FAQs on Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

FAQs on Sukanya Samriddhi Yojana

I have been getting a lot of questions regarding the Sukanya Samriddhi scheme, I am covering all the questions related to Sukanya Samriddhi Yojana Account.

FAQs on Sukanya Samriddhi Account

1. What is the Age Limit on Sukanya Samriddhi Account?

Anyone can open the SSY account till the girl is of age 10. Parents cannot open SSY account after their girl child completes 10 years.

2. Where to open the Sukanya Samriddhi Yojana Account?

All the major banks & post offices are authorized to open Sukanya Samriddhi Yojana account. You can reach out your nearest bank to open the account.

Here’s the list of authorized banks-

  • Axis Bank
  • Andhra Bank
  • Allahabad Bank
  • State Bank of India (SBI)
  • Bank of Maharashtra (BOM)
  • Bank of India (BOI)
  • Bank of Baroda (BOB)
  • Corporation Bank
  • Canara Bank
  • Central Bank of India (CBI)
  • Dena Bank
  • HDFC Bank
  • Indian Overseas Bank (IOB)
  • Indian Bank
  • IDBI Bank
  • ICICI Bank
  • United Bank of India
  • Union Bank of India
  • UCO Bank
  • Punjab National Bank (PNB)
  • Syndicate Bank
  • Punjab & Sind Bank (PSB)
  • Oriental Bank of Commerce (OBC)
  • Vijaya Bank

You can also reach out nearest post office to open the same account.

3. What are the Tax benefits on Sukanya Samriddhi Scheme?

Parent/guardian gets tax exemption on money invested in Sukanya Samriddhi Scheme u/s 80C. Not only that, but the amount you receive at the maturity is also tax-free, unlike fixed deposits where your mature amount is eligible for taxation.

4. Can a Non-Resident Indian (NRI) girl can get the benefit?

No. Only the girls who are residents of India can avail of the benefits of the Sukanya Samriddhi Scheme.

5. What is the current Rate of Interest on Sukanya Samriddhi Scheme?

Current rate of interest (Jan – Mar 2020) is 8.4%.

It is flexible and the government reviews the interest rates quarterly.

6. What documents are required to open Sukanya Samriddhi Yojana Account?

You require –

  • Birth Certificate of Girl Child
  • Identity proof of the parents or legal guardians
  • Address proof of the parents or legal guardians
  • Birth certificates of both girls if applying for 2nd girl child’s account

In case the birth certificate is not available, parents can submit the documents below-

  1. A certificate issued by the Principle of the school including date of birth of the girl.
  2. A certificate issued by the hospital where the girl child was born verifying the date of birth the girl.
  3. Passport of the girl child.
  4. Aadhar Card of the girl child.

7. What happens in case of the death of the girl child or the depositor?

In case of death of the girl child-
The account will get closed but parents will have to submit the death certificate issued by the competent authority. Then, the amount in the account with interest till that date will be refundable to the guardian.

In case of death of the depositor, then there are two options-

  1. The family of the girl child will get the amount in the account with interest till that date
  2. The scheme continues with deposited amount till the maturity date and girl child gets the deposited amount plus interest earned at the maturity of the account.

8. Premature Withdrawal

Girl child gets premature withdrawal when she turns 18 and the withdrawal amount is restricted to 50%.

9. Minimum Amount required for Account opening and maturity Period

You can open an account with a minimum amount of Rs. 250.

Maturity period of scheme is 21 years.

10. Is this scheme available throughout India?

Yes, anyone can open the Sukanya Samridhhi Yojana account in all the states of India till the girl is below 10 years in age.

11. Is Account Transferable?

The Sukanya Samriddhi account is freely transferable if you produce the valid address proof of a new place (within India), otherwise a fee of Rs. 100 is applicable.

12. Are commission agents or any intermediary allowed?

No, commission agents are not authorized for Sukanya Samridhhi account openings. You can go to authorized banks or post offices for that.

 

473 thoughts on “FAQs on Sukanya Samriddhi Yojana”

  1. Dear All, I opened a sukanya samriddhi yojana account in 2015 for my daughter in chennai. Recently I shifted my house. I lost the passbook. When I approached post offiee to issue the duplicate one. They asked me the Acctno to trace the record and FIR copy to issue the duplicate one. I told them clearly I lost everything during transition. They are very adamant unless u provide the latter documents. we cannot issue the duplicate passbook. Can anyone helpout in resolving the issue

  2. Dear All, I opened a sukanya samriddhi yojana account in 2015 for my daughter in chennai. Recently I shifted my house. I lost the passbook. When I approached post offiee to issue the duplicate one. They asked me the Acctno to trace the record and FIR copy to issue the duplicate one. I told them clearly I lost everything during transition. They are very adamant unless u provide the latter documents. we cannot issue the duplicate passbook. Can anyone help me in resolving the issue

  3. I have a doubt about SSA.
    My friend has a daughter of now 18months, she wats to open an SSA on her daughter’s name. The daughter is having a valid Birth Certificate . But my Friend’s husband expired last year and she is planning a re-marriage may be in next couple of years. So after re-marriage, baby’s father’s name on the Birth certificate will be changed as they will make a new Birth Certificate with her new husband’s name.
    So will there be any problem with it after changing the father’s name on daughter’s Birth Certificate as she is gonna open SSA now and on the Birth certificate presently real father’s name is mentioned.
    Plz reply.
    Thanx

  4. How year end is calculated in SSY? Say, I opened an account in June 2018. December 2018 is considered as year end or June 2019?

  5. Sir. I want to ask that suppose humne 20000 per annum dena hai ssy mein for 14 years mtlab ki 280000. To kya yeh 280000 rs hum 5 ya 6 saal mein bh de skte hain ya nhi ??

  6. Can I deposit money in SSY of my niece, her Mother (my sister) is guardian . I just want to contribute for her future.

  7. my brother has 2 daughter as 1st and 3rd child and 1 son as 2nd child, can he open sukanya samridhi acount for both girls

  8. hi i am a native of bihar state, india,can i open an account under sukanya yojna in state bank of india.please reply…

  9. Is it more advantageous to deposit money before 5th of every month or when is the interest calculated??

  10. If I deposit money in Sukanya Samriddhi Yojana every month on 10 th. Does interest will be added on that deposit. I heard that Money should be deposited within 5 th of the every month.

  11. I Opened the SSY account in SBI, in the same branch ii have savings account also,How can i link this SSY account to my SBI account to check the balance in SSY and how can we add this SSY to other savings account to transfer the funds in to SSY.

    1. In my opinion linking SSA with Savings account will not be allowed because SSA is open in the name of the Girl Child while Savings account is in the name of Guardian, so mapping of both accounts under one is not possible.

  12. Is there a way to transfer money online in this scheme ? I have an account with SBI
    Can I link SSY account along with my savings account for ease of operation ?

      1. It is possible to transfer online money to SSY Account, When I start my daughter SSY account till today, Never deposited cash, always transfer online via my saving account.

  13. if i started Sukanya Samruddhi AC with 12000 p.a. and if i want to invest in next year more or less amount than 12000 i.e. 60000 or 6000 p.a.. Is it possible or is such kind of provision is thereThat is can we reduce or increase invest amount or it should be fixed throughout?
    Thanks

  14. My daughter was born when I am in London during when I am working there through my company. Hence my birth certificate is issued in London. Now I am back to India. Can I open account in my daughter using the Birth Certificate given by them for this scheme.

  15. I want to open account on 60000 per annum..plz tell me that the total amount can be deposit at the time of opening or at the end of financial year….

  16. Raghavan Srinivasan

    Has there been any further direction in the case of a child born at US, hving her grand-father as local guardian enrollin
    g for this shceme?

  17. I have opened sukanya sunidhi yojna for my daughter in post office because at that time the scheme is not available in banks. But now I want to change it from post office to State Bank. May I know if it is possible to change it from post office to bank….

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