Sukanya Samriddhi Account Scheme -SBI

Sukanya samriddhi yojna is a small deposit scheme of the government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao compaign.The scheme is meant to meet the education and marriage expenses of a girl child.

Sukanya samriddhi yojna interest rate

Currently, the interest rate of SSY scheme was reduced 7.6% and it is compounded on a yearly basis. Interest is not payable once the duration of the scheme is completed or if the girl becomes a Non-resident Indian (NRI) or a non-citizen. The rate of interest is decided by the government and is determined on a quarterly basis.

How to open a Sukanya Samriddhi Yojana account?

  • Fill out the SSY Accountopening form
  • Keep the documents ready along with photographs
  • Pay the deposit amount rs 700/-
  • You can give a standing instruction at the branch or you can set up automatic credit to SSY Account through NetBanking.

Documents you need to open Sukanya Samriddhi Yojana Account are:

  • SSY Account opening form
  • Beneficiary’s birth certificate
  • Address proof of the guardian or parents of the beneficiary
  • Id proof of the guardian or parents of the beneficiary.

Who is eligible to open the account?

If you are a parent or a legal guardian of a girl child aged less than 10 years.

How much can you deposit?

You can deposit a minimum of Rs. 250 up to Rs. 1.5 lakh in a financial year.

What is the tenure of the deposit?

21 years from the date you open the account.      

Sukanya Samriddhi Account – Benefits

  • Highest Interest Rate among all Small Savings Schemes offered by Govt of India. …
  • Tax Savings. …
  • Lock-in Period. …
  • Purpose of Sukanya Samriddhi Account. …
  • Maturity Proceeds to be Paid to Girl Child. …
  • Interest to be paid even after Maturity. …
  • Flexibility to operate Sukanya Samriddhi Account.