Home / Money / Sukanya Samriddhi Yojana : How to open SSY account with SBI

Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme. This scheme is a good option for parents to invest in their girl child's future. SSY accounts can be opened with post offices or authorised commercial banks. One of the banks providing the service to open a Sukanya Samriddhi account is the State Bank of India (SBI).

Here is a look at how one can open an SSY Account with SBI

Documents needed

  • SSY Account opening form
  • Beneficiary’s birth certificate
  • Address proof of the guardian or parents of the beneficiary
  • ID proof of the guardian or parents of the beneficiary.

How to open Sukanya Samriddhi account in SBI?

  • Fill out the application for an SSY account.
  • Documents and photographs
  • Make the required deposit payment

Opening of SSY account

An SSY account can be opened on behalf of the girl child by parents or legal guardians via the minimum deposit of 250 up to a limit of 1.50 lakh.

Minimum deposit limit

A minimum deposit of 250 per year is required for the account and a maximum deposit of 1.5 lakh is permitted per year. Contributions can be made in multiples of 50 by cash and/or cheque. 

Interest rate

For the current quarter of March 2021, the interest rate is kept at 7.6%. The interest is calculated on yearly basis and compounded on a yearly basis. 

Tax benefit

As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, the amount earned as interest and the amount withdrawn.

Features

  • Up to two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children.
  • Minimum 250 of initial deposit with multiple of one Fifty rupees thereafter with an annual ceiling of 150000 in a financial year.
  • Tenure of the Deposit is 21 years from the date of opening of the account
  • The maximum period up to which deposits can be made 15 years from the date of opening of the account.

Premature withdrawal

Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life-threatening diseases to be authorized by an order by the Central Government.

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