The SBI Sukanya Samriddhi Yojana is a government-backed savings scheme designed to secure the financial future of a girl child in India. It offers attractive interest rates and tax benefits and encourages parents to build a strong financial foundation for their daughters' education and marriage.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax Free*
Yearly Investment
You can invest maximum upto ₹1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsSBI Sukanya Samriddhi Yojana, or SBI SSY Scheme is a savings scheme introduced by the Indian government to promote the financial well-being of a girl child. Under this child plan, parents or guardians can open an account at any SBI branch for a girl under 10 years old and can save money until she turns 21. The account offers competitive interest rates and tax benefits, making it an excellent long-term investment option to save towards her education or marriage. SBI Sukanya Samriddhi Account offers a safe and reliable structure, encouraging disciplined savings and helps secure the child’s future.
The key features of Sukanya Samriddhi Yojana SBI are as follows:
The SBI Sukanya Samriddhi Yojana scheme is valid only for girl children who are residents of India.
Female children with Non-Resident Indian (NRI) status are not eligible.
NOTE: If a girl child acquires Non-Resident Indian (NRI) status post-account opening, the parents/legal guardian must inform the SBI branch within 1 month, and the account will be closed.
The account can be opened from the birth of the girl child until she attains the age of 10 years.
The account under SBI Sukanya Samriddhi Yojana can be opened by biological parents or legal guardians of a girl child.
A minimum deposit of ₹250 is required to initiate the account.
Two accounts are allowed in a family under the SBI Sukanya Samriddhi Yojana scheme, and in the case of the birth of twins/triplets, a maximum of three accounts can be opened.
Accounts can be opened at all post offices and authorized bank branches across India.
The tenure for a Sukanya Samriddhi Yojana SBI account is 21 years or until the girl child marries after the age of 18.
The account remains active for a maximum of 21 years from the opening date. After this period, no interest is earned.
A Sukanya Samriddhi Yojana account in SBI can be initiated with an initial deposit as low as ₹250 per year.
The maximum annual deposit allowed is ₹1.5 lakh.
Deposits can be made through cash and/or cheques.
Once the girl child attains the age of 18 years, 50% of the funds can be withdrawn from the SBI Sukanya Samriddhi account.
The withdrawal can be utilized for purposes like higher education or marriage.
A minimum deposit of ₹250 per year for at least 14 years is required to ensure the continuity of the account.
The SBI Sukanya Samriddhi Yojana account will be deactivated if this requirement is not met in any particular year.
The account can be revived by paying a fee of ₹50, along with the minimum deposit amount.
Policy Period | SSY Interest Rate (% annually) |
Jul to Sep 2024 (Q2 FY 2024-25) | 8.2 |
Apr to Jun 2024 (Q1 FY 2024-25) | 8.2 |
Jan to Mar 2024 (Q4 FY 2023-24) | 8.2 |
October to December 2023 (Q3 FY 2023-24) | 8 |
Jul to Sep 2023 (Q2 FY 2023-24) | 8 |
Apr to Jun 2023 (Q1 FY 2023-24) | 8 |
Jan to Mar 2023 (Q4 FY 2022-23) | 7.6 |
October to December 2022 (Q3 FY 2022-23) | 7.6 |
Jul to Sep 2022 (Q2 FY 2022-23) | 7.6 |
Apr to Jun 2022 (Q1 FY 2022-23) | 7.6 |
Jan to Mar 2022 (Q4 FY 2021-22) | 7.6 |
Oct to Dec 2021 (Q3 FY 2021-22) | 7.6 |
Jul to Sep 2021 (Q2 FY 2021-22) | 7.6 |
Apr to Jun 2021 (Q1 FY 2021-22) | 7.6 |
Jan to March 2021 (Q4 FY 2020-21) | 7.6 |
Oct to Dec 2020 (Q3 FY 2020-21) | 7.6 |
Jul to Sep 2020 (Q2 FY 2020-21) | 7.6 |
Apr to Jun 2020 (Q1 FY 2020-21) | 7.6 |
Jan to March (Q4 FY 2019-20) | 8.4 |
Oct to Dec 2019 (Q3 FY 2019-20) | 8.4 |
Jul to Sep 2019 (Q2 FY 2019-20) | 8.4 |
Apr to Jun 2019 (Q1 FY 2019-20) | 8.5 |
Jan to March 2019 (Q4 FY 2018-19) | 8.5 |
Oct to Dec 2018 (Q3 FY 2018-19) | 8.5 |
Jul to Sep 2018 (Q2 FY 2018-19) | 8.1 |
Apr to Jun 2018 (Q1 FY 2018-19) | 8.1 |
Jan to March 2018 (Q4 FY 2017-18) | 8.1 |
Oct to Dec 2017 (Q3 FY 2017-18) | 8.3 |
Jul to Sep 2017 (Q2 FY 2017-18) | 8.3 |
Apr to Jun 2017 (Q1 FY 2017-18) | 8.4 |
Listed below are some of the significant benefits of Sukanya Samriddhi Yojana SBI:
High-Interest Rate: One of the most significant benefits of the SBI Sukanya Samriddhi Yojana Account is that it offers a high interest rate of 8.2% per annum the rate has hiked from the previous quarter. This SSY interest rate is subject to change every quarter, but it is still much higher than most other savings schemes.
Relocate the account: If the account holder wants to relocate, Sukanya Samriddhi Yojana SBI offers you an option to transfer your account to another approved post office or bank.
Easy to Open: The SBI Sukanya Samriddhi Yojana Account can be easily opened at any SBI branch across India. Minimum documents are required to open a bank account in SBI.
Tax Benefits: Investments made in Sukanya Samriddhi Yojana SBI Account are eligible for tax benefits under Section 80C of the Income Tax Act.
Compound Interest Post Maturity: SBI Sukanya Samriddhi Yojana Earns compound interest even after the 21-year maturity period if the amount remains untouched.
Affordable Deposits: Nominal deposits of just ₹250 per year make it accessible for every family, allowing consistent contributions without financial pressure under SBI Sukanya Samriddhi Yojana.
Here is a list of documents required for Sukanya Samriddhi Yojana SBI:
Identity/address proof of parents/legal guardians such as Aadhaar Card, PAN Card
Girl child's birth certificate, photo of child and parent, completed Form 1
For twins/triplets: Medical certificate is required to prove birth order
A certificate of relationship is needed, especially for adopted children to open a SBI Sukanya Samriddhi Yojana Account
You can follow the steps mentioned below to apply for the SBI Sukanya Samriddhi Yojana Account:
Visit SBI Branch: Go to your nearest SBI branch with required documents.
Fill out the SSY Form: Request and complete the Sukanya Samriddhi Yojana application form.
Submit Required Documents: Provide the girl child’s birth certificate, your ID and address proof (KYC), and passport-sized photos.
Make Initial Deposit: Deposit a minimum of ₹250 or more, as per your preference.
Account Opening Confirmation: Once processed, you’ll receive a passbook as proof of account opening.
Login to SBI Net Banking: Access your SBI account via net banking or the YONO app.
Navigate to e-Services: Click on the ‘e-Services’ section.
Open New Account: Choose the option to open a new Sukanya Samriddhi Yojana account.
Fill in Details: Provide all required details, including the girl child’s name, birth certificate, and your KYC documents.
Select Deposit Amount: Enter the initial deposit amount (minimum ₹250).
Submit and Verify: Review your application and submit. You may need to authenticate using OTP or password.
Download Receipt: After successful account creation, download the acknowledgement receipt for your records.
The Sukanya Samriddhi Yojana SBI calculator is an online tool that helps you calculate the interest earned and the maturity amount on the investments made in the SSY account. The calculator takes into account the following factors:
Amount invested every year
Age of the girl child
Starting year of the investment
Interest rate
To use the SBI Sukanya Samriddhi Yojana calculator, simply enter the required details in the calculator and press the "Calculate" button.
If you invest ₹10,000 per year in the SBI Sukanya Samriddhi Yojana account for a girl child, who is born in 2022, assuming an interest rate of 8.2% per annum. The calculator will display the following:
By 2043 (when your girl turns 21 years you will have)
Total amount invested: ₹1,50,000
Interest earned: ₹3,11,839
Maturity Value: ₹4,61,839
The SBI Sukanya Samriddhi Yojana helps families secure their daughters' futures through effective savings. It offers attractive interest rates and tax benefits, making it easier for parents to save for education and marriage expenses. By joining this scheme, parents can actively ensure their daughters have a brighter and more secure future.
Total Investment: ₹1,80,000
Total Interest: ₹3,94,547
Maturity Value: ₹5,74,547
Access the internet banking portal of the bank authorized for Sukanya Samriddhi Yojana account opening.
Enter your login information.
View Sukanya Samriddhi's account balance on the homepage dashboard.
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 verification by the bank, the SBI SSY Account will be opened.
An individual can opt for partial withdrawal up to 50% of the balance of the Sukanya Samriddhi Account for reasons such as marriage or the 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 relevant documents. On the other hand, if the reason is marriage, then withdrawal is permitted only when the girl has attained 18 years of age.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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