personal finance

How to open a Sukanya Samriddhi Yojana account


The parents or legal guardians of a girl child (up to 10 years old) can open this account with a notifi ed bank or post office in the name of the girl. The interest rate for the scheme is declared quarterly and it offers one of the highest rates amongst government savings schemes. The SSY account matures when the girl turns 21.

Account opening form

The guardian has to fill up a Sukanya Samriddhi Account Form (SSA-1) available at the post office or designated bank. Name of the guardian, name of the child and birth certificate details, address and KYC information of the guardian is required to be filled up in the form.

Documents to be attached

Copies of the following documents must be enclosed with the application:

  • Birth certificate of the child.
  • Address proof of guardian- passport, ration card, driving license, utility bill.
  • Identity proof of the guardian – PAN, Aadhaar or passport.
  • Payment instrument with initial contribution of at least Rs 250 or cash to that extent.

Passbook

Once the account opening documents are verified, the account is opened and a passbook is issued.

Annual contributions

To keep the account active, a minimum contribution of Rs 250 is mandatory in each financial year (and in multiples of Rs 100 thereafter). Maximum investment allowed per annum under the Sukanya Samriddhi Yojana is Rs 1.5 lakh up to the end of 15th year from the opening of the account.

Account operations

The account can be operated by the guardian up to the time the child turns 10. Thereafter the child can operate the account, but can’t make deposits. It can be operated online using the IPPB application of India Post if the account is held with the post office, or Netbanking.

Account maturity

The Sukanya Samriddhi account will mature when the girl completes 21 years of age or the date of her marriage, whichever is earlier. When the girl completes 18 years of age, up to 50% of the account corpus can be withdrawn.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)





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