Looking for a secure and long-term investment plan for your daughter’s education and marriage? Check out the SBI Sukanya Samriddhi Yojana scheme, a government-backed investment plan exclusively for the girl child. Learn more about the scheme’s features, benefits, interest rates, and eligibility criteria for 2023.

SBI Sukanya Yojana is a part of the “Beti Bachao – Beti Padhao” scheme launched by the Government of India.

Under SBI Sukanya Samriddhi Yojana 2023-24, the people of the country can secure the future of their beloved daughter by Sukanya Samriddhi Account Opening in the State Bank of India (SBI), that is, they can improve the future of the country’s girls. Securing savings in this era is a big challenge for common people, in this way SBI Sukanya Samriddhi Yojana can support them.

SBI Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) 2023 is a small savings scheme supported by the government especially for the girl child. As per the scheme, parents or legal guardian can open an account in the name of a girl child till she attains the age of ten years. The objective of the scheme is to encourage parents or guardians to create a fund for the future education and marriage expenses of their female child. It is part of the “Beti Bachao – Beti Padhao” initiative of the Government of India. It is commendable that the government is raising the respect of the people towards the girl child.

SSY account can be opened in post offices and some specially designated banks (SBI). An SSY account also offers income tax benefits with a deduction of up to Rs 1.5 lakh under section 80C along with a higher interest rate as compared to other small savings schemes.

Features of SBI Sukanya Yojana:

• As mentioned earlier, Samruddhi account likes SBI can be opened only by the parent or legal guardian of the girl child. It is also important to note that this account can also be opened for a maximum of two girl children. There are certain cases such as in case of twins or triplets where exemptions are provided if the account holder submits a medical certificate from a certified medical institution.
• The SBI Sukanya Yojana age criteria is from the birth of the girl child till the age of 10 years.
• This scheme is valid only for those girl children who are residents of India. This means that Sukanya Samriddhi Yojana SBI is not available for girl children who are NRIs. This facility is valid irrespective of the fact that the parents/legal guardians of the girl child are residents of India.
• If a girl child becomes a non-resident after opening an SBI Sukanya Samriddhi Yojana account, her parents need to inform the concerned SBI branch about this change within 1 month. After this the account will be closed.
• SBI Sukanya Yojana account can be opened only in the name of the girl child and not in the name of her parents/legal guardians.
• Only one account can be opened per girl child. Further, a maximum of only 2 accounts can be opened for two girl children in a family.
• The Benefit of SBI Sukanya Yojana is minimum Rs. 250 can be taken by depositing an amount per account; Whereas, the maximum amount limit is up to Rs 1.50 lakh per account. Also, there is no limit on the amount an account holder can deposit in a month or a financial year.

In case of failure to meet the minimum deposit requirements, a penalty of Rs 50 may be imposed.

• Payment for SBI Sukanya Yojana can be made through check or demand draft (DD) mode. DD or check should be made in the name of the concerned manager of SBI.

While making the payment to the parent/guardian, it is important to mention the name of the girl child and the relevant account number on the back of the DD or cheque.

• Compounded annually, with the option for monthly interest payments to be determined using the balance in completed thousands, as announced by the GOI.(Actual rate 7.60% starting April 1, 2020)
• In SBI Sukanya Samriddhi Yojana, the maximum period for which the parent or guardian can make payments is 15 years. Once the account holder has made the payment for a period of 15years, he is not required to deposit any more money in the account. Interest will continue to accrue till the account is closed or matured.
• SBI’s Samriddhi Yojana Preference can be continued for a maximum period of 21 years from the date of account opening. After this period of 21 years, no interest is charged on the SBI Sukanya Yojana account.
• SBI Sukanya Samriddhi Yojana can be closed when it attains maturity after completing the tenure of 21 years. The interest accumulated along with the amount deposited in the SSY account is paid after the girl child turns 18.
• To get this amount, applicants need to submit an account closure application along with proof of identity and address. They will also have to submit proof of their residence and citizenship.
• The maturity amount as well as the interest earned on the SBI Sukanya Samriddhi Yojana account is eligible for tax exemption under section 80C of the Income Tax Act, 1961 as an additional Sukanya Samriddhi Yojana benefit. SSY account follows the EEE tax regime. It is also known as the exempt-exempt-exempt tax regime.

Benefits of Sukanya Samriddhi Yojana

• High interest rates are available.
• The yojana provides a tax benefit as an alternative.
• There is a lock-in period for the plan.
• In the event of an urgent need, it permits partial withdrawals.
• At maturity, the plan offers benefits that are guaranteed.
• Additionally, it provides the option to continue earning interest under the plan after maturity.

sbi sukanya samriddhi yojana documents:

• birth certificate of girl child
• Proof of identity and address of the parent/legal guardian such as PAN Card, Aadhaar Card, Ration Card, Passport, Driving License, etc.
• Photograph of the girl child and her parents (applicant)
• If there are twins or triplets, the applicant has to submit a medical certificate to prove the birth order of the children.
• The applicant will also have to submit a certificate indicating the nature of his relationship with the girl child. For cases where biological parents of the girl child are opening the account

Process of Sukanya Samriddhi Yojana Account Opening:

• The applicant has to fill the details in the account form.
• Thereafter, they have to submit the form to the designated authority along with the required documents.
• After submitting the documents, they need to deposit a minimum amount of Rs.1000 in cash.
• Once the account is opened, applicants can continue to deposit money through cash or check or demand draft (DD) form.

sbi sukanya samriddhi yojana account opening form online

SBI allows opening of SSY account in an easy and hassle free manner. Individuals who do not have an account with SBI can open an SSY account by submitting the following documents:-

Step 1. First of all fill the application form which you will get in your bank

Step 2. Now attach passport size photographs of applicant and parents or legal guardians with the application form

Step 3. Attach and submit the copies of the below listed documents.

Step 4. Pay the initial deposit. The minimum amount for opening an account is Rs.1,000 and the maximum amount is Rs.15 lakh.

Step 5. Once the account is opened, a standing instruction can be set up with the bank to make deposits into the account.

Step 6. Once the account is opened, applicants can deposit their amount either through cash, cheque, demand draft, online through internet banking.

how to link sukanya samriddhi account in sbi online?

One cannot link a child’s SSY with self SB account. SSY is a separate account for Girl child & is not our own account. So, it has got separate CIF no. as issued to a single individual user, in this case, your girl child. All your accounts shall be liked to this Customer Information File No. which is different from your child’s CIF. Hence your account can’t be linked to your child’s SSY, though it is a joint account with you as a parent or Guardian. You can very well deposit amounts by adding it as a beneficiary to account from where you would like to transfer.

sbi sukanya samriddhi yojana form pdf

sukanya samriddhi yojana post office:

For a very long time, India’s postal service has been essential to the country’s communication infrastructure. The Indian Postal Department has launched a new banking division called the Indian Post Payment Bank (IPPB) to keep up with the digital services provided by various Indian banks and other financial organisations.

With IPPB, internet post office transactions are now as simple to do as they are with banks. To complete the registration procedure and conduct all of your post office-related operations online, including viewing your balance and transferring funds under various schemes, you only need to visit the post office once.

difference between sukanya samriddhi and post office

SBI	POST OFFICE
Minimum Amount of Deposit: Min.250 of initial deposit Maximum Amount of Deposit: Rs.150000 in a financial year	A financial year may have a minimum of INR 250 and a maximum of INR 1,50,000. Deposits after that in multiples of INR 100/- A lump payment can be used for deposits. There is no capacity on the number of deposits you can make in a month or a financial year.
Tenure of the Deposit: 21 years from the date of opening of the account	Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.

sbi sukanya samriddhi yojana calculator

Yearly	Installment Amount (Yearly)	Investment Amount (15 Years)	Maturity Amount (21 Years)
1	1000	14000	46,821
2	2000	28000	93,643
3	5000	70000	2,34,107
4	10000	140000	4,68,215
5	20000	280000	9,36,429
6	50000	700000	23,41,073
7	100000	1400000	46,82,146
8	125000	1750000	58,52,683
9	150000	2100000	70,23,219

Monthly Investment	Installment Amount (Monthly)	Investment Amount (15 Years)	Maturity Amount (21 Years)
	1000	168000	5,42,122
	2000	336000	10,84,243
	3000	504000	16,26,365
	4000	672000	21,68,486
	5000	840000	27,10,608
	6000	1008000	32,52,730
	7000	1176000	37,94,851
	8000	1344000	43,36,973
	9000	1512000	48,79,095
	10000	1680000	54,21,216
	12500	2100000	67,76,520