SBI Sukanya Samriddhi Yojana

SBI Sukanya Samriddhi Yojana (SSY), launched by the Government, is exclusively designed for empowering a girl child in your family. It is launched with the motive to encourage parents/guardians to promote and mobilize their savings, specifically for their girl child. It was presented under the ‘Beti Bachao Beti Padhao’ scheme which aims to provide financial help for their higher education and marriage. 

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The Sukanya Samriddhi Yojana in SBI offers tax benefits on income and the income tax deduction is available u/s 80C for a deposited amount up to or of Rs. 1,50,000 lakhs. The rate of interest is high under this scheme in comparison to another small savings plan.

Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 7.6%

You can invest a maximum of up to ₹1,50,000

Girl's Age - Maximum age should be 10 years

The investment term is 21 years

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

Start Year

Investment term is 21 years
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
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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.  The plan offers unique features. Here’s a quick laydown: 

  1. Opening an account 

    • SBI Sukanya Samriddhi Yojana account may be opened by one of the lawful guardians or parents on the behalf of a girl if the child has not reached 10 years of age as on the opening date of the account. 

    • Only a single account is permitted by each account holder under this scheme. 

    • 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. 

    • It’s also important to note that this account can only be opened for a maximum of two girl children in one family.

    • In the case of twins or triplets, exemptions are applied if the account holder can present a medical certificate from a certified medical institution.

    • 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. 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 NRI status after opening an SBI SYY account, her parents should intimate the SBI branch within a month. Based on this information, SBI closes the account. 

    • 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.

  2. Deposits 

    • The Sukanya Yojana SBI can be availed of at a minimum deposit amount of Rs. 250 per account; and consequent deposits will be done in multiples of Rs. 50, on the condition that a minimum of Rs. 250 shall be deposited in one account in a financial year. 

    • The maximum amount limit to be deposited is Rs. 1.5 lakhs per account in a financial year. Also, no limit is set for the number of deposits an account holder wants to make in a month or a financial year.

    • Account in which the minimum amount is not deposited as mentioned in the above section will be considered under default. Further, a penalty of Rs. 50 might be imposed in case of failure of meeting the minimum deposit requirements.

  3. Payments 

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

  4. Rate of Interest - 

    • The interest rate under this Yojana is 8.4% for financial 2019-20, for deposits made in the account from 12th December 2019 – 31st March 2020. The interest that is earned on the SSY account is compounded annually.

    • For the amounts deposited on or after 1st April 2020, the interest earned on the balances is 7.6% per annum. 

    • The maximum time for which a guardian or a parent is required to make payments to the SBI Sukanya Samriddhi Yojana is 15 years from the date of account opening. Once the account holder has made payments for the said 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 in force 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 an 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. 

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

Benefits of SBI Sukanya Samriddhi Yojana Account 

  • High Rate of Interest – Interest rate of 7.6 percent per year is credited into account in every financial year

  • Portability – If the account holder wants to relocate, then SSY offers you an option to transfer your account to another approved post office or bank. 

  • Tax Benefits – Get the tax benefits u/s 80C of the Income Tax Act, 1961.

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

  • Fill 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 either in cash or through a cheque or Demand Draft (DD).

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

What Documents Are Required to Open an Account in SBI Sukanya Samriddhi Yojana? 

Some documents are mandatory to submit while opening an account under SBI Sukanya Samriddhi Yojana. Following are the required documents: 

  • 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 the children.

  • Filled Form 1 application form (Download from company’s website)

  • The applicant also needs to submit a certificate that explains the nature of her/his relationship with the girl child. For cases wherein the biological parents of the girl child are opening the account, the birth certificate will be sufficient to serve this requirement. However, if the child is adopted, it becomes necessary to submit this certificate.

Details of SBI Sukanya Samriddhi Yojana

Who is eligible to open an account? The legal guardian or parent of the child (girl) 
Maximum number of accounts  2 girl children and 3 in case of twins or triplets.
Deposit Amount (Minimum & Maximum) The minimum deposit amount is Rs 1,000 and the maximum limit is Rs 1.5 lakhs in a financial year
Deposit Tenure 21 years from the account’s inception date
Payment Mode  Cash/DD/Cheque/Online payment 
The Rate of Interest 8.4% (for deposits made between 12th December 2019 to 31st March 2020)
7.6% (for deposits made after 1st day of April 2020)

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Wrapping It Up!

SBI Sukanya Samriddhi Yojana helps you create a financial corpus to secure the future of your girl child. This small savings scheme is designed to encourage the parents & the legal guardians to focus equally 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 exemptions on the investments made under the scheme.


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

    Ans: 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.

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

    Ans: 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.

  • 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 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.
  • Q5. Who should you contact to open a Sukanya Samriddhi Yojana in the 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.

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