The Sukanya Samriddhi Yojana (SSY) is a scheme introduced by the Government of India as a small savings plan for the benefit of a girl child below ten years of age. You can only open a Sukanya Samriddhi Account in the Post Office by physically visiting the Post Office but can manage your transactions online in a convenient and secure way.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
Yearly Investment
You can invest maximum upto â‚ą1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsSukanya Samriddhi Yojana is an initiative under the Beti Bachao Beti Padhao Campaign, backed by the government for the young girls. The tenure for the Sukanya Samriddhi Yojana is up to 21 years or till the marriage of the girl child.Â
One can open a Sukanya Samriddhi Account in the Post Office by following the simple steps mentioned in the next section.
You cannot directly open a Sukanya Samriddhi Account (SSA) online through any authorized bank branches or post offices. However, you can pay installments in the SSA account through net banking. The process to open a Sukanya Samriddhi Account is offline and requires a visit to your nearest branch.
Follow the steps mentioned below to open a Sukanya Samriddhi Account in Post Office:
Step 1- Gather the required documents:
Sukanya Samriddhi Account (SSA) opening form (available at the post office)
Birth certificate of the girl child (proof of identity and name)
Photographs (applicant and girl child together)
KYC documents (ID proof, address proof) of the applicant (guardian)
Initial deposit amount (cash, cheque, or demand draft)
Step 2- Visit your nearest Post Office:
Complete the SSY account opening form.
Submit the filled form along with the required documents and initial deposit.
NOTE:
Check the updated Sukanya Samriddhi Yojana interest rates (SSY interest rates), as they can impact the overall growth of your investment.
You must utilize the Sukanya Samriddhi Yojana Calculator (SSY Calculator) to estimate the maturity amount and monthly/yearly contributions based on your investment amount and duration.
People also read: Post Office Sukanya Samriddhi Yojana
Submit the following Sukanya Samriddhi Yojana documents required in Post Office to open SSA:
Download the application form:Â Visit to the India Post website and download the Sukanya Samriddhi Account opening form.Â
Documents to gather:
Originals and photocopies:
Birth certificate of your daughter (proof of identity and age)
Your ID proof and address proof (following KYC guidelines - check your bank's website for details)
Your Post Office Savings Account (POSA) passbook
One photograph each:
You (guardian)
Your daughter (passport-sized photos)
Take the completed application form and all the documents you gathered.
Make a minimum deposit of â‚ą 250 (in cash, cheque, or demand draft).
People also read: Child Education Plan
Particulars | Details | |
Interest Rates | 8.2% per annum for the financial year Q4 2023-24 | |
Age Criteria | Girl child of less than 10 years of age | |
No. of SSA Accounts | Upto a maximum of 2 SSA accounts are allowed per family (Except in case of second girl child as twins or triplets). | |
Number of Accounts | Family Composition | Maximum Number of Accounts Allowed |
Single girl child | 1 | |
Two girl child | 2 | |
Single girl child + Twins | 3 | |
Single girl child + Triplets | 4 | |
Contribution Period | Maximum 15 years | |
Maturity Period | Earlier of 21 years or till the girl child's marriage | |
Minimum Deposit Amount | â‚ą 250 | |
Maximum Deposit Amount | â‚ą 1.5 lakhs | |
Taxability | -Tax deductions are available under Section 80C of the Income Tax Act of 1961. -You get tax-free interest earnings and maturity amount. |
|
Online Account Opening | Not available; standing instructions can be set after account opening |
People also read: Sukanya Samriddhi Yojana Calculator
Opening a Sukanya Samriddhi account online through the post office is a convenient and straightforward process. By following the outlined steps and utilizing the provided guidance, one can easily set up this beneficial savings scheme for the future education and welfare of their daughter.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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