SBI Sukanya Samriddhi Yojana

The SBI Sukanya Samriddhi Yojana, commonly referred to as the SBI girl child plan, is a specialized savings scheme dedicated to supporting the financial future of female children. The scheme aims to cultivate a culture of savings among parents or guardians of female children, enabling them to build a substantial corpus for their future education and marriage expenses. To invest and manage the policy, SBI offers certain online tools like online calculators and policy portals.

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SBI Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8%

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

SBI Sukanya Samriddhi Yojana Calculator

These are some parameters you can check through an SBI SSY calculator:

Latest SBI Sukanya Interest Rate: 7.6%
Maximum investment amount: ₹1,50,000
Maximum age of girl child: 10 years
Investment tenure: 21 years

maturity amount and gains depend on various factors like investment amount and tenure.

Key Features of SBI Sukanya Samriddhi Yojana

SBI Sukanya Samriddhi Yojana is a savings and investment plan that assists in providing support to fulfill all the financial requirements of a girl child in the family.

Here's a quick laydown of this scheme’s unique features:

Topic	Details
Eligibility	The account may be opened by one of the lawful guardians or parents on behalf of a girl if the child has not reached 10 years of age on the account's opening date.
Limitations	Each account holder permits only a single account under the Sukanya Samriddhi Yojana SBI scheme. The account can only be opened for a maximum of two girl children in one family.
Required documents	Fill in Form 1 (available on the company's website) for opening an account along with the girl child's birth certificate (in whose name the account is to be opened) and other related documents of parents/guardians.
Twins or triplets	Exemptions are applied if the account holder can present a medical certificate from a certified medical institution and the other documents required for SSY in SBI.
NRI status	This scheme is only applicable to female children who are residents of India. It means that the Sukanya Samriddhi Yojana SBI is not available for a girl child who has the status of Non-Resident Indian.
Change in NRI status	In case a girl child acquires the NRI status after opening an SBI Sukanya Samriddhi Yojana account, her parents should inform the SBI branch within a month. Based on this information, SBI closes the account.
Minimum deposit	The Sukanya Samriddhi Yojana SBI can be available at a minimum deposit amount of Rs. 250 per account.
Additional deposits	Consequent deposits will be made in multiples of Rs. 50, on the condition that a minimum of Rs. 250 shall be deposited in one account in a financial year. No limit is set for the number of deposits an account holder wants to make in a month or a financial year.
Maximum deposit	The maximum amount limit to be deposited is Rs. 1.5 lakhs per account in a financial year.
Default	Accounts without the minimum deposit will be considered in default and may incur a Rs. 50 penalty.
Payment methods	The payment towards the Sukanya Samriddhi Yojana SBI can be made either by cheque or through an online Demand Draft (DD).
Payment details	The DD or cheque should be made in the name of the concerned manager of SBI. When making a payment, parents should write the girl's name and account number on the back of the DD or cheque.
Interest rate	The SBI Sukanya interest rate is 7.6% for the Financial Year 2023-24. For the amounts deposited on or after 1st April 2020, the interest earned on the balances is 7.6% per annum.
Interest compounding	The interest that is earned on the Sukanya Samriddhi Yojana SBI account is compounded annually.
Duration	Parents/guardians have to make payments to the SBI Sukanya Samriddhi Yojana for a maximum of 15 years from the account opening. The account will continue to earn interest until it's closed or matured.
Maturity	The Sukanya Samriddhi Yojana in SBI can be in force for a maximum period of 21 years from the account opening date. After this period of 21 years, the SBI Sukanya Yojana account doesn't accrue interest on it

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Sukanya Samriddhi Yojana Interest Rates: Historical Data

Policy Period	SSY Interest Rate (% annually)
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

Benefits of SBI Sukanya Samriddhi Yojana Account

Listed below are some significant benefits of SBI SSY:

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 7.6% per annum. This SSY interest rate is subject to change every quarter, but it is still much higher than most other savings schemes.
Portability: If the account holder wants to relocate, then 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 for opening a bank account in SBI.
Tax Benefits: Investments made in SBI Sukanya Samriddhi Yojana Account are eligible for tax benefits under Section 80C of the Income Tax Act.

How to Open a SBI Sukanya Samriddhi Yojana Account (SSY)?

Follow these steps to open an SBI SSY account:

Fill in the details in the account form
Submit the form to the concerned office along with other required documents.
After submitting all the documents, make the minimum deposit amount of Rs. 1000 in cash.
Once the account is opened, the applicants can continue their deposits

Documents Required

Here is a list of documents required for SSY in 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 required to prove birth order
Certificate of relationship needed, especially for adopted children
Birth certificate suffices for biological parents opening the account

Wrapping It Up

This small savings plan reduces the financial burden on parents who are planning for their daughter's education and marriage. Furthermore, the SBI Sukanya Samriddhi Yojana also offers tax benefits for the investments made through this plan.

Frequently Asked Questions

Can I avail loan against my SBI Sukanya Samriddhi Yojana account?

If you are looking to take a loan against your Sukanya Samriddhi Account, it's important to be aware that loan facilities are not available for this scheme.
How can I check the current balance of my SBI Sukanya Samriddhi Yojana account?
- 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.
Can I withdraw money from my SBI Sukanya Samriddhi Yojana account before maturity?

Withdrawing a portion, up to 50% of the total balance, of your Sukanya Samriddhi account is permitted for two specific purposes: when the girl child is getting married or for higher education.
How to Open the Sukanya Samriddhi Yojana Account Online for SBI?
The SBI Sukanya Samriddhi Yojana Account can be opened without any hassles. Individuals who do not have a savings bank account with 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 verification by the bank, the SBI SSY Account will be opened.
Is it possible for the parents to withdraw money from the Sukanya Samriddhi Account?

On completing 21 years of opening the Sukanya Samriddhi Account, the balance can be withdrawn along with the interest. In case the balance is not withdrawn after 21 years, the corpus will not earn any interest.
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.
Does the applicant need to have an existing account for opening Sukanya Samriddhi Yojana in SBI?

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.
What is the minimum deposit required to open an SBI Sukanya Samriddhi Yojana Account?

The Sukanya Yojana SBI can be availed of at a minimum deposit amount of Rs. 250 per account; and subsequent deposits can be made in multiples of Rs. 50, on the condition that a minimum of Rs. 250 shall be deposited in one account in a financial year.
Who should you contact to open a Sukanya Samriddhi Yojana in the SBI branch?

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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