List of Banks Offering Sukanya Samriddhi Yojana

Overview of the Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) is a government savings scheme in India specifically for girl children. It is part of the Beti Bachao Beti Padhao initiative that aims to empower girls. Here's an overview of the scheme:

• Eligibility: Open an account for a girl child up to 10 years old.

• Minimum deposit: Rs. 250 per year.

• Maximum deposit: Rs. 1.5 lakh per year.

• Where to open an account: Authorized branches of public sector banks, three private sector banks, and post offices.

• Benefits:

  • Attractive interest rates (currently 8.2% as of January-March 2024 Q4).

  • Tax benefits**: Deposits qualify for deductions under Section 80C of the Income Tax Act, and the interest earned is tax-free.

  • Maturity period: 21 years from opening or upon marriage after the girl turns 18 (whichever is earlier).

  • Financial Objectives: Serves long-term investment objectives with the power of compounding.

  • Security: Being a government-backed scheme, it is safe and offers guaranteed returns.

  • Transfer: It can be transferred from one post office/ bank to any other within the country.

One can use the Sukanya Samriddhi Yojana calculator and calculate the maturity sum at the end of the term. 

**Note: Tax benefit is subject to changes in tax laws.

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List of Banks Offering Sukanya Samriddhi Yojana

Listed below are the names of the banks that offer the Sukanya Samriddhi Yojana to all eligible individuals:

• State Bank of India

• Bank of India

• Canara Bank

• Corporation Bank

• ICICI Bank

• Indian Bank

• Oriental Bank of Commerce

• Punjab National Bank

• UCO Bank

• United Bank of India

• Axis Bank

• Andhra Bank

• Bank of Baroda

• Bank of Maharashtra

• Central Bank of India

• Dena Bank

• IDBI Bank

• Indian Overseas Bank

• Punjab & Sind Bank

• Syndicate Bank

• Union Bank of India

• Vijaya Bank

• Allahabad Bank

If you have a savings account with one of these banks, you can easily open a Sukanya Samriddhi Yojana Account with minimal paperwork and no hassles. If you don't have a savings account with any of these authorized banks, you can still open an SSY account with them. There are two methods to open the SSY Account, as follows:

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

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How to Open the Sukanya Samriddhi Yojana Account?

Anyone who wishes to benefit from the Sukanya Samriddhi Yojana scheme needs to open an account in the name of a girl child. The Sukanya Samriddhi Yojana account can be opened with authorized banks or post offices with 2 methods.

• Offline: Anyone who is taking the offline route needs to visit the branch physically to open the SSY account. Once at the branch, fill in the Sukanya Samriddhi Yojana scheme application. Submit the form with all the relevant documents attached and the deposit. Once the form and attached documents are verified by the bank, the SSY account will be opened.

• Online: Opening an account at a bank branch:

  • Visit any authorized bank branch or post office offering SSY accounts.

  • Collect and fill out the SSY account opening form.

  • Submit the required documents along with the form and a photograph. These documents typically include:

  • SSY Account opening form

  • Birth certificate of the girl child

  • Identity proof and residence proof of the guardian (as per KYC guidelines)

  • Make the initial deposit (minimum Rs. 250, maximum Rs. 1.5 lakh in a financial year).

You can manage the SSY account online through the bank websites.

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Documents Required to Open the Sukanya Samriddhi Yojana Account

The following documents are required to open the Sukanya Samriddhi Yojana account:

• The duly filled application form

• The certificate of birth of the beneficiary (girl child)

• An address of evidence and identity for the parent/ guardian

• The passport-size photographs

Conclusion

Anyone who has a daughter should start planning for their future by investing in the Sukanya Samriddhi Yojana savings scheme. This savings scheme will not only let one earn guaranteed returns but also create a tax-efficient corpus to fund the higher education or any other expenses of the daughter without any financial strain.