Follow these steps to open a Sukanya Samriddhi Yojana (SSY) account with HDFC Bank

The Sukanya Samriddhi Yojana (SSY), a central government-backed savings scheme for parents of a daughter, offers a steep interest rate along with various additional incentives. The Yojana offers an interest rate of 7.6% (wef 01-04-2020). The scheme, as the name suggests, is for one girl only, but it can be open for two or three in the case of twins. Accounts for the same can be created in authorized banks such as HDFC bank and post offices across the country. An SSY account can be opened any time after a girl is born until she reaches the age of ten, with a minimum deposit of Rs 250.

Plan Highlights

1. The minimum deposit in a fiscal year is Rs 250 and the maximum deposit is 1.5 lakh.
2. A girl’s account can be opened until she reaches the age of 10.
3. Withdrawals will be permitted to pay for the account holder‘s higher education.
4. The account can be transferred from one post office/bank to another anywhere in India.
5. It will mature once a period of 21 years has passed after opening.
6. Section 10 of the Information Technology Act exempts interest earned on the account from income tax.
7. Deposits are permitted for a period of up to 15 years from the date the account is opened.

Required documents

Documents required to open SSY account with HDFC bank:

1. SSY Account Opening Form
2. Beneficiary’s birth certificate
3. Proof of address of the beneficiary’s guardian or parents
4. An identity document of the beneficiary’s guardian or parents.

Steps to follow

Here is how girl parents with children can open a Sukanya Samriddhi Yojna account with HDFC bank in 4 simple steps:

1. Complete the SSY account opening form
2. Keep documents ready with photographs
3. Pay the deposit amount (any amount between Rs. 250 and Rs. 1.5 lakh will do)
4. You can give a standing instruction to the branch or you can set up automatic credit to the SSY account through NetBanking.

You should know

Currently, neither authorized bank branches nor post offices allow the creation of an online SSY account. However, once the account is created after submitting all the required documents, you can set the standing instructions online. Please keep in mind that if a deposit is not made each year, the account will be classified as “Account in default”. The account can be reopened by paying a fee of Rs 50 for each year you have not made a deposit. Reactivation is possible up to 15 years after account creation.

Source -HDFC Bank official website

Article first published: Wednesday, February 16, 2022, 3:28 p.m. [IST]