SBI Sukanya Samriddhi Yojana?

SBI Sukanya Samriddhi Yojana is a government-backed exclusively designed for the girl child in a family. This scheme is launched to encourage parents/guardians it wasn’t renewed before its expiration date, or because the policyholder forgot the date altogether.

Read more
Premium paid
Insurer pays your premiums in your absence
Invest
₹10k/month your child will get ₹1 Cr Tax free
Tax saving
₹46,800 in tax under Section 80(C)
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you, agree to our Privacy Policy and Terms Of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply.
Get Updates on WhatsApp
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

SBI Sukanya Yojana is a part of “Beti Bachao – Beti Padhao” programme initiated by Government of India.

The Sukanya Samriddhi Yojana in SBI also offers income tax benefits to the account holder. The income tax deduction is available u/s 80C for an amount of up to Rs 1.5 lakhs. It also offers a higher rate of interest as compared to other small savings schemes.

Sukanya Samriddhi Yojana Calculator
Latest SSY Interest Rate = 7.6%

Yearly Investment

You can invest maximum upto ₹1,50,000

Girl's Age

Maximum age should be 10 years
Yrs

Start Year

Investment term is 21 years
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
Explore Tax Saving Funds

Features of SBI Sukanya Yojana:

  • As mentioned earlier, a Sukanya Samriddhi account SBI can only be opened by the parent or legal guardian of the girl child. It’s also important to note that this account can also be opened for a maximum of two girl children. There are some cases such as in case of twins or triplets where exemptions are provided if the account holder can present a medical certificate from a certified medical institution.
  • The age criterion for SBI Sukanya Yojana is from a girl child’s birth until she reaches 10 years of age.
  • This scheme is only valid for female children who are residents of India. It means that the Sukanya Samriddhi Yojana SBI is not available for a girl child who has a status of non-resident Indian. This feature stands valid irrespective of the fact that the parents/legal guardians of the girl child are residents of India.
  • In case a girl child acquires the non-resident status after getting an SBI Sukanya Samriddhi Yojana account opened, her parents should inform the respective SBI branch about this change within 1 month. Following this, the account will be closed.
  • An SBI Sukanya Yojana account can only be opened in the name of the girl child and not in the name of her parents/legal guardians.
  • Only one account can be opened per girl child. Furthermore, a maximum of only 2 accounts can be opened in a family for two girl children.
  • The Sukanya Yojana SBI can be availed of at a minimum deposit amount of Rs. 250 per account; whereas, the maximum amount limit is of up to Rs.1.50 lakhs per account. Also, there is no limit set for the number of deposits an account holder wants to make in a month or a financial year.

There might be a penalty of Rs.50 imposed in case of failure of meeting the minimum deposit requirements.

  • The payment towards the SBI Sukanya Yojana can be made through either in cheque or Demand Draft (DD) mode. The DD or cheque should be made in the name of the concerned manager of SBI.

It’s important for the parent/guardian to write down the girl child’s name and the concerned account number on the back of the DD or cheque while making the payment.

  • The current rate of interest offered under the scheme is of 8.6% (for FY 2018-19). The interest earned on the account is compounded on annual basis.
  • The maximum duration for which a parent or a guardian needs to make payments towards SBI Sukanya Samriddhi Yojana is of 14 years. Once the account holder has made payments for 14 years’ duration, s/he doesn’t need to deposit any more money to the account. The account will keep on accumulating interest until it is closed or matured.
  • The Sukanya Samriddhi Yojana in SBI can be kept working for a maximum period of 21 years from the date of account opening. After this period of 21 years the SBI Sukanya Yojana account doesn’t accrue interest on it anymore.
  • The SBI Sukanya Samriddhi Yojana can be closed once it has attained maturity after completing 21 years’ tenure. The money in the SSY account along with the accumulated interest is paid to the girl child once she is 18 years old.
  • To receive this amount, the applicants must submit an account closure application together with identity & address proof. They also need to submit their proof of residence and citizenship.
  • The maturity amount, as well as the interest earned on a SBI Sukanya Samriddhi Yojana account, is valid for tax exemption u/s 80C of the Income Tax Act, 1961 as extra benefits of Sukanya Samriddhi Yojana. SSY account follows EEE tax regime. It is also known as Exempt-Exempt-Exempt tax regime.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Documents Required to Open SBI Sukanya Samriddhi Yojana Account-

  • The girl child’s birth certificate
  • Identity & address proof of the parents/legal guardians such as PAN Card, Aadhaar card, Ration Card, Passport, driving license, etc.
  • Photograph of the girl child and her parent (the applicant)
  • In case there are twins or triplets, the applicant needs to submit a medical certificate to prove the birth order of children.
  • The applicant also needs to submit a certificate that explains the nature of her/his relationship with the girl child. For the cases, where the biological parents of the girl child are opening the account, the birth certificate will be sufficient to serve this requirement. However, in adopted girl child cases, it becomes necessary to submit this certificate.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Step by Step process to open a Sukanya Samriddhi Yojana Account:

  • The applicants need to fill in the details in the account form.
  • Afterwards, they need to submit the form to the designated official along with the required documents.
  • After submitting the documents, they need to submit the minimum deposit amount of Rs. 1000/- in cash.
  • Once the account is opened, the applicants can continue their deposits either in cash or through cheque or Demand Draft (DD) form.

Details about SBI Sukanya Samriddhi Yojana at a Glance:

Maximum number of accounts allowed 2 girl children (or 3 in case of twins or triplets)
Minimum & Maximum Deposit Amount Minimum deposit amount is of Rs 1,000 and maximum limit is of Rs 1.5 lakhs in a financial year
Deposit Tenure 21 years from the account’s inception date
The Rate of Interest 8.6%
Tax Rebate u/s 80C of the Income Tax Act, 1961

Conclusion:

All in all, SBI Sukanya Samriddhi Yojana is helps you create a financial corpus to secure the future of your girl child. This small saving scheme is designed to encourage the parents & legal guardians to focus equally focus on their girl child’s upbringing and education.

It ensures that the parents don’t get overburdened while planning for their girl child’s education and marriage. Additionally, this SBI Sukanya Yojana scheme also helps the parents to take advantage of tax exemption on their investments made in the scheme.

FAQs

  • Q1. How to Open the Sukanya Samriddhi Yojana Account Online for SBI?

    Ans: The SBI Sukanya Samriddhi Yojana Account can be easily opened in a hassle-free manner. Any individual who does not have a savings bank account with the SBI can also open the Sukanya Samriddhi Yojana Account by simply submitting the following documents:
      • Certificate of birth of the girl child
      • Passport size photo of the child
      • Identity proof of the parents or guardian
      • Address proof of the parents or guardian

    Fill up the application form to open the SBI Sukanya Samriddhi Yojana Account. Attach all the required documents with the photograph. Deposit the minimum initial sum. Post the verification is duly completed by the bank, the SBI SSY Account will be opened.

  • Q2. Is it possible for the parents to withdraw money from the Sukanya Samriddhi Account?

    Ans: Upon 21 years of completion of the Sukanya Samriddhi Account, the balance can be withdrawn along with the interest. The accumulated balance, including the interest accrued, will then be paid to the nominee when the Sukanya Samriddhi Account matures. In case the balance is not withdrawn after 21 years, the corpus will not earn any interest.

    An individual can opt for partial withdrawal and that too up to 50% of the balance of the Sukanya Samriddhi Account for reasons such as marriage or education of the child. In case the withdrawal is made for higher education, then the account holder needs to be 18 years of age and should have passed class 10. A letter of admission acceptance needs to be submitted from the respective educational institution along with other documents relevant as evidence. On the other hand, if the reason is marriage, then withdrawal is permitted only when the girl has attained 18 years of age as that is the legal age in the nation for a girl to be married.

  • Q3. Does the applicant need to have an existing account for opening Sukanya Samriddhi Yojana in SBI?

    Ans: It doesn’t matter whether the applicants have an account in SBI or not; they still need to open a new account under SSY in the name of the girl child by providing the aforementioned documents.
  • Q4. What is the minimum deposit required to open an SBI Sukanya Samriddhi Yojana account?

    Ans: The minimum amount to open an SBI Sukanya Yojana account is Rs. 1000. Once you have opened an account, you can continue it by making a deposit of Rs 100 or its multiple amounts as many times you want throughout the year.
  • Q5. Whom should you contact to open a Sukanya Samriddhi Yojana in SBI branch?

    Ans: There are designated officials in the SBI branch who are responsible for opening SBI Sukanya Samriddhi Yojana accounts.  The designated official will guide you through the rest of the process.
  • Q6. What is the process to open a Sukanya Samriddhi Yojana in SBI?

    Ans: State Bank of India helps the individuals to open an SSY account in the easiest and the most hassle-free way possible. 

    You May like to Read: best investment schemes

Written By: PolicyBazaar - Updated: 19 July 2021
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about Child Plans.
You May Also Want to Know About
Postal Life Insurance Scheme for Girl Child and Women
Postal Life Insurance Scheme for Girl Child and Women For a family, having a child plan is a vital requirement, as it helps the parents to meet the educational and marriage expenses of their child. With an emphasis on the women empowerment and gir...
Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana Calculator Sukanya Samriddhi Yojana (SSY) was launched in 2015 by the government of Indian as part of the ‘Beti Bachao, Beti Padhao’ Campaign. Under this scheme, a girl’s guardian can open a savings account in her ...
LIC Children's Money Back Plan & Single Premium Plan
LIC Children's Money Back Plan & Single Premium Plan Life Corporation of India (LIC) launched two insurance products - children’s money back plan and single premium plan, to combat the decline in its market share in the state-owned life in...
Sukanya Samriddhi Account
What is Sukanya Samriddhi Account? Due to the orthodox and patriarchal society in India, the Girl child even in the 21st century is considered a bane in the rural areas. However, recently the government has taken a massive step towards the bettermen...
Sukanya Samriddhi Yojana Interest Rate
Sukanya Samriddhi Yojana Interest Rate Back in the year 2015, the government of India launched Sukanya Samriddhi Yojana under the campaign of ‘Beti Bachao, Beti Padhao’. This scheme was specifically launched to secure the financial future of...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL