SBI Sukanya Samriddhi Yojana?

SBI Sukanya Samriddhi Yojana is a government-backed one of the best investment schemes exclusively designed for the girl child in a family. This scheme is launched to encourage parents/guardians of the girl child to build a corpus for her future education and marriage expenses. It’s important to realize that this scheme can only be opened by the parent or legal guardian of the girl child until she reaches the age of ten years.

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.

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

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.

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

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


Tax Rebate

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


All in all, SBI Sukanya Samriddhi Yojana is a best investment plan that 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.

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