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Updated on Apr 27, 2023
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.
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:
Here are benefits of the SSY account:
Below are some key highlights of the SSY scheme:
| Attributes | Benefits |
| Rate of Interest | 7.6 % 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.
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.
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:
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.
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:
Here are the steps to follow:
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.
The online process is much easier as you can do it from the comfort of your home. Here are the steps to follow:
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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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.
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.
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.
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.
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.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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