This ultimate Guide with 72 FAQs on Sukanya Samriddhi Yojana Account i.e., 72 Frequently Asked Questions will clear all your doubts on Sukanya Samriddhi Yojana Account.
Do you have a girl child less than 10 years of age?
Are you thinking to financially plan for your girl child`s education and marriage?
You are in the right place.
This NEW Guide on Sukanya Samriddhi Yojana gives you full updated details on it.
Let`s dive right in.
Sukanya Samriddhi Yojana Account: The Definitive Guide
The moment a girl child is born, parents and grandparents start thinking of her prospects. They start planning for what they have to give to her.
It is more apparent that parents often derive happiness in giving financial assets to children. But, to give them enough, parents first should have or plan for. As such, how best people love girl children, the real situation is quite different.
According to the 2001 census, there are 921 girl children less than 6 years of age per 1000 boy children. When it comes to the 2011 census, this ratio has come down to 918:1000.
As a result, by the time these children grow up and attain the age for marriage, one among the ten boys may find it difficult to find a bride to marry.
`Beti Bhachavo, Bheti Padhavo’’ Program
It is because of the immoral situation that a girl child is often wrongly referred to as a financial liability. As such, Govt has launched the flagship program of “Beti Bhachavo, Bheti Padhavo’’.
As a part of this program, a special saving scheme namely Sukanya Samriddhi Yojana Account has been launched by the Central Govt on 22-01-2015. This scheme is a bold step that provides financial security for the girl children to make them independent!
The most disreputable issue in the country now is undoubted: Gender inequality. This scheme is a great step, aimed to eliminate gender inequality in society. We live in a country, where higher education of males is given high preference. On the other hand, the wedding expenses of a girl appear to be an unbearable liability. Sukanya Samriddhi Yojana assists girls to achieve financial stability and independence.
That is why this scheme is widely appreciated since day one! There is one unique feature in SSY Account that it separates from other savings schemes. It is that though the parents open, deposit amount in the account no one, except for the girl child, can withdraw the amount.
Not even parents can use the money on behalf of their girl child. This helps in making the girl child financially independent under this SSY scheme.
FAQ #1. What is Sukanya Samriddhi Yojana Account? What is the best scheme for a girl child?
Sukanya Samriddhi Yojana Account is a girl child prosperity account that fetches the highest rate of compounded interest, backed by Govt of India, that can be opened in any post office intended to meet the education and marriage expenses of a girl child.
Sukanya Samriddhi Yojana Account (SSYA) has an attractively high rate of interest when compared to other schemes apart from multiple tax benefits such as tax-free maturity amount, tax-free interest income, and tax deduction under section 80© of Income-tax.
FAQ #2.When was the Sukanya Samriddhi scheme launched?
Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the ‘Beti Bachao Beti Padhao’ campaign in India by Prime Minister Narendra Modi Ji on 22 January 2015 in Panipat, Haryana.
Further, the Sukanya Samriddhi Account Rules, 2016 was withdrawn on 12 December 2019. The new Sukanya Samriddhi Account Scheme, 2019 was announced.
FAQ #3.What is the purpose of opening a Sukanya Samriddhi account?
Through SSY account with the highest rate of compounded interest, parents have the opportunity to build a corpus for future higher education as well as expenses for the marriage of their girl child.
FAQ #4. Who can open the SSY account? or Who is eligible for the Sukanya Samriddhi Account?
SSY account can be opened by the parent/legal guardian before the girl attains the age of 10 years from the birth of the girl. In other words, the age of the girl at the time of opening of SSY account should be between 0 to 10 years. So, you can start this account immediately after the birth of a girl child.
You can open only one account per child. Once the girl reaches the age of 10, she can operate her SSY account. An account can be opened in the name of the girl child by the legal guardian/ natural guardian.
Only biological parents and legal guardians for a girl child can open a Sukanya Samriddhi Account on behalf of their child.
Under any circumstances, only one SSY account can be opened in the name of one girl child. Further, Under the scheme, an account can be opened for a maximum of two girl children in one family.
If the first birth results in twin/triplets’ girls, then more accounts cannot be opened in case of the second birth of a girl child. However, the third account can be opened for a girl child in a scenario of birth of twin girls as second birth or if the first birth itself is a triplet.”
FAQ #5. Can more than one Sukanya Samriddhi Yojana (SSY) account be opened for the same girl child?
No. Only one SSY account can be opened in the name of the girl child either by a natural or legal guardian.
If you have inadvertently opened 2 accounts in the name of the same girl, you may inform the post office or bank where you have opened a second account and close it, specifying the reason, immediately.
Otherwise, no interest will be earned for the 2nd account, and you may lose interest in the corpus for no reason that could earn some interest.
They might accept deposits without any query but, there is every possibility that you will land in trouble at the time of maturity as it is in contravention of rules to open 2 SSYA accounts in the name of the same girl child. Better, you close the second account inadvertently opened immediately.
FAQ #6. How many accounts are allowed for one girl?
Or How many Sukanya Samriddhi Accounts can I take for my daughter?
Only one Sukanya Samriddhi Account per girl child is allowed. So, if you have two daughters, you can avail of two separate accounts in both of their names and if you have one daughter then only one account can be availed. In short, only one account is allowed to be opened for one girl.
FAQ #7. Can 2 accounts be opened in the name of the same child one at the post office and the other at any bank?
No. As per rules on the subject, only one SSY account can be opened for the same child either at the post office or bank. Any deviation will not earn interest.
FAQ #8. Can the SSY account be opened for 3rd girl child?
Normally No. Maximum 2 SSY accounts in all can be opened that too in the name of 2 different girl children one each while twins resulting in three girl child allows parents to hold a maximum of three accounts. But there is one exception in the case of twins/triplets.
One exception is that the SSY account can be opened for 3rd child if suppose twins are born in the second instance. But, SSY account for the 3rd child is not allowed for the 3rd girl child born in the second instance when girl twins/triplets are born in the first instance.
A medical certificate has to be submitted in case multiple children are born under one order of birth. Any other documents that are requested by the bank or post office.
FAQ #9. What are the documents required to open an SSY account in a post office or bank?
Opening a Sukanya Samriddhi Yojana Account is easy. You can get the Sukanya account opening application form from the post office or bank. Besides, you can also download it online.
To open the account, it is important to submit necessary KYC documents such as Aadhaar Card/PAN Card/ Passport, etc. Along with these, it is also necessary to fill the request form and make an initial deposit by cheque/draft into the account.
The following documents are required along with the opening application form:
1.Date of Birth certificate of girl child having the child’s name on it.
2.Identity proof of the parent or guardian of the girl child( PAN card, passport or ration card, etc)
3.Address proof of the parent or guardian of the Child(passport, ration card, driving license, etc)
4. Two (2 )Photographs each of the children and her parents.
5.SSY account opening form
Once you open an SSY account a passbook is issued to you. Passbook serves as a record of your deposit, withdrawals & other transaction details.
FAQ #10. What are the different modes of deposits in SSYA?
- Cash Deposit directly: You can directly visit the post office and deposit the amount into SSYA on the counter by filling a deposit form(Pay-in-slip).
- Cheque/DD: You have the option to either deposit by cheque/demand draft or through online banking.
- Online Deposit through IPPB App: You can open an IPPB account and deposit SSY deposits online by using IPPB app at the comfort of your home. You can install the IPPB app on Android and iOS phones as well.
- Standard Instructions(SI): You have the option to give standing instructions(SI) to your bank for automatic credit to your SSY account through online banking.
- Internet Banking: You can also set it up online with the help of your Net Banking facility.
FAQ #11. Where can I get the Sukanya Samriddhi Scheme Application Form?
You can open the SSY account at post offices or authorized banks. Similarly, the application forms are available at any of these places. For convenience, the form is available on the website of authorized banks and post offices.
- India Post Website
- RBI Website
- Any authorized bank website
To save time, you can download and print out the Sukanya Samriddhi Yojana form. This will reduce the processing time.
FAQ #12. How and where to Open Sukanya Samriddhi Account?
You can open the Sukanya Samriddhi Yojana account in Post offices or banks:
Post Offices: You can easily open the account at the post office nearby. Post offices have a huge network that is highly penetrating and easily available in India.
It is convenient for people living in rural areas. The objective of this scheme is to bring financial prosperity for every girl child, regardless of where she lives. This way, post offices are doing a great job.
Public / Private Authorized Banks: Apart from post offices, anyone can open a Sukanya Samriddhi account at authorized public or private banks.
FAQ #13. Is it possible to open an SSY account anywhere in India?
Yes. As SSY is available across all states in India. You can open it in any state.
FAQ #14. What are the minimum and maximum amounts of deposit in the SSY account? How much money can be deposited in Sukanya Yojana?
The minimum deposit for the opening of the SSY account is Rs250. Subsequent deposits can be made in multiples of 50. However, the maximum deposit limit is ₹150,000 in a financial year(April of this year to March of next year).
Provided that the deposit over RS1.5 Lakhs in any financial year, if accepted due to any accounting error, shall not be eligible for any interest but will be returned immediately to the depositor.
FAQ #15. What is the next process, if the account holder fails to deposit any amount in one or more Financial Years? How to reactivate this SSY account?
To continue the SSY deposits in case of failure to make a minimum deposit of Rs250 in any year, one has to pay a fine/ penalty of Rs50 per year in addition to the minimum deposits(minimum @₹250 per financial year) for the pending years.
FAQ #16. What is the limit of investment for the 2nd daughter? Is it capped at 1.5Lakhs together, or I can invest 1.5 Lakhs for each daughter?
The limit of investment for the 2nd daughter is Rs1.50 Lakhs. It is Rs.1.5 lakh in each account. You can invest 1.5 Lakhs for each daughter.
FAQ #17. Till how many years subsequent deposits can be made in the Sukanya Samriddhi Account?
From the date of opening of the SSY account, subsequent deposits can be made till the completion of 15 years from the date of opening the account(not the age of the girl).
The interest rate applicable for the SSY scheme is payable on the whole deposit, including the deposits made before the date of default, to the defaulted accounts that are not regularised within 15 years from the date of opening.
FAQ #18. To get more interest, can one continue deposits in SSY Account after 15 years from the date of opening of the account?
No. Deposits are not allowed beyond 15 years from the date of opening.
FAQ #19. What happens to my money between 15 years from the date of opening till the maturity date?
The period after 15 years from the date of opening till maturity date is a cooling-off period where the SSY account is without further deposits but continues to earn interest for the balance at the highest rate prescribed for the SSY account.
FAQ #20. What if no deposit is made or not regularised after becoming default after few years? Will interest accrue @ schemes rate or SB rate of interest?
In case of an account under default, if not regularised within 15 years from the date of opening then the whole deposit, including the deposits made prior to the date of default, is eligible for interest at the rate applicable to the Scheme till the closure of the account. Interest @ SSY scheme rate will be accrued for such cases also.
FAQ #21. What is the feasibility of paying the Sukanya Samriddhi Yojana Account?
Great feasibility is that any amount and any number of deposits can be made at any time, i.e., you can deposit daily or monthly, or yearly at your convenience subject to the maximum limitation of 1.5 lakhs per financial year. In other words, there is no limit on the number of deposits made.
FAQ #22. How many years does one need to pay for Sukanya Samriddhi Yojana?
15 years. The subsequent deposits can be made in multiples of Rs. 50. While the account holder has to pay towards the Sukanya Samriddhi Yojana savings scheme for 15 years, the investment reaches its maturity term after 21 years since the date it was issued.
FAQ #23. How to revive my inactive Sukanya Samriddhi Yojana Account?
Suppose you forget to deposit the minimum amount of Rs250 per year in the SSY account in one financial year, it can be paid in the subsequent year with penality.
The SSY account becomes inactive/default if the prescribed mandatory minimum deposit @Rs250 per year is not made. An account under default may be regularised at any time till the completion of a period of fifteen years from the date of opening of the account.
One can revive the account by paying a penalty/fine of Rs50 per year for the number of defaulted years along with the prescribed minimum amount @250 per number of defaulted years.
FAQ #24. How to get maximum benefit in SSYA for yearly payment?
You have to pay before April 5th of every year if we are paying yearly once to get full-year interest.
As Interest bearing balance is taken from the lowest balance from the 5th of the month till the end of the month, you are advised to deposit the amounts on or before the 5th of every month.
If you would like to pay yearly once, you are advised to pay on or before the 5th of every April(Financial year beginning) to yield maximum benefit. For example: If you pay Rs. 1,000 every month.
FAQ #25. What is the fee for a duplicate passbook in case the original passbook is lost?
If the original passbook is lost, then you can get a duplicate passbook for a fee of 50 rupees+GST applicable.
FAQ #26. Can I contribute some funds to the SSY A/C of my granddaughter as a gift?
Yes. Anyone (grandparents, relatives, etc) can gift deposit in SSY account of girl child subject to the ceiling limit of Rs1.5 lakhs per financial year.
Partial withdrawal is permitted at age 18, and full withdrawal is permitted if a female child gets married before the final withdrawal becomes operative, or becomes a non-resident Indian.
FAQ #27. Can Sukanya Samriddhi Account be opened for NRI?
No, the Government of India does not make NRIs eligible for opening a Sukanya Samriddhi Account Yojana for their daughters to date. As such, Non-resident Indians cannot open a Sukanya Samriddhi Yojana.
FAQ #28. When can an amount be withdrawn from Sukanya Samriddhi Account?
(1)At the age of 18 years or passed 10th standard whichever is earlier, withdrawal up to 50% of total savings at the end of Financial Year preceding the year of application of withdrawal is allowed for higher education or marriage of the girl child.
(2) The withdrawal application along with proof of a confirmed offer of admission of the account holder in an educational organization or a fee-receipt from such institute representing such monetary obligation is required.
(3) The withdrawal can be made in one lump sum or installments, not exceeding one per year, for a maximum of five years, subject to the ceiling of 50% or the actual requirement on account of fee and other charges required at the time of admission as shown in the proposal of admission or the related fee-slip given by the educational organization whichever is less.
FAQ #29. Who can withdraw Sukanya Samriddhi? Or Who can withdraw money from the Sukanya Samriddhi Account?
The account will be operated by the account holder herself after attaining the age of eighteen years by submitting necessary documents. As the child attains majority by the time withdrawal is allowed after 18 years, the amount will be paid to the girl child who attained majority.
The SSY account holder(Girl Child) can withdraw up to 50% of the total savings(50% of the balance in the preceding year) for the purpose of marriage or higher education of the girl child.
You can avail of partial withdrawal only after the girl reaches the age of 18 or when she passes the tenth standard for the purpose of her higher education.
If the age of the girl child is less than 18 years and passes 10th class, the amount can be withdrawn by the parent/guardian by giving a declaration that the money is spent for the education of the girl child. However, the new rule says to submit the proof.
FAQ #30. How to make Premature Closure of Sukanya Samriddhi Yojana Account?
In the following two cases, the premature closure of account is possible:
Premature closure will be allowed in a severe situation like the death of a girl child. The account will be closed, and all savings will be forwarded to the depositor. In this case, a valid death certificate is mandatory as proof of death.
Without her consent, no withdrawal will be processed. This feature provides financial independence to the girl child. Once the girl gets married, the account needs to be closed.
FAQ #31. Can Sukanya Samriddhi account be closed prematurely?
Premature closure of account.-
Normal Premature closure will be allowed after the completion of 18 years on the occasion of marriage (1 month before and 3 months from the date of marriage). Further, PMC can be made one month prior to the date of the marriage or after three months from the date of such marriage.
(1) Death of the Account Holder or Girl Child:
In the event of the death of the account holder, the account shall be closed immediately on the application in Form-2, on the production of the death certificate issued by the competent authority. The guardian will be paid with the balance at the credit of the account and interest due thereon till the date of death.
For the balance held in the account, only the SB rate of interest is paid for the intervening period from the date of death and the date of closure
(2) Premature closure of the account can be allowed where the accounts office is satisfied that in case of extreme compassionate grounds such as:
(i) medical support in life-threatening diseases of the account holder OR
(ii) Death of the guardian:
Death of the guardian/parent that the operation or continuation of the account is causing undue hardship to the account holder(girl child), it may, after complete documentation establishing the grounds for such closure, by order and for reasons to be documented in writing.
Outstanding balance in the account with interest due as applicable to the Scheme shall be paid to the account holder or guardian, as the case may be.
But, no premature closure of an account under this subparagraph (extreme compassionate grounds) shall be made before the completion of five years from the date of opening of the account.
FAQ #32. When can the Sukanya Samriddhi Yojana account be closed?
Closure on maturity.-
(1)After completion of 21 years from the date of opening, the SSY account can be closed.
On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for the closure of the Account. You may have to furnish documentary proof of her identity, residence, and citizenship at the time of maturity.
(2)The account can be closed before the completion of 21 years the account holder requests in writing for the proposed marriage of the account holder with certain documents.
The documents and conditions are:
(i) Declaration duly signed on non-judicial stamp paper attested by the notary
(ii) Age Proof that the applicant will not be less than eighteen years of age on the date of marriage.
(iii) Further, No Closure is allowed before one month from the date of the proposed marriage or after three months from the date of marriage.
(iv) On an application in Form-4 by the account holder, the balance outstanding along with interest, as applicable, will be paid to the account holder.
FAQ #33. When can the amount be withdrawn from Sukanya Samriddhi Account? Or When is the maturity of the SSY account?
The account reaches maturity after 21 years from the date of opening it. No interest at the prescribed rate for SSY will be earned in case the account is not closed beyond 21 years from the date of opening of the account(beyond maturity date).
However, the account can be normally closed if the girl is over 18 years of age and married.
FAQ #34. Can the SSY account be paid online?
Yes. Online Deposit facility is available through Intra Operable Net banking and IPPB Saving Account Via IPPB App.
FAQ #35. What is the rate of interest of the Sukanya Samriddhi Yojana Account?
7.6% per annum(with effect from 01-04-2020 to 30-06-2020 ), calculated every year. Generally, the interest is added on the 1st of April every year. Of course, the interest is decided quarterly by the Govt. The interest rate applies to the already opened accounts and keeps changing quarterly.
FAQ #36. Does the interest rate differ from bank to bank for Sukanya yojana deposit?
No. The interest rate is the same for all banks and post offices throughout India. However, the interest rates of SSY change every quarter as decided by Central Govt. To be clearer, this change is uniform across India in all banks and post offices.
FAQ #37. What is the history of the interest rate of the Sukanya Samriddhi Yojana Account?
Here is a list of the historic interest rates offered by this scheme for the girl child:
|SL NO||Financial Year||Period||SSYA Interest Rate compounded quarterly and paid annually||Minimum Deposit in an FY||Maximum Deposit in an FY|
|1||2014-15||01-04-2014 to 31-03-2015||9.10%||1,000||1,50,000|
|2||2015-16||01-04-2015 to 31-03-2016||9.20%||1,000||1,50,000|
|3||2016-17||01-04-2016 to 30-09-2016||8.60%||1,000||1,50,000|
|4||2016-17||01-10-2016 to 31-03-2017||8.50%||1,000||1,50,000|
|5||2017-18||01-04-2017 to 30-06-2017||8.40%||1,000||1,50,000|
|6||2017-18||01-07-2017 to 31-12-2017||8.30%||1,000||1,50,000|
|7||2017-18||01-01-2018 to 31-03-2018||8.10%||1,000||1,50,000|
|8||2018-19||01-04-2018 to 30-09-2018||8.10%||250||1,50,000|
|9||2018-19||01-10-2018 to 31-03-2019||8.50%||250||1,50,000|
|10||2019-20||01-04-2019 to 30-06-2019||8.50%||250||1,50,000|
|11||2019-20||01-07-2019 to 31-03-2020||8.40%||250||1,50,000|
|12||2020-21||01-04-2020 to 31-03-2021||7.60%||250||1,50,000|
*Interest rate is announced quarterly by Govt.
Interest Rate on Sukanya Samriddhi Account
The interest rate is the most compelling fact about Sukanya Samriddhi Yojana. It offers a higher interest rate as compared to other saving schemes.
Currently, the interest rate offered is 7.6% per annum. Every year, the Ministry of finance decides the interest rate.
FAQ #38. Whether the SSA scheme is Good?
This scheme best suits those who aspire security to their savings, high interest for their investment, along with income tax exemption. You get more rate of interest in SSYA(7.6%)when compared to other savings schemes like PPF(7.1% ), NSC( 6.8%)that offer income tax exemption under section 80 C.
Senior Citizen Savings scheme has got an interest rate of 7.4%. But the interest earned in SCSS is taxable.
The main objective of the SSY scheme is to encourage parents to invest in a long-term plan for their daughters’ higher education and marriage.
Legal guardians can only open SSA in the name of the girl child. Grandparents cannot open the SSY account in the name of their Grand-daughter. However, Grandparents can conveniently deposit their gift amount meant for marriage time in this SSY account.
Grand-parents are often skeptical about the amount gifted by them to girl children whether their money will be utilized for the said purpose by the parents.
But, in this case, as there is no option to withdraw the amount in between except for education after 18 years of age of girl child and 21 years for marriage, without any doubt whether this amount will be utilized for marriage /education of girl child.
Within 8 months, 76 Lakh accounts have been opened. It is observed that these accounts were opened on a large scale in Andhra Pradesh, Telangana, Tamil Nadu, Karnataka.
FAQ #39. Can parents withdraw money from the Sukanya Samriddhi Account?
This account allows people to partially withdraw their money as and when they need it. However, the girl child will be required to be at the age of 18 years before her guardian or parents can withdraw the money from the account.
FAQ #40. Can we check the Sukanya Samriddhi account balance online?
Only a few banks let their SSY account holders check account balances online.) Use your login credentials and log in to the internet banking portal of the bank. You can check the balance on the home page after logging in to the account. It could also be displayed on the dashboard of the account.
FAQ #41. How interest is calculated in Sukanya Samriddhi?
The Sukanya Samriddhi Yojana offers an interest rate of 7.6% per annum. The tenure for maturity for the amount is 21 years. Interest earned and your net contribution is the key parameters based on which the final amount is calculated.
FAQ #42. Can both parents open Sukanya Samriddhi Yojana?
Yes, one parent or legal guardian can open a maximum of two Sukanya Samriddhi Accounts for two girl children that too one each. One exception is that for twins or triplets, a parent or legal guardian can open a maximum of three accounts.
Important Note: For one girl ONLY one Sukanya Samriddhi Account either it be in post office or bank.
FAQ #43. Can we close the Sukanya Samriddhi Account?
Sukanya Samriddhi Account can be closed prematurely for the reason of (i) marriage,(ii) change of citizenship & country of residence, that too only after maintaining deposits for 5 years.
FAQ #44. Is Sukanya Samriddhi account safe? Is SSY safe?
Sukanya Samriddhi Yojana is the greatest investment option accessible to the parents for the girl child. Further, it is one of the safest investment instruments with a high rate of return on investment.
In addition, it provides a good opportunity to save income tax under section 80 (C) up to1.50 Lakhs.
GOI established Sukanya Samriddhi Scheme. Hence, its safety is guaranteed. Any Govt savings scheme is safe and worth depositing as long as you contribute with consistency.
FAQ #45. Is SSY a good investment?
For the lower section of society, who are anyways not going to invest in advanced products like mutual funds over the long term and looking for a safe option, SSY happens to be a very good choice. Why because they get a high-interest rate (higher than PPF).
SSY account is normally locked for a very long period without the facility of early withdrawal. The lock-up period is good for a reason.
Normally, people tend to use the money in any account that can be liquidated often for a reason thereby defeating the very purpose of savings for a definite goal.
But, in SSY there is no such option to liquidate at one’s wish. It can be withdrawn for education and marriage of the girl child, clearly defining the financial goal and makes it easy to reach.
FAQ #46. Is Sukanya Samriddhi tax-free?
Yes. The deposit made in Sukanya Samriddhi Yojana is completely exempt from Income Tax. It falls in E-E-E(Exempt-Exempt-Exempt) pattern. The principal invested in the SSY account, the interest earned, and the maturity amount are tax-free.
FAQ #47. Can we take a loan on Sukanya Samriddhi Yojana?
A loan against Sukanya Samriddhi Yojana is not available as per the existing rules and regulations. Pledging of an SSY account or as security for loan purposes is not possible. The provision loan does not exist in Sukanya Samriddhi Yojana presently.
FAQ #48. How is the interest on the SSY deposit calculated?
The interest is calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month. The interest will be credited to the account at the end of each financial year.
FAQ #49. Is PAN card mandatory for Sukanya Samriddhi Yojana?
Documents required to open a Sukanya Samriddhi Yojana Account are:
1.Account Opening Form for Sukanya Samriddhi Yojana.
2.Birth certificate of the girl child (account beneficiary).
3.Identity proof of the depositor (parent or legal guardian), i.e., PAN card, ration card, driving license, passport
4.Two photos of parents/guardians and daughter.
PAN Card can be used as one of the documents for Identity proof. Apart from that PAN card copy submission is mandatory in case the deposit is beyond Rs50,000 as per norms. It is not only for Sukanya Samriddhi Account, this rule applies for any deposit made in the post office/bank beyond Rs50,000. However, if the deposit is less than Rs50,000 at the time of opening of the account, PAN is not mandatory.
FAQ #50. Can grandparents open the Sukanya Samriddhi account?
Apart from parents, only legal guardians may open Sukanya Samriddhi Accounts on behalf of the girl child. If a grandparent is the legal guardian of a girl child, he/she can open an account for the girl child.
However, grandparents can deposit in the SSY account opened by parents by filling a pay-in-slip(deposit form) at the post office counter without any problem. This is because the amount deposited can ONLY be withdrawn by the girl child when she attains the majority (that is 18 years of age ) or passed 10th class whichever is earlier.
Thereafter, the amount can be closed at the time of marriage or 21 years from the date of opening of account whichever is earlier subject to the condition that she is above 18 years(major).
Thus, SSYA is goal-specific and the lock-in period entails good fund retention for a longer duration that aims at fulfilling the goal with ease. The lock-in period acts as a guard against spending the goal-specific fund by parents for their intermediate wants.
FAQ #51. Can we deposit monthly in the Sukanya Samriddhi Account?
Yes. If you invest in Sukanya Samriddhi Yojana Account on or before the 5th of the month, you will be entitled to receive interest (currently at the rate of 7.6 % per annum) for that particular month.
This is called technically Interest-bearing balance(IBB). In other words, interest is calculated on the least balance maintained from the 10th to the end of the month. An investment done before the 5th of every month is entitled to interest for the entire month.
FAQ #52. Is TDS applicable to Sukanya Samriddhi Yojana?
No. The Sukanya Samriddhi Scheme has got tax-free status on interest income and withdrawal.
Taxation: A contribution of up to Rs 1.5 lakh in SSYA qualifies for income tax deduction under Section 80C of Income Tax Act.
FAQ #53. What is the maturity period of the Sukanya Samriddhi Yojana Account?
21 years. The account reaches maturity after 21 years from the date of opening it.
FAQ #54. Is Sukanya Samriddhi good for your daughter?
If your girl child is below 10 years of age you can open an SSY account. It is pertinent to mention here that Sukanya Samriddhi Yojana offers an interest rate of 7.6% per annum which is fairly attractive in comparison with Fixed Deposits and even other small savings schemes offered by banks.
SSY also provides tax deductions up to Rs1.50 Lakhs per annum under section 80 C.
FAQ #55. What is the advantage of Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a small savings scheme for the girl child introduced as a part of the ‘Beti Bachao Beti Padhao’ drive. It is currently 7.6 percent and provides income-tax benefit under section 80 C of the Income Tax Act,1961. Even the returns are tax-free in the scheme.
FAQ #56. Can I deposit online in the Sukanya Samriddhi Account?
Yes, with the launch of India Post Payments Bank (IPPB), the monthly installment of the RD amount can be transferred online into your RD account through IPPB App.
FAQ #57. Can we transfer the Sukanya account from the post office to the bank?
Yes. One can transfer the account opened in a post office to a bank and vice versa. One can transfer the SSY account opened in a post office to a bank and vice versa. Form. You have to fill-in the transfer request for Sukanya Samriddhi Yojana account.
FAQ #58. What is a birth certificate for SSYA mean?
“Birth certificate” means a birth certificate issued by the municipal authority or any office authorized to issue birth and death certificate by the Registrar of Births and Deaths or the Indian Consulate.
FAQ #59. What does Maturity mean in SSYA?
The amount that is paid after the completion of 21 years from the date of opening of the account as a final settlement is called “Maturity”.
FAQ #60. What happens in the case the girl child who is the beneficiary meets with an unexpected death? Or What is the guideline regarding the unexpected death of a girl child?
In case the beneficiary has died unexpectedly, the account will be discontinued and be closed. All the savings will be transferred to the parent or guardian. A valid death certificate is mandatory here.
FAQ #61. What happens in case of the death of the depositor (guardian or parent of the girl child)? Or What happens if the depositor has died?
In case of death of a depositor, that is, legal guardian or parent of the girl child there are two outcomes. The first option is that the girl child or the eligible family can receive the deposits. The second option being that the amount can remain in the account till maturity. In this case, the interest is added to the deposited amount till maturity (until the girl child attains the age of 21 years.)
FAQ #62. Can I convert my normal bank deposit account to Sukanya Samriddhi Account?
No. Currently, the feature of converting deposit account to Sukanya Samriddhi Account is not available. Sukanya Samriddhi is a special scheme that aims at uplifting the financial status of girls in the country. So, such conversion of account is not allowed.
FAQ #63. Should I opt for Sukanya Samriddhi Scheme or Recurring Deposit Scheme?
Sukanya Samriddhi looks like a recurring deposit scheme in the way it is structured but customers need to understand that unlike recurring deposits, this scheme is aimed specifically at offering financial strength to the girl children in the country. Also, the rate of interest offered on this scheme is higher than that being offered by any bank on recurring deposit schemes.
FAQ #64. Can both parents claim a tax deduction for the Sukanya Samriddhi deposit amount under section 80C?
No. Only one of the parents or guardians can claim tax rebate as per section 80C for the amount deposited under Sukanya Samriddhi.
FAQ #65. Can a person avail of both Sukanya Samriddhi and PPF schemes?
Yes. Sukanya Samriddhi is a scheme aimed mainly at girl child while PPF or Personal Provident Fund is there to help people save for retirement or longer tenures. Both can be availed simultaneously since both have different financial objectives.
Important Note: If your aim to get tax benefit out of the investment, you need to understand that Rs1.5 Lakhs is the maximum ceiling amount for total deposits for which income tax exemption is allowed under section 80 ©; may it be by the way of deposit in Sukanya Samriddhi Account or PPF or NSC or 5 year TD or PLI or SCSS or LIC or ELSS, etc that are allowed.
FAQ #66. How to Open Sukanya Samriddhi Account Online?
It is not possible to open the Sukanya Samriddhi account online. You can download the form, that’s it. Next, you may have to fill in the form with the required details. Attach the documents needed and submit them to the nearest bank or post office. There is no way to submit the form online!
FAQ #67. Is Sukanya Samriddhi Scheme is limited to Indian residents only?
Yes. SSY is limited to resident Indians only. Probably, it is because NRIs can afford savings for their girl children otherwise also, and hence, it might not have been offered to them.
FAQ #68. What happens if a lesser or excess amount is paid towards the Sukanya Samriddhi Yojana scheme?
Lesser amount: In case the minimum amount of Rs.250 is not paid in a financial year, the account will be considered as default. However, the account can be brought back to the active status by paying a fine of Rs.50.
Excess amount: No interest is generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the excess amount at any time.
FAQ #69. What are the details that are recorded in the SSY Account passbook?
Once you open an SSY account, as a depositor you will receive a passbook. The passbook of Sukanya Samriddhi Yojana Account will have the following details: The date of opening the account, the date of birth of the girl child, the account number, the name, the address of the account holder, and the amount that has been deposited.
The passbook must be submitted to the bank or post office when money is deposited into the account, receiving the interest payment, and at the time of closing the account.
FAQ #70. What are the names of the Banks where the Sukanya Samriddhi Yojana Account is provided?
The Reserve Bank of India has approved the following banks as the providers of SSY:
- State Bank of India(SBI)
- United Bank of India(UBI)
- UCO Bank
- Punjab National Bank(PNB)
- Oriental Bank of Commerce(OBC)
- Indian Bank(IB)
- ICICI Bank
- Corporation Bank
- Canara Bank
- Bank of India(BOI)
- Axis Bank
- Allahabad Bank
- Vijaya Bank
- Union Bank of India(UBI)
- Syndicate Bank
- Punjab & Sind Bank
- Indian Overseas Bank(IOB)
- IDBI Bank
- Dena Bank
- Central Bank of India(CBI)
- Bank of Maharashtra
- Bank of Baroda(BoB)
- Andhra Bank
However, it is a known fact that Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank, and Corporation Bank will merge into Union Bank of India; and Allahabad Bank gets merged into Indian Bank.
Further, PNB will become second largest after the State Bank of India (SBI), Canara Bank fourth, Union Bank of India fifth, and Indian Bank seventh biggest public sector lender.
FAQ #71. How to open Sukanya Samriddhi Account Online?
To open an account online, you can download the SSY New Account Application Form. You can download the Sukanya Samriddhi Yojana’s form for the application form from the following sources such as:
- The India Post Website
- The Reserve Bank of India Website
- Public sector bank websites (SBI, PNB, BoB, etc.)
- Participating in private sector bank websites (e.g. ICICI Bank, Axis Bank, and HDFC Bank)
The applicant needs to give some key data in the SSY Application form regarding the girl child who shall benefit from the investment under the Beti Bachao, Beti Padhao Yojana.
Here is the list of key fields that feature in the SSY Application Form:
- Name of Girl Child (Primary Account Holder)
- Name of Parent or legal guardian who opens the account on behalf of girl child
- Initial deposit amount
- Cheque/DD Number and Date of initial deposit
- Date of Birth of girl child
- Birth Certificate details of primary account holder (Certificate number, date of issue, etc.)
- ID Details of Parent/Guardian (Driving License, Aadhaar, etc.)
- Present address as well as Permanent Address
- Details of any other KYC Documents (PAN, Voter ID card, etc.)
Once you furnish these details, you have to sign the form and submit it to the account opening authority, along with copies of the applicable documents.
Sukanya Samriddhi Account Online Balance Check
In case you have a Sukanya account with your participating bank branch, you can check the online balance in the Sukanya Samriddhi Account easily through internet banking or mobile banking.
However, you would need to make sure that this account is linked with your current net banking account. This is to ensure easy access to Sukanya account records.
This option of checking your balance online for Sukanya Samriddhi Yojana accounts that are held in participating banks is available. This is in addition to the passbook update option by visiting the bank branch.
FAQ #72. Can transfer from a normal bank account to the Sukanya Samriddhi account is possible?
No, the direct conversion of a bank deposit is not possible with this scheme. There is a proper channel for doing it. As you have to make annual payments to the account.
FAQ #73. Can the SSY account be transferred?
Yes. You can transfer your SSY account anywhere in India. You can transfer from the Post office to Bank and Bank to the post office as well.