List of Banks Offering Sukanya Samriddhi Yojana

Brief Overview of the Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana aims to help parents of young daughters to save for their futures. These savings could be helpful at the time of completing education, marriage, etc. The Sukanya Samriddhi Yojana was implemented in 2015 under the campaign Beti Bacho, Beti Padhao.

The account of Sukanya Samriddhi Yojana can be easily opened by the parent or guardian of a girl child. This savings scheme is for a girl child aged up to 10 years. The maximum deposit can go up to Rs.1.5 lakh each year within the Sukanya Samriddhi Yojana. The SSY also comes along with the EEE tax feature within Section 80C. The premature withdrawal of the funds is only permissible when the girl attains 18 years of age.

The Sukanya Samriddhi Yojana account will mature after 21 years of completion. The Sukanya Samriddhi Yojana account offers an interest rate of 7.6%. One can also use the Sukanya Samriddhi Yojana calculator and calculate the maturity sum at the end of the term. 

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

Benefits of the Sukanya Samriddhi Yojana Account

The table below shows the benefits of opening a Sukanya Samriddhi Account:

Note: Tax benefit is subject to changes in tax laws.

How to Open the Sukanya Samriddhi Yojana Account?

Anyone who wishes to benefit from the Sukanya Samriddhi Yojana scheme needs to open an account in the name of a girl child. The Sukanya Samriddhi Yojana account can be opened with either the authorized banks or post offices.

The RBI has approved a total of 28 banks that offers the facility to open a Sukanya Samriddhi Yojana account. We have compiled the list of banks for your perusal.

List of Banks Offering Sukanya Samriddhi Yojana

Listed below are the names of the banks that offer the Sukanya Samriddhi Yojana to all eligible individuals:

1. Allahabad Bank Sukanya Samriddhi Yojana

   As per the laid guidelines by the Indian government, anyone can open an Allahabad Sukanya Samriddhi Yojana account in the name of a girl child within the age of ten years. The investment in the Allahabad Sukanya Samriddhi Yojana account can begin with the minimum sum of Rs.250.

2. Andhra Bank Sukanya Samriddhi Yojana

   The process of opening an Andhra Bank Sukanya Samriddhi Yojana account is not at all tedious. Since April 2020, the Andhra Bank Sukanya Samriddhi Yojana account has been merged with the Union Bank Sukanya Samriddhi Yojana account. The contributions made to the SSY account will grow at pre-defined rates and will be locked in until the girl turns 21.

3. Axis Bank Sukanya Samriddhi Yojana

   The Axis Bank Sukanya Samriddhi Yojana account is for the benefit of every girl child. This saving scheme encourages the parents to save for the child and meet their financial needs at the right time. The Axis Bank Sukanya Samriddhi Yojana account can be either opened by the parent or even the child's guardian.

4. Bank of Baroda Sukanya Samriddhi Yojana

   The Bank of Baroda Sukanya Samriddhi Yojana account helps the parents of a girl child to save aside some funds that would help meet future objectives and accomplish dreams. The procedure to open a Bank of Baroda Sukanya Samriddhi Yojana account is rather easy, comprising a few standard steps as discussed later in the article.

5. Bank of India Sukanya Samriddhi Yojana

   The Bank of India Sukanya Samriddhi Yojana ensures the future financial security of the girl child. The Bank of India Sukanya Samriddhi Yojana account permits a deposit of up to Rs 1.5 lakh every year. However, it has a maturity age linked to the age of the girl child.

6. Bank of Maharashtra Sukanya Samriddhi Yojana

   By opening a Bank of Maharashtra Sukanya Samriddhi Yojana account, the parents need not worry about the expenses regarding the future of the girl child. The Bank of Maharashtra Sukanya Samriddhi Yojana takes care of the necessary expenditure, and the girl child gets an assured sum.

7. Canara Bank Sukanya Samriddhi Yojana

   The Canara Bank Sukanya Samriddhi Yojana empowers every girl child and enables them to meet future objectives. From the date of the first deposit, the amount under the Canara Bank Sukanya Samriddhi Yojana account can be made for 15 years.

8. Central Bank of India Sukanya Samriddhi Yojana

   The Central Bank of India Sukanya Samriddhi Yojana offers not just flexibility but also affordability. There are various other benefits of investing in the Central Bank of India Sukanya Samriddhi Yojana compared to other schemes available in the market.  

9. Corporation Bank Sukanya Samriddhi Yojana

   With effect from 2020, April 01, the Corporation Bank Sukanya Samriddhi Yojana account has also merged with the Union Bank Sukanya Samriddhi Yojana account. The Corporation Bank Sukanya Samriddhi Yojana scheme has helped improve the girl child's status in both the rural and urban areas of the nation.

10. Dena Bank Sukanya Samriddhi Yojana

    The Dena Bank Sukanya Samriddhi Yojana ensures that the investment reaches the maximum potential and assures the financial safety of the child's future. The Dena Bank Sukanya Samriddhi Yojana account promotes saving money, specifically for the girl child.

11. ICICI Bank Sukanya Samriddhi Yojana

    With opening the ICICI Bank Sukanya Samriddhi Yojana account, the parents should not worry about the expenditure regarding the bright future of the girl child. The ICICI Bank Sukanya Samriddhi Yojana will act as the financial safety cushion for the girl child and enable them to follow their passion without any worries.

12. IDBI Bank Sukanya Samriddhi Yojana

    The biological parent or the guardian of the girl child can open an IDBI Bank Sukanya Samriddhi Yojana account. Until the girl child reaches 18 years of age, no partial withdrawal can be made with IDBI Bank Sukanya Samriddhi Yojana account.

13. Indian Bank Sukanya Samriddhi Yojana

    The Indian Bank Sukanya Samriddhi Yojana ensures the financial protection of the future of the girl child. The investment in the Indian Bank Sukanya Samriddhi Yojana can begin with a minimum sum of Rs 250. The investment towards this savings scheme is also entitled to tax exemptions within Section 80C.

14. Indian Overseas Bank Sukanya Samriddhi Yojana

    The Indian Overseas Bank Sukanya Samriddhi Yojana account is one prime option to safeguard the future of a girl child. Premature closure is permitted when the girl child is married after the age of 18 years. The contributions made to the Indian Overseas Bank Sukanya Samriddhi Yojana account will grow at pre-defined rates.

15. Oriental Bank of Commerce Sukanya Samriddhi Yojana

    With effect from 2020, April 01, the Oriental Bank of Commerce Sukanya Samriddhi Yojana account has merged with the Punjab National Bank Sukanya Samriddhi Yojana account. The Oriental Bank of Commerce Sukanya Samriddhi Yojana account is beneficial for the girl child. Also, the account can be easily continued even after the lock-in period has expired to enjoy earning the returns.

16. Punjab and Sind Bank Sukanya Samriddhi Yojana

    The best choice to ensure the girl child's security is to open a Punjab and Sind Bank Sukanya Samriddhi Yojana account. This will act as financial support for the girl child and help to fulfill her dreams.

17. Punjab National Bank Sukanya Samriddhi Yojana

    Adhering to the rules of the government of India, anyone is allowed to open a Punjab National Bank Sukanya Samriddhi Yojana account for the benefit of the girl child. The Punjab National Bank Sukanya Samriddhi Yojana account can be easily opened under the name of the girl child by the biological parents or a guardian.

18. State Bank of Bikaner and Jaipur Sukanya Samriddhi Yojana

    The State Bank of Bikaner and Jaipur Sukanya Samriddhi Yojana offers an opportunity to plan for the financial future of the girl child in advance and secure their bright future. The State Bank of Bikaner and Jaipur Sukanya Samriddhi Yojana is an effective scheme for financially securing the prospects of the girl child.

19. State Bank of Hyderabad Sukanya Samriddhi Yojana

    Opening the State Bank of Hyderabad Sukanya Samriddhi Yojana account is simple. To open the State Bank of Hyderabad Sukanya Samriddhi Yojana account, submit all the documents and fill the request form carefully. Make the initial deposit either by draft or cheque into the account.

20. State Bank of India Sukanya Samriddhi Yojana

    The State Bank of India Sukanya Samriddhi Yojana promotes the welfare of the girl child. Right from the opening of the State Bank of India Sukanya Samriddhi Yojana account, the tenure is twenty-one years. The maximum term up to which the deposits are allowed is 15-years from the account's opening date.

21. State Bank of Mysore Sukanya Samriddhi Yojana

    The aim of opening a State Bank of Mysore Sukanya Samriddhi Yojana account is to ensure the financial independence of girl children. This can be achieved by simply encouraging investments in such savings schemes towards fulfilling long-term life objectives such as higher education, marriage, and so forth.

22. State Bank of Patiala Sukanya Samriddhi Yojana

    The State Bank of Patiala Sukanya Samriddhi Yojana ensures the financial stability of the girl child. It also offers tax benefits under Section 80C. The State Bank of Patiala Sukanya Samriddhi Yojana is easily accessible to one and all. Upon the untimely demise of the account holder, the account can be prematurely closed.

23. State Bank of Travancore Sukanya Samriddhi Yojana

    The State Bank of Travancore Sukanya Samriddhi Yojana ensures the financial safety of the girl child. The State Bank of Travancore Sukanya Samriddhi Yojana account can be opened by the parent or the child's guardian, duly following the steps, and benefit from it.

24. Syndicate Bank Sukanya Samriddhi Yojana

    With effect from 2020, April 01, the Syndicate Bank Sukanya Samriddhi Yojana account has also merged with the Canara Bank Sukanya Samriddhi Yojana account. The Syndicate Bank Sukanya Samriddhi Yojana account can easily be opened with a minimum deposit of Rs 250 by the biological parent or the presumptive heir of the girl child.

25. UCO Bank Sukanya Samriddhi Yojana

    The UCO Bank Sukanya Samriddhi Yojana account helps to provide a better future for the girl child. The UCO Bank Sukanya Samriddhi Yojana empowers the female population of the nation. This account is exclusively meant for the girl child and acts as the financial safety net for a better tomorrow.

26. United Bank of India Sukanya Samriddhi Yojana

    With effect from 2020, April 01, the United Bank of India Sukanya Samriddhi Yojana account has merged with the Punjab National Bank Sukanya Samriddhi Yojana account. The United Bank of India Sukanya Samriddhi Yojana helps to secure the future of the girl child and give wings to dream and fly higher.

27. Union Bank of India Sukanya Samriddhi Yojana

    The best way to ensure the security of the girl child is to open a Union Bank of India Sukanya Samriddhi Yojana account. The investment in the Union Bank of India Sukanya Samriddhi Yojana can begin with a minimum amount of Rs 250 and likewise offers various benefits to the girl child and the parents/guardian.

28. Vijaya Bank Sukanya Samriddhi Yojana

    The Vijaya Bank Sukanya Samriddhi Yojana acts as the financial crutch and aims to help the girl child at every important milestone of life. When the girl child attains the age of 18 years, 50% of the funds in the Vijaya Bank Sukanya Samriddhi Yojana account can be withdrawn to accomplish the life objectives.

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With any of the above-listed banks, the Sukanya Samriddhi Account can be opened with minimal paperwork. In case anyone does not have a savings bank account with any of these authorized banks, they can set one up in the following ways: 

• Offline: Anyone who is taking the offline route needs to visit the branch physically to open the SSY account. Once at the branch, fill in the Sukanya Samriddhi Yojana scheme application. Submit the form with all the relevant documents attached and the deposit. Once the form and attached documents are verified by the bank, the SSY account will be opened.

• Online: The online method to open a Sukanya Samriddhi Yojana account is offered by authorized banks wherein one needs to apply via their official websites. Simply visit the website, fill the form of Sukanya Samriddhi Yojana online and make the payment through any digital payment mode. Thereafter, the Sukanya Samriddhi Account will be opened. 

Anyone who has existing savings account with any of the authorized banks can simply log in to the net banking account and open the Sukanya Samriddhi Yojana account straightaway from there.

Documents Required to Open the Sukanya Samriddhi Yojana Account

The following documents are required to open the Sukanya Samriddhi Yojana account:

• The duly filled application form

• The certificate of birth of the beneficiary (girl child)

• An address of evidence and identity for the parent/ guardian

• The passport size photographs.

Therefore, anyone who has a daughter should start planning for their future by investing in the Sukanya Samriddhi Yojana savings scheme. This savings scheme will not only let one earn the guaranteed returns but moreover also create a tax-efficient corpus to fund the higher education or any other expenses of the daughter without any financial strain.