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 higher education and marriage of girl child.

Read more
Best Investment Plans
  • Insurer pays your premiums in your absence

  • Save ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹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

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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
Get Updates on WhatsApp

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%

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
Explore Tax Saving Funds

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 age of 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 (whose name of 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
    • There are some cases such as in the case of twins or triplets where 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 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-residential status after opening an SBI SYY account, her parents should update the SBI branch regarding the NRI status 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 (least) deposit amount of Rs. 250 per account; and consequent deposits will be done in multiples of Rs. 50 that is subjected to a condition that a minimum (lowest) of Rs250 shall be deposited in one account in a financial year. 
    • The maximum amount limit to be deposited is up to Rs.1.50 lakhs per account in a financial year. Also, no limit is set for the number of amounts 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 as a default account. There might be a penalty of Rs.50 imposed in case of failure of meeting the minimum deposit requirements.
  3. Payments 

    The payment towards the SBI Sukanya Yojana can be made through either in cheque or 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 current interest rate under this Yojana is 8.6% for financial 2019-20. The deposit of the amount is made in the account from 12th December 2019 – 31st March 2020. The interest that is earned on the SSY account is compounded annually.
    • The amount deposited on or after the 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 of 15 years from the date of account opening. Once the account holder has made payments for 15 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 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. SSY account follows the EEE tax regime. It is also known as the Exempt-Exempt-Exempt tax regime.

*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, 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 a cheque or Demand Draft (DD) form.

*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 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.

Details of SBI Sukanya Samriddhi Yojana

Who is eligible to open an account 

The legal guardian or parent of the child (girl) 

The maximum number of accounts allowed

2 girl children and 3 are allowed in 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 i.e., internet banking 

The Rate of Interest


Tax Rebate

u/s 80C of the Income Tax Act, 1961

Wrapping It Up!

SBI Sukanya Samriddhi Yojana 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.


  • 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: 17 August 2021

Child plans articles

Recent Articles
Popular Articles
Best Investment Plans for Girl Child in India

18 Oct 2021

The right kind of investment of your hard-earned money is...

18 Oct 2021

Planning for financial goals has become crucial today - be it...
Fixed Deposit for Minor Child in SBI

18 Oct 2021

A fixed deposit or FD is a savings and investment instrument...
Fixed Deposit for Child in HDFC

18 Oct 2021

It becomes imperative to secure the children’s future...
Fixed Deposit for Child in SBI

14 Oct 2021

Securing your child’s future is the most crucial duty for you...
5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India
Sukanya Samriddhi Yojana is a savings scheme for the girl child launched as a part of the Government’s 'Beti...
Best Child Investment Plans to Invest in 2021
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial...
Best Child Insurance Plans in India
A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the...
Top Child Insurance Plans to Invest
As a parent, your biggest fear in regards to your child might be the constant thought of providing your child...
Best Child Plans to Invest
Upbringing a child and providing them with the best of everything is a great responsibility for every parent. For...
Download the Policybazaar app
to manage all your insurance needs.