bank Sukanya Samriddhi Yojana scheme, the customer can invest Rs 250 to Rs1,50,000 annually. However, your account will be considered a default and become dormant if you don’t pay the minimum required sum of 250 in a year. In such a case, the dormant account can be revived by paying a fine of Rs 50 for every year of failed premium deposit. In addition to it, the customer should also submit the sum of the deposit amount for all those years. The account holder is required to activate the default account within 15 years from the inception date, or he will not reap the benefits of the SSY scheme and earn interest like a standard savings account.

Salient Features of UCO Bank SSY

The scheme gains its popularity from the fact that it yields better returns than most. Its reliability is unquestionable as the government of India backs the SSY scheme.

  • The scheme provides its customers with exceptional tax benefits. Section 80C of Income Tax Act 1961 exempts the customer from paying any taxes on the principal amount, the interest return and the maturity corpus.
  • UCO Bank Sukanya Samriddhi Yojana offers a very attractive rate of interest, 7.6% compounded annually. 7.6% is a very high rate of interest if you compare it to standard saving schemes. 
  • The policy tenure of an SSY account is 21 years from its inception. But the deposits are required to be made for the first fifteen years. It is a long term scheme that requires your long term financial commitment.
  • Withdrawing money partially is allowed under this scheme as and when the girl turns 18. UCO Bank Sukanya Samriddhi Yojana allows its customers to withdraw a specific portion of the account balance in case there's a requirement in a wedding ceremony or higher education.
  • The minimum payment with which the customer can start a UCO Bank Sukanya Samriddhi Yojana account is just Rs250 per annum, which the customer is compelled to make every year. The account may enter the default phase and become dormant if the premium payment is not made on time. After the account enters the default phase, it can be reactivated with a penalty charge of Rs50 for each year that the premium was missed plus the premium amount of all those years.
  • UCO Bank Sukanya Samriddhi Yojana account can be entrusted to the child once she is eighteen years of age. For the transfer of the account, the girl must produce all the official documents favouring her age, including her birth certificate.

Benefits/Advantages of the Scheme

The never-ending thoughts of a secure and stable future press every individual’s mind. It is our tendency to plan in time. Once an individual starts earning and has a regular income inflow, he starts to filter best investment plans, not only for his own benefit but also for the interests of his family. Such a plan, where an individual is investing his well-earned money, should be wisely chosen and must be thoroughly checked before committing to the investment. 

UCO Bank Sukanya Samriddhi Yojana offers a type of coverage that covers the customer's girl child's marriage and her own financial security. The key feature of this scheme is its remarkable returns and exceptional tax benefits. Schemes like UCO Bank Sukanya Samriddhi Yojana meet the requirements of several investors. It provides triple tax benefits. There is also the facility of partial withdrawal after the girl turns 18 years of age. With its extraordinary tax benefits, UCO Bank Sukanya Samriddhi Yojana makes an offer that the customer cannot easily refuse.

The Process to Purchase the Scheme

UCO Bank Sukanya Samriddhi Yojana is a special scheme purposefully designed keeping in mind the needs of a female child. Thanks to the power of the web and cyber networks, all the information one needsare just a tap away. Easy access to information regarding any scheme furnishes your decision to finalise the purchase. The customer can save his time drawing simultaneous comparisons and studying the comparative analysis of multiple plans online.

  1. Documents required

    The very first step in order to purchase a policy is to collect all the necessary documents. To get to know which all legal documents are required to open a UCO Bank Sukanya Samriddhi Yojana account, the customer can refer to the bank's official site or visit www.nsiindia.gov.in. The customer can also get to know about the latest instructions/modifications in the scheme at the given site. The customer should understand the terms and conditions of the policy before making the purchase. It is also imperative for the customer to understand the purchase process equally well, even though it's a straightforward and hassle-free process. Below mentioned are some mandatory documents that the customer must have at the time of purchase.

  2. SSY Form

    SSY form can be downloaded from any bank’s official website or that of the RBI or the post office. But the customer can also obtain it offline from any nearest bank or post office.

  3. DOB certificate

    This document serves the purpose of establishing your child’s age in front of the bank officials. The birth certificate of the child will further support your claim that the child is below ten years. The originals will also be cross-checked during the documentation process.

  4. Photograph

    Keep two-three copies of the child and your photograph handy. The photographs are supposed to be preferable to passport size, which will be attached to the application file.

  5. KYC

    For KYC, the customer needs to produce a few documents in front of the bank to authenticate all the information he's giving to the bank. These include the customer's identity proof and residence proof (as per RBI KYC guidelines) such as Aadhaar or voter ID or driving licence or passport etc. AADHAAR, however, is preferred more by the banks. It is a unique identification ID given by the state to every citizen of India, which also has the individual's biometric information. This speeds up the application process for the customer.

    After collecting all the documents mentioned above, the customer can then download the form from the RBI website or any India post website. The customer can also download the SSY form from the official website of public sector banks. The form is also available for free download on web portals of other private sector banks associated with the scheme. Read the instructions mentioned on the form in detail and acquaint you with the terms and conditions of the scheme well. Once you feel that you’ve understood it well, complete the form and submit it to the bank. Also, submit a cheque or DD of the deposit along with them. In order for the form to be fully accepted, it must be corroborated by the bank authorities. 

Additional Features

Apart from the good returns and tax benefits, UCO Bank Sukanya Samriddhi Yojana also offers easy transfers. The customer doesn't have to hold the account in its home bank or post office for the entire tenure. The account can be transferred from one branch to another and from one bank to another and from bank to post office and vice versa, anywhere in the country. The transfer is free of cost if it's between post offices and banks, but the customer is supposed to pay a sum of RS100 if the transfer is from post office to bank. Also, there is no limit to the number of times the customer requests a transfer in the 21 years of the policy tenure. To supplement the reasons for change, necessary documents must be produced before the bank. The scheme is applied equally to adopted children. The account will not gain any interest after maturity, even if you decide to withdraw it later.

Terms and Conditions

Investment decisions must be made judiciously. The customer must be thoroughly aware of what is being offered to him and what it is that he wants before signing any documents. It’s not smart to make long term financial commitments such as SSY when you’re confused. Hence, read the rules and analyse the terms and conditions beforehand.


  • Q1. Does the UCO Bank Sukanya Samriddhi Yojana account allow loan benefits?

    A1. According to the current rules and regulations governing this scheme, the customer is not eligible to avail of loan facilities against the SSY account.
  • Q2. What are the conditions for partial withdrawal?

    A2. The money can be drawn prematurely and partially only if the girl has reached 18 years. It is also the age at which the account can be entrusted to the girl. The girl also must have graduated high school.
  • Q3. How safe is it to invest in UCO Bank Sukanya Samriddhi Yojana scheme?

    A3. Since UCO Bank Sukanya Samriddhi Yojana is a scheme backed by GOI, it is dependable. The customer will not have to worry about the claim settlement ratio later on after maturity.
  • Q4. How to check my UCO Bank Sukanya Samriddhi Yojana account balance?

    A4. The customer can check the balance of their account offline as well as online. To do it in real-time, the customer has to visit the official website and log into their internet banking account using their login credentials. 
  • Q5. How can I transfer my UCO Bank Sukanya Samriddhi Yojana account?

    A5. The transfer of the account is effortless. The customer can follow the below-mentioned steps:
    • The customer is required to make a request with the current bank and submit an application form for the same. He must correctly and clearly state the new address where he wants to transfer his SSY account in the form.
    • The bank/post office must respond to the request by arranging to send the original documents of the account (account opening form, copy of the account, a cheque or DD of the standing balance in the account etc.) to the new address as requested by the holder.

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