SBI Sukanya Samriddhi Yojana

What is SBI Sukanya Samriddhi Yojana?

SBI Sukanya Samriddhi Yojana, or SBI SSY Scheme is a savings scheme introduced by the Indian government to promote the financial well-being of a girl child. Under this child plan, parents or guardians can open an account at any SBI branch for a girl under 10 years old and can save money until she turns 21. The account offers competitive interest rates and tax benefits, making it an excellent long-term investment option to save towards her education or marriage. SBI Sukanya Samriddhi Account offers a safe and reliable structure, encouraging disciplined savings and helps secure the child’s future.

What are the Features of SBI Sukanya Samriddhi Yojana?

The key features of Sukanya Samriddhi Yojana SBI are as follows:

1. Eligibility Criteria:

   • The SBI Sukanya Samriddhi Yojana scheme is valid only for girl children who are residents of India.

   • Female children with Non-Resident Indian (NRI) status are not eligible.

   NOTE: If a girl child acquires Non-Resident Indian (NRI) status post-account opening, the parents/legal guardian must inform the SBI branch within 1 month, and the account will be closed.

2. Age Criteria for SBI Sukanya Samriddhi Yojana:

   • The account can be opened from the birth of the girl child until she attains the age of 10 years.

3. Account Opening Criteria:

   • The account under SBI Sukanya Samriddhi Yojana can be opened by biological parents or legal guardians of a girl child.

   • A minimum deposit of ₹250 is required to initiate the account.

   • Two accounts are allowed in a family under the SBI Sukanya Samriddhi Yojana scheme, and in the case of the birth of twins/triplets, a maximum of three accounts can be opened.

   • Accounts can be opened at all post offices and authorized bank branches across India.

4. Tenure:

   • The tenure for a Sukanya Samriddhi Yojana SBI account is 21 years or until the girl child marries after the age of 18.

   • The account remains active for a maximum of 21 years from the opening date. After this period, no interest is earned.

5. Deposit Criteria:

   • A Sukanya Samriddhi Yojana account in SBI can be initiated with an initial deposit as low as ₹250 per year.

   • The maximum annual deposit allowed is ₹1.5 lakh.

   • Deposits can be made through cash and/or cheques.

   Investment

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6. Partial Withdrawal:

   • Once the girl child attains the age of 18 years, 50% of the funds can be withdrawn from the SBI Sukanya Samriddhi account.

   • The withdrawal can be utilized for purposes like higher education or marriage.

7. Reactivation of SBI Sukanya Samriddhi Yojana Account:

   • A minimum deposit of ₹250 per year for at least 14 years is required to ensure the continuity of the account.

   • The SBI Sukanya Samriddhi Yojana account will be deactivated if this requirement is not met in any particular year.

   • The account can be revived by paying a fee of ₹50, along with the minimum deposit amount.

Sukanya Samriddhi Yojana Interest Rates Historical Data

What are the Benefits of the SBI Sukanya Samriddhi Yojana Account?

Listed below are some of the significant benefits of Sukanya Samriddhi Yojana SBI:

• High-Interest Rate: One of the most significant benefits of the SBI Sukanya Samriddhi Yojana Account is that it offers a high interest rate of 8.2% per annum the rate has hiked from the previous quarter. This SSY interest rate is subject to change every quarter, but it is still much higher than most other savings schemes.

• Relocate the account: If the account holder wants to relocate, Sukanya Samriddhi Yojana SBI offers you an option to transfer your account to another approved post office or bank. 

• Easy to Open: The SBI Sukanya Samriddhi Yojana Account can be easily opened at any SBI branch across India. Minimum documents are required to open a bank account in SBI.

• Tax Benefits: Investments made in Sukanya Samriddhi Yojana SBI Account are eligible for tax benefits under Section 80C of the Income Tax Act. 

• Compound Interest Post Maturity: SBI Sukanya Samriddhi Yojana Earns compound interest even after the 21-year maturity period if the amount remains untouched.

• Affordable Deposits: Nominal deposits of just ₹250 per year make it accessible for every family, allowing consistent contributions without financial pressure under SBI Sukanya Samriddhi Yojana.

What are the Documents Required to Open a SBI Sukanya Samriddhi Yojana Account?

Here is a list of documents required for Sukanya Samriddhi Yojana SBI:

• Identity/address proof of parents/legal guardians such as Aadhaar Card, PAN Card

• Girl child's birth certificate, photo of child and parent, completed Form 1

• For twins/triplets: Medical certificate is required to prove birth order

• A certificate of relationship is needed, especially for adopted children to open a SBI Sukanya Samriddhi Yojana Account

How to Open a SBI Sukanya Samriddhi Yojana Account (SSY)?

You can follow the steps mentioned below to apply for the SBI Sukanya Samriddhi Yojana Account:

1. Offline Process:

   • Visit SBI Branch: Go to your nearest SBI branch with required documents.

   • Fill out the SSY Form: Request and complete the Sukanya Samriddhi Yojana application form.

   • Submit Required Documents: Provide the girl child’s birth certificate, your ID and address proof (KYC), and passport-sized photos.

   • Make Initial Deposit: Deposit a minimum of ₹250 or more, as per your preference.

   • Account Opening Confirmation: Once processed, you’ll receive a passbook as proof of account opening.

2. Online Process to Open a SBI SSY Account:

   • Login to SBI Net Banking: Access your SBI account via net banking or the YONO app.

   • Navigate to e-Services: Click on the ‘e-Services’ section.

   • Open New Account: Choose the option to open a new Sukanya Samriddhi Yojana account.

   • Fill in Details: Provide all required details, including the girl child’s name, birth certificate, and your KYC documents.

   • Select Deposit Amount: Enter the initial deposit amount (minimum ₹250).

   • Submit and Verify: Review your application and submit. You may need to authenticate using OTP or password.

   • Download Receipt: After successful account creation, download the acknowledgement receipt for your records.

SBI Sukanya Samriddhi Yojana Calculator

The Sukanya Samriddhi Yojana SBI calculator is an online tool that helps you calculate the interest earned and the maturity amount on the investments made in the SSY account. The calculator takes into account the following factors:

• Amount invested every year

• Age of the girl child

• Starting year of the investment

• Interest rate

To use the SBI Sukanya Samriddhi Yojana calculator, simply enter the required details in the calculator and press the "Calculate" button.

For Example

If you invest ₹10,000 per year in the SBI Sukanya Samriddhi Yojana account for a girl child, who is born in 2022, assuming an interest rate of 8.2% per annum. The calculator will display the following:

By 2043 (when your girl turns 21 years you will have)

• Total amount invested: ₹1,50,000

• Interest earned: ₹3,11,839

• Maturity Value: ₹4,61,839

Wrapping It Up

The SBI Sukanya Samriddhi Yojana helps families secure their daughters' futures through effective savings. It offers attractive interest rates and tax benefits, making it easier for parents to save for education and marriage expenses. By joining this scheme, parents can actively ensure their daughters have a brighter and more secure future.