Sukanya Samriddhi A/C

Small Savings Scheme, Govt Schemes, Online Banking Guide

Sukanya Samriddhi Yojana Account Complete Details

Honorable Prime Minister of India Mr. Narendra Modi has launched Sukanya Samriddhi Yojana Account New Saving Scheme on 22nd January 2015 under Beti Bachao Beti Padhao campaign. This scheme is targeted for the prosperity of girl child in our country by securing their major future expenses like education  & marriage.

BBBP campaign was launched with a noble cause of saving the girl child in various part of the country. Haryana is struggling with the tag of lowest sex ratio state in India due to gender bias mentality.

Sukanya Samriddhi Scheme is launched initially with the interest rate of 9.1% for the FY 2014-15. This interest rate is revised to 9.2% for the FY 2015-16. One can get income tax exemption for the deposited amount under section 80C of the Income Tax Act, 1961.

Sukanya Samriddhi Account New Saving Scheme

This website is created to collect all the information about Sukanya Samriddhi Yojana Account and also collect all future updates & activities regarding this scheme.

Before proceeding further with explaining all features and benefits of SSA, you can check out what is Beti Bachao Beti Padhao campaign. Also check out an awesome presentation created by our team.

For more such wonderful slides and documents, follow @ Manidipa

Now let’s continue to elaborate everything mentioned in the presentation in-depth.

sukanya samriddhi yojana account

Sukanya Samriddhi Yojana Account Complete Details

Date of Commencement 

As per the notification of Ministry of Finance vide Notification No. G.S.R.863(E) Dated 02.12.2014, Sukanya Samriddhi Scheme was started immediately from that date. It was started operating as ‘Sukanya Samriddhi Account Rules, 2014’.

Who Can Open SSA Account

You can easily fill up the account opening form in post office and open account instantly. Now a guardian can be girl’s father or mother. In case if both father & mother are not alive for the girl child, a person with enough proof become a legal guardian and opens this account for the girl child.

How Many Accounts can be Opened

Only one Sukanya account can be opened for a girl child by the gaurdian. A father and mother can’t open 2 accounts as depositor. It’s a one girl one account rule.

No. of Account Per Family

A maximum of 2 accounts can be opened per family. But in case the first birth results into 3 girl children or twin girls in 2nd birth, then max 3 accounts can be opened. In such case one has to produce a medical certificate mentioning about the twins or triplet birth.

Eligibility to open the SSA Account

Sukanya Samriddhi Yojana Account can be opened immediately after birth of the girl child till she attains 10 year’s of age. But for this year 2015 there is a special rule under which till December 2015 up to max age 11 years will be considered. A grace period is also set for girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.

How to open Sukanya Samriddhi Account

One can download the common SSA account opening form released by RBI. And then visit the nearest post office or authorized bank with all necessary documents.

One can open Sukanya Samriddhi account in post office as well as banks also. There are 28 banks where one can open SSA account. Check out the process of opening SSA in SBI here.

Documents required for opening Sukanya Samriddhi Yojana account 

The mandatory documents required for Sukanya Samriddhi Account are

  • Birth proof or Birth Certificate of girl child
  • Address proof of guardian
  • Identity proof of guardian or account opener
  • 3 Photos of parents/legal guardian (if other than parents) and 3 photos of the child
  • Pan card and Aaadhar card copies of parents/legal guardian (if other than parents)

What are the banks where one can open Sukanya Samriddhi Account

SSA can be opened in 28 authorized banks mentioned by Govt of India. You can check below the list of banks allowed to open SSA account.

1. Allahabad Bank             15. Oriental Bank of Commerce
             2. Andhra Bank             16. Punjab National Bank
             3. Axis Bank             17. Punjab & Sind Bank
             4. Bank of Baroda             18. State Bank of India
             5. Bank of India             19. State Bank of Patiala
             6. Bank of Maharashtra             20. State Bank of Bikaner & Jaipur
             7. Canara Bank             21. State Bank of Travancore
             8. Central Bank of India             22. State Bank of Hyderabad
             9. Corporation Bank             23. State Bank of Mysore
             10. Dena Bank             24. Syndicate Bank
             11. ICICI Bank             25. UCO Bank
             12. IDBI Bank             26. Union Bank of India
             13. Indian Bank             27. United Bank of India
             14. Indian Overseas Bank             28. Vijaya Bank

Sukanya Samriddhi Yojana Passbook

On opening of the account, one will get a passbook within few minutes of application processing. Sukanya samriddhi scheme passbook is almost similar to bank savings account or post-office savings account. Every time one will deposit money, this passbook will be updated by the bank or post office staffs.

Interest rate of Sukanya Samriddhi Yojana Account

When this scheme has been launched, the interest rate was kept as 9.1% which is the maximum under small scale deposit scheme segments. Sukanya Samriddhi Scheme current interest rate is 9.2%. Although this is just a 0.01 % hike in interest rate, but this will play a big role to make this scheme a success.

The interest rate of this scheme will be revised in every financial year beginning. Although it looks like Government has increased the interest rate now, but they may reduce in coming years as well. Similar thing we have already observed for PPF account (public provident fund).

Sukanya Samriddhi Account Deposit Limit

One can deposit maximum of Rs 1.5 lakh amount in a financial year. But the minimum deposit amount is Rs 1000 only.  In case someone fails to deposit the minimum amount in a year then a penalty of Rs 50 will be applied. Don’t forget to collect the deposit slip to keep a track.

As per Sukanya Samriddhi Scheme one can deposit in any frequency for a financial year. E.g. you can deposit every month Rs 5000 or 7000 etc but remember that maximum amount limit of Rs 1.5 lakh should not be crossed. You can also deposit any amount in any month, e.g. 1st month Rs 2000, 2nd month Rs 3500, 3rd month 7000 etc. Simply keep the min and max amount limits in mind and save as per your capacity.

The deposit period of SSA Account is up to 14 years from the date of account opening. E.g. if you open the account at the time of birth of the girl child, you can deposit money till her 14th year of age. But if you open at an age of 10 years, then you can deposit till 24th year of her age.

As there will be no deposit allowed from 14th to 21st year, the deposited amount will earn compounded interest till maturity.

How to Deposit Money in SSA

You can easily deposit money to your SSA account by visiting to your post office or bank and deposit money like you do for your savings account by cash or cheque. If you have opened the account in a bank, then you should be able to deposit money via online transfer as well.

Account Operation Rules

As per standard rules, Sukanya Samriddhi Yojana Account can be opened by the parents or legal guardian, if case of absence of parents. Till the girl child attains 10 years age, guardian is the main operator of this account. After reaching 10 years age, the girl child can operate the account herself till maturity. But the deposit can be continued by the guardian only.

Sukanya Samriddhi Account Transfer 

In case your girl child is travelling to another city due to higher education or shifting permanently, then SSA account can be transferred easily. Although so far it is not clear that one can transfer the Account from post-office to bank or not. There is no communication for Sukanya samriddhi account online transfer.

Pre-mature Closure Rules

I found this question in many comments by people, “How to close Sukanya Samriddhi Account before maturity”? Let’s check out the options available for premature closing of this account.

In case of unfortunate death of the girl child, the account will be closed immediately by producing the death certificate as proof. The amount accumulated till the last month, will be paid back to the guardian with interest.

In case of death of the depositor, if there is no further legal guardian to continue the deposit the account can be closed by writing an application to account opening authority.

In any other case, due to not able to manage cash for maintaining minimum balance or some urgent cash requirement due to extreme health condition etc. the account can be closed by submitting due application form.

In any other case, this Sukanya account can’t be closed before maturity.

Pre-mature Withdrawal Rules

The first withdrawal possible from SSA Account is when the girl child reaches the age of 18 years. At that time, 50% of the amount accumulated till date can be withdrawn to support the higher education expenses.

SSA Account Maturity Rules

The account will be matured after 21 years of opening the account or on the marriage date of the girl child whichever is earlier. Although this might create much confusion based on various scenarios and we have answered many such queries on many articles.

You can use Sukanya Samriddhi Account Calculator to check out how much will be your investment. But these calculators are not exactly accurate as interest rate for this account is not fixed.

Sukanya Samriddhi Yojana Income Tax Benefit

At the launch, Sukanya Samriddhi Account was announced as ETE. But after budget 2015-16 this account has been declared as 100% tax free. One can get exemptions for the amount deposited in this account under section 80c.

The maturity value with the interest rate earned on maturity is also now tax exempted. In simple words, there is no much difference in terms of tax rules between PPF account and SSA account. You can also check out the article Sukanya Samriddhi Account vs PPF shared by NDTV.

Sukanya Samriddhi Account for NRI

As per the RBI guidelines, any NRI is not eligible to invest under any small saving scheme. SSA being a small saving scheme, so far NRIs can not open this account.

Can I open Sukanya Samriddhi Account Online

No. as of today online facility is not yet provided for this account. It will take time to get these features, at least I believe banks have to come in to picture to take this account forward with many attractive account handling features.

Do you have more question on Sukanya Samriddhi Yojana Account? Then visit Sukanya Samriddhi Account FORUM page and write a comment explaining your query. We will try to answer your query as per our understanding. 🙂

I hope this article will cover almost all aspects of Sukanya Samriddhi Yojna Account New Saving Scheme and rules. This is just the beginning of such a wonderful product under small deposit scheme segment. A long way to travel before it actually benefits people. Find out some more useful and enjoyable articles written related to Sukanya Samriddhi Account in this blog.

Search our entire website to know more about your queries like

  • Where to find sukanya samriddhi account application form?
  • Can I open SSA account online?
  • Where can I get information about sukanya samriddhi account in hindi or applican form in hindi pdf format
  • How to download sukanya samriddhi account application form sbi?
  • SSA can be opened in which banks?
  • Is cheque payment allowed in deposit?
  • What are the helpline number or toll free number or customer care number to know more about Sukanya Scheme?
  • Is there any last date of applicantion for Sukanya Yojna?
  • Can I take loan against SSA account?
  • How to download sukanya samriddhi yojana calculator?
  • sukanya samriddhi yojana vs recurring deposit vs Fixed Deposit VS LIC policy?
  • What are the rules for NRI people?
  • Can I transfer money online to my SSA account?

We will be answering all your queries related to Sukanya Samriddhi Yojana Account in our upcoming articles and help you to know more about this. Thanks a lot for reading this entire article. Don’t forget to share these information with your friends in Facebook, Twitter and wherever possible.

34 Comments

Add a Comment
  1. Kindly visit the dedicated page created to answer all your queries regarding Sukanya Samriddhi account or any investment query regarding your child’s future by visiting our FORUM page.
    Thanks for the understanding. 🙂

    1. After maturity period, how much deduct as Income Tax: These calculation is also shown to me as example

      1. its EEE Scheme means no deduction over interest and maturity value .

  2. I have below query :

    What documents we have to provide when we need money for our daughter’s education and also at the time of her marriage? What is the simple procedure for that?

  3. Sir,minimum amount 1000 rs. Hai .To yearly hume 1000 rs. Karane hai ya monthly?

    1. Aap yearly or monthly kitna bhi amount deposit kar sakte ho, but dhyaan rahe 1.5 / year se jyada ho pay.

  4. Santosh Kumar Singh

    Can an account opened in the name of a girl child with less monthly installment be increased.plz inform

    1. Yes, you can deposit any amount up to 1.5 lakh a year.

  5. I have sukanya samrudhi ac for my daughter. Now I m in Mumbai. And going to Visakhapatnam on transfer. How can I transfer my account.

    1. Hi Jageswar,

      Did you ask the same to your post office or bank? I think it should a simple process like we transfer our bank account branch only.

  6. can we check how much amount paid by us in an year in online?

  7. Hi there..

    I gave opened a sukanya samriddhi account at my nearest post office.. Now i wish to transfer the same to an icici bank branch nearby. Due to service.. Can this be done..

  8. If we open SS and after a few years you move to another country or the daughter becomes citizen of another country , can I continue the account as it is?

  9. Subhankar Chatterjee

    Dear Santanu,

    First of all, congratulations for creating the blog to exchange ideas and informations for the concerned parents. Well, I would also like to utilize the platform for my concerns to be addressed. All the facts are looking very lucrative as an inverstor’s point of view but my only concern is, what will be the status of the scheme when the govt changes? Quite understandably, the govt has started the policy to draw some extra meny to be pumped in to drive govt initiatives but Will it persist like now or the new govt may cease it compltely?

    What do you think?

    waiting for your feedback

    Subhankar Chatterjee

    1. I think we have to wait for that as its too early to judge on this. But I believe this will continue as its for the welfare of girl child.

      1. BUT THE NEW GOVT MAY NOT GIVE GOOD INTEREST REAL PROBLEMS WILL BE ON MATURITY WHEN OTHER GOVT. HAS TO FUND IT. WHY DON’T THEY PROVIDE THIS BENEFIT THROUGH LIC IF THEY REALLY WANT SOMETHING FOR GIRLS.

  10. Dear Members,
    I have query – Myself having 2 girl childrens have opened SSA in post office in bangalore. I had produced a birth certificate of both my children. Now I want to make name correction in my children birth certificate, how shall i change the same in SSA account. Please guide me in this issue??

    1. I think only post office people can guide you on this.

  11. child date of birth is 07.12.2015 and merriage date is 07.12.2034 than maturity dt after 21 year 07.12.2036 which dt account can be closed 07.12.2034 y or n

  12. Can I pay the yearly payment from my HUF account and avail 80 C in HUF

  13. Can I open 2 accounts in the name of the same girl child ? One in the Post office and other in the bank ? What is the gurantee that its not already been done ? How is the concerned department verifying that this is not been done already ?

    many thanks
    Abhishek

  14. I have opened SSA account in Chennai post office .Can i deposit money from any post office in Bangalore.

  15. Dear Sir,

    I Have 02 Child ( Twins) can i Open this account, because bank advise me only 01 account will be open due to software accepted 01 PAN card number for 01 accounts.
    but as per guidelines we can open 02 account for 02 girls.
    please advise what should i do ?
    Thanks
    Rakesh

  16. I’ve opened SSY a/c in nearby post office. But, the passbook issued by them is showing only deposits. How can I get the FY statement of my daughter’s account

  17. I’ve my daughter’s a/c in post office. They are giving a pass book with deposit details only. How can I get SOA.

  18. IS THIS RATE OF 9.2 % GURANTEED. OR HAVE THEY ASSURED SOME MATURITY AMOUNT. IF NOT GURANTEED THEN WHAT ARE THE EXPECTED RATES IN FUTURE.

  19. sir, if a girl having twice account in this scheme, by mistake it has opened one from father name and another one in mother name for the same daughter so what we can do to close any one account what will be the procedure regarding this pls reply…

  20. Dear Santanu,

    My daughter was born is USA. Is there any way I can open the SSA account?

    Thank you!

    Regards,
    Srujan

  21. is it possible to withdraw maturity amount by the parents if girl child is handicapt or abnormal..?

  22. How to pay SSA amount by online…

  23. Hi,
    How can I make online payments to Sukanya Samriddhi Scheme. I have two accounts in the name of my two daughters. I want to make online payments or is there any facility that the money is deducted directly from my sbi saving account ?

    please advise

    1. Did you open SSA account in SBI bank? Then you should be able to transfer money online.

  24. Hi, I have opened account in post office. Please let me know is it possible pay via online.

  25. Gandiboyina vaaubabu

    Sir how much deposit in monthly amount in SSA

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