Sukanya Samriddhi Yojana Online Payment

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme in India specifically designed for the benefit of the girl child. Launched in 2015 as part of the Beti Bachao Beti Padhao campaign, it aims to empower families to financially secure their daughters' futures.

How to Make Online Payments to Your SSY Account?

Currently, opening your SSY account online is not possible, but you can make deposits online once the account is active. If you have opened your SSY account through the post office, you can use the India Post Payments Bank (IPPB) to make online transfers to your SSY account. Here's a two-step approach:

Step 1: Transferring Money to Your IPPB Account

• Open an IPPB Savings Account: If you don't have one already, visit your nearest post office to open an IPPB account. This is a basic savings account that allows online transactions.

• Fund Your IPPB Account: You can transfer funds to your IPPB account from your existing bank account using various methods like internet banking, mobile banking, or even cash deposits at the post office.

Step 2: Using the IPPB App for SSY Deposits

• Download the IPPB Mobile App: Search for "IPPB Mobile Banking" on the App Store or Google Play and install the app.

• Login and Access DOP Products: Log in to your IPPB app and navigate to the section for Department of Post (DOP) Products.

• Choose Sukanya Samriddhi Account: Within DOP Products, select "Sukanya Samriddhi Account."

• Enter Account Details: Enter your SSY account number and the linked DOP customer ID (usually provided during account opening).

• Make the Payment: Input the desired deposit amount and confirm the transaction.

• Confirmation: The IPPB app will notify you upon the successful transfer of funds to your SSY account.

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Benefits of Online Payments for SSY Accounts

The benefits of online payment for SSY accounts are: 

• Convenience: Make SSY contributions from anywhere, anytime, with an internet connection using your smartphone.

• Efficiency: Online transfers are generally processed much faster than depositing cash or cheques at the post office or bank counters. This saves time and effort.

• Transparency: Receive immediate confirmation and transaction records within the IPPB app. This provides a clear track of your SSY deposits and their dates.

• Potential for Automation: Set up Standing Instructions (SI) through the IPPB app to automate recurring deposits towards your SSY account. This ensures consistent contributions without manual intervention.

Important Information to Remember About Sukanya Samriddhi Yojana Scheme

1. Eligibility:

2. A parent or legal guardian of a girl child below 10 years old can open an SSY account.

3. A family can have a maximum of two SSY accounts (one for each eligible girl child).

4. Deposits:

5. Minimum deposit of ₹250 is required every year.

6. Maximum annual contribution is ₹1.5 lakh per financial year.

7. Deposits must be made for at least 15 years from the account opening date. However, the account continues to earn interest even after the 15-year period until maturity.

8. Term:

   • The account matures either:

     • 21 years after opening the account, or

     • When the girl child turns 21 years old (whichever is later).

9. Interest Rate:

10. The scheme offers an attractive interest rate of 8.2% p.a. (FY 2024-25) compounded annually.  

11. Tax Benefits:

    • Deposits made towards your SSY account qualify for tax deduction under Section 80C of the Income Tax Act.

    • The interest earned on the account is also tax-free.

12. Purpose:

    • The accumulated funds in the SSY account can be used for the girl's higher education expenses or marriage expenses after she attains 18 years of age.

    • In an emergency, there's a provision for partial withdrawal for higher education purposes after the girl child turns 18 years old (up to 50% of the balance).

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Alternative Methods for SSY Deposits

While online transfers via IPPB offer a convenient option, there are traditional methods available for making deposits to your Sukanya Samriddhi Yojana (SSY) account:

• Cash Deposits: Visit your designated post office branch or authorized bank branch (where your SSY account is held) and deposit cash directly at the counter.

• Cheque Deposits: Submit a cheque payable to your daughter's name at the post office or bank branch.

Conclusion

Even though one cannot open an SSY account directly online, payments/deposits can still be made once the account is active. Post activation, you will get the online credentials (account number and login ID) which will help you check the balance as well as allow you to deposit money online.