How to Check Post Office Sukanya Samriddhi Yojana (SSY) Account Balance?

2014

6 min read

Updated on Feb 22, 2024

Launched in 2015, the Sukanya Samriddhi Yojana (SSY) is a scheme launched under the campaign ‘Beti Bacho Beti Padhao’ by PM Narendra Modi. In this blog, you will understand what is SSY, its features & benefits, and process to check the post office SSY account balance.   

The key purpose of the investment scheme is to support parents of a girl child in the country to accumulate a fund for the child for her education and other expenses. Let us understand the Sukanya Samriddhi Yojana by its features and benefits of the Scheme to know the policy better.

Features of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana or SSY is a government of India initiative designed for parents to create a corpus for their daughters. Below are its features:

  • The scheme is available for parents/guardians with daughters below 10 years of age
  • The account tenure is of 21 years of the girl child or until she is married after 18 years of age
  • 8.2% is the current sukanya samriddhi yojana interest rate, which is compounded annually
  • The plan offers tax benefits under Section 80C of the Income Tax Act
  • Parents can deposit any amount starting from INR 250 to INR 1.5 lakh under the scheme per year
  • The SSY account is opened in the name of the girl child for whom the account is opened and not the guardian
  • Only 2 girls per family is allowed to have SSY accounts

Sukanya Samriddhi Yojana Benefits

Here are benefits of the SSY account:

  • It offers high interest rate
  • The scheme offers the option of tax benefit
  • The plan comes with a lock-in period
  • It allows partial withdrawals in case of urgent requirement
  • The plan offers guaranteed benefits at maturity
  • It also offers the facility of earning interest under the plan even after maturity

Sukanya Samriddhi Yojana Scheme Key Highlights

Below are some key highlights of the SSY scheme:

Attributes  Benefits 
Rate of Interest 8.2 % per year
Min. amount while opening account INR 250/person per year
Max. amount while opening account INR 1.5 lakh
People who can open the SSY account Parents and guardians of girl child
Age criteria The account holder (girl child) should be 10 years and below
Max. accounts possible 2 per family
Scheme tenure 21 years or unless the girl is married at 18 years and above
Name on account The girl child’s name
Tax Deductions Available under section 80C
Withdrawals Partial withdrawal possible

To understand how to check the sukanya samriddhi account online and the process to deposit money under the scheme online, you have to first understand IPPB.

What is IPPB?

The postal department of India has played a pivotal role in India’s communication system for a long time now. To stay abreast with the digital services offered by various Indian banks and other financial institutions, the Indian Postal department has initiated its new banking section called the Indian Post Payment Bank (IPPB).

With IPPB, now the online post office transactions can be done easily like in the case of banks. You just have to once visit the post office to get the registration process done to conduct all your transactions related to the post office online including viewing balance as well as to transfer money under various schemes.

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How to check Sukanya Samriddhi Account Balance Online & Offline?

Sukanya Samriddhi Yojana balance check can be done by account holders via both online and offline means that is by means of electronic medium as well as physical passbook checking.

Below are the details of both the process:

1. Offline Process

At present, there are over 28 banks that are providing the SSY scheme. If an account holder wants to check the account balance via an offline method, they can visit the nearest branch of the bank with their passbook and update it.

2. Online Process

For Sukanya samriddhi yojana check balance online, you need to follow the below steps. But first the account holder has to register to the account online and follow the steps below:

    • The applicant can ask for login credentials from their respective bank for the SSY account. Once you get the details, you can use them to operate the SSY account online
    • Log in to the SSY account with your credentials like user name and password to access the account online.
    • Once you login, you will see the home screen of the account in front of you. The balance of the account can be seen online in the dashboard column
    • However, this portal only enables you to view the SSY account balance but you cannot make any transactions via this portal

Process to Deposit Money Online into Post Office SSY Account 

Here are the steps to follow:

  • The first step is to add cash from your regular savings bank account to the savings account of IPPB
  • Visit the Department of Post (DOP) section and select SSY Account
  • Now, submit your SSY account details such as the account number and customer ID offered by DOP
  • After you login successfully using credentials, you can easily transfer money from the IPPB account to the SSY account or any other post office account
  • The successful payment will be notified by the IPPB on successful transaction via a message on your registered mobile phone.

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How to Open a New SSY Account?

1. Offline Process

A SSY account can be opened with a bank or at the post office offline by visiting the particular branch of the bank or post office. You just have to fill in the application for opening an SSY account and submit your daughter’s details. Do not forget to carry the copy of her birth certificate along with copies of Aadhaar card, Pan card etc. as per requirement. Once the application is submitted along with the documents, they will be verified by the concerned authority. Once done, the account will be opened and a passbook will be offered to the parents of the child.

2. Online Process 

The online process is much easier as you can do it from the comfort of your home. Here are the steps to follow:

    • Visit the official portal of the bank where you want to open the account
    • Submit information of the girl child as well as the parents in the form
    • Now, attach the documents (scanned copies) such as birth certificate and address proof etc.
    • Once done, click on the submit button and it is almost done

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To Sum Up

SSY is a good plan for parents of girls to invest on so that you can secure the child financially for her future like higher education and marriage etc. The scheme is easy to open and can be done with an easy premium payment. The investor can use the sukanya samriddhi yojana calculator to compute the maturity balance of the SSY account.

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FAQs: How to Check Post Office SSY Account Balance?

How do I get my SSY passbook online?

To get Sukanya Samriddhi Yojana (SSY) passbook, the account holder has to download the form to apply for the account from the website of the respective bank or post office. The interested individual should duly-fill the application form and submit it to the authorised branch of the bank or post office. Once the verification process is complete, the passbook will be issued.

Can we access Sukanya Samriddhi account online?

At present, no authorised bank branch or any post office allows the online opening of an SSY account. However, once the SSY account is opened and all the documents are submitted, you can use it online.

How can I get a Sukanya Samriddhi account statement?

To check your SSY account balance, you can use the account passbook, which is available both online and offline. It offers the entire list of your transaction history.

Can I transfer Sukanya Samriddhi account to another bank? 

Yes, you can transfer the Sukanya Samriddhi Account to a post office or to a bank. But it should be among the listed commercial banks and post offices in India.

Is there any app for Sukanya Samriddhi Account?

Yes, you can download the Sukanya Samriddhi Account Mobile Application from Google Play Store and use it to calculate the amount to receive upon maturity. 

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Mar 27, 2023
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