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Indian Bank Sukanya Samriddhi Yojana
In the Indian banking domain, the Indian Bank is one of the oldest banks. The Indian Bank offers diverse services to customers. One of the most sought after options provided by the bank is to secure the bright future of the girl child by simply opening the Sukanya Samriddhi Yojana Indian Bank account.
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Sukanya Samriddhi Yojana
- Indian Bank Sukanya Samriddhi Yojana
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
The Indian Bank is among those prominent banks in India that has been authorized to open the Sukanya Samriddhi Yojana accounts by the RBI. The Sukanya Samriddhi Yojana account has been introduced by the Indian government to inculcate the savings habit in the families where there is a girl child born to provide financial security.
Features of Indian Bank Sukanya Samriddhi Account
The following are the key features of opening the Sukanya Samriddhi Yojana Indian Bank account:
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Opening of the SSY Account
The Indian Bank Sukanya Samriddhi Yojana Account can be easily opened by the parent or guardian of the girl child.
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Age
The Sukanya Samriddhi Yojana Account can be opened for the girl child until ten years of age.
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Tenure
The tenure for the Indian Bank Sukanya Samriddhi Yojana Account is 21 years.
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Deposit Amount
The Sukanya Samriddhi Yojana Indian Bank account can be opened with a minimum sum of Rs 250. Besides, the depositor has the option to increase the deposit amount in the multiples of Rs 100 and can go maximum up to Rs 1.5 lakh each year.
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The Number of SSY Accounts
One account for every girl child can be opened; however, a maximum of two is permitted within a family. In case the family has two or even three girls on the grounds of twins or triplets thereafter the maximum of two or three accounts respectively can be opened.
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Deposit Term
The deposits can be made for 14 years from the opening date of the Sukanya Samriddhi Yojana Indian Bank account.
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Operating the Account
The Indian Bank Sukanya Samriddhi Yojana account can be operated by the guardian or the parent of the girl child until 10 years of age. Once the girl child is 10 years of age, then only can operate the account herself.
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Reactivation of the Account
In case the depositor is unable to pay the annual amount, then the individual can revive the account by paying the penalty sum of Rs 50 and the minimum deposit sum for the specified and the current year.
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Premature Closure
The premature closure of the Sukanya Samriddhi Yojana account is permitted; however, subject to conditions such as the demise of the depositor or any critical illness.
Benefits of Sukanya Samriddhi Yojana with Indian Bank
The following are the benefits of opening the Sukanya Samriddhi Yojana Indian Bank account:
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Interest Rate
The interest rate within the SSY account is lucrative. The interest rate is decided by the Indian government and is compounded and credited each year.
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Cost-effective Deposit Amount
The SSY account can be easily opened with the minimum deposit of Rs 250 and the amount can be increased in the multiples of Rs 100.
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Interest After Maturity
The SSY Indian Bank account can easily continue to earn interest even after maturity till the time the account is closed officially.
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Tax Benefits
One of the key benefits in opening the Sukanya Samriddhi Yojana Indian Bank account is that the investment made within this is entitled to tax exemption under Section 80C of the IT Act. The maturity amount also remains tax exempted.
Note: The tax benefits remain subject to change as per the prevailing tax laws.
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Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child
Standard T&C Apply *
Documents Required for Opening a Sukanya Samriddhi Yojana Account with Indian Bank
Listed below are the documents to open the Sukanya Samriddhi Yojana Indian Bank account:
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Passport size photograph of the girl child and the parent or the guardian.
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Birth certificate of the girl child under whose name the SSY Indian Bank account has to be opened.
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Identity and address proof of the girl childs’ guardian/parent.
When opening the Indian Bank Sukanya Samriddhi Yojana Account, a passbook will be furnished by the bank respectively that would keep the withdrawal as well as the deposit entries.
How to Open the Sukanya Samriddhi Yojana with the Indian Bank?
Anyone can open the Indian Bank Sukanya Samriddhi Yojana Account in a hassle-free way. The individuals who do not hold the Indian Bank account can also open the account. Follow the steps below to open the Sukanya Samriddhi Yojana Indian Bank account:
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Visit the nearest branch of the Indian Bank, collect the account opening form and fill in the required fields.
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Submit all the documents as mentioned above.
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Next, deposit the minimum sum of Rs 250.
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Once the account is opened and activated, the deposit can also be made by cheque and cash.
An individual can calculate the maturity on the SSY account by using the Sukanya Samriddhi Yojana calculator online.
Who Can Open an SSY Account with the Indian Bank?
The Indian Bank Sukanya Samriddhi Yojana Account can be opened by the guardian/ parent in the name of the girl child until she obtains 10 years of age. The Sukanya Samriddhi Yojana Indian Bank account needs to open in the name of the girl and the nominee has to be an Indian citizen.
The Indian Bank Sukanya Samriddhi Yojana Account can be opened for a maximum of two girl child in each family by the parent or guardian.
Banks Offering SSY
SSY Calculators
Indian Overseas Bank Sukanya Samriddhi Yojana
IndusInd Bank Sukanya Samriddhi Yojana
Yes Bank Sukanya Samriddhi Yojana
Bank of India Sukanya Samridhi Yojana
Kotak Bank Sukanya Samriddhi Account
Bank of Maharashtra Sukanya Samriddhi Yojana
Andhra Bank Sukanya Samriddhi Account
UCO 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
Step by Step Withdrawal Process with Indian Bank
To meet the financial needs of the account holder and to fulfil objectives such as higher education or marriage and so forth withdrawals up to 50% of the balance at credit towards the financial year preceding end is permissible.
The Sukanya Samriddhi Yojana Indian Bank account withdrawal is permitted only when the girl child who is the account holder turns 18 years old.
FAQs
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Is a loan facility provided against the Sukanya Samriddhi Yojana Indian Bank account?
No, the loan facility is not accessible within the Sukanya Samriddhi Yojana Indian Bank account. -
For the single beneficiary, how many SSY accounts can be opened?
One beneficiary can open one single account in the bank or the post office. -
How important is the Sukanya Samriddhi Yojana Account passbook?
When the SSY account is active, the bank issues the depositor a passbook that furnishes important details such as the account opening date, birth date of the account holder, name of the account holder and so forth. -
Is it possible to avail of the premature closure benefits within the SSY scheme?
Generally, the SSY does not permit premature closure; however, under circumstance such as the passing away of the depositor, it can be requested.
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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.