Sbi sukanya samriddhi yojana account: How to open a Sukanya Samriddhi Yojana account with SBI

The Sukanya Samriddhi Yojana (SSY) is a government-supported savings program for parents of girls. Prime Minister Narendra Modi announced the program on January 22, 2015, as part of his Beti Bachao, Beti Padhao campaign. For the quarter of January to March 2022, the interest rate for Sukanya Samriddhi Yojana is 7.6%. As the name suggests, it’s only for one girl, the limit is two girls, or three in case of twins.

You can open an SSY with different banks like State Bank of India (SBI). Here is an overview of how you can open an SSY account with SBI.

Required documents

SSY Account Opening Form (Click here for the form)

Beneficiary’s birth certificate

Proof of address and identity document of the beneficiary’s guardian or parents

How to Open Sukanya Samriddhi Yojana Account in SBI

Parents or guardians can open an SSY account with SBI by completing the SSY account opening form with the address and proof of identity of the parents or guardians with the initial amount and submitting it to the nearest SBI branch. close. Along with this, you need to make the initial deposit of Rs 250 to open the SSY account. As of now, there is no online account opening option but they can transfer the funds online using SBI net banking by adding SSY account as beneficiary.

Characteristics

• In a financial year, the minimum deposit is Rs 250 and the maximum deposit is 1.5 lakh.
• A girl’s account can be opened until she reaches the age of ten.
• In the name of a girl, only one account can be opened.
• Accounts can be opened at banks and licensed post offices
• Withdrawals will be permitted for the purpose of paying for the account holder‘s higher education.
• If a girl marries before the age of 18, the account may be closed prematurely.
• The account can be transferred from one post office/bank to another anywhere in India.
• The account will mature once a period of 21 years has passed after it was opened.
• The deposit is deductible under Section 80-C of the ITAct.
• Section -10 of the Income Tax Act exempts interest earned on the account from income tax.
• The deposit has a duration of 21 years from its opening date.
• Deposits can be made for a maximum of 15 years from the date the account is opened.

The SSY is classified as exempt-exempt-exempt (EEE). The annual deposit (contributions) is tax deductible under Section 80C, and the maturity benefits are not.

Under certain circumstances, early liquidation of a Sukanya Samriddhi account is permitted. After 5 years of account opening, the account can be closed prematurely. The account can be closed early if the account holder dies or if there are exceptional humanitarian reasons.

Funds can be withdrawn 50% of the account amount at the end of the previous financial year for study or marriage purposes after reaching the age of eighteen.