How to open Sukanya Samriddhi Yojana Account: Step by Step Guide
Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child.
With an 8.6% rate of interest, tax-free maturity and interest and tax deductions available under Section 80C of the Income Tax Act, 1961, single families with girl children below the age of 10 years, are queueing up to open a Sukanya Samriddhi Account. If you have been thinking about opening this account too, then here’s all that you need to know about it.
A Sukanya Samriddhi Yojana (SSY) account can be opened in any authorized post office or commercial banks. All banks that provide the facility to open a Public Provident Fund (PPF) account offer one for Sukanya Samriddhi Yojana (SSY) too. You can also set it up online with the help of your net banking facility.
Documents required to open Sukanya Samriddhi Yojana Account:
- SSY Account opening form.
- Birth certificate of the beneficiary.
- Address proof of the guardian or parents of the beneficiary (Passport, ration card, electricity bill, telephone bill, driving license).
- Id proof of the guardian or parents of the beneficiary (PAN card, ration card, driving license, passport).
How to open a Sukanya Samriddhi Yojana account:
- Fill out the Sukanya Samriddhi Yojana Account opening form (One may also get the application form from the post office or the bank where the account has been opened).
- Keep the documents ready along with photographs
- Pay the deposit amount (any amount between Rs. 250 and Rs. 1.5 lakh will do)
- You can give a standing instruction at the branch or you can set up automatic credit to SSY Account through NetBanking.
Currently, neither authorized bank branches nor post offices allow for opening an SSY Account online. But once the account is opened after submission of all the documents, you can set the standing instructions online.
NOTE: If the deposit is not made every year, the account will fall under ‘Account under default’. The account can be reactivated by paying a fine of Rs.50 per year that you defaulted on making a deposit. The reactivation can happen until 15 years from the account opening.
Also Read: How to transfer SSY accounts to banks