Sukanya Samriddhi Yojana, launched by the government as a part of the ‘Beti Bachao Beti Padhao’ campaign, is a small savings scheme that aims at providing financial stability to young girls.
The scheme provides one of the best investment opportunities for you to build up a sufficient corpus for your daughter when she turns 18 years old.
In this article, we will discuss the features and benefits of an SSY account, and how to check the available balance in the account.
The Sukanya Samriddhi Yojana is a welfare scheme that ensures financial security for the girl child. This scheme allows a parent or guardian to open an account for the girl child in any of the authorized public or private banks. The current interest rate is 8%.
Once opened, the account stays operative for 21 years or until the girl gets married after turning 18 years old.
It was launched to bring awareness to parents of a girl child and help them build a fund to secure the future of their child.
Account holders can do sukanya samriddhi account balance check using three methods.
When you open a Sukanya Samriddhi account with the bank, you get the online login credentials. Then, follow the instructions given below -
Log in to the net banking portal of the bank using the credentials provided
The account balance will be displayed on the dashboard or under the account summary
However, note that not all banks provide online banking facilities for Sukanya Samriddhi accounts.
Additionally, you may not be able to conduct any transactions from this account.
Please check with your bank before proceeding.
In case you do not have access to online banking, an offline Sukanya samriddhi account balance check is also available.
Here is the process for an offline Sukanya Samriddhi account balance check -
Banks provide account holders with passbooks for their respective accounts
Every time you make a deposit, ensure that the passbook is updated
By checking the updated passbook, you can know the latest balance in your account
For your convenience, you have the option to shift your account to a post office or another RBI approved bank if it is closer to your location.
Continue reading if you wish to know more about the features, benefits, and eligibility for Sukanya Samriddhi Yojana Scheme.
Here are some salient features of the Sukanya Samriddhi Yojana -
Sukanya Samriddhi Account can be opened at any Indian post office or an authorized bank branch
The account must be opened by the girl child’s parent or a guardian before she reaches the age of 10
A minimum contribution of Rs. 250 should be made while opening the account and a maximum of Rs. 1.10 Lakhs can be deposited per year
The interest is compounded annually and currently, the interest rate is 8% per annum
The minimum lock-in period is 8 years from the date of opening the SSY account
Account holders can withdraw the amount under two circumstances.
50% amount withdrawal for the education of the child
Partial withdrawal after the girl turns 18
Full amount withdrawal for marriage
A parent or guardian can close the account, if
The account completes 21 years from the date of opening, or
After 15 years, by making continuous deposits for 5 years
The account holder must be an Indian citizen
An account must be opened under the name of the girl child before she turns 10
Only one account per child is allowed
Passport size photographs
Account opening form from the respective bank or post office
KYC documents such as identity proof and address proof of the guardian or parent
Neither the interest earned nor the maturity amount is taxable
As per Section 80C of the 1961 Income Tax Act, this scheme offers tax benefits
The Sukanya Samriddhi Yojana is a phenomenal investment opportunity for parents who wish to offer financial independence to their daughters. This scheme comes with government support and tax exemptions, which means that it offers several benefits to both the parent and the girl children. You can invest a portion of your savings towards this scheme so that you can earn compounding benefits on your contributions.
Yes. It is possible to transfer the Sukanya Samriddhi Account from one bank to another or from a post office to a bank if you are relocating or want to transfer the account from one post office to another.
Yes. You can download the SSY app on Android mobile phones. The app allows users to calculate the amount they will receive upon maturity based on the investment amount and interest rate.
If the policyholder marries, then the SSY account can be closed before it matures. However, at the time of marriage, the policyholder must be at least 18 years old.
No. It is not possible to open two accounts for the same child.
No. As SSY is a tax-exempt investment, the principal amount, interest earned, and maturity amount are all tax-free.
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