SBI Sukanya Samriddhi Yojana Scheme

A look into its details, the interest rate, and the benefits of the Sukanya Samriddhi Yojana SBI scheme.

Sukanya Samriddhi Yojana SBI

The whole idea behind the initiation of this scheme by the SBI or State Bank of India was to encourage the parent(s) of a girl child towards incorporating the habit of savings in everyday life. Savings help build a corpus of wealth for the daughter(s) helping them to secure their future financially, whether for good higher education, study abroad, or marriage.

How Does SBI Sukanya Samriddhi Yojana Work?

The whole idea behind the initiation of this scheme by the SBI or State Bank of India was to encourage the parent(s) of a girl child towards incorporating the habit of savings in everyday life. Savings help build a corpus of wealth for the daughter(s) helping them to secure their future financially, whether for good higher education, study abroad, or marriage.

Key Features of Sukanya Yojana SBI Scheme

Below are some SSY features to give you good idea about the plan:

Eligibility for the plan : Scheme open only for girl child who is an Indian resident; NRI girls not covered under SSY

Opening of SSY account : Account for the girl child can be opened at a post office/bank either by her biological parents or a legal guardian; minimum deposit of Rs. 1,000 required for account opening

Partial withdrawal facility : 50% of the deposited funds are allowed for withdrawal from the account for her higher studies/marriage once the girl is 18 years old

Deposit of funds :Starting deposit of Rs. 250 p.a. can be made and maximum deposit of Rs. 1.5 lakh p.a. permissible; fund deposits via cash/cheque

Deposit of funds :Starting deposit of Rs. 250 p.a. can be made and maximum deposit of Rs. 1.5 lakh p.a. permissible; fund deposits via cash/cheque

Benefits of SBI Sukanya Samriddhi Yojana

There are several benefits of the SSY scheme. Some of them are listed below:

1. The amount to be deposited every month into     the scheme is fairly reasonable and can be     easily afforded by all sections of the society.

2. The interest rate offered by SBI for the SSY      scheme is relatively higher than other banks.      Every year, 7.6% per annum is compounded and      credited into the SSY account. This has been in      effect since 2020.

1. Discounts and exemptions on tax are     permissible under the scheme as per Section     80C of the ITA, 1961.

4. Add-on interest is also offered under the      scheme in case the account holder does not      wish to withdraw the amount after the      maturity of the term at 21 years.

5. The account is transferable to another      authorized bank branch or post office if the      depositor or account holder relocates to a      new location. The entire transfer process is      extremely smooth and hassle-free.

How to Open Sukanya Samriddhi Account Online in SBI

Here are the simple steps to open a Sukanya Samriddhi Yojana SBI online:

1. Visit the nearest post office/authorized bank     branch. Ask for a form to open the account     and duly fill it out with all the required details     for account opening.

2. Submit the required documents along with      the filled form and latest photographs. You      would need to provide a valid photo ID and      proof of residence (Aadhar card, ration card,      passport, PAN card) of the biological      parents/legal guardian of the child.

3. Make a minimum cash deposit of Rs. 1,000 for      opening the account.

4. Your account is now opened and you can      make subsequent deposits via      cash/cheque/DD/online.

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