IDBI Sukanya Samriddhi Yojana

Key Features and Benefits of IDBI Sukanya Samriddhi Yojana

Some important features and benefits of the Sukanya Samriddhi Yojana are as follows:

• Eligibility criteria:
  • An IDBI Sukanya Samriddhi Yojana account can be opened by parents or legal guardians for a girl child below 10 years of age.
  • A girl child can only open one SSY account in her name.
  • Parents or legal guardians must operate the account till the girl child reaches 18 years of age; thereafter, the girl can operate the account by herself.
  • A family can open accounts for a maximum of two daughters
• Tenure:
  • An IDBI Bank Sukanya Samriddhi Yojana account matures after 21 years from the date of account opening.
• Deposit rules:
  • You can deposit a minimum amount of ₹250 and a maximum of ₹1.5 lakh in a financial year in a Sukanya Samriddhi Yojana IDBI account.
  • Deposits in the IDBI Sukanya Samriddhi account can be made by cash, cheque or IDBI Net Banking.
• Partial withdrawal rules:
  • You can withdraw up to 50% from your SSY account for higher education or marriage after the girl turns 18 years old or completes Class 10th.
• Tax benefits:
  • You can get tax benefits on deposits of up to ₹1.5 lakh per year under Section 80C under the Old Tax Regime. Additionally, interest earned in the scheme and the maturity proceeds are also tax-free.
• Account continuity:
  • In case your IDBI Bank SSY account gets inactivated, you can activate the account by paying the penalty of ₹50 and the deposit amount for each defaulted year.
• No Transaction Charges:
  • Similar to all government monitored small saving schemes, no transaction charges shall apply for the investment made in IDBI Bank Sukanya Samriddhi Yojana.

Using the IDBI Sukanya Samriddhi Yojana Calculator

You can use the Sukanya Samriddhi Yojana calculator to calculate the estimated maturity in the scheme. It is an online tool which shows personalised results based on the following information:

• Amount you want to invest in a year
• Your girl child’s age
• The year you want to start investing in the SSY scheme
• SSY interest rate

After factoring in the above details, it shows the total amount you invested, total interest earned, maturity amount and the maturity year.

Here is an example calculation:

Suppose you start investing ₹80,000 annually in the SSY scheme in 2027. The SSY calculator will show the following estimated results (assuming the interest rate is 8.2% p.a and the contributions remain the same):

• Total amount invested: ₹12 lakhs
• Total interest earned: ₹26.3 lakhs
• Maturity amount: ₹38.3 lakhs (matures in 2048)

How to Open an IDBI Sukanya Samriddhi Yojana Account?

IDBI Bank has a simple process for opening an IDBI Bank Sukanya Samriddhi Yojana account as described below:

• Step 1: Visit your nearest IDBI Bank branch and collect the SSY account opening form. You can also download the application form online at the bank's official website.
• Step 2: Fill in the application form carefully with all the required details
• Step 3: Attach all the required documents to the application form and submit the form along with the minimum deposit amount of ₹250 or more.
• Step 4: You will receive a passbook after successful account opening.

Documents Required to Open an IDBI Sukanya Samriddhi Yojana Account

You need the following documents to open an IDBI Bank Sukanya Samriddhi Yojana account:

• SSY account opening form (Form 1)
• Girl’s birth certificate
• Passport-sized photos
• Parent’s or legal guardian’s identity proof
• Parent’s or legal guardian’s address proof

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

IDBI Bank Sukanya Samriddhi Yojana Interest Rate

The Sukanya Samriddhi Yojana interest rate over a 10-year period is shown in the table below: