Sukanya Samriddhi Yojana

• •  Open with just Rs. 250
  •  Double tax benefits
  •  Attractive rate of interest
  •  Premature withdrawal is allowed
  •  Deposit to be made for 15 years

• Withdrawal of upto a maximum of fifty per cent of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder, Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
• Account holders can earn 8.2% interest ( ROI is subject to change quarterly).
• Yearly interest credited in the account at the end of Financial Year.

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Who can open the account?

At most, two accounts can be opened for up to 2 girl children each and three accounts in an exceptional case where girl children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.

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Who can make the deposit?

Legal guardians or parents of the beneficiary can make the deposit until the beneficiary turns 18.

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When can the beneficiary operate the account?

After she turns 18, she can operate the account.

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How much is the minimum compulsory deposit to be made each year?

The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to a minimum of two hundred and fifty rupees deposit in a financial year in one account. The total amount deposited in an account shall not exceed one lakh fifty thousand rupees in a financial year.

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What happens if account is not maintained?

If deposit is not made each year, the account goes under default, which can be regularized by paying a small fine of Rs. 50 for each year of default along with the minimum annual deposit in respect of the defaulted years.

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Does the beneficiary receive the amount on maturity?

Yes, once the account matures, the beneficiary can collect the interest accrued along with the balance on providing the following documents:

1. SSA withdrawal application
2. Proof of identity
3. Proof of residence and citizenship
4. Proof of age

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Is the account transferable?

Yes. It can be transferred to any branch/Post Office within India, once the beneficiary provides proof of change of residence.

Where can you open this account?

Sukanya Samriddhi Yojana accounts can be opened with authorized commercial bank branches. These accounts can be opened, for example, at any of the Bank of Baroda’s branches. All you need to do is walk into a BOB branch with the following documents:

• Filled up Sukanya Samriddhi Registration Form
• Birth certificate of the girl child
• ID proof of the depositor
• Residential proof of the depositor
• Stamp sized photos

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Important:

As per Government Savings Promotion General (Amendment) Rules, 2023 dated 03.04.2023 submission of Aadhaar Card and Pan Card/FORM 60 is mandatory for New & Existing Customers.

• A minimum of Rs 250/- is to be contributed in the SSY account every year
• Premature closure is allowed under following conditions:
  1. On account of death of the account holder
  2. After having maintained the account payment for 5 years from opening of account in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
  3. After attaining the legal age of 18, if the girl child enters a wed lock, the account can be prematurely closed. The beneficiary will have to show related documents that girl is not less than 18 years of age on the date of marriage.