What is Sukanya Samriddhi Account?

Due to the orthodox and patriarchal society in India, the Girl child even in the 21st century is considered a bane in the rural areas. However, recently the government has taken a massive step towards the betterment of the girl child by providing right to education, right to good health and right to a good family life. One such initiative is the 'Sukanya Samriddhi Account'.

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This is technically an insurance scheme which will later on help in educating the girl child or securing her future. The account can be opened at the time of the girl child’s birth or until she turns 10 years of age. A minimum deposit of Rs. 1000 is mandatory to open and maintain this account. A maximum of Rs. 1.5 Lakhs can be deposited during a financial year.

How to Open Sukanya Samriddhi Yojana Account?

The account can simply be opened in the post office or in any authorized branches of commercial banks. Even lower income groups can opt for this plan because it’s a government backed insurance scheme and hence guaranteed benefits for your daughter and no chance of fraud. The government released a statement on the Sukanya Samriddhi Account Scheme stating that the scheme guarantees equitable share to a girl child in savings and resources of a family in which she may be discriminated against the male child.

Since many rural areas people will show reluctance as they don’t have much idea of how beneficial it can be for their girl child. Therefore, the scheme will also provide a higher rate of interest at 9.1% annually on the deposit. It will also include income tax concession in this financial year. This account will be operative for 21 years from the date of opening it or till the marriage of the girl child upon attaining the age of 18 years. Higher education is usually a financial burden for parents if they are not well prepared. And by signing up for Sukanya Samriddhi Account, parents can pay for their daughter’s education without glitches.

What more?

Partial withdrawals for higher education can be made from the account. Also, 50% of the account’s balance can be withdrawn after the daughter attains the age of 18 years. Sukanya Samriddhi Account will provide financial assistance to the parents for imparting higher education to their daughter in India. Not only will this solve the dilemma of paying for the expensive education but it will also help the parents to earn a good amount of interest on the deposit, which will motivate them into trying this scheme even more. The rule of not allowing withdrawal from the account before the age of 18 helps prevent early marriage of girls. This will improve the status of women and girl child in India by giving them a secure future when it comes to finances.

You may also like to Read: SBI Sukanya Samriddhi Yojana

Source: This article has been adapted from the article "PM launches Sukanya Samriddhi Yojana under Beti Bachao campaign" that appeared on February- 02- 2015 in theindianawaaz[dot]com

Sukanya samriddhi account FAQ

  1. Which banks are offering Sukanya samriddhi account?
    The list of banks authorized to offer Sukanya Samriddhi Account is:
    1. Andhra Bank
    2. Axis Bank
    3. Allahabad Bank
    4. Bank of Maharashtra
    5. State Bank of India
    6. Bank of India
    7. Bank of Baroda
    8. Vijaya Bank
    9. State Bank of Mysore
    10. Indian Overseas Bank
    11. State Bank of Hyderabad
    12. Indian Bank
    13. Indian Overseas Bank
    14. IDBI Bank
    15. United Bank of India
    16. ICICI Bank
    17. State Bank of Travancore
    18. UCO Bank
    19. Union Bank of India
    20. Punjab National Bank
    21. State Bank of Bikaner and Jaipur
    22. Syndicate Bank
    23. Punjab & Sindh Bank
    24. Dena Bank
    25. Oriental Bank of Commerce
    26. Corporation Bank
    27. Central Bank of India
    28. Canara Bank
  2. Can Sukanya samriddhi account be transferred from post office to bank?
    Yes, you can transfer your Sukanya Samriddhi account opened in the post office to the bank. However, you have to fill the Sukanya Samriddhi Yojana transfer request form. You can get this form from the post office where your account currently is held.
  3. What are the documents required to open Sukanya samriddhi account?
    You need to provide the following three documents in order to open the Sukanya Samriddhi account:
    1. Girl child’s birth certificate with her name on it.
    2. Identity proof of the legal guardians or parents.
    3. Address proof of the guardians or parents. 
  1. Can I open multiple Sukanya samriddhi accounts?
    Answer: Ideally, for one girl child, only one Sukanya Samriddhi account is allowed. However, the maximum number of accounts allowed for a guardian is two as per the rules of the bank and post office. The guardian can open the third account only if the first birth is the triplets or second birth of the person is twin girls.
  2. What is the interest rate of money invested in Sukanya account?
    The Sukanya Samriddhi Yojana was launched with the interest rate of 9.10 percent per annum for the year 2017 to 2018. However, this rate is increased and is now 9.20 percent per annum for the present fiscal year 2015-16.
  3. Who would be the beneficiary of the SSY account?
    The beneficiary of Sukanya Samriddhi Yojana is the minor girl child for whom the guardian (legal or natural) has taken the subscription of the plan.
  4. Who can open the SSY account?
    Legal guardians or parents of girl child can open SSY account.
  5. How to open Sukanya samriddhi Account online?
    The steps to open Sukanya Samriddhi Account online are:
    1. Fill up the Sukanya Samriddhi Yojana account opening form.
    2. Submit the required documents with a photograph.
    3. Deposit the cash (this amount can vary from Rs.250 to Rs.1.5 Lakh).
    4. After opening the account, you can set up the automatic credit option through the net banking.
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