Sukanya Samriddhi Yojana is a one of the best savings scheme launched by the Government of India, in 2015. Its main motive is to encourage for the welfare of the girl child. Its purpose is to promote the welfare of children and ensure their education and marriage. The program allows parents or legal guardians to open a bank account in the name of a girl under the age of 10, and keep it in the account until the girl reaches the age of 21. The government is exempt according to section 80c of the Income Tax Act. The account can be closed after the girl turns 21 or at the time of her marriage, whichever comes first.

How Benefits from Sukanya Samriddhi Yojana (SSY) Scheme?

The Sukanya Samriddhi Yojana is a government savings scheme created with the intention to benefit girl child under the initiative called “Beti Bachao – Beti Padhao”. The parent or guardian of the girl child who is 10 years of age or younger can open an account under this scheme. This scheme carries a higher interest rate along with several tax benefits.

What are the requirements to open a Sukanya Samriddhi Account?

The account can be opened by the parent or legal guardian of the girl
The girl child must be under 10 years old
Only one account is allowed for a girl child.
A family can open only 2 SSY plan accounts.

What is the Procedure to invest in Sukanya Samriddhi Yojana (SSY) Scheme?

Investors can apply for the Sukanya Samriddhi scheme through post office or participating public and private banks. Investors must submit certain documents and follow the process listed below:

Sukanya Samriddhi Account Scheme
INTRODUCTION:

Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.

Account can be opened in the name of a girl child till she attains the age of 10 years.

Only one account can be opened in the name of a girl child.

Account can be opened in Post offices and in authorized banks.

Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.

The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.

The account can be transferred anywhere in India from one Post office/Bank to another.

The account shall mature on completion of a period of 21 years from the date of opening of account.

Deposit qualifies for deduction under Sec.80-C of I.T.Act.

Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

Sukanya Yojana Details : Documents required to open an account

Birth certificate of the girl child
Photo ID of applicant parent or legal guardian
Address proof of applicant parent or legal guardian
Other KYC proofs such as PAN, Voter ID.
Process of application
Download the application form from either RBI website, Indian Post website, participating public sector and private bank’s official website
Fill up the form with key details of the girl child and a parent or legal guardian. Following are the key mandatory fields to be filled inform
Primary Account Holder- Name of Girl Child
Joint Holder- Name of A parent or legal guardian
Initial deposit amount
Cheque/DD Number and Date for the initial deposit
Date of Birth of girl child along with Birth Certificate details
Identity of Parent or legal guardian such as Driving License, Aadhaar, etc.
Present and Permanent Address (as per ID document of the parent or legal guardian)
Details of other KYC proofs such as PAN, Voter ID card, etc

The process of implementation

Download the application form’s from the mentioned gove official portals like — RBI website, Indian Post website, participating public sector agency and the official website of the private bank
Complete the form with basic information about the girl child and a parent or legal guardian.

Following are the most important mandatory information to be composed

Primary Account Holder- Name of the Girl Child
Co-holder – Name of parent or legal guardian
Initial investment
Cheque/DD number and date of original deposit
Date of birth of girl child with birth certificate details
Parent or legal guardian like driving license, Aadhaar and so on.
Current and permanent address (as indicated by the parent or legal guardian’s ID card) .
Details of other KYC proofs like PAN, Voter ID card etc

How to Open the Scheme Offline?

Sukanya Samriddhi Yojana (SSY) accounts can be opened at any participating bank or post office branch. To open the account, complete the steps mentioned below.

Go to the bank or Post Office where you want to open the account.
Complete the application form with the necessary details and attach any supporting documents.
Pay the initial deposit in cash, check or demand draft. The cost can range from Rs.250 to Rs.1.5 lakh.
Your application and payment will be processed by the Bank or Post Office.
Once processed, your SSY account will be activated. A passbook will be issued for this account to commemorate the opening of the account.
How to open the system online?
To make online payments to your SSY account, you must first download the IPPB app to your smartphone. You can use this application to set position instructions for a specific online deposit to your SSY account. Here’s how to do it step by step:

You have to transfer funds from your bank account to IPPB account.
Go to DOP items on the IPPB app and select the Sukanya Samriddhi Yojana account.
Enter your SSY account number as well as your DOP customer ID.
Select the amount and duration of the payment.
The IPPB will tell you when the payment process is set up successfully.
You will be notified when the application transfers.

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