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Sukanya Samriddhi Yojana (SSY)
Bank of India Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme launched as part of the ‘Beti Bachao, Beti Padhao’ initiative. As an authorized bank for this government initiative, Bank of India offers and manages the Sukanya Samriddhi Yojana (SSY) savings account. The scheme helps parents or guardians build a strong financial foundation for their daughter’s higher education and marriage.
Current interest rate
8.2%
Highest among all small savings schemes
Tax Benefit
₹1.5L
Annual deduction under Section 80C
Maturity At
21yrs
Or on her marriage after age 18
Flexible contribution
Start with ₹250 and invest up to ₹1.5L per year.
Sovereign guarantee
Backed by Government of India - zero default risk.
Triple tax benefit
EEE status - exempt on deposit, interest & maturity.
Partial withdrawal
Withdraw up to 50% after age 18 for higher education.
See what she'll receive
Adjust the investment to see her projected corpus
- ₹250
- ₹1,50,000
Yrs
- Newborn
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10 Yrs
Yrs
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Sukanya Samriddhi Yojana (SSY)
- BOI Sukanya Samriddhi Yojana
Features of Bank of India Sukanya Samriddhi Yojana
Investing in the Sukanya Samriddhi Yojana through Bank of India comes with a host of beneficial features:
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Flexible Deposits: Investment can be started with a minimum deposit of ₹250, and you can deposit up to ₹1.5 Lakh in a financial year.
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Mandatory Deposit Term: Deposits need to be made for 15 years from the date of opening the account. After this period, the account continues to earn interest until maturity.
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Attractive Interest Rate: The scheme currently offers a competitive interest rate of 8.2% per annum, compounded annually.
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Tax Benefits: Contributions qualify for deductions under Section 80C (up to ₹1.5 lakh/year), and both interest and maturity amounts are tax-free under Section 10.
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Partial Withdrawals: To support higher education, partial withdrawals of up to 50% of the balance at the end of the preceding financial year are allowed. This facility can be availed once the girl child turns 18 years old or has passed the 10th standard, whichever is earlier.
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Maturity at 21 Years (or Marriage): The account matures upon completion of 21 years from the date of opening. Early closure is also permitted in case of the girl child's marriage after she attains 18 years of age.
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Account Transferability: The account can be easily transferred anywhere in India from one Bank of India branch to another, or even from a Post Office to a Bank of India branch.
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Low Penalty for Default: If the minimum annual deposit of ₹250 is not made, a small penalty of ₹50 per year is levied, and the account can be regularized easily.
Sukanya Samriddhi Yojana Calculator
Latest SSY interest rates: 8.20%
You can invest a maximum amount up to ₹1,50,000
Yearly
- ₹250
- ₹1,50,000
Govt. allows maximum age of enrollment to 10 years
Years
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Investment term is 21 years
Year
Total investment
₹1.5 Lakh
Total interest
₹3.3 Lakh
Maturity year
2047
Maturity value
₹4.8 Lakh
*for market linked plans only
Eligibility to Open Bank of India Sukanya Samriddhi Yojana
Child Plans offer a secure financial future for your child. To open a Sukanya Samriddhi Yojana account with Bank of India, the following criteria must be met:
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The account can be opened only for a girl child who is less than 10 years old.
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The girl child and the guardian must be residents of India.
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The account must be opened by a parent or legal guardian.
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Only one account per girl child is allowed
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A maximum of two accounts is permitted per family. However, this limit is relaxed in cases of twin or triplet girl children born in the first or second order of birth, provided an affidavit is submitted.
How to Open Bank of India Sukanya Samriddhi Yojana
To open a Sukanya Samriddhi Yojana account at a Bank of India branch, the given steps are to be followed:
Step 1: Visit the nearest Bank of India branch.
Step 2: Fill the SSY application form (Form-1).
Step 3: Submit Required Documents:
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Birth Certificate of the girl child.
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Proof of identity of the parent/guardian (e.g., Aadhaar Card, PAN Card, Passport, Driving License).
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Proof of address of the parent/guardian (e.g., Aadhaar Card, Utility Bills).
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Recent passport-sized photographs of the girl child and the guardian.
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In case of twins/triplets, an affidavit confirming their birth order.
Step 4: Make the minimum initial deposit of ₹250 to activate the account.
Step 5: Once the documents are verified and the deposit is made, your Sukanya Samriddhi Yojana account will be opened. You will receive a passbook for the account.
Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child
Standard T&C Apply *
Benefits of Bank of India Sukanya Samriddhi Yojana
Choosing Bank of India for your Sukanya Samriddhi Yojana offers several benefits, including:
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Financial Security for Daughters: It provides a dedicated and disciplined way to save for your daughter's crucial life stages, such as higher education or marriage, ensuring financial independence.
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Safe and Secure: Being a government-backed scheme, it offers guaranteed returns with no market risks, making it a safe and secure investment.
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Convenience and Accessibility: With Bank of India's extensive branch network, opening and managing the account becomes easy and convenient. Many branches also offer auto-debit facilities for deposits, simplifying regular contributions.
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Promotes Girl Child Empowerment: By investing in this scheme, parents actively contribute to the larger national goal of promoting the welfare and education of girl children
Conclusion
The Bank of India Sukanya Samriddhi Yojana helps parents build a bright and secure future for their daughters. Its attractive interest rate, tax benefits, and flexible features make it an ideal choice for long-term financial planning. By taking this important step with a trusted institution like Bank of India, you are investing in your daughter's dreams and empowering her to achieve them.
Banks Offering SSY
SSY Calculators
Indian Overseas Bank Sukanya Samriddhi Yojana
IndusInd Bank Sukanya Samriddhi Yojana
Yes Bank Sukanya Samriddhi Yojana
Kotak Bank Sukanya Samriddhi Account
Bank of Maharashtra Sukanya Samriddhi Yojana
Andhra Bank Sukanya Samriddhi Account
UCO Bank Sukanya Samriddhi Yojana
IDBI Bank Sukanya Samriddhi Yojana
Expand
Indian Bank- Sukanya Samriddhi Yojana Calculator
Sukanya Samriddhi Yojana- Central Bank of India Calculator
Canara Bank- Sukanya Samriddhi Yojana Calculator
Bank of Maharashtra- Sukanya Yojana Calculator
Sukanya Samriddhi Yojana Calculator Bank of India
Sukanya Samriddhi Yojana Calculator - Union Bank
Sukanya Samriddhi Yojana Calculator-UCO Bank
Sukanya Samriddhi Yojana Calculator - State Bank of India
Expand
FAQs
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Who can open a Sukanya Samriddhi account at Bank of India?
Any parent or legal guardian of a girl child below the age of 10 can open an account. -
Can I transfer my existing SSY account to Bank of India?
Yes, SSY accounts can be transferred between post offices and banks, including Bank of India. -
What happens if I miss depositing the minimum amount in the Bank of India Sukanya Samriddhi Yojana?
The account will be considered in default. You can regularise it by paying a penalty of ₹50 per missed year, along with the minimum deposit of ₹250.
Investment
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Secure your Child’s
Career Goal
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Insurers Offering Child Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or
insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI 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.